Audius is a decentralized music streaming platform where artists can host their music for free and earn revenue. The AUDIO token is used to compensate artists and provide voting rights in the governance protocol. By utilizing Blockchain technology, the platform creates a global content node network to decentralize and make music files resistant to censorship. In this article, you can find answers to two commonly asked questions: What is Audius (AUDIO) and how to buy Audius (AUDIO) with TRY.
What is Audius (AUDIO)?
Audius is a decentralized music streaming platform designed to empower both fans and creators. Unlike traditional music platforms, Audius allows artists to host their music for free and start earning revenue without the need for record label deals or intermediaries. It offers a platform for both established and emerging artists to upload their music, access streaming metrics, and build a follower base with fewer financial barriers compared to other services.
The native cryptocurrency of Audius, known as AUDIO, is crucial for the platform’s operations. AUDIO is an ERC-20 token, but there is also a version packaged on other Blockchain networks like Solana. This token is used to compensate artists for their creative works published on the platform. Additionally, AUDIO token holders can run nodes, participate in the network’s fee sharing, and stake their tokens to increase the visibility of their content. Artists can also use AUDIO to unlock unique badges and earn voting rights in Audius’ governance protocol.
Audius stands out from centralized streaming platforms like Spotify and Tidal by using a global content node network instead of a central server. These content nodes use Blockchain technology to store copies of music files on multiple computers worldwide. The files are indexed on AudSP, a decentralized file system based on InterPlanetary File System (IPFS). Artists have the option to run their own content nodes for more control over music distribution or allow Audius to distribute through the network.
The decentralized nature of Audius makes it more resistant and flexible against censorship. Nodes not only host content but also make it discoverable. Discovery nodes simplify the process of finding new tracks for listeners by indexing metadata for all Audius content. Node operators earn AUDIO tokens from the protocol’s annual 7% token issuance and register their nodes with an active stake in the protocol’s collective fee pool.
There are various ways for artists to earn AUDIO tokens on Audius. Tracks featured in the Top 5 Weekly Trending Tracks or Top 5 Weekly Trending Playlists reward artists with tokens. Musicians can also earn tokens by verifying their X or Instagram accounts and uploading their first content pieces to Audius. This encourages artists to actively engage with the platform.
Listeners, artists, and node operators, including AUDIO token holders, participate in Audius’ governance protocol. This decentralized autonomous organization (DAO)-like system follows the core logic of Web3, allowing users to have a say in the platform’s future development. Governance proposals can address new feature integrations, copyright structures, reward allocations, and more, enabling the community to collectively guide the platform’s evolution.
Initially built on the Ethereum Blockchain, Audius migrated its content management system to Solana. This transition was necessary to efficiently manage the platform’s rapidly growing user base. Leveraging Solana’s scalability, Audius aims to maintain its decentralized structure while providing a better user experience for its users.
Audius stands out as a pioneering platform in the music industry by leveraging blockchain technology to offer a decentralized, artist-friendly alternative to traditional music streaming services. Its innovative approach allows artists to maintain control over their music, earn fair compensation, and interact directly with their listeners.
How to Buy Audius (AUDIO) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Audius (AUDIO). With Binance TR, you can quickly create an account and buy/sell over 100 cryptocurrencies, including AUDIO, with TRY. Follow the steps below to buy Audius (AUDIO) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Go to trbinance.com and proceed with the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name, date of birth, nationality, and Turkish identification number (T.C. Kimlik).
The information provided must be complete and correct, and after verification, an email/SMS verification will be conducted. After completing this process, you will proceed to the second step, which is identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is a security procedure that must be completed before starting crypto trading and during the account creation process to protect both the user and the cryptocurrency exchange. You can choose to verify your identity either from your phone or through Binance TR’s official website. It is important to note that you will need your mobile phone to verify your identity through the website.
On the Binance TR website, hover over the “Profile” option at the top right and click on “Identity Verification and Limits” from the dropdown menu, then click on “Verify.” You will be required to scan the QR code that appears on your screen with your mobile phone’s camera and proceed with the process using your mobile phone. If you are unable to scan the QR code, you can click on “Copy URL” to have the identity verification link sent to your phone via SMS.
After entering the address on your phone or scanning the QR code, a screen will open on your phone. Start by tapping on the “Identity” option.
Then a screen like the one below will appear. To continue the verification process, select the type of document that suits you.
After selecting the document type, you can continue by tapping on “Upload Front” to upload a photo of the front side of the document. After taking a photo of the document’s front side, tap on “Upload Back” to take a photo of the back side of the document and upload it. Ensure that the images are clear and the information on the photos is easily readable.
Next, tap on “Selfie” to continue. Your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible.
Once you have completed all these steps accurately and correctly, your identity verification process will be completed within a short period.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit and trade 24/7 with Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, start by hovering over the “Wallet” option in the top left corner of the homepage on trbinance.com and click on the “Deposit” option from the dropdown menu.
A page will open, and you can select your preferred bank to continue with the deposit process. If your preferred bank is not yet integrated with Binance TR, click on “Other Banks” to proceed.
In this example, we will continue using Vakıfbank, but the process is the same for all banks. When you click on Vakıfbank, you will see an account name and IBAN address for making bank transfers, EFT, or FAST to that bank. All you need to do is use the information displayed on the bank’s page to send the amount you want to deposit to your Binance TR account via bank transfer, EFT, or FAST.
Once your bank completes the transfer, the funds you sent will automatically reflect in your Binance TR wallet.
How to Buy AUDIO Coin with TL on Binance TR?
After depositing money, you can proceed to buy AUDIO coins with TRY by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, a page like the one below will open. In the search bar on the right side of this page, type “AUDIO” and click on the AUDIO/TRY option from the results to go to the page for buying AUDIO with TRY.
Now, the AUDIO trading page will open. In the red box marked area on this page, enter the price at which you want to buy AUDIO in the first box and the amount of AUDIO you want to buy in the second box. After entering the amount, click on the “Buy AUDIO” button to complete your purchase.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, officially launched Binance TR, its platform for Turkish cryptocurrency investors, in 2020. The cryptocurrency exchange is headquartered in Istanbul and can be accessed through trbinance.com.
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Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
