Audius - Decentralized Music Platform | Crypto Academy / S5W3 | Homework Post for @wahyunahrul

in hive-108451 •  5 months ago  (edited)

Thank you professor @wahyunahrul for the impactful teaching, I will answer the homework questions given after your class in this post.

Question 1: What do you think about the presence of the Audius platform in the music industry?

The money generated by the music industry is very high, streaming applications, YouTube and others make a good return from the music industry but the money made by the music marker is low when compared with that which is generated. This is where Audius come in; according to the website, Audius is a blockchain platform that is based on music streaming that helps the music designers or markers to get the right income that they deserve. This platform was organized in 2018 and overseen by open-source music lovers. The platform provides a crypto twist to the music industry.

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https://audius.co/

Now with Audius, music makers (musicians) can get a good income from their music which is the best, build their fanbase, share some of their work whether the work is in progress or completed work. They can easily create, grow, or monetize their work without the need of signing a record deal.

Audius platform has a native token called AUDIO, this token can be used for many things to the benefit of the holders, some of uses is that they can stake it, use it for governance and bolstering of the network security of the platform. So the presence of platform like Audius had really take music industry to another positive level of improvement.

Question 2: With the governance system used by Audius, do you think that system has made Audius a fair and fully decentralized platform? If not, please provide your suggestions for the system that Audius uses to make it more fair and decentralized.

The governance system used by Audius allows the $AUDIO token holders to carry out on-chain proposals which allow them to enact change on the platform. So it can be said that the Audius platform is owned and operated by the users, the platform is driven by its $AUDIO governance. The voting weight which is determined by the amount of $AUDIO staked by the AUDIO token holder determines the way they can be governed on the platform. This type of governance system drives Audius toward a decentralized platform. Now the question is that is it a fair and fully decentralized platform? From my judgment I will say that it is a fair and full decentralized platform look at some of the benefits it provides such as good control of how music is shared and discovered which is given to the musicians and also it makes it possible to have full ownership of the fan to artist relationship which is difficult to see in other platforms, censorship resistance is also present and the contents on the platform is free. Another thing that makes it fair is that as the payments in Audius increase maybe now or in the future, the rights holders and the artist will still get a higher proportion of revenue and it is transparency and in conclusion the platform is fast.

Question 3: Explain how to do 2 types of staking on Audius complete with illustrations. (Image Required)

The two types of staking on the Audius platform are the operator staking and the staking delegation.

The operator staking is the staking that is carryout by the network operators; they stake their $AUDIO token to enhance security, continuous and good operation of the Audius network and also for maintenance of the contents stored.

The second type of staking which is staking delegation came into existence to close the gap of not being able to be involved in staking as a result of the high cost that is required to carry out operator staking. Now users can easily delegate their $AUDIO token to the node operators so that they can stake it and in return, the users get a share of the reward coming from the staking that the node operator did.

Users that hold $AUDIO token can delegate a minimum of 100 tokens to any of the node operators when carryout staking delegation but in the case of operator staking the minimum $AUDIO that can be stake by the network operator is 200,000 and they can either choose to run content or discovery node or run the two together.

Let look at the top operators based on active stake by users

Visit https://audius.org/

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Step 1: click on explore the dashboard

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Step 2: click on the menu icon on the dashboard page.

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Step 3: Select the Service option from the list of options available.

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Step 4: now you can see the top service operators by the active stake

Question 4: Show the steps to create an account on Audius. (Screenshot Required)

To open an account on Audius the following step will be followed

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Step 1: Open any browser of your choice and type in the URL of Audius which is https://audius.co/ then click on Sign Up Free

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Step 2: Type in your email address and click on Sign Up

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Step 3: Type in your password and reconfirm it, then click on Continue

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Step 4: Options will be provided to know more about you, so you can click on complete with Instagram or Twitter but for this illustration, I choose to fill in my information so I click on I'd rather fill out my profile manually

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Step 5: you will be required to upload your passport photograph which I did, then fill in your Username and handle name which I did as dprogress then click on Continue

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Step 6: you will be required to follow at least three artists which I did then click on Continue

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A page will be displayed informing you that your account is almost ready, wait for some minutes

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A page showing your feed will be displayed. Now the account is created.

Question 5: Explore and explain the features available on the Audius application or website. (Screenshot Required)

Some of the features on Audius website are

(1). Security Feature

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This feature allows the artists to secure their work by generating timestamp and immutability on their work.

(2). Features

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This allows the user to use their tokens ($AUDIO) to engage in curation.

(3). Governance feature

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This allow the user to govern by enabling them to stake and vote base on their voting weight.

(4). Additional features are developer, token, protocol, about and language.

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The developer feature contains the API, 3rd party DOCS, and the Hedgehog.

The token features contain the whitepaper, tokenomics, and staking.

Protocol feature contain information about running a node.

About feature on the website contains information about the careers and team on the Audius.

The language feature makes available three different languages that one can switch to on the site, the first in English, Spanish, and Chinese.

Question 6: Explain in detail how the mechanism of uploading music content on Audius.

When you are uploading music audio on Audius, two-term are important to look at

First, the content node: when an artist or musician, upload his or her music, it uploads to the content node, the appearance of the music is then registered by the content ledger. The content nodes also communicate to save the metadata and store playlists, followers, profile data and finally check whether the music audio upload is original; that is, not another person work.

After that the second thing is the Discovery node; this node is also another concept that is used to store and pass on audio content in Audius, in this discovery node, the music audio upload is hashed and as store as the owner track.

Question 7: Upload your original music to Audius and show the proof using a block explorer. (Screenshot Required)

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Step 1: open your feed and click on the profile icon.

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Step 2: click on Upload Track

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Now it requires me to open my browser from desktop mode, so I open my browser from the desktop mode.

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Click on Upload Track

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Step 3: click on Browser to upload

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Click on File

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Select the audio you want to upload, I select the audio I want to upload which is named passion

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Click on Continue

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Step 4: For pick a Genre, I choose experimental, while for pick a Mood, I choose peaceful for the description I wrote passion of my heart and finally I uploaded my artwork then click on Continue

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It shows that my audio has been uploaded successfully by showing completed

Conclusion

The invasion of Audius is a much-needed refresher in the excessively aggressive and vicious music industry, Audius vows to reward the actual drivers of the music industry space and the future looks encouraging for Audius as it presents a new chance to musicians to get a good monetary substance for hard work and connect straight away with their fans.

All the screenshots otherwise stated are gotten from https://audius.org/ and https://audius.co/

Cc: @wahyunahrul

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Hi @dprogress, Thanks for taking my class.
Based on the homework that you have made, here are the details of the assessment you get:

Assessment AspectScore
Understanding Questions0/2
Quality of Assignments0/2
Writing Procedure and Structure0/1
Follows Rules and Guidelines0/1.5
Grammar and clarity of information delivery0/1
Effort in Submission of Information0/1.5
#Club50500/1
Total0/10

My Reviews and Suggestions:

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Thank you!