Audius, music in the web3 era. Here is a fully decentralized music platform, discover the advantages it offers.
Audius is the web3 music platform to discover if you don’t know it yet. Discover the fastest growing music platform in the world!
This platform puts fans in direct contact with their favorite artists through a user-friendly interface.
Audius has a clear objective, to make music accessible to as many people as possible while respecting the decent remuneration of artists.
Currently, artists only receive about 12% of the music industry’s total revenue.
The goal is to change that by empowering artists and giving real value to their work.
By following the news of the DeFi, you will be able to see that no, we don’t always talk about money, finance, we can also talk about music, like with this platform.
Indeed, it is a decentralized music platform, find out how it is run.
Audius has chosen to be managed through the system of governance.
What is a governance?
It is a process by which AUDIO token holders make changes to Audius through proposals on the channel.
Since the AUDIO token is the platform’s native token, its main purpose is to serve as a means of governance.
The community holding the token is therefore the real governing party of the platform, allowing the platform to be fully
It allows the community to directly shape future iterations of the platform and is the core principle of Audius’ decentralized infrastructure.
In this article, we’ll take a look at how governance works in Audius and what you as an AUDIO owner can do to get involved.
$AUDIO is the native token for the Audius platform. Currently, Audius is built on both Ethereum and Solana with core functions still acting on the Ethereum network – for this reason $AUDIO is an ERC-20 token.
Every governance proposal comes with a breakdown of the following parameters:
- Proposer – The address responsible for submitting the proposal
- Description – A quick synthesis of what the governance proposal entails
- For – The amount of votes in favor of the proposal
- Against – The amount of votes against the proposal
All proposals are subject to 5% of staked $AUDIO quorum and 50% majority.
This means that for a proposal to pass, at least 5% of all staked $AUDIO must vote on the proposal and more than 50% of the votes must be ‘For’ the proposal.
Today, only those running a node may make a proposal on-chain. In future, the set of permitted proposers could be expanded in any way the community sees fit.
Once a vote has been passed, the governance contract executes the proposal.
However, Audius also features a community multisig as a veto of last resort, referenced in the whitepaper in the “short-circuiting” subsection of the governance section.
This means that a set of 9 Audius community members have the ability to stop a malicious proposal from passing. In the event the multisig is used, 6 of the 9 signers must sign a transaction to nullify the proposal.
As Audius continues to mature, the community can at any time vote to remove this veto ability from the system as well.