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Decentralized Streaming Music Service Audius Partners with TikTok to Share Sounds for Artists

The global video streaming platform TikTok and the encrypted music streaming platform Audius have developed a new feature called “TikTok Sounds” to support users to share sounds to the TikTok platform through Audius.

Audius official Twitter releases a demo guideline footage to the public. This new feature simplifies the current music upload and selection process of TikTok.

Audius users can use its Sound Kit function to share sounds to TikTok with up to 1 billion monthly active users.

In the statement, the founder of Audius Forrest Browning said:

“We’re proud to be one of the earliest launch partners for TikTok Sounds and to give the artists on Audius a chance to increase their exposure even more.”

The Audius protocol, built on Ethereum and Solana blockchain, provides a blockchain-based alternative to SoundCloud to help artists publish and monetize their work and distribute it directly to fans.

Tiktok said that nearly 75% of US users currently use the TikTok platform to enjoy new music. However, according to the co-founder and CEO of Audius Roneil Rumburg, the current workflow for importing songs into TikTok is quite cumbersome:

“To avoid it, some artists even resort to holding their phone up to their laptop’s speakers to re-record the sound for TikTok. With the Audius integration, artists who have content on Audius are able to push it into TikTok with one click.”

Audius has raised a total of $8.6M in funding over two rounds.

As early as last month, The Solana Foundation has co-launched with music streaming service Audius and non-fungible token (NFT) marketplace Metaplex worth $5 million to attract influencers to build their artworks on Web 3.

Crypto Music Platform Audius Allows Sending Token to Support Artists

Crypto music streaming platform Audius has developed a new feature that allows users to send the platform’s governance tokens to their favourite creators.

The Audius protocol provides a blockchain-based alternative to SoundCloud to help artists publish and monetize their work and distribute it directly to fans.

This consists of a first-party app for interacting with the protocol and a reference implementation of the underlying protocol as specified in the whitepaper

With 7 million users and 250,000 artists, the platform, which is currently valued at more than $1 billion, allows its fans to support their favourite artists in a tokenized form, express their support through the Audius platform’s governance token audio or connect to an external crypto wallet.

The company plans to add ways to tip in fiat currency by credit card in the coming months,

Forrest Browning, co-founder of Audius, said, “We kind of see it as laying out the breadcrumbs to help our mainstream, Web2 audience start to understand how to tip and how to support their favourite artists and a Web3 ecosystem.”

He added that the platform doesn’t need to attract all the fan base from various platforms but mainly tries to attract the 10 most engaged fans.

Last August, The global video streaming platform TikTok and the encrypted music streaming platform Audius developed a new feature called “TikTok Sounds” to support users to share sounds to the TikTok platform through Audius.

In two funding rounds, Audius has raised a total of $8.6 million. The Solana Foundation has launched a $5 million product in conjunction with music streaming service Audius and non-fungible token (NFT) marketplace Metaplex to attract influencers to create their artwork on Web 3.

Hacker Steals $1.1m Worth Crypto from Music Streaming Protocol Audius

Audius, a decentralized music streaming protocol, announced on Sunday that a hacker stole funds worth $1.1 million from its platform’s decentralized governance system using a Malicious Governance Vote.

The hack was executed at 6 am on Sunday Thai time. According to the report, the attacker modified some configurations within the smart contracts deployed by Audius and became a contract custodian.

The hacker then submitted the malicious proposal. That enabled him to create and approve a regulatory proposal, which eventually authorized a transfer of 18 million AUDIO coins from the Audius platform’s community treasury.

Although the hacker stole 18 million AUDIO tokens worth more than $6 million, the hacker only sold 705 ETH worth $1.1 million, leaving the rest of the funds in its wallet.

Audius confirmed the incident and said it temporarily stopped smart contracts and AUDIO tokens to prevent further losses of funds from its platform. The firm further stated that it had fixed the Smart Contract issue, and the funds in the community treasury and the foundation treasury are both safe.

Blockchain security firm Peckshield conducted an initial investigation and found out that the root cause of the problem was an inconsistent storage layout within the Audius protocol. Audius said it had fixed the issue, and further exploits are no longer possible.

Audius stated: “The issue has been found, and fixes are in progress to get things back to a stable state. To prevent further damage, all Audius smart contracts on Ethereum had to be halted, including the token. We do not believe any further funds are at risk.”

The firm mentioned that it will release a full post-mortem today.

Decentralizing the Music Industry

Two major problems currently suppressing the music industries are copyright infringement and lack of proper compensation. While illegal players in the music industry cause the former, the latter is normally a consequence of an oversaturated market.

Recent statistics estimated that the music business generated $43 billion worth of sales in 2018. But only 12% of that goes to musicians or artists who created the content. Record labels and publishers sometimes compete with musicians, creators, and fans to maximize revenue and maintain control over the business.

Many artists and fans feel that the music industry often rewards gatekeepers over creators and lacks transparency.

Decentralized streaming solutions built on blockchain technology are already changing that dynamic.

Audius is a blockchain-based decentralized music streaming platform working to give artists and curators more control over their music creations. When artists upload content to Audius platform, they can produce immutable records for their work, secured by a decentralized network of nodes. Audius removes the intermediaries in the traditional music industry by connecting artists directly to their fans.