What Is Utopia Genesis Foundation (UOP)?
Artists can tokenize their music rights. This means that the royalties to a song are embedded on a security token, which transacts across the blockchain. A security token can represent the rights and legal responsibilities of the token holder, along with an immutable record of ownership. The inherent transparency of blockchain technology ensures you know whom you are dealing with, the rights of the parties involved, and who previously owned the asset.
Utopia Genesis Foundation Every new song added to Genesis will be attributed to The International Standard Recording Code (ISRC), which entitles the owner to receive revenue from the track. A song, for the first time, is now encoded on a blockchain database.
Utopia Genesis Foundation Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Utopia Genesis Foundation |
| Short Name | UOP |
| Circulating Supply | 10,216,473.00 UOP |
| Total Supply | 100,000,000 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Team
Keep Track
The Utopia Genesis Foundation Open Platform (UOP) is the ecosystem for the tokenized song. The UOP receives data from the existing Utopia Music Platform, which collects commercial music consumption and copyright data from numerous sources. Over the past 3 years, it has collected over 3 billion data points.
‘Genesis’ will be the first application on the UOP. Through Genesis, users will be able to plug into this data to keep track of songs, compositions, artists, writers, composers, record labels, releases, radio stations, DSPs, standard identifiers and much more. Whether you are an artist, a producer, or a record label, you will be able to see where, how, when and with whom the music is performing best.
Invest
Traditional investment in music is prohibitive. The large minimum investment amounts and holding periods are impractical for most investors. The legacy music industry simply cannot facilitate smaller investments; the cost of titanic accounting tasks, and the complexity of tracking layered rights and royalties distributed across the globe, mean that it is simply not viable to allow everyone and anyone to invest small amounts.
Utopia Genesis Foundation can open up to everyone and anyone, and that is exactly what plan to do. Tokens allow for the effective micro-division of an asset to multiple owners smart contracts facilitate the implied complexity of such ownership, with all the necessary tracking and distribution of value across a multitude of currencies and tax jurisdictions.
Crowdfunding
Through the UOP, artists will be able to ask their fans and investors to crowdfund their projects. Their tokenized songs are attributed to The International Standard Recording Code (ISRC), which entails the right to collect revenue for the song, and the ability to distribute the revenue to the people who have sponsored the track.
While this is easy to take for granted, the archaic structures of the institutional music industry have limited such seemingly straightforward accounting mechanisms, as evidenced by the Black Box, where billions of dollars are lost every year. By building your product on the blockchain, they ensure that all token transactions are completed through smart contracts.
The App Store For Music
There is a sea of unused data waiting to be applied; they are making that data accessible, and providing the framework to create applications out of it. Third Party developers can use the music consumption metadata from the Utopia Music Platform to build applications on the Utopia Open Platform. Utopia Genesis Foundation is why it is open; anyone can request to build. The Foundation will act as gatekeeper to approve the seriousness and appropriateness of apps.
Open Source principles will ensure the development of apps is in tune with the demands of those who need them. The UOP will act as an open marketplace, relying on free-market economics to ensure the products offer the greatest possible value to the users of the UOP.
Staying Flexible through an organic, bottom-up structure. An open platform allows the ecosystem to respond quickly and appropriately to the changing landscape of the industry. Utopia Genesis Foundation are building a framework with the future in mind.
