What Is Utopia Genesis Foundation (UOP) Coin Review ?
Utopia Genesis Foundation 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.
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 (UOP) Storage Key Points
|Coin Name||Utopia Genesis Foundation|
|Circulating Supply||10,216,473.00 UOP|
|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|
|Official Project Website||Click Here To Visit Project Website|
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
Utopia Genesis Foundation 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.
Utopia Genesis Foundation 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.
Utopia Genesis Foundation 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.
Utopia Genesis Foundation 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.
Utopia Genesis Foundation While revenues from digital streaming and live performances have increased in recent years, revenues in the music industry as a whole have declined since the late 90s. Reach is an application which reports granular music consumption data. It can be used to collect data on specific artists, compositions or even catalogues, globally or locally depending on the user’s interest.
Utopia Genesis Foundation With Reach, you can track radio plays that you have been missing. Every time your song is played, it is tracked on a global scale. This service will be offered in three different versions to cover stakeholders’s different needs: Basic, Premium and Professional.
Utopia Genesis Foundation Users of the Reach Application pay a fee based on what data they want to access. Users will have unlimited access to that data, as well as the ability to search, filter and aggregate as required. Users of the UOP Token will get a discount in order to attract more users to the blockchain.
Utopia Genesis Foundation The fee for tokenization is intended to be 10% of the funds raised by the artist/label.
Utopia Genesis Foundation The cost of using the Reach Application depends on the number of reports analyzed in order to produce a result. Simple usage, such as searching for a song or logging in to an account, carry a very low cost. This allows for a certain degree of effectively free use for most applications.
Utopia Genesis Foundation When the Foundation approves a Third Party Application, a small transaction fee in UOP Tokens will be charged to the account which has made the request. The transaction fee will be divided into equally sized segments. (what does this mean, and why?) These tokens will be transferred to the Foundation Vault, which can then be used either to support the Foundation’s operating activities or fuel the Genesis Vault.