It is worth noting that this work will occur in parallel with the work of Utopia Music AG, which will continue to work with and expand its clients in music tracking. As is the case with any legacy industry, there is resistance to change and adoption of such technology. This is to be expected; to apply blockchain to the tangled webs of the traditional music industry is to threaten a long established way of doing business. While the evidence suggests this way of doing business is deeply flawed, and results in massive costs and loss of data opportunities, we understand that it will take time for the legacy companies to understand, trust, and adopt a blockchain-based solution. Utopia Music AG will continue to provide value to the music industry through music tracking, while Utopia Genesis Foundation positions itself so that, when the time is right, it will be prepared with genuine answers and applications to the music industry. Here is the vision for that application.
The Utopia Genesis Foundation was created to bring blockchain to the music industry. There is, of course, a technological side to this work, namely to create a token that can attribute to its owner specified music rights, along with the deployment of a blockchain testnet in which such a token can begin to function. For the testnet, the Foundation has chosen to work as a parathread on the Polkadot network. Bringing blockchain to the music industry requires more than lines of code. With this in mind, The Foundation is responsible for curating and developing an engaged community who can support and champion the nascent network. As a decentralized network, we are merely custodians of the future; the network belongs to those who use it. We want to build with their support.
After getting the blockchain up and running, the Utopia Genesis Foundation will step back into a supportive governance role; we are not looking for control or ownership of the data that comes through the system, but will act as a gatekeeper to ensure musical innovation is aligned with the best interests of the music industry. Apart from that, we aim to create a decentralized network. Centralization is not per se the root of the problems in the music industry. Nonetheless, the issues surrounding complexity, cost of admin, and lack of transparency are all inextricable from the nature of a centralized authority. Centralized authorities are no longer required; by putting tokenized music rights on the blockchain, we create a trustless system in which software enforces the rules of a deal. Software secures legality, ownership, tracking of data rights, and the settling of contracts. To supplement the software, we create an ecosystem where supportive, constructive use of the ecosystem is rewarded. We also ensure any actors seeking to abuse the system will be punished. As for security, we will deploy the network as a parachain on Polkadot. Parathreads are pay-as-you-go models of the parachain, yet they benefit from the heightened pooled security of the Polkadot network. As of yet, there is no gold standard for security in the blockchain industry, but we believe Polkadot are the closest to setting that standard.
Smart contracts ensure trustless operation of a decentralized network. They are, in essence, software algorithms with predefined parameters and trigger actions which release funds one way or another. They cannot be changed once created. The Utopia Open Platform is the blockchain network that relies on the smart contracts. It being a truly ‘open’ platform requires the assurance that the smart contracts create a fair, equitable, and transparent solution for parties on either side of a transaction.
A DAO is a decentralized autonomous organization. The Utopia DAO will begin when token holders interact with, and thereby stake UOP, with the network. The DAO will control the Genesis Vault, where 25% of the Foundation’s tokens will reside in order to purchase tokens issued by the Genesis Application. Partakers in the DAO will also be able to create a pre-approved list of artists for the Genesis Platform through their votes.
Mission accomplishments and the road forward for 2021
Mission accomplishments so far of 2021:
Reach, our airplay tracking application is on target with 50% of the project complete
Completion/integration of the Utopia web wallet
Genesis Arts, our NFT platform’s is undergoing internal testing
All legal aspects of the Utopia Genesis tokenization platform complete
Up ahead the remaining 2021 for the Roadmap:
Genesis Arts NFT store UX/UI completed.
Genesis Arts NFT store in test-mode towards smart contracts and overall usability.
Launch of our music-centric Genesis Arts NFTs store. Every artist gets their own subdomain webpage for their NFTs.
Launch of our secondary sales NFT smart contracts (will be the first week of April soonest).
Reach radio data visualization tracker is in the Alpha stage and is tested for security, bugs, and feedback by a controlled mix of people from tech/music/label backgrounds
Reach being tested out by the community and giving input for what is needed, needs to be modified and potentially added to give the best customer experience.
NFT inhouse marketplace.
Launch of Utopia Genesis for the tokenization of music.
Polkadot Parachain deployment
Polkadot development + marketing to announce.
Decentralized marketplace for songs through NFTs (elements to consider/discuss here are ownership of publishing, copyright, masters as the current model is the NFT being sold as a “version” more so
Release of Toplist - Toplist of different top songs on radio station depending on genre, location.