Utopia Foundation to bring more than USD1bn of tokenised music rights to Polkadot
Utopia Genesis Foundation, an organisation formed to support the development of an open platform for the music industry, will be moving from Ethereum to a Polkadot parathread this year, providing interoperability, consensus, scalability and security to Utopia users.
This expansion will allow Utopia Genesis, which is currently running on a PoA blockchain with Ethereum interoperability, to offer its ecosystem applications with the full economic security of Polkadot's validator set.
The Utopia Genesis Foundation is creating a blockchain-based solution tailored to the music industry that will enable artists, producers, record labels and all stakeholders to operate by providing specific data intended to unlock a wider music ecosystem on the Utopia Open Platform. The Open Platform is an openly accessible, multi-layered and self-serviced portal used to develop applications using blockchain technology.
Polkadot is the only Layer-0 in the Web 3.0 tech stack, providing security and connectivity for its constituent Layer-1 parachains. Parachains and parathreads (which are pay-as-you-go parachains) are separate blockchains that work together seamlessly, sharing information and security through the Polkadot relay chain. The blockchains are able to pool their security so that the chains do not stand alone and share information in a way that makes it far easier to scale the network than legacy chains or other scaling solutions. By moving onto a Polkadot Parathread, Utopia Genesis and Open Platform applications will have the capacity to perform high volume distributed computations without increasing the burden on the root relay chain.
“The Utopia Genesis Foundation is not here to disrupt, but rather provide the blockchain technology acting as a clear lens through which the entire music industry will be able to operate,” says Thomas Contin, President of Utopia Genesis Foundation. “Utopia anticipates a massive influx of music rights tokenization in the coming years, and by moving to a Polkadot parachain, we will ensure the utmost security for our users and their music rights.”
Utopia’s move to Polkadot will ensure a faster, more efficient model for the Utopia blockchain, with unparalleled scalability, and will secure the Utopia network from attacks. It will also provide the infrastructure needed to settle a high number of transactions, including digital music assets, settling payments and tokenised virtual goods. This move comes off the heels of Utopia’s partnership with Terra Virtua, a marketplace which allows for purchasing, trading and interacting with NFTs across multiple platforms, as well as an integration with STOKR, a primary issuance platform for digital securities. These partnerships and integrations are timely as NFTs are gaining mainstream adoption and popular artists are now tokenising their likeness and brands, potentially leading to a high number of transactions on the Utopia platform that will need proper security.
The ability to verify any transaction, no matter how complex, within seconds, will further amplify the ability of Utopia’s dApps and platforms to track and settle royalty payments to artists, PROs and community contributors in real time, based on the most comprehensive music consumption data tracking in the world. As Utopia gears up for the public launch of its Genesis Application and Open Platform for tokenising music rights and assets, it will utilise Polkadot’s parathreads and make the move to a Polkadot parachain in the near future.