As we at Utopia Genesis Foundation look to scale with demand, we took a particularly hard look at how to ensure a faster, more efficient model for the Utopia blockchain. Scalability and security were top priorities, which is why Utopia Genesis is moving to a Polkadot parathread this year. We believe Polkadot’s validator set provides the right mix of interoperability, consensus, scalability, and security to Utopia users and our developer ecosystem.
This move takes us one step closer to achieving our goal of providing 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.
How does it work?
Polkadot is Layer 0 in the techstack and is a network upon which separate blockchains can work together seamlessly, sharing information and security. The blockchains, in the form of parachains and parathreads, are able to pool their security so that the chains do not stand alone, but share information in a way that makes it far easier to strengthen the network. Polkadot parachains and parathreads use the same source of security, allowing them to process more transactions faster and without worrying about the problem of colliding transactions.
The speed at which Utopia will be able to verify any transactions, no matter how complex, will assist the performance 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 we gear up for the public launch of the Genesis Application and Open Platform for tokenizing music rights and assets, we will utilize Polkadot’s parathreads and make the move to Polkadot parachains in the near future. By moving onto a Polkadot Parathread, we will have the capacity to perform high volume distributed computations without increasing the burden on the root relay chain. We anticipate tokenizing over a billion in music rights by 2022. With this in mind, it is essential that we take care of security for our clients and their music rights.
For more information please visit http://utopiagenesis.com/