Welcome to Utopia: Where the Love of Music Meets the Power of Blockchain
Music is incredible. It can excite hundreds and unite thousands. But music as an industry has been slow, complicated and disparate. While the tech world has moved into the future, the music industry remained in the past. Music nowadays is more popular than ever before, but the tools used to track it have not been keeping up at the same pace. Due to the fact that over the years the industry has failed to introduce new and effective standards for tracking royalty rights, music consumption and metadata, artists are losing tens of billions of dollars in payment each year.
For years, Utopia Music AG has been developing products designed to enhance and improve the collection of music data, effectively granting them the position of market leaders. Today, it’s time to take the music data revolution to the next level, and it’s for this purpose that the Utopia Genesis Foundation was established.
The Utopia Genesis Foundation was set up in Switzerland, as the Swiss law subjects foundations to auditing obligations and state supervision, ensuring that owned assets are used solely for the declared purpose. The Utopia Genesis Foundation has its own legal personality, thus granting it legal independence from Utopia Music AG. The mission of the Foundation is clearly defined: applying the power of blockchain technology to music, thus empowering everyone in the ecosystem — artists, publishers and listeners alike.
The Utopia Genesis Foundation is set up to enable artists and companies to benefit from the value of easily accessible, high quality music data. To ensure universal access, the Foundation is building a blockchain called the Utopia Open Platform (UOP) that will launch on October 27, 2020.
So far, the Utopia Platform keeps track of what music is currently playing on more than 100,000 radio stations in over 150 countries, in real time. The platform also has the capability to collect metrics from most social media and online music platforms. It gathers knowledge about top lists, social interactions and any other data that might be useful.
Thanks to the Utopia Genesis Foundation, starting from October 27, 2020, all this priceless information will be funneled from the Utopia Platform to UOP, making it easily available for everyone. UOP Tokens will be used as the keys to unlock music data collected in over 150 countries in real-time; all it will take for developers to access the data from the Utopia Platform through the blockchain will be the simple act of staking UOP Tokens.
The Utopia Open Platform aims to change the music industry by leveraging blockchain technology to develop a new, more inclusive music ecosystem. The UOP is a modular, participatory, hybrid and cloud-and-blockchain-based platform. The Utopia Open Platform will be truly open, which also means open-sourced, thus empowering everyone with access to the source code of the UOP’s APIs, SDKs and plug-ins. This will provide any third-party with the ability of building new products and services. The Utopia Open Platform will serve as a common, interoperable and trusted underlying data infrastructure fuelling value creation in the wider ecosystem. Owning to UOP, all people will be welcome to improve the music industry with their smart and creative applications.
Utopia exists for the love of music. Through a deep-rooted belief that success in innovating an entire industry can only be achieved by looking holistically at the music industry value chain, Utopia is moving forward. Music is something that we all love, but due to the predominance of outdated music data collecting technologies within the industry, not all artists are able to enjoy the full extent of the fruits of their work. With Utopia, that will no longer be the case; the Utopia Open Platform will be the tool helping the entire music industry to transition into a more modern, efficient and inclusive ecosystem for all the parties involved.