What is Utopia Genesis Foundation (UOP) | What is UOP token
We are a blockchain-powered music data providing platform that enables more data, more revenue, more efficiency, more transparency & fairness
THE PROBLEM WITH THE MUSIC INDUSTRY
There is recent optimism related to increased revenues from digital streaming, live performances and the relative renaissance of vinyl. But despite that, the wider music industry still suffers from a decline in revenues since its peak in the late nineties.
Given the prevailing trends, it is more important than ever to fundamentally restructure the music and entertainment ecosystem. The change needs to address the underlying revenue and royalty flow affecting songwriters, performing artists and rights holders, to ensure that it is built on a foundation of transparency, efficiency, and fairness.
WHAT CHALLENGES LIE AHEAD ?
In the past two decades the music and entertainment industries have been disrupted by technological developments such as the internet, the digitization of text, music, and video. Due to more music consumption, new revenue streams and more possibilities to listen to music, these processes have an overwhelmingly negative impact on the traditional revenue streams.
But they have also rendered legacy music industry actors – such as music publishers, record labels, agents and representatives – and their workflows inefficient when looking at what is possible.
We are working diligently to modernize the standard archaic model.
Our goal
The multi-layered and self-serviced UOP and its applications will allow users to understand what music is performing best – where, how, when, and with which audience segment.
The UOP, as a global open platform, will create value for each and every entity in the music industry. This value will be created in many ways, whether by empowering record labels with geographic consumption data to more selectively plan artist tours, or PROs learning where they should distribute the black box money.
Artists using the applications developed on UOP will be able to optimize and streamline releases and promotional efforts, achieving better results and deeper market penetration. By combining insights and discoveries from all the tools that can be developed on the UOP, we are going be able to map out the complete information landscape of the music business universe.
UOP TOKEN
Purpose of the Token
The UOP Token is the main currency for the Utopia Open Platform, ensuring settlements are processed properly and committed to the ledger authentically. Based on the extension of the ecosystem, the protocol will evolve along. In due course, when the market matures, we want the token to be the base for the whole music ecosystem, with the end-goal being: One play, one pay.
The Need for Blockchain
In an industry known for its opacity, transparency is desperately needed.
Every player subject to a contract must have access to undeniable proof of each payment. Only once all parties can be trusted will we be able to advance the industry as a whole, for the better of everyone.
Current industry players will have the added benefit of being able to track how much capital is being earned from various activities – on a second-to-second basis.
They will be able to achieve this without resorting to expensive and cumbersome legal and accounting operations. In large organizations, such expenses can account for over 50% of total costs. With UOP, this money can be spent on funding and growing new and exciting artists – an inspiring prospect.
All applications running on UOP need to pay for the services they use.
The reason for this is to ensure that the Utopia Foundation will receive the funds necessary to sustain itself. It will also be a requirement for the development of new features, payment for hosting, abuse prevention, and ultimately to ensure that we can continue to benefit of the music industry with the work that we Before going live on the UOP, every application must stake a certain number of tokens. This is done to ensure that all applications are invested in the platform and to mitigate abuse of the system. If an application is discontinued, then the stake will be refunded. In case of abuses and serious breaches of the terms and conditions, the stake will return to the Utopia Foundation. A stake is not a requirement to test the features of the platform in our test environment. It will also be a requirement for the development of new features, payment for hosting, abuse prevention, and ultimately to ensure that we can continue to benefit the music industry with the work that we Before going live on the UOP, every application must stake a certain number of tokens.
On the other hand, some features on the platform carry a cost in order to use.
For example, there is a cost to use the Delta application to report data, where the cost depends on the number of reports analyzed in order to produce a result. Simple calls such as searching for a song or logging in to an account carry a very low cost. This allows for a certain number of free uses every day, making them effectively free for most applications.
Blockchain Proof of Authority
The Utopia Genesis Foundation network is governed by a set of trusted and decentralized validators. Apart from governing the network and voting on ballots, validators provide consensus on transactions within the network.
Validators are undergoing extensive due diligence before being invited to govern the network. In most cases the appointed parties are Swiss firms, notaries and big blockchain players who are transparent in their identity and business. This enables the network to become more transparent, as validators’ decisions are written in a public ledger, available for public view.
As a proof of authority network, the Utopia Genesis Foundation validators manage themselves and the underlying on-chain contracts related to consensus in order to ensure the network’s security and performance. The security is a result of the number of validators in the network – more validators means greater decentralization and security.
Application Protocol Interface
What renders the UOP truly open is the Application Protocol Interface (API). The API attached to the UOP enables third parties to develop applications connected directly to the environment, in the same way as first-party services.
This enables both internal and external applications to make queries for data, such as music consumptions. The UOP also provides services necessary to manage identities, policies, smart contracts, event queues, as well as other business processes.
TOKEN SUPPLY AND DISTRIBUTION
With our token launch, we will jumpstart the Utopia Genesis Foundation’s development of its ecosystem. We want to generate user adoption with bonuses - in the form of a price discount - provided to early investors and sometimes with a short lock-up to help improve market dynamics and stability.
Utopia’s Tokens Vesting Schedule
(Tokens in circulation over time)
Total Supply
We will mint 100M tokens. The estimated market cap will be of 3.8M USD, and they will be distributed in various ways. The price at the start of the token sale will be 0.32 USD per token.
The token will be a native currency on the Utopia POA Blockchain and a 1:1 bridged ERC-20 on the Ethereum Protocol. The bridge makes it easier to use the tokens on Ethereum, where you can use it for collateral or other purposes.
Utopia Music
30M tokens will be in possession of Utopia Music AG through payment of token project and shareholders.
Private Sale
5M tokens will be sold in the Private Sale.
Public Sale
25M tokens will be sold in a series of four token sales.
Foundation Vault
40M tokens will be held in the Foundation Vault to support the Foundation projects and development. The Foundation Vault will deposit 25% of the staked tokens into the Genesis Vault, to be controlled by the Decentralized Autonomous Organization (DAO)
Lockups
Tokens in the possession of Utopia Music AG have various lockups. Tokens allocated to the team will be locked up for 60 months. A vesting period will start a year after trading begins on an exchange. For the shareholders, there will be a vesting period after six months and be ongoing for 60 months after trading on an exchange starts. The Foundations tokens will also be in various lock-ups. For more information please refer to the data above.
TOKEN SALE: 16 DEC – 18 DEC
Ticker: UOP
Token type: ERC20
ICO Token Price: 1 UOP = 0.32 USD
Fundraising Goal: $2,000,000
Total Tokens: 100,000,000
Available for Token Sale: 25%
Utopia Genesis
The Utopia Genesis Foundation was founded with a mission to establish an open and standardized process for the music industry to track, process and tokenize rights. By introducing a universal blockchain protocol for anyone who wants to run commercial projects in the modern music industry, the Foundation aims to provide the infrastructure and tools needed for the development, maintenance and growth of the ecosystem. To add transparency to all these processes, the Foundation is launching its own cryptocurrency, the Utopia Open Platform (UOP) Token. The Token seeks to improve the profitability of the global music industry by eliminating conversion costs and middlemen by unifying the industry onto one common platform.
Token Price :0.32 USDt
Accepted Currency :BTC
Token Sale Goal :6,250,000 UOP
Minimum Pledge :10 USD ~ 0.00051 BTC
Maximum Pledge :20,000 USD ~ 1.02688 BTC
Token Sale Start Time :12/16/2020, 9:00:00 AM UTC
Token Sale End Time :12/18/2020, 9:00:00 AM UTC
Token Allocation Model:Pro Rata (more information below)
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