Utopia Genesis makes a move to Polkadot with $1B+ tokenized music rights

Utopia Genesis makes a move to Polkadot with $1B+ tokenized music rights

Utopia Genesis Foundation, an organization that looks toward supporting the development of an open platform for the music industry, has made it to the headlines for its epic transition from Ethereum to a Polkadot parathread this year, with an aim of offering consensus, interoperability, security, and scalability to Utopia users. 

Speculations have is that the expansion would allow the organization to provide its ecosystem applications with fully enhanced economic security of Polkadot’s validator set. Moreover, the move to Polkadot would ensure a faster and more effective model for the Utopia blockchain, with unprecedented scalability, and would secure the Utopia network from unidentified attacks.

Furthermore, it would provide the infrastructure needed to settle a huge number of transactions, including tokenized virtual goods, settling payments, and digital music assets. It has been reported that the move comes off the heels of Utopia’s alliance with Terra Virtua, a marketplace which enables the trade, interaction, and purchase with NFTs across diverse platforms.

Commenting on the initiative, President of Utopia Genesis Foundation- Thomas Contin- cited that Utopia is expecting a massive influx of music rights tokenization in the ensuing years, and in this case, a paradigm shift to Polkadot parachain would make sure that utmost security is served for its users and their music rights.

He added that the organization has been firm on its belief of offering the blockchain technology to the music industry to allow it to operate at an improved efficiency and security.

It would be essential to note that the Utopia Genesis Foundation is building a blockchain-based solution personalized for the music industry, which would allow the producers, artists, all stakeholders, and record labels, to operate seamlessly by delivering specific data intended to offer a wider music ecosystem on the Utopia Open Platform.

On top of that, moving onto Polkadot would allow Open Platform applications and Utopia Genesis to have the capacity to perform high volume computations without increasing the burden on the root relay chain.

Source Credit: https://www.hedgeweek.com/2021/01/18/294513/utopia-foundation-bring-more-usd1bn-tokenised-music-rights-polkadot