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Bitfinex Token Sales technology selected by Utopia Genesis Foundation

By Edil Corneille

December 10, 2020

  • Bitfinex
  • Utopia
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Bitfinex, Utopia Genesis Foundation, UOP, token, currency, finance, protocolUtopia Genesis Foundation, the organization formed to support the development of an open platform for the music industry, announced it has launched an autonomous initial exchange offering to distribute its native token, UOP, using Bitfinex Token Sales technology. The token sale, hosted on UtopiaGenesis.com is slated to take place at 9:00 am UTC on December 16 and conclude on December 18.

ALSO, READ: Bitfinex launches peer-to-peer (P2P) digital token loan portal

The UOP Token will serve as the main currency for the Utopia ecosystem. Its purpose is to finance the development, maintenance and growth of the ecosystem and ensure that settlements are properly processed and committed to the ledger, so that authenticity is guaranteed. Based on how the ecosystem evolves, the protocol will be able to evolve, eventually becoming the base for the entire tokenized music ecosystem.

“By utilizing Bitfinex Token Sales’ technology for our IEO, our users will be able to have a seamless token sale experience when purchasing the UOP,” said Thomas Contin, President of The Utopia Genesis Foundation. “The UOP is a crucial benefit to the music industry. Not only will the UOP be an alternative for artists looking to raise capital for tokenizing music data, it is also the backbone of Genesis, the first Music Rights Tokenization platform connected to data that will enable a transparent pricing and value determination for Music Catalogs making Music investment Fungible and Accessible to anyone.”

The API attached to the UOP enables third parties to develop applications connected directly to the environment so both internal and external applications can make queries for data, such as detailed global music consumption data. The UOP also provides services necessary to manage identities, policies, smart contracts, event queues, as well as other business processes. Built on a Proof of Authority blockchain, the Utopia Genesis Foundation network is governed by a set of decentralized validators. Apart from governing the network and voting on ballots, validators provide consensus on transactions within the network. In this environment, validators manage themselves and the underlying on-chain contracts related to consensus in order to ensure the network’s security and performance.

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