Blockchain has certainly changed how the world interacts at the digital level. Pioneered by Bitcoin and fundamentally changing our perception as to the limitless applications by the Ethereum platform, the vast usage of the technology keeps on surprising even the most supporters.
Recently, a new platform, called the Codex has kicked off its ecosystem of management of unique assets, specially the arts and crafts industry. The global wealth of A&C is estimated to be around the 1.6 trillion dollar mark, with a significant increase projected to USD 2.7 trillion by 2026.
Registry of Sales And The Current Market Situation
Items such as art and other collectibles can be of very high value. To keep collectors and sellers safe from fraud, every auction house in the world keeps a registry of sales and purchases. This allows them to keep a record of where the item was purchased from and to whom was it sold. Yet, each auction house keeps an independent record, creating a very fragmented filing that is bound to end up with human errors, accidental or not.
Another issue faced by purchasers and sellers is that unless they have the right connections, selling is not done directly. The auction houses have become centers where people congregate to buy and sell valuable items. For their services, the auction houses take a significant portion of the sales as commission.
The buyer is always at a risk of fraud. With so much private and public auctions, there is always a chance that the item being bought is not real. For very highly sought after items, sales are usually done in private and since there is no public appraisal of the item being purchased, the buyer is yet again at a risk by paying far more than the item’s worth.
Why Codex Is The Solution
Codex, being a decentralized ledger technology platform that relies on blockchain, offers a number of advantages that makes it the ideal ecosystem for expensive arts and collectible items. Through blockchain, it offers:
What Codex Offers?
Codex, as a protocol is specifically designed as an asset registry, tailor made for the arts and collectibles market. For this, the protocol has some specific rules and regulations within the platform:
CodexCoins, Powering Assets
The Codex platform utilizes the ability of blockchain to create digital tokens that represent value and will be the default medium of exchange in the ecosystem. The platform will be using its own native CodexCoin, or CODX. The Ethereum based ERC20 standard tokens will be deployed on the ERC721 non-fungible token standard smart contract platform, making the token and the platform extremely secure.
The token will be going through its ICO in July, with the token being priced at USD 0.067 with one billion CODX up for grabs. Investors will need to commit at least 0.5 ETH to take a part in the sale and need to clear a whitelist/KYC procedure.
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