Introduction:
Many historical artifacts and treasures are still today buried under the seas. Scientists argue that billions, if not trillions USD worth of treasures are hidden below the water surface. In order to recover those treasures, it not only takes millions of dollars, but also complicated legal processes, which differ from country to country. Also auctioning those artifacts on currently existing centralised auction houses are not quite easy and are costly, since sales commision take up to 20 percent of the net worth. The Marine Archaeology industry is lined with chaos and challenges, which a current ongoing project called "Piece of 8" or in short "PO8" is going to face by using the blockchain technology. PO8 aims to decentralize the Marine Archaeology industry by introducing 3 technologies, which will offer decentralized solutions for registration, authentication, and transfer of the treasures using the advantages of blockchain technology, such as decentralization, smart contracts, fast and secure transactions or transparency.
Goals of PO8:
- Building a smart contract, which enables everyone to participate in bounty tasks to recover lost artifacts or treasure and be rewarded for their contribution
- Building a registry system for the authentification of artifacts on the blockchain
- Building a transparent auction house for selling and buying artifacts and treasures
Applications of PO8
PO8 will come with some decentralized applications that will support the recovery and distribution of the artifacts.
- Maritime Artifact Data System (MADS): This application will give everyone around the world the possibility to be part of the recovery process of artifacts. Through bounty tasks such as sonar, magnetometer, geo mapping, historical records, weather patterns, video feeds and more, participants will be able to earn tokens as a reward, which can be traded for other tokens or can be sold for fiat money.
- Historical Open Auction Platform (HOAP): Through this auction platform, people will be able to sell their valued treasures on a decentralized platform without the need of a costly middleman. The platform therefore will use every advantage of the blockchain technology such as security and transparency of transactions, as well as authentification record of the artifact.
- Government Artifact Auction System (GAAS): This platforms is for governments, museums or non profit organizations (NPOs), which are looking to buy and sell treasures, but also register and authenticate their artifacts.
- PO8 Historical Artifact Registry System (PHARS): This registry system ensures the identification and authentification of any artifact by giving it a unique signature, which will be saved on the blockchain. Therefore this can be a revolution for the proof of authentification systems to fight against existing artifact frauds.
The ICO:
PO8 is currently doing its ICO to collect funds for research and development, marketing, but also for administrative and legal costs. In total 60% of the total token supply will be available for the public token sale. Here you find some information regarding the ongoing ICO:
- PO8 is a utility token based on the Ethereum Blockchain
- Softcap of 10 million USD (already reached)
- Hardcap of 30 million USD
- 1 PO8 Token costs 0,012$
- 6.000.000.000 tokens are available for sale
- Sale starts on the 15th june 2018
PO8 - A Reserve Backed Token - SILVER - A Native Sub Token:
What is special about the PO8 Token is, that a part of the treasure such as gold or other metals will be put into reserve in order to ensure the value of the PO8 token. Therefore PO8 aims to be a stablecoin. SILVER Tokens on the other hand are the native sub token of PO8. They are rewarded for doing bounty tasks and are based on the number of PO8 token holders. SILVER tokens can be easily exchanged for PO8 tokens or for other desired tokens on the exchanges.
Backed By The Bahamas Government:
What is interesting about the PO8 project is that it is backed by the government of the Bahamas. This is quite huge, since the government for sure will not only provide monetary support, but will also provide help in solving legal issues. This makes the project very special and legit at the same time.
The Team:
Below you can find the team behind the PO8 project. The team already has great experiene in the Marine Archaeology industry, which will help them make the project succeed. Furthermore with expertise in the field of blockchain and marketing, this will help the team to promote the project. If you want to know more about the PO8 team, simply head to their website https://po8.io/ and check out the detailed team member descriptions.
My Opinion:
In my opinion Piece of 8 (PO8) is quite an interesting project in an not so known industry for us common people. Therefore I think that the problems mentioned in this industry is well known by experts and blockchain can finally help to accelerate the recovery process as well as make auctioning of artifacts easier. As the project furthermore is backed by the government of the bahamas I really think that the team is taking this project very seriously. I'm therefore very excited for PO8 to launch soon. Stay tuned for further updates regarding the PO8 project.
Further Information:
Want to know more about the PO8 project? Take a look at their official website and their whitepaper for more information. Also subscribe to their official communication channels to stay up to date. Any questions, feel free to comment below.
Website: https://po8.io/
Whitepaper: https://po8.io/#whitepapper
Twitter: https://twitter.com/PO8Coin
Facebook: https://www.facebook.com/po8tech
Telegram: https://t.me/joinpo8
Bitcointalk ANN: https://bitcointalk.org/index.php?t%E2%80%A6sg35770062
My Bitcointalk Profile (Rano): https://bitcointalk.org/index.php?action=profile;u=1609093
My ETH: 0xFc58f16Ab51A635fdb06b4Db14E59ad994884AD7