It’s no secret that the so-called Art & Collectibles asset class has a global 2 trillion USD market share. Owning a piece of unique art or an object that made history in some way has become a status symbol among the wealthy few and paying whatever it takes to own it is the current name of the game. Whether you want to own a piece created by Picasso or the first Ferrari ever built there is probably an auction house that is going to cater to your specific needs.
The biggest challenge standing in the way of placing an accurate value on items is the proof of origin or provenance. Usually, when an item is put up for sale, evaluators and experts are called in to certify the authenticity of the item, but even then there isn’t a definitive proof as most of the times the experts base their analysis solely on their knowledge. What if there was a solution to certify these items in a way that’s reliable for any future buyer? Enter blockchain!
Introducing the Codex Protocol: The unique art and collect-able blockchain ecosystem!
By creating a distributed ledger for unique items backed by a renowned consortium of over 5000 auction houses, the Codex Protocol will give its customers access to over 2 trillion worth of unique items ranging from collect-able cars to jewelry and watches. The ecosystem addresses an issue that creates friction within the markets, and that is the constant need of validating critical information about the items put up for auction.
The Codex Protocol ecosystem can store identity data, the chain of ownership and other valuable metadata about the object on a tamper-proof system backed by empirical and mathematical rules.
CodexCoin: The fuel of the Codex Protocol platform!
Based on the popular ERC20 architecture the CodexCoin is going to be used on the platform for several use cases:
- Pay registration fees
- Amend existing records
- Transfer existing data
- Incentive programs for validators
The experts that decide to work with the Codex Protocol Consortium will be awarded CodexCoins for their appraisal services. Initially, these will be rolled out on a discretionary basis depending on the item’s owner, but as the platform grows and matures, rewards that are algorithmically assigned will be deployed.
With a wide array of data available, machine learning system will assign appropriate reward schemes to every participant on the network. Thus having a platform that solves the authenticity of each unique item and ultimately determines its value will become, over time, a great addition to the global Arts & Collectibles industry!
Should you be interested in participating in this unique project you can do so by purchasing CODX tokens in the upcoming token sale at a pegged price of 0.067 USD per token. The team is looking to raise a maximum of 25 million USD and a minimum of 15 million USD. All unsold tokens will be kept for future sales and promotions!
If you wish to learn more about the Codex Protocol and the advantages of working with a platform such as this you can visit https://codexprotocol.com/