Have you ever found your product being manipulated and reproduced by a third party and you could not do anything to stop the process? There’s a growing trend of producing fake products, which has caused many problems for both consumers and the original owners. The same scenario cuts across many sectors of the economy and life endeavors, including intellectual property (IP).
As disheartening as it is, there’s literally no end to these issues because they wax stronger by the day. Nevertheless, respite is coming the way as Colletrix utilizes relevant approaches to put a stop to the growing trend.
Market Opportunity
Major reasons buoying this project are the high rate of counterfeit IPs in the market. Because of this, the original creators/inventors suffer losses because their revenue is cut short following the shortage of sales.
Colletrix also draws inspiration from the huge potentials that are yet to be tapped from the niche. This combines with the monetary value of the market and the massive growth that is expected if the issues are fixed.
The First Step is Decentralization
The blockchain and smart contract are the basis of a decentralized architecture proposed by Colletrix. They are helpful in the elimination of third parties and the promotion of transparency. These viable features would cut down the incidences of counterfeit IP products in the market.
Non-Fungible Tokens (NFTs) as a Solution
Colletrix uses a different tokenization model to bring solutions to the raging problems. NFT is a different approach to native tokens of decentralized projects. It functions by attaching itself to a product. The aim is to make such products impossible to interchange or move from one party to another.
Considering this proposal, it is clear that IP creators won’t have the fear of fake products because each of their contents has a particular user. On the other hand, consumers can use the Near-Field Communication (NFC) chip that is embedded on products to check its origin/history on the blockchain.
Token Incentives
In addition to the above, there is a proposed token incentive that issues rewards to qualified participants. For instance, Colletrix offers a discounted rate to users when they make use of the native token (CIPX) to transact on the platform.
Protocol
The protocol used is the Ethereum-based ERC-721 protocol, which makes transactions and tokenized IP products to be visible. It also powers the built-in NFT assets, which make an individual representation of designs and products used by participants within the ecosystem.
IP Transparency
Equally, the smart contract feature helps to track and prevent incidences of fraud n intellectual properties. For full-scale transparency, it places a limit on the number of times a user can create an IP. As brands/merchandises are charged some licensing fees to obtain a license for chosen IP, the smart contract technology also takes charge of extracting this fee before the conclusion of the transaction.
Roadmap
Meet the devoted and experienced Team and advisors
Token Sales Information
Ticker: CIPX
Platform: Ethereum
Token Supply: 10 billion
Exchange Rate: 1 CIPX = $0.01 USD
Accepted Currencies: BTC, ETH
Wrapping Up
A great future lies ahead of branded contents/IP and nipping the current problems in the bud is a necessity. It’s encouraging that Colletrix has formulated a working plan to solve the current issues. In the end, it is hoped that the platform and its wide variation of features would gain traction for maximum reach to the target audience.
Visit the following URLs for updates and information about this outstanding project
Website : https://www.colletrix.com/
Bitcointalk ANN thread: https://bitcointalk.org/index.php?topic=5138397.0
Twitter : https://twitter.com/colletrix
Telegram : https://t.me/colletrix
Facebook : https://www.facebook.com/colletrix.io/
LinkedIn : https://www.linkedin.com/company/colletrix
writer's details
Bitcointalk username : deodivine1
Bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1390292