Everything around us can be counted and hence they can be categorized into commonalities such as people, cars, streets, shops, products, art and so on. One thing all these have in common is that they are all different from one another.
The market for non-fungible tokens in innumerable. And all these industries depend on one in particular, the IT industry. This industry alone has 9.27 trillion dollars as its market size and is predicted to be the fastest growing industry in the world. This is where Open collectors Network comes into the picture- They aim to create the first decentralized platform which facilitates storing and interacting with non-fungible tokens.
The ecosystem
They follow a customer is king approach where they focus their efforts on attracting strategic partners, especially during the early stages of platform development. Also, they use digital media as one of the forms of representation. For instance, any artist, writer, musician would be able to sell their asset, as long as it was digital to anyone who wanted to do purchase the asset. Apart from this, even digital gaming platforms like Counter-Strike, Gathering etc can be represented on this platform. VR is picking up steadily and becoming a mainstream industry, they will be tokenizing valuable virtual objects that are a part of the industry.
Apart from these one’s mentioned above, they have mainstream places such as freelancer or business, Auction houses to maintain their inventory and increase trust among its client base. Discounts for Partnerships with companies which can tokenize their products.
The technology
They have collaborated with KYC solution, where post the verification, a user has a unique token created on the blockchain. For any other identity verification, he can use Metamask to sign and verify transactions. The advantage is that it would be decentralized and you would own your credentials, not some 3rd party company.
The platform is based on open standards and has an open-source code. This provides compatibility with any already existing tokens, like Decentraland, Crypto Kitties, and Crypto Punks to ensure that compatibility is maintained throughout. In addition, having blockchain provides them transparency, tamper-proof security, accountability & absolute ownership. In terms of design, they have a clean and intuitive interface to provide users with a simple and hassle experience. The users can expect absolute ownership and will be able to see their items in their wallet at any given time, by using their private key.
The ICO and token
ECTO is the name of their utility token and it is used for creation and trading, while also serving multiple uses such as Discounts, Periodical rewards through the fees collected, according to a specially designed proof-of-stake algorithm. The token uniqueness involves Preventing spamming the exchange with duplicates by using cutting-edge data matching algorithms. This will provide with a uniqueness score and be depending upon that, the token creation will be decided.
Conclusion
The combination of hard work and experience is what makes Open Collectors Network what it is today. They have over 50 years of experience in the field with programming, testing, product management and marketing experience who have created a revolution with infusing blockchain technology in the real world data.
To know more visit
Website:https://opencollectors.network/
Whitepaper:https://opencollectors.network/layout/OpenCollectorsNetwork
Published By:karanj
Btalk Profile:https://bitcointalk.org/index.php?action=profile;u=1030341