PO8- Solving Commercial Salvaging Problems through Tokenization

PO8- Solving Commercial Salvaging Problems through Tokenization | Ecency

Wow, this is awesome, let’s welcome a platform that utilizes blockchain technology in decentralizing and handing over to the democratizing the marine archaeology industry. PO8 project is first of its kind, we’ve never had this kind before in history.

The planet surface according to experts is covered by about 70% water and the Marine sector being the world wealth hub with millions of undiscovered lives and resources beneath and it draws special attention. The government especially, really wants to get involved and take total control of the activities thereby making activities here rigid with high protocols.

About According to UNESCO report, about 3million numbers of ships are underneath the waters. This follows the numerous ships sinking routinely, one can be very sure that there are enough artifacts buried in our ocean floors to create a billion-dollar treasure hunting industry.

Now recovering these underwater treasures has become a challenge. These treasures though not easy to recover, but due the magnitude of profits attached, so many companies has shown interest, but the issue here is on getting these recovered, government and other interest group suddenly show-up and will want a piece, if not all of the prized treasures.

P08 introduces a more decentralized and inclusive approach to recovering artifacts. Individuals, rather than corporations and governments, will play a more vital role in the recovery, conservation, exhibition and ownership of these artifacts. Decentralization of the industry will allow millions more to participate in the experience and bear witness to history encapsulated underwater for centuries. What was once only accessible to a few can now be shared with eager enthusiasts all over the world. There are many people who have a desire to be part of marine archaeology that would never be able to without PO8. Accessibility to this once exclusive industry is now available to those with a genuine interest in recovering artifacts and history.

PO8 is based as a Blockchain technology which is focused on making the machine archeology industry available to all people who seek to explore the world historical treasure and cultural relics which has forgotten and lost in the seas. In order to build a tenable industry which permits those who are enthusiasts in conserving and discovering prized antiquities that lay buried in the seas.Piece of 8(PO8) has taken the initiative by fusing marine archeology and Blockchain technology this merger is a novelty.
PO8 has completely decentralized the marine archeology industry. One of the ways the functions were dispersed is the making of smart contracts by PO8 to avoid individuals the opportunity to search and recover treasures, and also be rewarded for completing bounty tasks that aids the recovery efforts.

A Blockchain artifact registry was created by PO8, after the registration. The artifacts are authenticated and thin transferred through transparent auction house to guarantee effective commerce of recovered antiquities. PO8 is permitted to auction only a fraction of the priced antiquities recovered through ocean exploration.
According to United Nations Educational, Scientific and Cultural organization(UNESCO) about three million ships are under water presently. There is alot to uncover in ocean exploration because of the fact that 70% of earth’s surface is water. No one can estimate the worth of the treasures that are submerged at the bottom of the Seas. But one can factually state that ocean exploration for archeological artifact is a wealth mine waiting to be harnessed.
This industry is gradually growing because of the technological advancements that has made the treasure hunting easier in some sense; sonars , magnetometers, GPS and autonomous Vehicles
(ROV/AVV) are now being used to aid the process. This could cost alot. Only financially buoyant companies can embark on this expedition because of its enormous cost. Asides the financial barriers, that prospectors would face, government, and other competing interest groups will all want a piece pf the cake, if not all of it.

Here are major challenges rocking the Artifacts Commercial salvaging industries;· Centralized Process of AuctioningBecause there just few recognized international auction houses like Christie’s which monopolize the auctioning system therefore causing salvage companies to loss 12 to 20% of the treasure worth in sales market.· High Salvage CostBecause commercial salvaging indeed requires the latest marine technology, so the commercial salvager cannot help but to take the services of best hands in archeology and oceanographer experts to lead the way. The cost involved in paying and maintaining these experts and sustain the entire team throughout the period of hunting has become a source of discouragement for beginners and other agency for actively getting involve this market thereby naturally causing monopoly.

· Finally, cultural Heritage Preservation has also played a major role in affecting the industry. Commercial salvagers in archaeology community are tagged as destroyers of cultural and historical relics all in the name of making money.The AnswerPO8 is no doubt the answer to all these problems. Considering the barriers in salvage costs, the PO8 came up with the great idea to use the foundation of blockchain and cryptocurrency as a way to open up salvaging to anyone with an interest.First, PO8 creates smart contracts to enable any individual to participate in the search and recovery of treasures and be rewarded for performing bounty tasks aiding recovery efforts. Second, PO8 creates a blockchain artifact registry system ensuring authenticity of artifacts. Third, PO8 establishes a safe and transparent decentralized auction house ensuring responsible commerce of artifacts. This permits P08 to auction off a fraction of the recovered treasures and, subsequently, the open sourcing of the platform to anyone looking to create their own auction for high-end artifacts and treasures on the blockchain.

The PO8 decentralized auction house and this is not limited to only PO8 tokenized assets. As our contribution to the world of high-end and precious treasures, relics, antiquities and cultural artifacts, the PO8 auction house is an open source and scalable product living on the blockchain. This enables anyone looking to perform an auction to use the P08 auction house with nominal transaction fees compared to bigger commissions in centralized auctions.PO8 understands the value of teamwork and aligning interests for the benefit of finding and sharing lost history with mankind. As part of PO8’s market entry strategy, PO8 has been working closely with the Maritime Affairs and Labour Department from the Ministry of the Commonwealth of the Bahamas. Through this relationship, PO8 has acquired an Abandoned Shipwreck salvage license.

The PO8 Token

Utility TokenUnlike securities tokens, PO8 and SILVER token holders will never receive any type of dividends or profit sharing. P08 and SILVER tokens represent future access to our DApps, and in no way, are they to be deemed as investments.Reserve backed PO8 tokenPO8 will set aside a portion of the treasures, such as gold or other precious metals, to the P08 Reserve. The P08 reserve will back the value of the P08 token, upgrading to a PO8 Stablecoin.