Good day my dear readers. Today you will be introduced to an interesting project.The Codex platform is a decentralized blockchain-based registry of names for a variety of works of art and collectibles. Today, this segment of the economy is actively attracting investors-collectible cars, watches, wines, paintings, all this is a serious financial asset. But there is a huge problem of this market-the lack of a single registry that allows you to view all the unique works of art. In some situations, the creators of auctions, as well as sellers of collectible items, or their buyers, face fraud - there is no way to check the history of the lot, to verify its authenticity. The creators of the decentralized Codex platform are going to solve this problem.
What is Codex Protocol?
Codex Protocol is developing infrastructure to create decentralized name registry collectors ' items. Even at the initial stage of development, the project was supported by a strong consortium of companies with extensive experience in this segment. Why is it necessary to invest in this decentralized platform? Just imagine a market with a capitalization of more than $ 6 billion in one application - at any time, collectors, buyers, as well as auction creators will be able to use the provided data to get the necessary information about a particular work of art.
Decentralized registry Codex will allow collectors to get confidence in the authenticity of purchased items. The platform can exist as an industry Protocol and will enable to create decentralized applications on it. The company itself is already adding two applications Biddable and Sellable. It is worth noting that the project has already invested the funds of well - known companies, as well as the auction house-they were able to see the potential of the platform, opening up new opportunities to connoisseurs of collectibles.
Codex developers are trying to improve the segment of works of art and collectibles - the use of blockchain technology, as well as intellectual contracts, will allow to make paintings, cars and other valuable things, modern financial assets. Unlike any other asset class, there is no General register of rights for works of art and collectibles. This is the Central problem of the entire market.
The collaboration of experts in the art and industry was combined to ensure that Codex was integrated into a large system of 5000 auction houses. The goal is to become an industry standard. After all, there is no single registry, which will be marked absolutely all the valuable works of art sold\bought in auction houses.
Existing services do not allow to determine the ownership of a certain art object or a collection item, because the property is necessary for transactions, lending and many other applications. Therefore, a decentralized registry could be a revolutionary solution for this industry.
How it works
The journey of any work of art begins with an artist who most likely sold his work to a collector. The collector can decide to sell the resulting unique thing to the auction house, which then put it up for auction and sold to the new owner. Let's imagine that the new owner also wants to sell the resulting collectible - the interested buyer can use the decentralized Codex platform to view the record of the property to make sure that he gets a unique work of art from a particular artist. At the same time, it can not see the identity of the owners who want to remain anonymous. The transfer of property rights is publicly authorized and will give new buyers much-desired guarantees. All data about the transfer of the art object will be stored in the Codex.
The platform will create its own local token, "BidDex", which will be used to transfer, borrow, send and modify records on it.
The Codex project is promising, and large investment companies have already supported it. The segment of collectibles allows you to earn a lot of money, so a huge decentralized Codex registry will definitely become a popular application.
Website: https://codexprotocol.com/
WhitePaper: https://docsend.com/view/n4sbws8
Telegram: http://t.me/codexprotocol
Twitter: https://twitter.com/CodexProtocol
Ann: https://bitcointalk.org/index.php?topic=4494244.0
Author:
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https://bitcointalk.org/index.php?action=profile;u=1725951
