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The first decentralized platform for one-of-a-kind tokens
Price on ICO
May. 1, 2018
May. 29, 2018
Starts in 33 days
All currently existing cryptocurrency tokens are similar to money, they are all identical, and when you send someone, say, 1 BTC, it does not matter which exactly one you send, because all coins are fungible. The Open Collectors Network idea is to give you an ability to create your own tokens with unique traits, one-of-a-kind tokens that will be non-fungible.
Here’s how the company itself explains the idea. “Imagine you printed 1000 flyers and are handing them out on the street. You don’t care which flyer you hand out from the stack, because they are all identical: same size, same content, same purpose. This collection of flyers is said to be fungible and it’s equivalent to current crypto currencies. But let’s consider now, another collection: paintings by famous artists. Though all of them are paintings, if you wanted to buy one, you wouldn’t just pick randomly. You like some more than others, some are more expensive and so on. They’re non-fungible, as they are all one-of-a-kind.”
The unique tokens will be of the ERC721 standard. To create tokens, you’ll be able to use a seamless UI or a standard REST/Json API for more complex business scenarios. Users will define interaction rules between their token and other tokens, customize the conditions for their token, and will be able to buy, sell, and exchange unique tokens.
In the company, they say the possible uses cases for unique tokens are almost endless. And what is important, the platform is open to everyone to create new innovative ideas to be implemented on top of the platform. Here’s some of the use cases:
– Social platform: You can tokenize unique things of value to them for personal use.
– Business sector: Any freelancer or business can tokenize their personalized products, like a car, an article, or a handcrafted item.
– Auction houses: They can maintain their inventory on a public ledger by creating unique tokens to represent unique pieces.
– Gaming platform: Certain game types – like Magic The Gathering – or in-game items – like a Dragon Lore AWP skin in Counterstrike – can be held on the public ledger to increase accountability and transparency for the owning party. This can also be used to attach virtual in-game currency values to a particular item.
– Virtual object marketplace for content creators: The ability to buy digital assets in order to use them within a game or within the development of a game. In other words, the marketplace offers tools for game developers to sell their creations.
– Discounts: Companies can tokenize exclusive discounts. For example, you can buy tokenized discount code for an Apple product.
– Digital media and rights: Digital rights relating to the ownership of digital media, such as a graphic, image, music, or book, can be bought and sold via the marketplace. This way, any artist, writer, musician would be able to sell their asset.
– User identity: A user can create a unique blockchain-based token created for their profile to verify identity.
– Blockchain collection: An open source library with collections that store objects on the public ledger for software developers.
Their native ERC-20 token called ECTO will be used for all operations on the platform, as well as to avoid over-use and spamming of the Ethereum network. Holding ECTO tokens gives you several benefits, including discounts on all operations on the platform, voting rights for future features, and airdrops based on your platform activity and the amount of ECTO you hold. All in all 150 million ECTO tokens will be created, 65% of them will be sold on ICO, 10% go to advisors, 10% – founders, 13% – the company, and 2% – bounties.
10 experienced software developers, testers, and managers are the core team of Open Collectors Network. Co-founders – Dan Andrei Singeorzan and Ion-Cosmin Grigore, both software developers from Bucharest with multi-year experience in such companies as Ivanti, RES Software, Stefanini, Bitdefender, Fullscreen Digital, and Indaco. The advisors team includes 8 experts in IT technology.
Open Collectors Network is the first company in the world providing the idea of one-of-a-kind tokens, the number of possible use cases is huge and it’s still expandable and open for new ideas from anyone. Some of the use cases are already implemented. The main advantage from our point of view is the uniqueness of the idea and the project itself. If they manage to develop the use cases and what is more important – to promote the idea and explain its key features and benefits to masses, the project will definitely become successful.
With Open Collectors Network, you can protect anything unique that you own – from a picture to your identity – with a unique token and define all traits of the token – from its price to all of the rules it can be bought or sold.
Open Collectors Network is the first decentralized platform for one-of-a-kind tokens, where everyone can seamlessly own, create, customize, interact with and trade individual tokens, on an open market, based on existing standard specifications.
The more we read about the blockchain, the more we saw the beauty in it, and we knew that’s what we wanted to do from then on. But at some point it hit us: all the coins out there were just currency, and like money, they’re fungible. Whereas in our daily jobs, writing code is all about working with things that are non-fungible: like the list of company products, users, roles, services and so on. The list of possible use-cases for unique tokens is virtually endless: the entire IT industry depends on it, and if they converted to the blockchain, they’d get all the benefits decentralization brings: security, transparency, trust and the ease of attaching monetary value to something (virtual currency).
Non-fungible vs fungible
Best way to explain how we understand this concept, and how it applies to our project, is by example. Imagine you printed 1000 flyers and are handing them out on the street. You don’t care which flyer you hand out from the stack, because they are all identical: same size, same content, same purpose etc. This collection of flyers is said to be fungible and it’s equivalent to current crypto currencies: if you send someone 1 coin, it doesn’t matter which one from your wallet it is, any one coin will do.
But let’s consider now, another collection: paintings by famous artists. Already, we can tell a difference: though all of them are paintings, if you wanted to buy one, you wouldn’t just pick randomly. You like some more than others, some are more expensive and so on. They’re unique (nonfungible), as they are all one-of-a-kind and it does matter “which” one it is.
Our idea incubator will allow literally anyone who has an idea or a need for interacting with something that is unique or rare, to share his idea or simply support others’ ideas that he likes.
Operations on the platform are done using our own coin, the ECTO. It is needed to ensure fair usage of the platform and avoid spamming and overloading of the Ethereum network, especially with regards to the creation and trading of unique items.
In addition, having ECTO in your wallet also offers several benefits, according to a special proof-of-stake algorithm:
25% activity is measured in relation with the total activity by all users of the platform.
75% ECTO stake refers to the amount of ECTO you have in your wallet at the time of calculation.
This mechanism will be fully implemented into smart contracts, for added transparency and accountability.
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