Overview of the art Coin blockchain project

Hello everyone, my dear subscribers! The theme of my today's review will be a very unusual project built on block chain technology.

Recently, there are a lot of startups that bring blockchain technology, smart contracts, artificial intelligence and crypto currencies to everyday life. Also, many of the existing companies carry out tokenization of already operating centralized projects. Due to this, many spheres of life, such as trade in goods and assets, logistics, content production, advertising, are improved with the help of cryptography and blockchain and become more reliable, secure, transparent and anonymous.

And the team of art Coin startup decided not to stand aside and introduce modern technologies into the sphere of art trade. Sounds a bit unusual right?

Problems and solutions from Art Coin

Trade in works of art is a very ancient industry, and also very profitable. According to experts, the total turnover of the industry in 2017 amounted to 64 000 000 000 US dollars, and this figure was 12% higher than in 2016. This suggests that the sphere of sale and purchase of works of art does not lose relevance, but on the contrary, is becoming increasingly popular today.

But the problem is that since ancient times in this area is home to a large number of scammers. And this is no wonder, because counterfeiting a famous painting or other art object, spending only a couple of thousand dollars, you can sell it for a few hundred thousand, which is a pretty good business model. After all, an ordinary person, and even an experienced art collector, will not be able to distinguish the original from a fake – for these purposes it is necessary to hire special experts who take a lot of money for their services.

But everything can change thanks to the use of modern technologies, namely the technology of block chains, or simply put blockchain.

The team of the Art Coin project plans to create a single database of works of art built on the blockchain, which will contain information about all art objects whose owners will want to join this program. Every work of art – no matter what, painting, exquisite vase, sculpture, or for example a work of architecture – will be marked with a special code that will confirm its authenticity. This code will not be just a barcode or QR code attached to an art object – it will be obtained during the scanning of a single work of art and will contain its unique digital imprint. Therefore, it will be impossible to forge the object code itself.

But just the same blockchain will provide reliable storage of these codes. After all, the blockchain, which is a global, cryptographically protected distributed database, is an ideal storage of information. Each block in it is encrypted and signed with a digital crypto signature, and copies of this information are not stored in several thousand computers. The reliability of this technology has already been tested by time – after all, bitcoin, the main crypto currency built on the blockchain, could not be hacked even once in 10 years, although the temptation was always great. This gives full confidence that the information about the originals of works of art recorded in the blockchain of the Art Coin project will also be reliably protected.

In addition, for its purposes, the team will not use its own blockchain, which in view of the narrow focus of the project could be vulnerable to attack, but the Ethereum blockchain, which serves thousands of miners, which reliably protects it from hacking.

In addition to the identification of works of art, Art Coin will also allow to carry out transactions for the purchase and sale of crypto-currencies. At the moment, Art Coin is in the process of development and carries out the initial placement of its coins.

Link to the website - https://www.artcoin.ai
Group in Telegram - https://t.me/artcoinai
Official Facebook - https://www.facebook.com/artchain.ai20
Official Twitter - https://twitter.com/Artcoinreal
Whitepaper - https://www.artcoin.ai/mt-content/uploads/2018/11/whitepaper_oct.pdf

My profile - K-265 - https://bitcointalk.org/index.php?action=profile;u=2356011;sa=summary