OPEN COLLECTORS NETWORK: DIGITAL MARKETPLACE FOR THE NON-FUNGIBLE

After the greatest disruption in the digital world- The Blockchain Technology got further disrupted through the multitude of applications it was put use to, the time was ripe for another brilliant concept. Open Network collectors through their 'get-your-hands-dirty' approach extensively studied the roadmap travelled by the technology through 2017 and being programmers and software developers themselves the necessary question for them arose. Why not make the internet of things a marketplace for things?

Technical people with their coding backgrounds knew the blockchain world to be based on fungible or similar items concept while the IT world is all about coding non-fungible or unique products. The Eureka moment! Use cases of non-fungible things being vast and almost infinite on one hand and utilities derived from blockchain simply majestic and incomparable; the team decided to venture on the concept of fusing the two universes to create a 'one of its own kind' platform -THE OPEN COLLECTORS NETWORK.

Let's do this through a simple example. Consider a marketplace with individual shops catering to food, supplies, automobiles, services and what not. While some shops might be managing the accounts manually, some others might be using full-fledged inventory systems to track their purchases and sales. Now picture a megastore like Walmart, where almost every possible commodity for daily needs finds a place, each having its own section and a unique identification code by which its transactions are recorded. Open collectors network is like that inventory software where each commodity holds a unique identity number and can be traded upon through a common currency - the ECTO Token in this case.

In the words of the founders, "Open collectors network is the first decentralized platform for one-of-its-kind tokens, where everyone can seamlessly own, create, customize,interact with and trade individual tokens, on an open market, based on existing standard specifications."

How does it work?

It works on the ERC721 blockchain created for the purpose of ownership and transferal of individual tokens from one contract or address to another. The platform will offer both public and corporate categories where each user can create its own unique token and decide the terms associated with it. The platform will provide free technical assistance in the initial phase and will do away with the complexity and jargons involving blockchain. Let's peek at the various use cases first:

• Public: Individuals or groups can tokenize something for personal use.
• Virtual object marketplace: content creators or gamers can buy tokenized digital assets within a game or for game development.
• Digital media and rights marketplace: any artist, musician, writer can sell their creations as long as they are digital. Digital rights relating to the ownership of the media can be bought and sold through it with cheap and fast storage, and full accountability.
• Virtual reality: virtual objects can be monetized and easily traded on the platform.
• Business sector: any business or freelancer can tokenize its objects such as cars, devices or handicrafts.
• Auction houses: Maintenance of inventory openly invites better public trust.

The treats offered…

The platform operates on ERC721 blockchain which is compatible with already existing tokens like Cryptokitties on the platform. The Ethereum based platform is open sourced, decentralized and transparent. It avoids any kind of frauds and is highly robust. Smart contracts provide their own utilities. The complications involved in the usage of comparatively new blockchain technology are too dealt with.

Also, The private keys are not shared and each user owns the unique item in its wallet. Anyone and everyone are eligible to create their own tokens subject to some restrictions.The platform will also allow for the trading of popular tokens in exchanges and others.

The ECTO token and ICO

The operations on the platform will take place through ECTO to avoid spamming and ensure fair usage of the network. In addition, the token will provide discounts for all operations, Voting rights to decide features for the platform, added security and redistribution of the fees collected in ECTO.

The total supply of the tokens will be 150,000,000 out of which 65%(97,500,500) of the tokens will be put up for sale,10% for advisors, 10% for founders,13% for the company, and 2% for bounties. The hard cap is fixed at 15000 ETH while the soft cap is fixed at 3000 ETH. During the token sale, ECTO will be priced at a base rate of 1 ECTO = 0.000166 ETH.

A private sale was underway in February and March and the public sale started in late March.

Concluding Remarks:

The fusion of 9.27 trillion dollars IT industry with the ever-expanding blockchain technology is a pioneering step and is already into operations with similar projects like cryptokitties etc. The scope expands as the user base expands. For investment point of view, it is a wise option. As they say it 'the bigger the better' so are the future implications for the platforms. The doors are open to all users; public or corporate. Thus, diversifying funding and tokenizing. The perks along with the ECTO token are lucrative and sure one of future and further benefits. The non-fungible concept applied through the fungible ECTO is sure to win the hearts of investors and users alike.

For more details visit:

Website: https://opencollectors.network/

Whitepaper: https://opencollectors.network/layout/OpenCollectorsNetwork

Blog By: Lanirm Knayam

BTT Profile: https://bitcointalk.org/index.php?action=profile;u=1308391