Codex Protocol ICO
The arts and collectibles industry is currently valued at close to two trillion dollars. In this market subset, the most important factor, and single most monumental problem, is provenance of items. This refers to the ability to properly document the ownership history of a piece and show artwork authenticity.
Currently, there is no true source of truth or organized system in place to store, access,and collect information on collectibles and artwork. Codex has a goal to utilize decentralization and blockchain technology to allow art and collectibles to function like any other asset class.
What is Codex Protocol?
Codex Protocol is working to develop an infrastructure to make the collection and documentation of art and collectibles far more simple. They also are aiming to create a complete decentralized title registry process for this marketplace, backed by a strong network, community, and consortium.
This Codex will operate as its own securitized store of provenance. This will give peace of mind to art collectors. The platform will be able to exist as an industry protocol. It will allow for the opportunity to develop decentralized applications (DApps) through their blockchain as well (much like Ethereum or NEO). Currently, the Codex startup has already put work into the launch of two applications on their platform as a proof of concept: Sellable and Biddable.
An additional goal of Codex is to provide diversity of cryptocurrency-based wealth with art and collectibles as financial asset, while concurrently developing a powerful title registry application process on the blockchain. This is something the art and collectible scene very much needs. Unlike most other asset classes, there is no main title registry currently for this market.
The cooperation of both industry experts and art enthusiasts has been cultivated, ensuring that the Codex can be integrated into a massive system of five thousand auction houses around the world. This works with the overarching goal to become an industry standard protocol.
Looking to the Future
Over time, the processes within the Codex Protocol are intended to provide far more than simple verification of ownership and authenticity. Additionally, this project is set to bring to fruition a wide range of digital, decentralized services on the art and collectibles market.
This includes improvements in inventory control and management, the use of art and collectible assets as loan securities, and more effective practices for the purposes of insurance and taxes (i.e. valuation of products based on valuation of similar products). Any applications can be developed on the framework of the Codex protocol for both the benefit of the parties involved and their associated marketplace.
What is the Process?
The travels of pieces of art always start at the source: the artist. They craft a piece of artwork and then likely sell the art to a collector. At this point, the collector can decide if they would like to sell the art piece to one of many auction houses. Once this is done, the piece is auctioned to a new owner.
Let us assume that the new owner would also like to sell the piece. Interested buyers can utilize Codex to view the ownership records, while ensuring the identity of the owners remain private. Then, the ownership transfer and all future transfers can be viewed publicly, providing new buyers a certain type of reassurance that they are not paying an unnecessarily exorbitant price for the piece in question.
All of this is wonderful, and highly useful, however the question is raised that we raise with every prospective initial coin offering: how is the team? Does the Codex Protocol have the proper captains and crew to ensure success in their market? Let’s meet them and find out!
The Codex Protocol Support Team
Codex has a solid support team with a vast number of people who are experts in their respective fields. Together, they all form a stellar support system that can handle the volume and needs of the Codex Protocol project.
- Dan Grachanin — Head of Product
- Adrienne Burke-Moran — Content and Community management
- Andreas Becker — Expert in Business Development
- Sebastian Tory-Pratt — Design Lead and management
- Colin Wood — Senior Software Engineer
- Corinne Moshy — Manager of Events
- Shawn Price — Senior Product Engineer
Codex Protocol’s Advisers
Codex has advisors across a broad range of high-profile roles in both auction house management and blockchain technology.
- Brook Hazelton — President of Christie’s America
- Joey Krug — Co-founder of Augur, co-CIO of Pantera Capital
- Sarah Shinn Pratt — Former vice president at Sotheby’s
- Fabrice Grinda — Co-Founder and OLX Investor: Uber, AirBnB, Alibaba
- Abe Othman — Advisor to Augur, Stox PhD Computer Science, Carnegie Mellon
- David Wachsman — Founder and Chief Executive Officer of Wachsman
- Nader Al-Naji — Founder of Basecoin (formerly DE Shaw), Google
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