PO8 - Bringing Marine Archaeology to the Blockchain
Introduction:
Many historical artifacts and treasures are still today buried under the seas. Scientists argue that billions, if not trillions USD worth of treasures are hidden below the water surface. In order to recover those treasures, it not only takes millions of dollars, but also complicated legal processes, which differ from country to country. Also auctioning those artifacts on currently existing centralised auction houses are not quite easy and are costly, since sales commision take up to 20 percent of the net worth. The Marine Archaeology industry is lined with chaos and challenges, which a current ongoing project called "Piece of 8" or in short "PO8" is going to face by using the blockchain technology. PO8 aims to decentralize the Marine Archaeology industry by introducing 3 technologies, which will offer decentralized solutions for registration, authentication, and transfer of the treasures using the advantages of blockchain technology, such as decentralization, smart contracts, fast and secure transactions or transparency.
Goals of PO8:
- Building a smart contract, which enables everyone to participate in bounty tasks to recover lost artifacts or treasure and be rewarded for their contribution
- Building a registry system for the authentification of artifacts on the blockchain
- Building a transparent auction house for selling and buying artifacts and treasures
Applications of PO8
PO8 will come with some decentralized applications that will support the recovery and distribution of the artifacts.
- Maritime Artifact Data System (MADS): This application will give everyone around the world the possibility to be part of the recovery process of artifacts. Through bounty tasks such as sonar, magnetometer, geo mapping, historical records, weather patterns, video feeds and more, participants will be able to earn tokens as a reward, which can be traded for other tokens or can be sold for fiat money.
- Historical Open Auction Platform (HOAP): Through this auction platform, people will be able to sell their valued treasures on a decentralized platform without the need of a costly middleman. The platform therefore will use every advantage of the blockchain technology such as security and transparency of transactions, as well as authentification record of the artifact.
- Government Artifact Auction System (GAAS): This platforms is for governments, museums or non profit organizations (NPOs), which are looking to buy and sell treasures, but also register and authenticate their artifacts.
- PO8 Historical Artifact Registry System (PHARS): This registry system ensures the identification and authentification of any artifact by giving it a unique signature, which will be saved on the blockchain. Therefore this can be a revolution for the proof of authentification systems to fight against existing artifact frauds.
The ICO:
PO8 is currently doing its ICO to collect funds for research and development, marketing, but also for administrative and legal costs. In total 60% of the total token supply will be available for the public token sale. Here you find some information regarding the ongoing ICO:
- PO8 is a utility token based on the Ethereum Blockchain
- Softcap of 10 million USD (already reached)
- Hardcap of 30 million USD
- 1 PO8 Token costs 0,012$
- 6.000.000.000 tokens are available for sale
- Sale starts on the 15th june 2018
PO8 - A Reserve Backed Token - SILVER - A Native Sub Token:
What is special about the PO8 Token is, that a part of the treasure such as gold or other metals will be put into reserve in order to ensure the value of the PO8 token. Therefore PO8 aims to be a stablecoin. SILVER Tokens on the other hand are the native sub token of PO8. They are rewarded for doing bounty tasks and are based on the number of PO8 token holders. SILVER tokens can be easily exchanged for PO8 tokens or for other desired tokens on the exchanges.Backed By The Bahamas Government:
What is interesting about the PO8 project is that it is backed by the government of the Bahamas. This is quite huge, since the government for sure will not only provide monetary support, but will also provide help in solving legal issues. This makes the project very special and legit at the same time.
P08 introduces a more decentralized and inclusive approach to recovering artifacts. Individuals, rather than corporations and governments, will play a more vital role in the recovery, conservation, exhibition and ownership of these artifacts. Decentralization of the industry will allow millions more to participate in the experience and bear witness to history encapsulated underwater for centuries. What was once only accessible to a few can now be shared with eager enthusiasts all over the world. There are many people who have a desire to be part of marine archaeology that would never be able to without PO8. Accessibility to this once exclusive industry is now available to those with a genuine interest in recovering artifacts and history.Here are major challenges rocking the Artifacts Commercial salvaging industries;· Centralized Process of AuctioningBecause there just few recognized international auction houses like Christie’s which monopolize the auctioning system therefore causing salvage companies to loss 12 to 20% of the treasure worth in sales market.· High Salvage CostBecause commercial salvaging indeed requires the latest marine technology, so the commercial salvager cannot help but to take the services of best hands in archeology and oceanographer experts to lead the way. The cost involved in paying and maintaining these experts and sustain the entire team throughout the period of hunting has become a source of discouragement for beginners and other agency for actively getting involve this market thereby naturally causing monopoly.
PO8 is no doubt the answer to all these problems. Considering the barriers in salvage costs, the PO8 came up with the great idea to use the foundation of blockchain and cryptocurrency as a way to open up salvaging to anyone with an interest.
First, PO8 creates smart contracts to enable any individual to participate in the search and recovery of treasures and be rewarded for performing bounty tasks aiding recovery efforts. Second, PO8 creates a blockchain artifact registry system ensuring authenticity of artifacts. Third, PO8 establishes a safe and transparent decentralized auction house ensuring responsible commerce of artifacts. This permits P08 to auction off a fraction of the recovered treasures and, subsequently, the open sourcing of the platform to anyone looking to create their own auction for high-end artifacts and treasures on the blockchain.
The PO8 decentralized auction house and this is not limited to only PO8 tokenized assets. As our contribution to the world of high-end and precious treasures, relics, antiquities and cultural artifacts, the PO8 auction house is an open source and scalable product living on the blockchain. This enables anyone looking to perform an auction to use the P08 auction house with nominal transaction fees compared to bigger commissions in centralized auctions.PO8 understands the value of teamwork and aligning interests for the benefit of finding and sharing lost history with mankind. As part of PO8’s market entry strategy, PO8 has been working closely with the Maritime Affairs and Labour Department from the Ministry of the Commonwealth of the Bahamas. Through this relationship, PO8 has acquired an Abandoned Shipwreck salvage license.
Website: https://po8.io/
Whitepaper: https://po8.io/#whitepapper
Twitter: https://twitter.com/PO8Coin
Facebook: https://www.facebook.com/po8tech
Telegram: https://t.me/joinpo8
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