Codex Protocol - review. Decentralized registry for unique assets
Codex Protocol
The market turnover of the collectible things, antiques and cultural values now is more than $ 30 billion! Nevertheless, unfortunately, due to use of obsolete registration technologies of a trade item, documentary confirmation of the item of purchase, payment, all transactions for expensive items are delayed from a week till three weeks. In fact, it may be accompanied by theft or commodity value damaging, if the item is perishable. As an example could be the sale of white truffle a few years ago, weighing more than 1.2 kg for 150 000 USD. At the end of the auction, during the registration of currency units and the item, the product, unfortunately, rotted.
The creation of a new payment interaction between the item holder and the buyer, as well as the register and registration of goods in a safe and transparent environment, would significantly improve the trading. This would help to avoid the problems connected with it, which we have now.
In addition, the general goods register will allow for an overall optimization of the trading process and will become one of the most favorable for auction operations. Also, it will attract many followers and will create the increasingly popularity for blockchain.
About the project
The "Codex Protocol" is a decentralized registry of unique in its kind items, based on the blockchain Ethereum format ERC-721. Further, it supports the sectorial consortium that represents goods for more than 6 billion dollars for sale in more than 5,000 auction houses. The "Codex Protocol" original antiques market focuses on such varieties of goods as cultural values, watches, wine, valuable breastplates, jewelry, paintings and other types of collectibles. The total price of this direction of lots class is 2 trillion dollars.
The demand for the "Codex Protocol" has already provided by the current market of online and offline auction houses. For example, the "liveauctioneers" and the "Biddable", for trading which you can join right now.
The “Codex Protocol” work principles
The "Codex Protocol" is a mechanism for the interaction of the buyer and seller through the payment structuring, lot information and short legal norms binding on the contract parties.
Initially, the item exposes for the sale on the one of those auction sites with which the startup cooperates. After that, a standard auction procedure takes place, where several parties compete among themselves by the stakes for an item in dollar equivalent. After that, between the winner and the item holder a "contract" of the smart-contract is concluded.
In turn, the "Codex Protocol" consists of the several components:
- The register of the item in a smart-contract by the format of the ERC-721 token (for detailed information about this format, please follow the link);
- CodexCoin is intra-platform token tool for payment of internal operations of the platform;
- Staking contract protocol suite in which token holders can supply tokens to receive revenue from commissions on the platform;
- Proxy contracts for interaction.
Project ratings:
https://icobench.com/ico/codex
https://icorating.com/ico/codex-protocol-codex/
https://www.trackico.io/ico/codex-protocol/
Conclusion
One of the main criteria by which are valued in projects are the individuality and relevance of the application. The "Codex Protocol" is already in demand for many auction platforms. Therefore, it provides the initial demand for the token and the final product in general terms. Where there is demand, there is supply and, perhaps, "Codex" is the same step in the future of auction trades, the potential of which is not appreciated now.
P.S. This material is posted for your reference. Not a financial advice. I do not encourage you to participate in any ICO. You need to understand and consider the high risks of investing in ICO. The content expresses the author's personal opinion. The author is not an expert in the field of block technology. Always conduct your own analysis before investing in any ICO.
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