Open collectors Network is a decentralised crypto-coin exchange for one-of-a-kind tokens. These are referred to as “non-fungible” tokens, which means that each one is unique. It is having its ICO at the moment, which ends on 15th May 2018.

The open collectors’ platform allows anyone to create unique tokens. Any digital asset can be tokenised as can tangible assets such as cars, bicycles, and artwork — even Cryptokitties.

While digital assets can be traded directly on the blockchain, tokens can be created to certify the ownership of tangible assets. For instance, if you bought a painting then the token representing the ownership of that painting would be transferred to your digital wallet. The team is based in Romania.

Markets

While the concept of unique tokens seems different from all previous cryptocurrencies, there are many ways in which they can make an impact. Some examples of this are:

· An individual or group can create a token that has value to them for personal use

· Digital assets can be bought and sold on the blockchain, for instance tools for developers and game objects and game collectables. A popular recent example is the Cryptokitties tokens.

· Digital media can be tokenised, for instance images, music, books, videos etc. and made available on the blockchain. Similar digital rights can be traded eliminating publishing houses and middleman, facilitating the process, and considerably reducing the cost.

· Virtual reality (VR) is becoming mainstream and virtual objects can be tokenised and traded by participants.

· Artistic content can be maintained on a public ledger for tokenised copyrighting and selling. While the content may be stored in the cloud the hash of their price could be maintained on the blockchain.

· Businesses and freelancers can tokenise their products, for instance cars, electronic devices, art, and craftwork.

· Auction houses can tokenise assets and when the asset is sold it can be transferred to the new owner as a token on the blockchain.

· ICO investment pools have become popular allowing individuals to benefit from pre-sales bonuses and discounts even when the initial investment is high. Rather than basing these on trust, trustless investment pools can be created with purchased currencies shared using smart contracts.

Technology

There is already a prototype Open Collectors Network based on Ethereum smart contracts and this is being further developed for one-of-a-kind tokens. The platform is based on open standards and open source software and is compatible with existing crypto tokens.

A high priority in the development is the creation of easy-to-use user interfaces enabling anyone to produce one-of-a-kind tokens. This will mean anyone can create a unique item which they will own, and which cannot be duplicated. Only the owner will be able to modify the item and link child items to the parent item.

Monetisation

Open collectors Network will charge a fee for token creation. This is set currently at 100 tokens (ECTO) per unique token creation.

Timeline

Project development commenced during the final quarter of 2017. The team was expanded, the platform further developed, and the white paper published in December 2018. Current plans are:

· March 2018 — overhaul of prototype design; case implementation; development of decentralised ICO pool as a one-of-a-kind token

· April 2018 — Marketing phase and security auditing

· Q2 2018 — Token sale and team expansion

· Q3 2018 — ECTO incubator; implementation of various use cases; launch of platform beta

· Q4 2018 — Platform first version launch

ICO

The token presale has been launched. During the pre-sale there will be a sliding bonus. In the first week the exchange rate will be 6600 ECTO = 1 ETH; in the second week 6300 ECTO = 1 ETH; in the third weeks 6180 ECTO = 1 ETH. Other key details:

· Token: ECTO

· Maximum number of tokens: 150,000,000

· Number available through crowd sale: 100,500,000

· Price: 6,000 ECTO = 1 ETH

· Minimum investment: 0.1 ETH

· Soft cap: 3,000 ETH

· Hard cap: 15,000 ETH

· Sale start date: 15th April 2018

· Sale end date: 15th May 2018

Of the remaining tokens, 19% will be distributed to advisors, 10% to the founders, 13% to the company and 2% as a bounty.

So this looks like an interesting project and one where there is genuine use-case for blockchain technology.

You can check out the ICO here and the Whitepaper here.

Published by Cryptodan21