Codex Protocol launched its official whitepaper, offering complete information on the practical applications of the first blockchain-based art and collectible individual asset registry.
Codex Protocol, a blockchain-based art and collectible assets registry, announced the launch of its whitepaper and 2018 roadmap. The ecosystem will allow secured data registration for individual assets, including art, wine, collectible cars, watches and other items, the blockchain-based platform offering buyers and sellers access to decentralized item verification and recording of essential data such as identity, chain of ownership and other metadata. Biddable, the first app based on Codex, already features more than $6 billion worth of art and collectibles.
More information can be found at https://codexprotocol.com.
The provenance and authenticity of an individual asset is a fundamental criteria in establishing its value, making it essential for buyers and seller to be able to verify the origin, previous ownership and other essential information. However, though worth $2 trillion, the art and collectible asset class still lacks a centralized registry of its items.
Codex Protocol is a blockchain-based ecosystem which will allow all parties involved in an art and collectible asset transaction to independently verify provenance data of individual assets.
The ecosystem allows the secured storage of item data on the blockchain as a Codex Record. Additionally, with the introduction of the CodexCoin, its native token, the platform will allow users to access and pay various fees for record creation and transfer, create incentives and promote ethical behavior.
Codex Protocol has already established connections with a wide network of online marketplaces, auction houses and software providers to facilitate the quick adoption of the registry as the industry standard of unique asset data verification.
Using the Biddable app, the first mobile app based on the Codex platform, users can purchase more than 10 million verified items worth over $6 billion.
A spokesperson for the company said: “The A&C industry is eager for a registry, and the consortium believes one is finally possible because it can be decentralized. Centralized efforts have failed in the past because collectors are unwilling to trust a central entity with information about their valuable possessions and intermediaries are unwilling to risk disintermediation. The advent of the blockchain enables a decentralized solution that stakeholders will accept.”
Interested parties can find the official Codex Protocol whitepaper, a detailed roadmap and other information by visiting the above-mentioned website.
