Open Collectors Network
Open Collectors Network is the first decentralized platform for one-of-a-kind tokens,
where everyone can seamlessly own, create, customize, interact with and trade individual tokens, on an open market, based on existing standard specifications.
Best way to explain how we understand this concept, and how it applies to our project, is by example. Imagine you printed 1000 flyers and are handing them out on the street. You don’t care which flyer you hand out from the stack, because they are all identical: same size, same content, same purpose etc. This collection of flyers is said to be fungible and it’s equivalent to current crypto currencies: if you send someone 1 coin, it doesn’t matter which one from your wallet it is, any one coin will do. But let’s consider now, another collection: paintings by famous artists. Already, we can tell a difference: though all of them are paintings, if you wanted to buy one, you wouldn’t just pick randomly. You like some more than others, some are more expensive and so on. They’re nonfungible, as they are all one-of-a-kind and it does matter “which” one it is.
From our experience as hands-on developers, we realized that the non-blockchain IT
industry usually deals with non-fungible collections of objects, where if you were to randomly select two or more items from a collection, they would have differing characteristics or attributes. It is this rather simple use case that Open Collectors Network, or ECTO, is aiming to solve, albeit we believe it’s probably one of the most basic and commonly used patterns in programming, and for which is there is currently no easy blockchain alternative.
In time, as increasingly more tokens are created on the platform, the early or popular ones will appreciate in value, enabling their owner to auction them to the highest bidder for a profit. All creation and trading operations on the platform will have a nominal fee associated with them, the proceeds from which will be shared with the holders of our platforms cryptocurrency: the ECTO token2.
HOW THE TECHNOLOGY IS APPLIED IN REAL CASES?
The possible uses cases for unique tokens are almost endless. We have several that are already implemented and more that we have thought about and are working on. But more importantly, it’s the ones we didn’t think about that are exciting: our platform is open to everyone and we expect innovative ideas to be implemented on top of our platform, especially since it abstracts away all blockchain related complexity.
Individuals or groups can tokenize unique things of value to them, for personal use ( ex: CryptoKitties )
Any freelancer or business can easily tokenize their personalized products (like a car, an article or hand-crafted items).
Maintaining their inventory on the public ledger to increase trust among its client base.
* GAMING PLATFORM
Certain types of games, like Magic: The Gathering© or in-game collectibles like a Dragon Lore AWP skin in Counter-Strike©
*VIRTUAL OBJECT MARKETPLACE FOR CONTENT CREATORS
The ability to buy digital assets with the intent to use them within a game or within the development of a game is possible through leveraging the ERC721 standard.
Partnerships with companies which can tokenize their products.
*DIGITAL MEDIA AND RIGHTS MARKETPLACE
It is worth noting that any digital media could be represented here. This could be a graphic, image, music, book, or anything else that one may want.
Our platform aims to partner with a KYC solution, where after a user has his identity verified, a unique token for him is created on the blockchain. Whenever the user needs to verify his identity with another web site, he can use Metamask to sign a transaction verifying he is the owner of the token with all his information and the web site can double-check using our API.
One of the most basic and common patterns in coding in general is using a collection of objects with different attributes. Our platform will provide such an open-source library with collections that store objects on the public ledger, bringing with it all the benefits of decentralization while abstracting away all blockchain complexity.
Features like Facebook’s ‘like’ button that can be easily put up in place using only a script tag on your website, enabling various functionalities for your token.
Preventing spamming the exchange with duplicates
Popular tokens on the exchange will appreciate in value over time, which creates a risk of duplicates being created by users. We have rules in place to mitigate this risk. Each newly created token will be automatically validated by the exchange, through a complex mechanism, made up of several layers.
In order to be responsive, the first layer is an automatic check, using cutting-edge data matching algorithms. The first layer will be the most frequently used one and will provide us with a uniqueness score. If this score is high enough, it means the token can go ahead and be created, which will be the average case or the fair-use case of the platform. If the score is not high enough in its own category, it means this token creation might possibly represent a duplicate and will be denied initially. The user has the option of requesting a manual check for duplicates for their token. Upon approval, the creation process can go ahead without any problems.
To further mitigate this risk, each token has complete history data attached to it on the blockchain, allowing us to create a reputation rating to it. Users will be able to easily see this rating when deciding to acquire a token.
A semi-formal description of the inner workings of the exchange follow, with the exact combination of algorithms for the automatic check not completely revealed, as we would like to keep this a trade secret, with regards to both future competition from other exchanges and reverse-engineering in order to try to bypass it.
As popular tokens increase in value over time, they can be traded on an open & decentralized market in multiple forms: fixed price, several types of auctions and swapping with other tokens.
The platform provides trading features such as searching for tokens, contacting token owners (restrictions will apply), the top trending or most valuable tokens, history, orders and many others.
The main benefit of using the ledger for these purposes is increased trust when buying such an item, since the owner is stored on the ledger, so the proof of authenticity is the token itself.
Our platform will host the first exchange where you can create & trade non-fungible (unique) tokens.
Operations on the platform are done using our own coin, the ECTO. It is needed to ensure fair usage of the platform and avoid spamming and overloading of the Ethereum network, especially with regards to the creation and trading of unique items.
In addition, having ECTO in your wallet also offers several benefits, according to a special proof-of-stake algorithm:
*Discounts for all operations.
*Voting rights for features that the platform should implement first.
*Airdrops given out periodically, in the form of ECTO airdrops, based on a
combination of activity on the platform and the amount of ECTO you hold.
As our code will be open-source, we intend to encourage more ICO’s to make use of our reward mechanism. This distributes decision making for a project, and we believe community knowledge and consensus driven decisions are stronger and more valuable than centralized ones.