Codex Protocol is an industry backed decentralized title registry for unique assets, such as Art and Collectibles. Codex stores ownership and provenance while ensuring privacy.
Codex Protocol
Validating the authenticity and value of art is an expensive and complicated endeavor. To identify art expensive experts are needed and even these are not always able to distinguish a forgery from the original. Auction houses taking a high amount of money for the sale of art and building up databases and directories has so far failed because of expensive fees.
The Codex team wants to solve this problem with the help of a new protocol and the advantages of Blockchain technology.
In a decentralized title registry art, antiques, collectibles and any other type of high quality good that requires a provenance solution will be stored. Not only the history of art will be recorded, but also the privacy of collectors will be protected.
The protocol created for this purpose contains various components:
1. A separate ERC20 token is used to pay the fees (CodexCoin)
2. There is a staking agreement, which allows token holders to pay a rebate on fees.
3. A proxy contracts used to access the core contracts.
4. The Codex registration itself, which can be linked to all important metadata and is based on the ERC-721 standard. (https://github.com/codex-protocol/contract.codex-registry)
Metadata may consist of previous reviews of artwork along with restorative records, receipts, photographs, or the like, which may help to confirm its authenticity. When such elements are loaded into the Codex Protocol, all related information must be validated. The validators are rewarded with CodexCoins, what will be determined by a reputation-based system.
In order to be able to offer a user-friendly solution, a separate APP “Biddable APP” has been programmed. Anyone who wants to sell an article can easily delegate this task to a intermediary or potential buyers via APP. It doesn’t matter if he stays anonymous or publicly appears, in any case the origin of the art can be viewed via the blockchain.
There are also plans for future applications that offer escrow, asset-backed lending, insurance and fractional ownership. All of these processes move much smoother and faster when the source is identified. Industry players understand this, and existing consortium members such as Luxury Asset Capital (lending) Feral Horses or Maecenas (fractional ownership) are already on board to be part of the Codex Protocol ecosystem.
2. There is a staking agreement, which allows token holders to pay a rebate on fees.
3. A proxy contracts used to access the core contracts.
4. The Codex registration itself, which can be linked to all important metadata and is based on the ERC-721 standard. (https://github.com/codex-protocol/contract.codex-registry)
Metadata may consist of previous reviews of artwork along with restorative records, receipts, photographs, or the like, which may help to confirm its authenticity. When such elements are loaded into the Codex Protocol, all related information must be validated. The validators are rewarded with CodexCoins, what will be determined by a reputation-based system.
In order to be able to offer a user-friendly solution, a separate APP “Biddable APP” has been programmed. Anyone who wants to sell an article can easily delegate this task to a intermediary or potential buyers via APP. It doesn’t matter if he stays anonymous or publicly appears, in any case the origin of the art can be viewed via the blockchain.
There are also plans for future applications that offer escrow, asset-backed lending, insurance and fractional ownership. All of these processes move much smoother and faster when the source is identified. Industry players understand this, and existing consortium members such as Luxury Asset Capital (lending) Feral Horses or Maecenas (fractional ownership) are already on board to be part of the Codex Protocol ecosystem.
Team & Advisors
Codex Labs, Inc., was registered in February 2018 by Mark Lurie and John Forrest. The company is based in San Francisco, CA. There are three co-founder Mark Lurie, Jess Houlgrave and John Forrest. Although it is a very young team, it has a lot of experience in this field and a good education. CEO Mark Lurie is a Harvard graduate and founder of lofty.com, COO Jess Houlgrave has a graduate thesis on Blockchain Technology from Oxford University and Sotheby’s Institute of Art and CTO John Forrest has 6 Years of experience as a Software Engineer at Microsoft.
The co-founders are backed by a team of seven members. They not only have a great knowledge of that business area; the team also has a great deal of technical knowledge and experience. The linked social media accounts as well as the official registration of the company in the USA make a serious impression.
Next to the team there is a very popular advisory board:
Brook Hazelton
President, Christie’s America
Joey Krug
Co-founder Augur & co-Chief investment officer Pantera Capital. Advisor to 0x, Numerai, Doc.
Sarah Shinn Pratt
Former VP at Sotheby’s.
Fabrice Grinda
Co-Founder OLX Investor – Uber, AirBnb, Alibaba.
Abe Othman
Advisor Augur, Stox PhD Computer Science, Carnegie Mellon.
David WAchsman
Founder and CEO Wachsman.
Nader Al-Naji
Founder Basecoin Formely D.E. Shaw, Google.
In addition to the well-chosen team and the experienced and interesting Advisory Board, there is already a cooperation with established players in the art industry.
Token sale
In addition to the well-chosen team and the experienced and interesting Advisory Board, there is already a cooperation with established players in the art industry.
Token sale
As said before the Codex Coin (CODX) will be a ERC20 utility token that is used to pay fees and incentivize users in the Codex Protocol ecosystem. There is a total amount of 1,000,000,000 CODX of which 40% will be sold in a pre-sale and a main sale.
The pre-sale is splitted in to two phases. The first phase in March and the second one started in May 2018 and is still open. Both pre-sales have the size of US$ 10.000,000 and an average bonus between 0-24% of the main sale price of US$ 0.067 per token. The minimum investment for the pre-sale are US$ 50,000 – 200,000, while the minimum investment for the main sale is 0.05 ETH. To participate in the main sale, you have to get whitelisted doing a KYC-process. Citizens from the US and China are not allowed to invest. Unsold token will not be burned. There is no information if the pre-sales are sold out or not but if they are just US$ 5,000,000 are left for the main sale till the hard cap is reached.
Summary:
Pre-Sale Phase 1 Presale Phase 2 Main Sale
Token Price US $0.043-0.057 US $0.057-0.067 US$ 0.067
Minimum Invest US $50,000 US $200,000 0.05 ETH
Lockups 3-9 Month Bonus 3 Month Bonus No Lock-up for Crowdsale
Size: US$ 10,000,000 US$ 10,000,000 US$ 5,000,000
Status: closed open not started yet
Overall:
Hard Cap US $25,000,000
Soft Cap US $15,000,000
Excluded countries US, China
Unsold Tokens Kept for future sale – not burned
KYC-Required YES
Soft Cap US $15,000,000
Excluded countries US, China
Unsold Tokens Kept for future sale – not burned
KYC-Required YES
The coins will be distributed as followed:
My thoughts on Codex Protocol
The project makes a very serious impression for me. There is a company behind the project, which was registered on the names of the founders. Social media accounts exist for all team members and the advisory team consists of experienced consultants and people known in the crypto scene. The already large players in the art industry are interested in the project and a large part of the tokens is to be awarded to major investors via pre-sale phase 1 and 2, which has a confidence-inspiring effect on me. If the hard cap of US$ 25,000,000 is reached, participation in the ICO even in the main sale could have been worthwhile.
It remains to be seen, however, whether conservative collectors will really load their art onto the blockchain. While it is likely that they will recognize the benefits of technology over time, it is not certain. However, newly created artworks can be brought directly to Blockchain by artists and resold through Codex, even if the majority of historical art does not end up on the blockchain, it is definitely worthwhile for newly created artworks.
The project covers an interesting gap that other projects have already discovered, but no other project has had the same strategic partners and such a promising team on board. So, I think that this could be a very interesting project.
Further Information
AUTHOR:
BITCOINTALK ID Name: DEWI08
WALLET ADDRESS (ETH): 0x53D1Ea8619E638e286f914987D107d570fDD686B
WALLET ADDRESS (ETH): 0x53D1Ea8619E638e286f914987D107d570fDD686B
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