The Codex Protocol Title Registry is a blockchain based decentralized title registry for Art & Collectibles. The companies token generation event is coming up soon, we had a look at the companies profile.
What Is The Codex Protocol?
Codex Protocol is developing an infrastructure to make Art & Collectibles simpler and to create a decentralized title registry for them. This will be backed by a strong consortium.
The Codex will operate as a secure store of provenance, giving peace of mind to the collector. The platform can exist as an industry protocol and will give the opportunity to build decentralized applications on it. The company itself is already adding two application to it Biddable and Sellable.
Another aim of the company is to diversify crypto wealth with Art & Collectibles as a financial asset and also to build a strong title registry application on the blockchain. The Art & Collectibles scene is in high need of this. Unlike every other asset class, no main title registry for the Art & Collectibles exists.
A cooperation of art enthusiast and industry experts have been brought together to ensure that The Codex will be integrated into a large system of 5,000 auction houses. The aim is to become industry standard.
Currently, it is problematic to know ownership of Art & Collectibles because ownership is necessary for transacting, ensuring, lending, and many other applications.
How It Works
The journey of an art piece begins with the artist, who most likely sold his work to a collector. The collector can decide to sell the piece to an auction house, who then auctioned it out to a new owner.
Let's imagine this new owner also wants to sell the piece; the interested buyer can use Codex to view the record of ownership while he cannot see the identity of owners who want to stay private. The ownership transfer is viewable publicly and will give new buyers a certain reinsurance.
The platform will create their own native token, the “BidDex, which will be used to transfer, loan, consign and amend records on it.
Codex Protocol Verdict
We are very interested in the upcoming token event and the implementation of this protocol. More info and a sign up for the event can be found on the companies website.