Open Collectors Network is a decentralized exchange that allows users to create and trade non-fungible tokens. Find out what that means today in our review.
What is Open Collectors Network?
Open Collectors Network ECTO, found online at OpenCollectors.network, is a cryptocurrency exchange that specializes in one-of-a-kind tokens – also known as “non-fungible” tokens.
Most cryptocurrencies and assets are “fungible”, which means they can easily be exchanged with another cryptocurrency or asset of the same name. For example, if you own 1 AAPL stock, then that stock is interchangeable with any other 1 AAPL stock. If you own 1 LTC, then that LTC is interchangeable with any other 1 LTC.
Here’s how the official website explains fungibility and how it relates to cryptocurrencies:
“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. This collection of flyers is said to be fungible and it’s equivalent to current crypto currencies: if you send someone 1 ETH, it doesn’t matter “which” ETH from your wallet it is.”
To date, we assume most cryptocurrencies are fungible. The 1 BTC you hold is the same as the 1 BTC anyone else holds – even if they’re secured by different cryptographic private keys.
Open Collectors Network, however, specializes in selling and hosting cryptocurrencies that are non-fungible. Like different art pieces by famous artists, each piece or token is different. If you wanted to buy a Van Gogh painting, for example, you wouldn’t just pick one random painting. Some are more expensive than others, and some have more desirable traits than others.
With that in mind, Open Collectors Network wants to create a platform for non-fungible tokens. Users can create or trade non-fungible tokens on the platform.
Use Cases for Open Collectors Network
Why would someone create non-fungible digital assets? What are the advantages of a non-fungible digital currency?
“The possible uses cases for unique tokens,” explains the official Open Collectors Network website, “are almost endless.”
Some of the identified use cases include:
Social Platform: Individuals or groups can tokenize unique things of value to them for personal use – like CryptoKitties, for example.
Business Sector: Any freelancer or business can easily tokenize their personalized products, like a car, an article, or a handcrafted item.
Auction Houses: Auction houses can maintain their inventory on a public ledger uses unique, one-of-a-kind tokens that represent unique, one-of-a-kind pieces.
Gaming Platform: Certain game types – like Magic The Gathering – or in-game items – like a Dragon Lore AWP skin in Counterstrike – can be held on the public ledger to increase accountability and transparency for the owning party. This can also be used to attach virtual currency values – like in-game currency values – to a particular item.
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 using the ERC721 standard. This means the marketplace offers tools for game developers to sell their creations. Game developers can also use those creations for further game development.
Discounts: Companies can tokenize their products and offer exclusive discounts. Someone might purchase tokenized discount codes, for example, then use those codes to access discounts on Apple products.
Digital Media and Rights: Open Collectors Network could be used for DRM, creating a unique digital asset that transfers digital media and rights ownership. This could be used to represent a graphic, an image, music, a book, or anything else. Writers, artists, and musicians can sell their digital asset to anyone who wanted to purchase it.
User Identity: Open Collectors Network aims to partner with a KYC solution to provide superior user identity verification. A user can verify identity through the platform, then have a unique blockchain-based token created for their profile.
Blockchain Collection: Open Collectors Network will provide an open source library with collections that store objects on the public ledger. Some of the possible uses for this library include as an array, list, dictionary, or hashmap, or as an open source library for specialized collections like C++ Boost or .Net C5.
How Does Open Collectors Network Work?
Open Collectors Network allows anyone to create an individual and unique token.
Tokens created on the Open Collectors Network platform will be of the ERC721 standard. Users will create tokens using a seamless UI or a standard REST/Json API for more advanced/corporate/enterprise scenarios.
Users can define interaction rules between their token and other similar tokens, allowing for customizable or even game-like conditions for your token. We’ve seen other companies – like Harbor – attach verification requirements to their token, for example, which means users need to be listed on a blockchain-based whitelist before the transaction can be authorized.
Overall, Open Collectors Network is a platform that allows users to create their own unique tokens. The platform also allows users to buy, sell, and exchange unique tokens. Open Collectors Network already supports unique non-fungible token projects like CryptoKitties, CryptoPunks, and Decentraland.
As the official website explains, Open Collectors Network “will host the first exchange where you can create & trade non-fungible (unique) tokens.
All operations on the Open Collectors Network platform are done using ECTO tokens. This is the platform’s native token. Open Collectors Network needs its own token in over to avoid over-use and spamming of the Ethereum network.
Having ECTO in your wallet also offers several benefits, including discounts on all Open Collectors Network operations, voting rights for features on the platform that should be implemented next, and airdrops based on your platform activity and the amount of ECTO you hold.
Who’s Behind Open Collectors Network?
Open Collectors Network was created by co-founders Dan Andrei Singeorzan (Developer) and Ion Cosmin Grigore (Developer).
Singeorzan is a Bucharest, Romania-based programmer and developer who has previously worked for BitDefender, Stefanini, and Ivanti, while Grigore is also based in Bucharest, Romania and has previously worked as a software developer at RES Software, Fullscreen Digital, and Libra Internet Bank.
The Open Collectors Network ECTO Token Sale
ECTO tokens will be distributed through the Open Collectors Network token sale. A private sale is underway throughout February and March 2018, with a public sale scheduled for late March 2018 (visit https://opencollectors.network/sale for the latest dates and information).
During the token sale, ECTO will be priced at a base rate of 1 ECTO = 0.000166 ETH, or 1 ETH = 6,000 ECTO.
Of the total supply of tokens, 65% is allocated to the token sale, 10% for advisors, 10% for founders, 13% for the company, and 2% for bounties. There’s a total supply of 150 million tokens.
Open Collectors Network ECTO Conclusion
Open Collectors Network is the world’s first cryptocurrency exchange specializing in unique, one-of-a-kind tokens, including non-fungible digital assets like CryptoKitties and similar projects. There are a near endless number of uses for unique tokens, including everything from real estate transactions to fine art collections.
To learn more about Open Collectors Network and its ongoing token sale for ECTO tokens, visit online today at OpenCollectors.network.