While we would not think of the end to the possibilities of the blockchain, the technology once again is set to surprise us with a new venture thanks to its excellent characteristics. Without getting into technical terms, it would be wise to start off by indicating of a new blockchain venture that is set to act as a Wikipedia for goods. While it may seem like a surprise, the decentralized nature of blockchain technology can allow anyone to post information about any good with each author getting a chance to write a description. And the best part is the authors getting to earn from their work. You can learn more on that with the next review of the project behind the goods concept.
What Is Open Product Database?
OPEN PRODUCTS is the latest global database of products and goods that will incorporate the use of blockchain technology plus the newest innovation in the product ontology to ensure an efficient supply of product information. The platform will set to connect product description authors, customers and companies into a single entity with an open system model to ensure maximum data quality regarding the products.
How Open Product Database Works
The OPEN PRODUCTS platform will work through a decentralized cryptocurrency (OPDB) to fuel the product description ecosystem. Token holders, product description authors, and companies form the core of the ecosystem with the investors having voting rights on the product information written by the authors. In short, the token holders help determine the quality of the description.
Once the description publishing happens, the author receives the portion of the revenue generated by viewers of the ad. There is also revenue form the proposals for buying the product description by placing an initial bidding price to the author. The information is available in a structured data form and is available for use.
Open Product Database Benefits
The revenue received from the project whether commercial placements or product purchases will go into funding the ecosystem and ensure the rise in value for the token. Additionally, each of the token holders will get a return on their investment once the platform distributes the full profit amount.
The use of blockchain technology ensure there is no limit to whoever can join and OPEN PRODUCTS is aware of this factor. They have taken the initiative to have their platform with a multilingual feature with a regular increase of languages
Each product description author will receive an electronic payment of 10% of the revenue from a particular pool once their ad has a thriving commercial placement. The quality of the product description is left to the token holders to judge.
Use Of Open Data-
OPEN PRODUCTS utilizes the structured data model to help label their products through the latest technological standards.
Open Product Database OPDB ICO Details
The Pre-sale for the OPDB tokens is live now. The main ICO will start on April 3rd. You can invest in the ICO using Ethereum.
50% Sale: ICO 25,000,000 tokens
25% Founders 12,500,000 tokens
10% Reserve for authors 5,000,000 tokens
5% Sale: Pre-ICO 5,000,000 tokens
5% Consultants 5,000,000 tokens
5% Bounty program 5,000,000 tokens
Open Product Database Conclusion
To the typical crypto investors, the project would seem rather uninteresting, mainly since most of the population rarely care about the product description element when purchasing an item. However, the online trading is proving difficult in ensuring there is authentic labeling of the products to provide the quality standard. As such, there is a need to have a tamper-proof system for our product description especially with the high number of cases with fake advertisements.
Accordingly, OPEN PRODUCTS seems like an excellent option to finally cure this ailing goods industry. For those particularly in trading products, the venture could prove useful in ensuring your items are of good and right quality. Hopefully, in the long run, we would get to see more of OPE.