Open Collectors Network is an exchange, which is disintegrated. Its functional includes letting users create and trade non-interchangeable tokens. You’ll find out more about it in this article.
What does Open Collectors Network stand for?
Open Collectors Network ECTO can be found at the site OpenCollectors.network. It is a cryptocurrency exchange the purpose of which is creating unique or “non-interchangeable” tokens.
The majority of assets and cryptocurrencies can be converted into other assets or cryptocurrencies with identical names. For instance, if you own 1 GOOGL stock, it means that this stock is fungible with any other 1 GOOGL stock. The same example can be provided using LTC.
This is how the official website clarifies the term “interchangeable” and what it has to do with 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.”
The majority of cryptocurrencies are supposedly interchangeable. The 1 ETH you have is the same as the 1 ETH anyone else has, even if they’re protected by different cryptographic codes.
On the other hand, the purpose of Open Collectors Network is to sell and host cryptocurrencies which can not be interchanged. Each token is absolutely unique, quite like a painting of a famous artist or a song of a famous musician. For example, if you wanted to buy a Beatles record, you wouldn’t just pick the first album that catches your eye. Some are cheap, some are expensive, some are bright, some are boring.
Considering this, Open Collectors Network wants to establish a platform to create non-interchangeable tokens. There users will have an opportunity create, buy or sell non-interchangeable tokens.
The Variants of Open Collectors Network Usage
What is the point of creating digital assets that can not be exchanged? Does such currency have any benefits?
The official Open Collectors Network website claims that “the ways to use the network are countless.”
Some of the variants are as follows:
Social Platform: People or groups of people have an opportunity to tokenize exclusive things which are precious for them to use for their personal affairs, like CryptoKitties.
Business Platform: Any self-employed individual or company can tokenize their personal products, for example, a bicycle, a book, or a necklace.
Auction Plaform: Auction houses can keep their stock in the public register using exclusive tokens that stand for exclusive items.
Game Platform: Some games, for example, World of Warcraft, or in-game items, for example, Town Portal Scroll in Dota, can be stored in the public registers to ensure liability and clarity for the owners. It can be used to add financial worth of virtual currency to a certain object.
Virtual Item Marketplace for the Creators of Content: ERC721 standard provides the users with the opportunity to purchase digital items in order to use them in a game or to support the development of a game. So, the marketplace provides the developers with the instruments which will help them to sell their products. Game developers can also use these products to create new games.
Discounts: Enterprises can tokenize their items and obtain unique discount offers. A person can buy token discount codes and then use them to access discounts on some other products outside the network.
Digital Right Management: Open Collectors Network can be helpful for DRM. It can compose a one of a kind digital asset that converts digital media and copyright. It can be implemented to symbolize a graphic, an picture, song, an article, or anything else. Poets, artists, and musicians can sell their digital products to anyone interested.
Identification of Users: Open Collectors Network wants to cooperate with a KYC solution to establish high-tech user verification. A user can verify his identity on the platform, then have an exclusive token based on blockchain.
Blockchain Library: Open Collectors Network is going to have an public online library for collecting objects in the register also known as the public ledger. Some of the ways to use this library contain an array, list, dictionary, or hashmap, or as an public source for thematic collections like C++ Standard or .Net C5.
How Does Open Collectors Network Function?
Open Collectors Network lets all its users create their own exclusive tokens.
Open Collectors Network platform will create tokens based on ERC721 standard. Users will use a seamless UI to create tokens or a standard REST/Json API for more complex/joint/enterprise cases.
Users can determine cooperation rules between their token and other tokens, which will provide conditions for your token which can be customed, just like in a game. We’ve seen other companies, for example Harbor, add identity verification requirements to their token. It means that users need to be registered on a blockchain-based whitelist before the transaction can be completed.
All in all, Open Collectors Network platform lets its users create their own exclusive tokens. It also provides the users with the opportunity to buy, sell, and exchange tokens. Open Collectors Network already supports such non-interchangeable tokens as CryptoPunks, CryptoKitties, Decentraland etc.
As it is stated on the webiste, Open Collectors Network “will conduct the first exchange where non-interchangeable tokens can be sold and bought.
The token of the Open Collectors Network platform is the ECTO tokens. All the operation are carried out with the help of it. It is required in order to eliminate the users that abuse or spam on the Ethereum network.
You can benefit from ECTO, the advatages include discounts for all of the Open Collectors Network functional, the right to vote for certain components on the platform that should be created in the future, and airdrops which are related to your activity on the platform and the amount of ECTO tokens.
Who Created Open Collectors Network?
The founders of Open Collectors Network are Dan Andrei Singeorzan (Developer) and Ion Cosmin Grigore (Developer).
Singeorzan is a programmer and developer from Bucharest, Romania who worked for BitDefender, Stefanini, and Ivanti before creating Open Collectors Network; Grigore was also born in Bucharest, Romania and previously worked as a software developer at RES Software, Fullscreen Digital, and Libra Internet Bank.
The Open Collectors Network ECTO ICO
ECTO tokens will be issued during the Open Collectors Network ICO. A private sale will go on in February and March of 2018, a public sale will launch in late March 2018 (go to https://opencollectors.network/sale for the schedule and details).
During the token sale, the price of the ECTO will be as follows: 1 ECTO = 0.000166 ETH, or 1 ETH = 6,000 ECTO.
65% of the token supply is assigned to the ICO, 10% goes to advisors, 10% goes to founders, 13% goes to company, and 2% goes for bounty campaigns. Overall, there are 150 million tokens.
Open Collectors Network ECTO Sum Up
Open Collectors Network is first cryptocurrency exchange in the wotld which concentrates on creating exclusive tokens, including non-interchangeable digital assets like CryptoKitties etc. There are millions of ways to use the tokens, ranging from property transactions to music collections.
If you want to find out more about Open Collectors Network and its future ECTO ICO, go to OpenCollectors.network
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