Open Collectors Network ICO Review - Promising Blockchain Revolution - Crypto Arena Reviews .com

Crypto Arena Reviews .com

This is all about crypto world. From new projects coming up (ICOs), to ICO Bounty Programs and related news on cryptocurrency & blockchain technology.

test banner

Open Collectors Network ICO Review - Promising Blockchain Revolution

Open Collectors Network logo

What is Open Collectors Network?

The first ones to bring a decentralize platform to store and interact with non-fungible tokens. Basically a marketplace for non-fungible tokens and a little more than that.

What are fungible tokens and non-fungible tokens?

Here is a simple way to understand this. When you have 20 ethereum and you want to send 1, it doesn't matter which one you send because all ethereum coins carry the same value. They are identical. These are fungible tokens.

On the other hand non-fungible tokens, like cryptokittens, are unique and are not interchangeable. The only thing this type of tokens have in common is that they are different, one from another.

On ethereum platform, from the technical point of view, fungible tokens use ERC-20 standard, while non-fungible tokens use ERC-721 standard. For details about the two standards you can read more here.

Applications

The applications are endless. Maybe a little hard to understand the project, at first, how these non-fungible tokens can have an impact, but I can tell that it takes a little bit of patience if you are not tech savvy like me.

To make an idea about how valuable Open Collectors Network can become, here are a few use cases:

1) Owner-less ICO pool
With all the ICOs, more and more people are getting on ICO pool to access private sales and benefit better rates for the future token. The problem with these pools is that they are centralized/owned/controlled by one or a handful of guys. Basically you trust them that they will honor their promise to distribute the tokens once they get it from the ICO. There have been enough times when such pools proved to be scams or the owners didn't distributed the tokens correctly.

With Open Collectors Network you can create pools. The benefit, compared to the 'classic' pools, is that once the tokens are distributed you will get your share. Don't know about you guys, but I will trust anytime a good piece of code (blockchain, smart contracts) to handle my money, instead someone I don't know.

2) Tokenizing a little share of “you”
Everyone of us is setting goals. Using their platform you can set it to give you a reward once you achieve your goal. This can be used by individuals or groups. A reliable 'pinky promise'.

3) Digital media and rights marketplace
Let's take this example: you own a painting or other valuable art object. Currently most people sell these through auction houses. With Open Collectors Network you can tokenize your painting, as a way of proving that you are the rightful owner and that the painting is authentic. This way you eliminate the costs of using an auctioning house and all their services.

4) User identity - KYC verification
Getting verified on a main platform and every future ICO that will need your KYC will be able to access your information, without you sending the same documents every time. A similar solution is starting to appear from multiple projects. And since this solution, I think, will never be offered only by one provider, there is room for and demand. For every ICO that I participated the KYC consumes time and resources.

These are only a few use cases for Open Collectors Network. The possibilities are endless.

What's in it for me, the investor?

As an investor, owner of ECTO coins, you will:
  • have discounts for operations on the platform
  • get to vote which features gets implemented first
  • receive rewards as airdrops from the activity on the network and the amount of coins you hold

Although I think there are multiple aspects of this project that we can talk about, here are a few details about the team before closing this article and letting you check their website and whitepaper.

Team

The team is mostly made from Romanians. If you don't know, Romania is one of the top countries when it comes to excellency in programming. Also, their advisory team has experience with ICOs. I've seen some of them in the recent successful ICOs.

Overall, I think their passion for the project and their experience will enable them to grow this project as they planned it. In the hope that I sparked interest for this project, I encourage you to do your own verification. Bellow are all relevant links for this project:

Website - https://opencollectors.network
Whitepaper - https://opencollectors.network/layout/OpenCollectorsNetwork
Telegram - https://t.me/opencollectorsnetwork
Twitter - https://twitter.com/open_collectors
Facebook - https://www.facebook.com/OpenCollectorsNetwork

My bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1694865

Post Bottom Ad

Buy Ethereum with Credit Card