» » Open Collectors Network - The first one-of-a-kind token !!

Open Collectors Network - The first one-of-a-kind token !!

Imagine a platform where you could create and trade any unique item all under one roof for example many of us remember cryptokitties and crypto all-stars which were both collectibles based on the blockchain.
How easy would it be if any of these types of collectibles and other items could be traded on one single platform in today's, Article we're going to be talking about the open collectors Network and giving our personal opinions on their upcoming ICO.
Hi I'm Yogi from YPramedia and if you wanna learn more keep reading before we begin I just want to say a massive thank you to everyone who has been Vote, liking, sharing any of our article anything like that recently you guys really are awesome and I also want to say a special thank you to anyone, who commented something nice when era made his first to review the other day you guys know that he was a bit nervous and you were incredible with your comments so thank you guys so much I'm sure that's gonna make him feel a lot easier.
Now we're going to talk about the open a collectors network ICO and of course we'll begin with simply what is Open collectors network they are a decentralized exchange for one-of-a-kind tokens most of the really key words there is for tokens which are one-of-a-kind.
I'm sure at this point many of you are familiar with decentralized exchanges the reason that open collectors network differ is because of that one-of-a-kind element, for example a popular decentralized exchange at the moment is something like IDEX where I recently purchased credits tokens.
That is a decentralized exchange but the reason that is different is because the items you buy on there are all identical to each other well I mean by that is when I bought accredits token.
That is the same as every single other credits token when you hold one Bitcoin that is identical to any single bitcoin that exists there is no difference between those items therefore they are not one-of-a-kind items whereas if we compare that with something in real life like paintings for example every painting is unique you couldn't go on a regular decentralized exchange and sell a painting because it's a completely different item to any other painting.
So hopefully that kind of makes sense to explain how this is a different decentralized exchange when we talk about other decentralized exchanges in the past that's usually for buying cryptocurrencies and all of those individual tokens are identical with open collectors network each individual item will be a one of a kin.
So I guess the place to begin is to give an idea of which items you can actually trade on this platform the truth is you can trade virtually anything but we're going to break this down into two different categories the first one is going to be digital items and the second one is going to be real items.
So digital items let's go with crypto kitties as I mentioned before crypto kitties is like a collectible and trading item game the best way I can describe it for everyone to make it nice and easy it's it's kind of like Pokemon where if you hold a pokemon card that's a collectible item and you can trade that with someone else.
The difference with crypto kitties though is that each kitties is unique but each kitties is unique whereas with a pokemon card you could have a cool Pokemon card but someone else could have the same card as well and in theory that provides more value to each crypto kittiesbecause having something which is one-of-a-kind is obviously going to be more valuable than something which many people have as well.
The idea is unbelievably weird like I'm not gonna pretend to you guys that I ever bought a crypto kitties or I was really a massive fan of the craze but once again this is one of those times it doesn't matter whether we were involved or not because crypto kitties was so unbelievably popular that actually caused a huge lag on the etherium Network
People trading the crypto kitties were taking up so many transactions that Ethereum slowed it down that just demonstrates the massive popularity that it actually had and there are many people saying that collectibles on the blockchain are going to be very very popular in for the key reason that with the blockchain you can't Forge an asset, due to the fact that the blockchain is immutable once an asset has been recorded on there you know for a fact it's legitimate it's the real thing and no one can copy it.
Obviously scarcity gives anything extra value when you're talking about collectible no you are the only one that holds that item is going to give it more value so that is one of the reasons the cryptokitties was very very popular and is still relatively popular to this day.
With the open collectors network you'll be able to create your own item similar to a cryptokitties on their platform and trade it, but on top of that you'll be able to trade items from other games on this platform as well so as we say let's say you're a fan of crypto kitties and crypto all-stars than any other collectible thing that comes in the future you will have to go to an individual platform instead you'll be able to use the open collectors network platform and trade all of them from this one location.
So that is the first element relating to the digital assets personally we do see that many people are big big fans of these digital assets like crypto kitties we are massive fans of it ourselves though it's the second use for this decentralized exchange which is much more important to us.
The second category is real life items many of you may have heard of people saying let's tokenize this lets tokenize that the idea sounds kind of confusing but it really actually isn't I'm sure everyone reading this article has cryptocurrencies in their wallet right now.
You might have many different tokens what if you were to tokenize a real-life asset all it means is when you buy a token which represents something in real life when you have that token it represents you have ownership of that item very similar to when you buy a house how you get these deeds to that house.
It's simply just a piece of paper which represents ownership when people say let's tokenize this list tokenize that that's all it really means let's create a token and put it onto a blockchain whoever owns the token has proof that they own that real-life item.
So with open collectors network you'll be able to create a token which represents something in real life and then be able to trade it very easily on the platform you could do this with literally anything you could create digital token which represents ownership of a car a painting a song literally anything that you could think of you can create a token and trade it on this platform.
So at this point you're probably wondering why would I want to do that what would be the benefit of creating a token for something rather than just having a manual document why replace a piece of paper and create a token instead we believe that this is going to be one of those places where blockchain is universally adopted in fact.
Because of the benefits it brings associated with this with the blockchain you can't change anything on it it's immutable with a piece of paper you could simply tear it up you could create a forgery you could do any number of things to it in order to hide who actually has true ownership of that real-life item.
With the blockchain you can't change it you can't create duplicates you can't Forge it it creates a system where that token is completely unique and permanently links to that real-life asset.
On top of that it's unbelievably easy to transfer tokens we'll give an example now to explain this a little bit better for all of you let's say for example that is a very expensive painting that a dealership wants to sell they find a buyer and that buyer obviously wants proof that they have ownership of that painting so they asked for a tokenized version of proof as we say it's kind of like having a piece of paper with a contract except they're stored on the blockchain which is so much more secure.
The dealership would then just have to send a token to the buyer, that's it in order to send ownership they just send a single transaction so on top of the benefits we mentioned already there's also the benefit of just it being incredibly easy to use you just have to send a single transaction.
That is the premise behind the platform we believe that over the next decade or so we're going to see many real-life assets tokenized and stored on the blockchain as it's a fantastic database for storing information in a secure and decentralized manner at this point we want to be very clear to say that we are big fans of tokenization and we think it is going to be commonly used that doesn't necessarily mean we are a big fan of open collectors Network.
We will be getting for the positives and the negatives now we simply like the idea behind it because we can see real-life value for it now we're going to move on to the positives and positive number one is simply that the idea is a very strong as we say we think there are going to many assets tokenized and a decentralized exchange for selling those assets could be very very popular.
Positive number two is that they have a decent team they have a very experienced team in terms of the technical side not so much the marketing aspects but as we always say we're bigger fans of a team that do have experience in the technical aspects because this is going to determine whether they're able to build their product successfully or not
positive number three is the lower cap for the ICO you guys know that we don't like to invest in ICO which are collecting ridiculously high amounts of money because this means the opportunity to increase the cap once they hit the exchanges is going to be much lower and you're certainly going to see much lower multipliers even if they do go up in value in the case of open collectors Network they're trying to raise 15,000 at the current time of recording is eleven point eight million dollars so certainly not a ridiculously high figure like we see with many ICO.
Positive number four is that they already have a working prototype you guys can head over to their website the link will obviously be in the below as always and you can check it out for yourselves they have a working product already obviously it's not a finished working product but it is definitely better than nothing and there are many ICO which are trying to raise funds based purely on promise we always like to see a working prototype even if it is just a very early stage product.
Benefit number five is that we haven't found much competition for this platform when we first read about them the first thing that jumped to mind to us was how is this different to bitshares, on bitshares there are user created assets we were wondering how this will be different to creating your own asset on there after questioning the team it's pretty clear that on bitshares you would have very very limited functionality when it comes to unique assets in comparison with this platform because bitshares is really aimed at creating and trading tokens which are the same.
You're really trading cryptocurrencies which all have identical tokens on bitshares where as this platform as we say is for entirely unique tokens so they may have some competition that they have very little competition actually specializing in this aspect of the market those are the positives now we're going to move on to the negatives.
Negative number one is a big one when it comes to investing in ICO and that is simply that this project does not have a lot of this project doesn't have that much hype around it they have three and a half thousand telegram group members which is certainly not a huge group on telegram they do still have 24 days to go until the actual ICO starts though so maybe they will be able to build that hype in the meantime we will have to wait and see but currently the low hype is a fact that putting us off.


The second negative relates to the team again and I know we said they were a decent team they're also not the strongest team around we've definitely seen some stronger teams in the market particularly entering the market at the moment with more and more professionals from other industries getting into the cryptocurrency space they are a decent team but they're not the strongest that we've seen now quickly we're going to cover what the token is useful you guys can see in their white paper they say the token is used for all operations within the platform basically if you want to buy anything on the platform you'll have to use their tokens.
Token holders will also receive various discounts on the platform so clearly the token is central to the use of the platform now we're going to finish up with our conclusion what do we think overall of this project honestly we're kind of undecided there are definitely some good aspects to the project there are some bad aspects as well.

That's why in this review we wanted to keep it as impartial as possible and highlight both the positives and the negatives for you guys not just the positives or not just the negatives because there are both we haven't made our final decision yet because the ICO is 24 days away still and you never know there might be some incredible ico to pop up in the meantime but our personal perspective about this current point in time is that we'll probably invest into this ICO but only a very very small amount.
With such a low cap that is the potential for high returns but this could also be one of those projects that gets lost in the crypto wilderness and people stop talking about after a few months and the token prices never really go anywhere
that's why we might invest but it's only going to be a very very small amount something like one to two percent of our overall portfolio in other words this is kind of like a longshot we would not be surprised if this investment turns out to be a bad decision but if it does come off it could produce some pretty impressive returns.
For more details :
About Me :
Share on Facebook
Share on Twitter
Share on Google+
Share on LinkedIn