ICO Review: Open Collectors Network – Future Protocol for One-of-a-Kind Tokens
Premise
4/5 – Very Good
Open Collectors Network aims to become the world’s first decentralized platform for creating one-of-a-kind tokens. The project is based on existing standard specifications and it will leverage Blockchain technology to allow users to create and customize their own tokens, as well as trade them on the open market.
The non-fungible token market could have endless potential. Products, cars, artwork, items, and lots of other things can easily be categorized. However, in spite of this aspect, they’re all unique from one another. The end goal of the project is to streamline interaction and storage of unique tokens.
As far as collecting rare items is concerned, users of the Open Collectors Network can trade existing Cryptokitties, CryptoPunks, and Decentraland tokens. Basically, they can trade anything that’s unique and rare, even ideas, cars and other physical or non-physical assets.
Although the project has some similarities with CryptoKitties, the business model is unique because it allows users to create their tokens rather than trade with existing ones. Tokenization lies at the core of the Open Collectors Network. Platform users can leverage the SDK to tokenize anything through the creation of their own token.
As opposed to fungible tokens, which are created and then traded on crypto exchanges, non-fungible collectible tokens are unique and individually traded. The technology powering this ability is Ethereum’s ERC721 standard, allowing unique token identification on Ethereum by pairing the token ID with the smart contract address.
The Open Collectors Network features a very intuitive interface platform for creating non-fungible tokens. To ensure security and transparency, the team behind the project will leverage specialized algorithms to ensure complete privacy, seamless scalability and speed.
In terms of added features of the platform, Open Collectors Network will have its very own auction house, where token makers can list and sell their newly-created tokens. Game item tokenization and special discounts for businesses through the creation of DAaps are added goals the projects aims to develop in the near future.
Team
4/5 – Very Good
The team behind Open Collectors Network is pretty solid. Most people involved in the project have extensive programming experience. Also, the co-founders have worked in the past for major tech companies, and they have solid knowledge of Blockchain technology and everything software-related. The platform prides with a really good mix of advisors, too. Some of them are founders of their own Blockchain-based projects.
Token
3/5 – OK
All operations performed on the Open Collectors Network platform will have an ERC20 utility token known as ECTO. The purpose of the token is to ensure fair usage of the platform, as well as prevent spam and overloading of the network. From a business and technical perspective, the platform will use the token to develop its proof-of-stake algorithm and streamline the rewards programs (airdrops, discounts, voting rights) made available for ECTO token holders.
Risks
3/5
In terms risks, the Open Collectors Network does show real potential in terms of business model and concept. They already have an MVP up and running. However, the project has a rather high hardcap of 60,000 ETH and a weak roadmap.
Summary
Open Collectors Network wants to revolutionize tokenization with a business model aimed at creating one-of-a-kind tokens. The project’s goal is to allow everyone to make their own unique tokens and then trade them on the open market. With over 5,000 fans on Telegram, a great team behind the platform and a unique business model, the project is quite promising and we only wish they had a more clear long-term roadmap.
Website | Telegram | Whitepaper
Very good
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