Codex ICO Review: A comprehensive review and investigation about Codex ICO, that intends to interrupt the flourishing Arts and Collectibles industry.
This reflects the author individual remarks and can not in any way- constitute a recommendation of an investment or economic information. Please assume caution if purchasing cryptocurrencies and also do this at your own personal risk, since it’s exceedingly volatile and also you may lose your dollars.
The Codex routine is really a decentralized, blockchain-based recorder for its highly-lucrative niche Arts & Collectibles (A&C) store. Codex intends to supply a standardized infrastructure to get high-valued, exceptional shares which features art antiques, antiques, jewelry, antique products and nice wine. The Codex protocol permits your own digitization – listing, interrogate and firmly saving crucial data called ‘Provenance’ – of exceptional shares on the block-chain, thereby opening an assortment of use cases and software which may quicken ancillary services across the A&C market.
A fundamental element of a distinctive shares ‘ value is called ‘Provenance’, which is an official trail of historical records and associated documents relating to the share that includes identity data, the chain of ownership, authenticity and other relevant data.
The blockchain-based, adjective solution provided by Codex’s protocol aims to solve the following issues:
- Highly Fragmented: The Arts and Collectibles industry consists of a highly fragmented network of stakeholders with little to no forms standardization.
- Absence of Centralized Registry: Currently, the absence of a centralized or standardized title registry makes it hard to verify the provenance of unique shares, which gives rise to various instances of friction within the industry.
- Low Digitization Growth: Only 15% of A&C sales were transacted via online, signifying a strong resistance towards online commerce. This is expected due to the nature of high-valued shares that require strong verification and authentication processes that necessitates physical presence.
Codex ICO Interview
We had the opportunity to ask important questions about the project. Here is our exclusive interview with Mark Lurie, the CEO & Founder of Codex:
Since the core of Codex’s solution is digitizing Provenance data into the blockchain, all information and data pertaining to a unique share are verifiable and immutable. The registry will record the following information:
- Historical records detailing the ownership and transmission chain of the share after all the record is instantiated on Codex’s registry
- Metadata hashes that include past appraisals, restoration records, photographs, receipts and opinions of validators
The use cases for different stakeholders within the auction industry include:
- Auction Houses / Galleries / Dealers: Codex simplifies the vetting and inventory consigning process to enable greater efficiencies for intermediaries. It makes it a lot of easier to protect vendors from dealing with inauthentic works or shares tainted with money laundering elements.
- Collectors / Investors: The process of accessing, verifying and buying unique shares would be a lot of more streamlined and efficient, enhancing the user experience whilst retaining the authenticity of high-valued, authenticated shares. Alternative models such as fractional ownership could also be offered.
- Artists / Estates / Foundations: The work of artists is efficiently cataloged and archived on the Codex protocol to prevent fakes or copied versions. Additionally, a payment system can also be integrated to track royalty payments due to artists.
- Insurers: Insurance for the A&C store plays an integral role in protecting unique shares. Codex can streamline and automate the entire process to provide customizable insurance and payment plans for the shares. Essentially, the complete range of insurance services is offered at many more cost-efficient and effective avenue using Codex.
- Appraisers: There is a dynamic store that matched shareowners with appraisers, who possess a vital role in verifying the authenticity and value of a unique share.
- Logistics: The logistics component in the A&C still relies traditionally on paper records and legacy systems. Codex’s digital platform allows for the efficient management of shares for storage and logistics.
The components of the Codex protocol include:
- Codex Registry: ERC-721 smart contract
- CODX Tokens: ERC-20 utility token used as fees for ‘compose ‘ operations in the registry
- Staking Contract: Smart contracts where token holders can stake their coins to receive discounts on their token fees
- Proxy Contracts: Secondary contracts from which the core contracts are accessed through
Codex is headed by a relatively young team with expertise from the fields of investment and computer engineering. Founder & CEO – Mark Lurie is a Harvard graduate with a venture capitalist background. He founded Lofty.com, an expert-reviewed A&C marketplace that has been acquired. Co-Founder & COO – Jess Houlgrave stems from an investment banking background. Her affiliation with the A&G store includes writing a master-level thesis on the applications of blockchain technology in the art ecosystem and some experience working in Sotheby’s Institute of Art. The CTO & Co-Founder – John Forrest – possess an illustrious academic profile and had experience as a Senior Software Engineer for Microsoft for 6 years.
Codex boasts a strong list of advisors in both the A&G world and the blockchain store. ON the A&G side, Codex has secured the backing of Brook Haxelton – President of the Americas for Christie’s, one of the two largest auction houses in the world – and Sarah Shinn Pratt, an experienced auctioneer, and appraiser. On the blockchain side of things, Joey Krug – Co-Chief Investment Officer at Pantera Capital, Cofounder of Augur and advisor to multiple high-profile projects – and Dr. Abe Othman – advisor to Augur and Stox – brings the depth of knowledge in the decentralized prediction marketplace.
Codex boasts some impressive growth statistics despite being relatively young in the game. After victoriously bringing together a consortium of players within the A&G industry, Codex will be integrated to the systems of over 5,000 auction houses that sell over 10 million items annually worth over $6 Billion in value, spread among 50 different countries.
The growth rates specified in the previous section is made possible with the network of A&G platforms that Codex has partnered with, including major players such as LiveAuctioneers – the leading online marketplace for auctions of art, antiques and collectibles – and AuctionMobility, the leading provider of white-label, mobile-first bidding software to elite auctioneers.
Codex has an active Github repository, which is found here. There are a total of 14 repositories, with the 3 highly active registries:
1. ERC-721 Smart Contracts for Codex Protocol
2. dApp to View & Manage Assets with Codex Protocol
3. Node API for Codex Registry
It seems that Codex’s developers are actively developing their protocol codebase and dApp, as substantiated by the relatively high commits and branches. The development is generally managed by 3 contributors; John Forrest (CTO), Shawn Price (Senior Product Engineer) and Colin Wood (Senior Software Engineer). This is a positive indicator of Codex’s development progress
Codex Viewer Beta
Codex has launched a native decentralized application (dApp) in beta mode that provides an easy web interface for end-users that don’t have the technical knowledge to produce, operate and transform their share recordings without a technical understanding. Even the mainnet release of Codex Viewer is going to likely be delivered before the onset of token sale. Here’s a Review of the consumer port of Codex viewer:
First Functional dApp: Biddable
The before all else real application (dApp) should be built on Codex’s protocol is called Biddable, also a title-escrow and payment tool for internet auctions which empowers exemptions to immediately enroll, bidding and purchase at auctions with cryptocurrencies. To put it differently, it lets users buy particular items on the web in a quick, private and easy method. Biddable solves a crucial problem ridding the present A&C store; non-performing bidders that obtained the bidding but doesn’t cover, but resulting in some loss in earnings and resources. Employing paychecks contracts that are smart, Biddable solves this issue by requiring bidders to bet their capital to take part in the auction procedure.
A fantastic component of the dApp is it is a business to business (B2B) application as opposed to the usual retail-facing program; Biddable is going to be incorporated in to the applications of present auction houses. Currently, Biddable has been already incorporated together with LiveAuctioners and AuctionMobility, which is just two big players at the A&C on the web world. That is a recurrently $6 billion worth of unique shares ‘ value that’s available for buy through Biddable.
Here is Codex’s rudimentary roadmap:
Codex’s roadmap doesn’t reveal a lot regarding its own deliverables after the token production occasion. This ambiguity can make it almost impossible for the town to put up Codex into consideration seeing their deliverables in the future.
Token Economics & Utility
The Money allocation for the token sale appears to be on the decrease percentile in accordance with one different ICO after all just 40 percent of its own token will probably soon be publicly available for ownership or trade. It’s very important to grasp the gap medially cryptocurrency tokens and coins.
Codex’s community pool is a fantastic means to ease development and involvement from the Codex protocol. Validators is likely to undoubtedly be rewarded for his or her efforts while still optional grants will probably be intended for additional stakeholders who may take part in application development, consortium members, along with marketing and advertising contributors. The White Paper says that:
The Community Fund will be subject to an estimated Lock up that unlocks yearly in an increased rate of ~25 percent annually
We opine that may be a short-term solution to the maturation of the ecosystem after all this basically implies an average of 2% could be unlocked yearly before the close of 4 decades, after that the fund will soon be emptied. But it’s been demonstrated that the Codex protocol has been handled by a forprofit business that is going to generate earnings from consultancy software and services enhancement, which may – in ways – ensure that continuous development is going to be financed with a well-balanced cash flow.
An optimistic mechanics of Codex’s nominal economics is that there’s the absolute minimal lockup amount of a couple of weeks to pre-sale investors who accumulated a typical incentive of medially 0 percent – 50 percent. This ensures amount equilibrium after all pre-sale investors wouldn’t ditch their holdings instantly once CODX is recorded in markets.
Codex may subject its native dictionary known as CODX, and it’s definitely an ERC20 utility lien constructed on the Ethereum block-chain. CODX is expected to produce, upgrade, alter or move files over the Codex protocol. That is comparable to the notion of petrol on Ethereum. Codex has said that the prices won’t be problematic to the typical user, whilst being strongly related stakeholders using the protocol in bulk for commercial usage, such as program developers and auction houses.
Given the stationary source of CODX tokens, we hope you’ll observe great usage particularly on the businesses which happen to be in Codex’s consortium – including as for instance AuctionMobility and LiveAuctioneers – awarded that the huge sums of special shares featured in their own platform. These shares would occasionally require alteration into the documents, and that’ll cause constant purchasing pressure of CODX tokens.
- Active Development: Codex’s development team – led with their own CTO, John Forrest – has been engaged in developing their own codebase and routine, as may be viewed by using their Github.
- Functioning dApp& Beta: Codex’s before all else dApp -Biddable – has already been live and functioning after integration together with two large players in the internet A&C store. The Codex viewer continues to be published in beta variant.
- Impressive Partnerships: Codex’s consortium is fast gaining traction at the A&C business, together with major players up to speed which comprise 2 big players, both AuctionMobile along with LiveAuctioneers.
- Strong Growth: Through the consortium system, Codex has victoriously incorporated – or so are in the practice of this – together with lots of players and what’s more, has accumulated strong expansion metrics. Within 5,000 auction houses that sell more than 10 million items yearly value greater than $6 Billion in value, disperse one of 50 distinct nations.
- Lock-Up Period for Presale Investors: This helps to ensure that the market amount won’t obtain dropped by pre-sale or personal sale shareholders who have accumulated comparatively huge holdings, so which will very quickly outperform the store.
- Barriers to Digitization: The shares underneath the A&C sector is exceptional, identifying and pricey, usually requiring physical affirmation and appraisal prior buy. It’s surprising that online trades constitute just 15 percent. Because of this, it could be tough to permeate this ‘traditionally-oriented’ store through digitization. Nevertheless, the inroads which Codex has generated inside the sector via powerful ventures is remarkable
- Lack of Hype: There is quite a very low hype for Codex whilst the before all else disruptor from the A&C market.
- Ambiguous Roadmap: There aren’t any comprehensive deliverables place for following the token developing occasion, making it difficult to create an expectation in their advancement afterward
Codex is moving ahead not to just give a long-term remedy to confirmation and standardization from the A&C business but furthermore, it’s digitizing this traditionally confidential store. We opine that Codex’s impressive venture list, institutional financing, and also solid developmental advancement are not only going to supply the much-needed digitization lacking from the business but more significantly ease a much more successful and more stable benchmark for its exceptional shares ecosystem.
Beneficial Resources To Get You Started
If you’re starting your journey into the complex world of cryptocurrencies, here’s a list of useful resources and guides that will obtain you on your way:
- Crypto Guide 101: Choosing The Best Cryptocurrency Exchange
- Guide to Bittrex Exchange: How to Trade on Bittrex
- Guide to Binance Exchange: How to Open Binance Account and What You Should Know
- Guide to Etherdelta Exchange: How to Trade on Etherdelta
- Cryptocurrency Trading: Understanding Cryptocurrency Trading Pairs & How it Works