Open Collectors Network (ECTO) ICO Review, Rating and Analysis

What is Open Collectors Network?

All the coins out are just currency, and like money, they’re fungible. Whereas in our daily lives, most things are unique: from a book or a movie to the entire IT industry which depends on non-fungible objects like products, services, users and so on. We are the first open platform making it easy for businesses to join the blockchain revolution! Our platform aims to be an open market, is based on existing Ethereum standards and completely decentralized. We are currently in private sale, offering competitive bonuses, in order to jump-start our marketing phase and development plan.

Platform Goal

OR WHAT DOES THE PLATFORM DO?

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All the coins out are just currency, and like money, they’re fungible. Whereas in our daily lives, most things are unique: from a book or a movie to the entire IT industry which depends on non-fungible objects like products, services, users and so on. We are the first open platform making it easy for businesses to join the blockchain revolution !

Best way to explain what non-fungible objects are, is by example. 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.

But let's consider now, another collection: paintings by famous artists. Already, we can tell a difference: though all of them are paintings, if you wanted to buy one, you wouldn't just pick randomly. You like some more than others, some are more expensive and so on. They're non-fungible, as they are all one-of-a-kind and it does matter "which" one it is.

It is this particular type of token that our platform is built for, and we strongly believe the use cases for it are endless. For examples, please refer to the Use cases section.

Use cases

HOW THE TECHNOLOGY IS APPLIED IN REAL CASES?

The possible uses cases for unique tokens are almost endless. We have several that are already implemented and more that we have thought about and are working on. But more importantly, it's the ones we didn't think about that are exciting: our platform is open to everyone and we expect innovative ideas to be implemented on top of our platform, especially since it abstracts away all blockchain related complexity.

SOCIAL PLATFORM

Individuals or groups can tokenize unique things of value to them, for personal use ( ex: CryptoKitties )

BUSINESS SECTOR

Any freelancer or business can easily tokenize their personalized products (like a car, an article or hand-crafted items).

AUCTION HOUSES

Maintaining their inventory on the public ledger to increase trust among its client base.

GAMING PLATFORM

Certain types of games, like Magic: The Gathering© or in-game collectibles like a Dragon Lore AWP skin in Counter-Strike©, can be held on the public ledger, increasing accountability and transparency for the owning company. It also makes it trivial to attach amp; value (virtual currency) to any item.

VIRTUAL OBJECT MARKETPLACE FOR CONTENT CREATORS

The ability to buy digital assets with the intent to use them within a game or within the development of a game is possible through leveraging the ERC721 standard. This means the marketplace offers the tools for game developers to sell their creations or use those creations for further game development.

DISCOUNTS

Partnerships with companies which can tokenize their products; let's take for example a user which lives and breathes Apple products; he will create/buy different Apple unique tokens, at which point he, or even we, can approach the company and obtain discounts for him as a reward.

DIGITAL MEDIA AND RIGHTS MARKETPLACE

It is worth noting that any digital media could be represented here. This could be a graphic, image, music, book, or anything else that one may want. For example, any artist, writer, musician would be able to sell their asset, as long as it was digital to anyone who wanted to do purchase the asset. Going further, digital rights relating to the ownership of the digital media can be bought and sold via the marketplace. The latter has the benefit of circumventing digital rights auction houses and significantly reducing cost of transacting and the fees related therein. Small creations, like a brand-name, or a logo can be directly held on-chain, whereas larger ones can be stored anywhere on the cloud, and only a hash of their value stored on the ledger. This brings the best of both worlds: cheap/fast storage and full accountability.

USER IDENTITY

Our platform aims to partner with a KYC solution, where after a user has his identity verified, a unique token for him is created on the blockchain. Whenever the user needs to verify his identity with another web site, he can use Metamask to sign a transaction verifying he is the owner of the token with all his information and the web site can double-check using our API. The same can apply for the more ordinary use case of logging into a website and it would work in just the same way as logging in with Facebook or Google, except it would be decentralized and you would own your credentials, not a 3rd party company.

BLOCKCHAIN COLLECTION

One of the most basic and common patterns in coding in general is using a collection of objects with different attributes. Standard ones include array, list, dictionary, hashmap and there are many open source libraries which provide specialized collections (think C++ Boost, .Net C5 etc). Our platform will provide such an open-source library with collections that store objects on the public ledger, bringing with it all the benefits of decentralization while abstracting away all blockchain complexity. All that would be needed is just a wallet capable of signing transactions.

EMBEDDED

Features like Facebook's 'like' button that can be easily put up in place using only a script tag on your website, enabling various functionalities for your token.

CREATE

Anyone can create an individual & unique token, based on the existing ERC721standard, by using either a seamless user interface or our standard REST/Json API, for more advanced or corporate scenarios. Interaction rules between your token and other similar tokens can be defined. This allows for customizable, even game-like conditions for your token.

Among already existing tokens which respect the interface and can be traded on our platform are Decentraland, CryptoKitties and CryptoPunks. We foresee many more created in the future by 3rd parties and we support trading of those tokens on our platform.

We are bridging the gap between blockchain technology and every day user: the platform provides an intuitive interface for specifying your token's unique details and interaction rules and has automatic algorithms in place to prevent duplicates. You do not need to know programming to create your own token for something you love or need.

TRADE

As popular tokens increase in value over time, they can be traded on an open & decentralized market in multiple forms: fixed price, several types of auctions and swapping with other tokens.

The platform provides trading features such as searching for tokens, contacting token owners (restrictions will apply), the top trending or most valuable tokens, history, orders and many others.

The main benefit of using the ledger for these purposes is increased trust when buying such an item, since the owner is stored on the ledger, so the proof of authenticity is the token itself.

Our platform will host the first exchange where you can create & trade non-fungible (unique) tokens.

Rewards & THE ECTO TOKEN

Functionality

Operations on the platform are done using our own coin, the ECTO. It is needed to ensure fair usage of the platform and avoid spamming and overloading of the Ethereum network, especially with regards to the creation and trading of unique items.

Rewards

In addition, having ECTO in your wallet also offers several benefits, according to a special proof-of-stake algorithm: Discounts for all operations. Voting rights for features that the platform should implement first. Airdrops given out periodically, in the form of ECTO airdrops, based on a combination of activity on the platform and the amount of ECTO you hold.

25% activity is measured in relation with the total activity by all users of the platform. 75% ECTO stake refers to the amount of ECTO you have in your wallet at the time of calculation.

At the time of our token sale, this mechanism will be fully implemented into smart contracts, for added transparency and accountability.