Codex Protocol-Decetralized Registry for Art &Collectibles

Codex Protocol – The turnover of the market for collectible items, antiques and cultural values at the moment is more than $30 billion! But unfortunately, in connection with the application of outdated technologies of registration of the commodity Unit, documentary confirmation of a lot of purchase, payment, all operations on really expensive lots are delayed from a week to three that can accompany theft, Damage to the goods value, in case the lot is perishable. An example is the sale of white truffles a few years ago, weighing more than 1.2 kg for 150 000 USD, which at the time of bidding, during the period of registration of currency units and lot unfortunately rotted.

Creation of a new payment interaction of the lot and buyer’s holder, as well as the register and Registration of goods in a safe and transparent environment, would be a significant improvement of the trades that would help to avoid the problems that are currently present.

In addition, the general register of Goods will allow the general optimization of the trade process and will be one of the most favorable for the auction operations that attract a lot of followers and increasing popularity for blockchain.

About the project
The Codex Protocol is a decentralized register of unique-of-kind lots based on the blockchain Ethereum format ERC-721, supported by an industry consortium representing goods for more than $6 billion for sale, in more than 5000 Auction houses. The original market of Antiques Codex Protocol focuses on such varieties of goods as Cultural values, watches, wine, valuable badges, jewelry, paintings and other types of collectibles. The total price of this direction of the lot class is 2 trillion dollars.

The demand for Codex Protocol is provided by the current market from online and offline auction houses, for example, Liveauctioneers and biddable, which you can join right now.

Principles of Codex Protocol
Codex Protocol is a mechanism of interaction between the buyer and the seller by structuring the payment, the lot information and the short legal rules of the contractual obligations binding on the parties.

Initially, the lot is put on one of those sites with which the startup cooperates. After that, there is a standard procedure of auction, where several parties compete among themselves stakes on a lot in dollar equivalent, after that, between the winner and the holder of a lot the conclusion “contracts ” of the smart contract is carried out.
Payment of lot is carried out cryptocurrency or Bitcoin, in an example the report with consensus 2018:

In turn, the Codex Protocol consists of several components:
1. The register of a lot in the smart contract format of the token ERC-721 (to detail information about this format, go to the link);
2. Codexcoin in-platform token utility to pay for internal operations of the platform;
3. Stack a protocol in which token holders can put tokens to generate revenue from commissions on the platform.
4. proxies for interaction;

One of the main criteria that are valued in the projects is the individuality and relevance of the application. Codex Protocol is already in demand for many auction sites, which provides the initial demand for the token and the final product in general terms. Demand gives rise to supply and perhaps Codex is a step in the future of auction, whose potential is not appreciated at the moment.

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