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

Background of Project

Open Collectors Network was born out of the desire to create decentralized open platform to enable various industries to integrate into the blockchain technology. The target of the project is to create a system where everyone can easilyown, create, customize, interact with and trade individual tokens, on an open market, based on existing standard specifications. This will make a whole lot of difference in status quo; take for instance, all the coins out there were just currency, and like money, they are fungible. Whereas in our daily jobs, writing code was all about working with things that are non-fungible. There is therefore, an urgent need to create a system for organisations to create something unique which when integrated into the blockchain will enjoy all the benefits of decentralization. This is our selling point.

Open Collector Model

As stated before, the Open Collector project seeks to incentivize both every day and cooperate users to convert their assets to the blockchain. This will be achieved through our platform that will function through a utility token, ECTO which serve as a means of payment for creation and trading fees with associated benefits. Our proposed model is one that incentivizes, provide periodic reward and is customer centred.ERC721standard smart contract (a relatively new and powerful standard created for the Ethereum ecosystem)will be created in this project with the sole purpose of ensuring ownership and transferal of individual tokens from one contract address to another.This means that each token can be identified uniquely throughout the Ethereum ecosystem by the pair: (contract address, token id).

Features of the Open Collected Project
This project has unique features that will make it stand out among other projects. Some of them are highlighted below:
1 Openness
This system is based on open standard with open-source code. An Ethereum ecosystem, ERC721 is what we have proposed and this will provide the compatibility with already existing tokens. In other words, the system will be compatible for previous, present and future tokens.
2 Decentralization
Through Ethereum smart contract, Open Collector Network will ensure transparency, accountability, security, absolute ownership and indeed, complete decentralization. The code will be signed and publicly verifiable to ensure trust which is the key thing in business. In other words, the beauty of Blockchain Technology will be fully deployed in this project.

3 Usability

The project will solve the problem of difficulty of usage that has served as impediment to the mainstream adoption of Blockchain Technology and crypto currencies in general. We set out to build a platform with user-friendly interface that do not require any technical know-how to navigate. This, we believe, will make it easier for even newbies in the crypto world to create, manage and tokenize their assets through our platform.

4 Absolute ownership

The System will be designed to grant the end user absolutely own each unique item created through us. In other words, he or she will be able to see their items in their wallet at any time and only they are allowed to interact with it, by using their private key. Our decentralized exchange does not hold, nor request private keys from its users.

5 Seamless Creation – enforcing uniqueness
This is the core of this project. Anyone can create a unique item, which will automatically enter into their ownership following some rules which will act as check and balance. These rules will also ensure uniqueness. They are implemented using specialized algorithms, and are needed to prevent spamming the market with virtual duplicates of existing, expensive items. This is especially important for the Public category tokens, where everyday users will be able to create their tokens. For corporate use cases, this is less of an issue, since their tokens will be created within a particular category specific for each company.

6 Interaction

The smart contract will be coded in a way to allow the creator of an item have the option of allowing improvements to be made, over time, to the newly created item. They can specify exact rules by which these can be made upon item creation. This allows for accelerated appreciation of an item’s value (flexible investments into an item) and/or can be used to create complex game-like conditions for interaction between items in the same category.
We will also provide the option of specifying token interactions through a special pattern of application programming. This will in turn allow individuals and industries to easily explore the blockchain by eliminating the technicalities inherent in smart contract programming. The advantage of this can be liken to the flexibility of high level programming languages over machine languages.

7 Trading

Token created through this platform are tradable in exchange. This is expedient as the value of token increases over time. As popular tokens’ increase in value over time, the exchange allows many forms of trading, ranging from selling for currency or auctioning, to direct trading with another seller, which has an item of interest.

8 Security

The crypto world is as dangerous as it is exciting. Every other day, there’s a new story about a hacker stealing funds from exchanges and so forth. Our exchange solves 90% of this problem by having its core functionality hosted on the blockchain, as Ethereum smart contracts. The exchange does not hold any user personally identifiable information, everything is done by using a state-of-the-art, open-source wallet, therefore, we don’t store the user’s private keys.
This brings the security of the exchange to the level of the EVM, however, the remaining 10% is very important: the security and robustness of our smart contracts code. We have a multitude of requirements to ensure this risk is mitigated.

Target Market for Open Collector Network

The market for this poject is huge as we are targeting a wide range of use cases. Among the people who can leverage on the ERC721 standard we are creating are:
-The public: This involve any individual who wishes to tokenize his assets
-Digital media and rights marketplace
-Gaming industry: This can be created and in our platform, a public ledger so as to increase profitability and reduce cost.
-Artistic industry:Almost any kind of artistic content can be held on the public ledger, for tokenized copyright purposes, or simply to sell it. 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. It is entirely possible to hold large amounts of data using a decentralized storage platform, like Storj or Oyster Pearl, so that would be our first choice.

VR Industry: VR is fast becoming a mainstream industry, and through our platform, it will be seamless to tokenize valuable virtual objects that can be traded between participants, while attaching monetary value (virtual currency) to them. Additionally, because our platform respects an open standard, it will be possible to make use of items between different VR technologies/implementations interchangeably.
-Auction houses:Maintaining their inventory on the public ledger to increase trust among its client base. When an item is sold, after the auction, the unique token associated with it can be transferred to the buyer’s wallet.
-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.

Competition

This is a first-of-its-kind project that has no known competitor. This will set the pace in this regards, however, there are a couple of projects out there working with non-fungible tokens, they are limited to trading already existing ones, like CryptoKitties, CryptoPunks or Decentraland. Our platform also supports these tokens, as they are based on the open ERC721 standard, but it can do so much more than that.

Financial Projection

Open Collector Networks’ financial projection is based on a number of considerations which includes but not limited to Non-fungible token creation price based on initial fee of 100 ECTO, increase in price per token, number of registered users, number of businesses created, number of partnerships and trading activities. The tables below is an illustration of our financial projection which depend on the soft and hardcaps.