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Codex Protocol – Integrating Blockchain Technology As Registry Solution In The Art Industry

Eseandre Mordi

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Codex Protocol is a network that is powered by blockchain technology, created to carry out the function of title registry for arts and collectibles. The company is working to develop a unique infrastructure that is going to be a useful solution in the art industry. The infrastructure will help simplify Art and Collectibles, as well as create a registry that’s decentralized for them.

The process is designed to be backed by a powerful consortium. Developers have paid high priority to the security of clients. The network is billed to work as a very secured store of art’s originality, giving a huge level of peace of mind to all collectors. The platform will operate in the form of an industry protocol and will allow for the building of independent applications on it.

Apart from the above aim, another major problem that the network seeks to solve is in the diversification of crypto wealth. The network is proving that cryptocurrency transcends even the most unlikely use cases, considering its integration of the Arts & collectibles into becoming a strong blockchain powered financial assets. The industry of Art and Collectibles has for so long been in need of this because the industry has continued to exist without any main title registry, unlike many other assets that exist in its category.

While building the platform, a collection of thought leaders and industry enthusiasts had come together, with an aim to integrate Codex into an extensive system of up to 5,000 auction houses. The primary purpose for this was to push up the standard of the network further.

How It Works

Think about the whole process of the sale of arts and collectibles. The journey is often somewhat complicated. Artworks often have to go from the original artist to a collector. When collectors buy, they act as middlemen between the artist and auction houses, or in some other cases; they sell directly to the new owner. The journey can be complex or simple, depending on the number of middlemen. As a new buyer, you certainly don’t want to lose track of the whole process. This is where Codex comes into play. Any interested buyer can easily use the network to view ownership transfer record. The record of the transfer of ownership is easily accessible, giving new buyers a level of reinsurance.

The official token for trade, transfer, and consignment on the platform is the BidDex token.

The BidDex Token

The BidDex Token has been created and launched by the network as its official exchange token for art and collectibles on the platform. It is an ERC-20 token and is used to for making transactions on the network.

Use of the token includes Possession transfer, ownership transfer, lien addition a d other modifications within the process of the transaction.

Token Details

Token Name: BidDex

Ticker: CODX

Token type: ERC20

ICO Token Price: 1 CODX = 0.0670 USD

ICO Target: $25,000,000

Total Tokens: 1,000,000,000

Available for sale: 40%

Min/Max Personal Cap: 0.05 ETH/TBA

Conclusion

Knowledge of ownership of Art & collectibles is essential during transactions. Although it is currently difficult to ascertain ownership, the platform looks to ensure that ownership is recognized and referenced at all times.

Visit the website: https://codexprotocol.com/

Join the Telegram: https://t.me/codexprotocol

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