With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, ArtCoin, a coin that democratizes the art market and acts as a direct liaison between investors and the art industry has arrived.
"One of the most notable changes was the increase in vibrant conversation around blockchain, which is being introduced to broaden the market’s transparency, track ownership and provenance, and provide an infrastructure for the tokenization of fractional artwork sales.
While there are many unanswered questions related to regulation, standardization, and governance, there is clearly a heightened interest by various stakeholders and multiple startups aiming to introduce these new technologies. This is prompting a robust discussion regarding their potential to disrupt the market, as well as the inherent challenges they may face.
Going forward, using blockchain and tokenization in this way could allow easier access to the market, diversification of investment, reduced transaction costs, and increased liquidity."
With that being said, ArtCoin enables investors to benefit from the increased security and transparency of the Smart Contracts platforms. By pulling together information that everyday investors normally can’t access, ArtCoin democratizes the art market and acts as a direct liaison between investors and the art industry.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is ArtCoin.ai?
ARTCHAIN AI is a revolution in tracking, protecting and recording artwork accountability. Guiding users through transactions using cryptocurrencies, ArtCoin enables investors to benefit from the increased security and transparency of the Smart Contracts platforms.
By pulling together information that everyday investors normally can’t access, ArtCoin democratizes the art market and acts as a direct liaison between investors and the art industry.
About The Technology
Robust Software Authenticates Images
Each artwork has a unique digital fingerprint, and by scanning and matching the finest textural details and storing it on the blockchain, the software effectively renders the artwork unforgettable thanks to its unprecedented ability to pinpoint fakes, no matter how sophisticated.
Changing The Art Industry With The Solutions
ArtCoin has implications that will reach all corners of the art industry. From individual collectors to large institutions, our authentication protocol is the perfect fit. Condition reports are simple and faster than ever before, and works can be tracked and traced with ease, functionalities that insurers and logistics companies can depend on. And individual artists are finally able to benefit financially from resales of their art.
A Platform That Supports Cataloguing and Transactions Via Blockchain
With the ArtChain technology, the art industry is more transparent than ever. The platform, based on blockchain, is built on tamper-proof profiles of artworks cataloging their provenance, history, and digital fingerprints. Top-level security standards are guaranteed, thanks to smart contracts and decentralization.
Presently, a lot of billions of dollars are been invested at risk because art is unable to be verified for originality whenever someone sells or buys art. An additional verification will also be done which costs a lot of money and time.
These fees shall be paid for transacting, securing, and verifying fine art on the Artchain platform. The token will also be supported by timeless pieces of art which can only be transacted in Artcoin. Thus, a Collateralized Coin Offering is also part of the package, as our coins will be supported by invaluable art pieces. Business model The following are the areas in which there is no effective digital solution:
Image authentication cannot be done automatically but manually because, it is prone to human error, costly and time-consuming.
The central to image authentication and valuation are the records of history and provenance, but these are often easily forgeable, incomplete and not stored securely. Business model
Due to the fact that the condition that are always reported are expensive and cumbersome be it human effort or large scanners. This make owners to often forego these, even though this is central for image valuation and insurance purposes (e.g. in the context of transactions/transportation).
Those responsible for damages to an image is nearly impossible to identify (e.g. in the context of gallery loans: whether damage happened during transportation or exhibition).
There is no standard recording (and secure storing) of restoration activities along with an artwork’s other vital stats, i.e. history, provenance, and condition reports.
Logistics & Transportation
Transports are usually under insured because of the fact that there is currently no track & trace solution.
Intellectual Property Rights
Artists are not able to gain royalties from the re-sales of their works due to the in transparency around image transactions.
The absence of an effective digital solution means that there is an abundant managing of large collections – from individual documentation/condition reporting to coordination of restoration works – which takes a great deal of effort and time.
User Roles & Associated Services
The creator/rights holder is stored as a distinct user of the ARTCHAIN system with a unique ID (User ID) type.
The creator/rights holder is able to register the item, record its fingerprint, and to submit this to the ARTCHAIN system along with all relevant images to generate the artwork’s “biometric passport,” i.e. the artwork’s proof of life.
An owner is stored as a distinct user of the ARTCHAIN system with a unique ID (User ID) type.
An artwork is associated with an owner (User ID) once it is bought from a creator or another owner (pri- vate or institutional) and the transaction is confirmed through the ARTCHAIN app.
Owners are able to generate an artwork’s initial fingerprint/biometric passport.
Services with Artchain
ArtDNA Fingerprint Services
Authentication of an artwork using state-of-the-art augmented authentication technology that scans, recognizes and validates a “fingerprint” and stores this in the image’s proof-of-life, its “biometric passport”.
Using the augmented authentication technology, users are able to validate and document each transaction around an image.
Data Storage and cataloging
In order for users to get quick and user-friendly access to data sets as well as associated services, data is stored on the cloud. The artwork’s fingerprint and transaction history are securely stored on the blockchain. Each transaction related to an artwork is stored on the blockchain (in compressed form).
ARTCHAIN Platform as a service
Which helps users maintain their ownership, lending , restoration , transportation and insurance coverage related to an artwork. Users registered as creators (i.e. artists) will be able to gain royalties from re-sales of their artworks.
Token Name: ARTCOIN
Token Symbol: ARS
Token Standard: ERC20
Legal Qualification: Utility Token
Softcap: 5,000,000 USD
Hardcap: 100,000,000 USD
Number of Tokens: 30,000,000,000
Price Per Token: $ 0.01
Burn Unsold Token: Yes
Accepted Currency: ETH, USD, & BTC
Minimum Contribution: $10,000 Private, $250 Public
Tokens go on sale at $0.01, by invitation only
Sale lasts until March-15-2019
Only initial investors who are in closecontact with ArtChain can purchase Stage 1 tokens.These investors have a deep involvementin the project and their valued feedback has helped to shape our work. The invitation to the initial offering of tokens at the lowest possible price is a reward in gratitude for their contributions.
Tokens go on sale for $0.03Starts in April-2019This is the lowest possible price for investors who were not part of the invitation-only Stage 1 offer. They’ll receive the highest return for their investment, and it’s the ideal time to make large-quantity purchases.
PRE-ICO EARLY BIRD Begins in May-2019
Tokens go on sale for $0.05
A great middle ground for those investors who preferred to ensure the ICO was a success, but don’t want to wait for the public sale as they wish to capitalize on higher bonuses.
ICO – Tokens go on sale for $0.10
Starts in Sept-2019
The general public gets access to tokens during this most published sale. Support is growing, development is racing ahead, and we’re ready for a large investor influx. The ArtChain app is rolled out, with the first works of art being recorded on the blockchain.
Tokens will be listed on cryptocurrency exchanges following the ICO.
Post-ICO 30 days EXCHANGE LISTING
Meet The Amazing Team
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.