Hello Mark, what is the Codex Protocol?
Codex Protocol is a decentralized registry for unique assets backed by an industry consortium representing 5,000 auction houses. For unique assets, provenance is fundamental to value, and verifying this critical information is a constant challenge that creates costly friction in the ecosystem. The Codex Protocol registry solves this problem by recording, verifying, and securely storing important information about each item. With this information, Codex users can easily access a variety of applications and services from our partners like asset-backed lending, insurance, fractional ownership, bidding, escrow and more.
How big is your market… How popular is this market?
Codex is initially focused on the $2 trillion Art & Collectibles asset class, where the need for a registry is greatest because no centralized title registry exists. The absence of a system of record has held the market back and made it hard to determine value, expensive to transact, and hard to detect fraud because information can be lost, miscommunicated or maliciously duplicated. There is a huge opportunity in this market, and Codex creates an entry on the blockchain for each item where information about that item can be stored, creating a simple system of record that is easy to access.
Today, our first application, Biddable, lets you use cryptocurrency to buy over $6 Billion of merchandise from auction houses including LiveAuctioneers, Auction Mobility, and Canada’s largest auction house, Heffel Fine Art Auction House.
Where do you see your project in one year?
Over the next year, we expect to see many more auction houses and online marketplaces make their merchandise available for purchase with cryptocurrencies, and to expand our growing ecosystem of partners building on top of and integrating with Codex. We expect our Consortium to continue to grow as stakeholders join, which could include significant collectors, auctioneers, dealers, museums, and other organizations vetted by the existing members.
While there are are many apps that we want to develop, we think it is most important to encourage a decentralized ecosystem of third-party DApps and look forward to seeing more lenders, insurance companies, storage and shipping companies, and creative purchasing and ownership models. We are excited to see artist royalty rights encoded into Codex Records, DApps related to digital collectibles and digital assets, and Dapps we have not even fathomed yet.
Why do you seek to raise and ICO and what are some of the intended use of the funds?
Offering the CodexCoin and raising funds through an ICO provides us a democratic, transparent way to grow the Codex Protocol. Our governance system will be based on both stake and behaviors on the network, with limits to constrain any individual from exercising majority control. The CodexCoin token will be critical in enabling decentralization of governance as a measure of a stake for voting.
We are excited to grow the Codex Protocol and inspired with the adoption so far. The details of the intended uses of the funds are outlined in our white paper. With community, our collective experience as a team at Codex, and this markets readiness for transformation, we look forward to developing the Codex Protocol and the ecosystem that supports the effort for a more accessible, trustworthy arts & collectibles asset class.
How soon can investors find your tokens on exchanges?
Currently, we are laser-focused on the successful completion of our token sale and the launch of the protocol itself. Of course, we are taking into account all factors affecting the reception and adoption of our token and our intent is to abide by all regulatory guidelines with respect to its issuance and distribution. At this time, we can’t speak to any sort of timeline regarding if/when the token would be listed on an exchange.
Briefly run us through the process of your token sale.
To stay apprised of the Codex Token Sale, sign up to our Telegram Group: https://t.me/codexprotocol. The details of the TGE can be found on our token sale page https://codexprotocol.com/token-sale.html. To participate, complete the KYC process which requires ID and proof of address. Any secure wallet that can hold ERC20 tokens will work. The Codex Token Sale sale opens on July 25th, 2018, 12:00 UTC.
Thanks for taking time out for this, we wish you a successful sale
Thank you too ICOWatchlist, we appreciate your support.
For more details, follow the CODEX ICO here.