Codex

elqui (25)in #cryptocurrency • 6 years ago

What is Codex?

Codex is a Cryptocurrency and decentralized registry for unique assets, starting with Art & Collectibles.

So to make it short, Codex is an auction site where you can buy collectibles assets like art, wine, jewelry, watches, collectible cars, coins, or anything under the sun that you can call "treasure" hehe.

Personally i love this new project because beside of it being unique, I'm a frustrated treasure hunter lol. And with this, i can search and i can own some "treasures" using cryptocurrency. Its like a modern day auction for us.

I'm planning to find some rare coins or some unique blades in the future i guess. 😁

There are two way benefits here, first is for the artist or the owner, because Codex gives them a wide variety of audience for their product to sell.
Second is for the Treasure Hunters because they have an assurance that all of the things they see in codex is genuine items and they too have a wide variety of what kind of treasure they want.

The Codex Protocol registry solves the 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 like asset-backed lending,
insurance, fractional ownership, bidding, escrow and more. The first application lets you use cryptocurrency to buy over $6 Billion
of merchandise from auction houses. Many other applications have already been announced including a bidding application,
through which the first purchase was of a CryptoKitty for the highest price ever achieved.

With a widely adopted registry, we expect lower transaction costs and less fraud could grow annual transaction value by
hundreds of billions of dollars and simplified financial products like lending and fractionalization could increase the value of the
asset class by over $1 Trillion. In doing so, it will benefit existing market stakeholders and intermediaries, not disrupt them.