You don't have to trust ANYONE!

in ethereum •  2 months ago

Trust is said to be the backbone of business relations and it has become a core feature of some markets. A prominent example of this would be the Arts & Collectibles market, which despite technological advancement, has witnessed limited evolution.

Despite society's pressure on individuals to respect the trust others have bestowed upon them, some people sway towards being deceptive. This factor pushes many away from participating in the A&C market even if they can afford to meet the entry barrier. The Arts & Collectibles market is falling short of its full potential as many people have realized that a market built largely upon trust involves a great deal of risk.

Most people themselves are not skilled enough to verify an aged wine, an archaeological relic, or a valuable painting. Even if a person has the skills to verify one collectible, the A&C market includes a wide category of items and it is impossible any individual can verify more than just a few categories. As a result of this trust is forced into A&C market.

  • A purchase of any art piece or collectible means the buyer will have to trust the seller and the authenticator on whether the item being sold is genuine.

  • Even if an A&C is genuine, the buyer has to take the seller's or authenticator's word on the item's previous sale price.

The risk associated with trusting others is a major risk associated with the A&C market. There is a solution to this: blockchain technology has the ability to develop secure and trustless markets. Now, a new project brings this benefit to the A&C market.

Enter the Codex

An entrepreneurial team is developing a protocol for the A&C market; one that provides the market with the necessary improvements to carry it to its full potential.

Codex Protocol provides the A&C market a platform for an immutable recording of an item's Providence, which is its verified chain of ownership. An item can be placed on the Codex and its verified chain of ownership can be imported along with it. As the Codex is a protocol, this immutable record can be leveraged to create secure interactions on the applications built upon the protocol.

As A&C transactions begin to integrate the Codex, trust is squeezed out of the equation. A buyer can use CodexCoins to access the data attached with any item on the Codex. This allows a buyer to access the item's Providence without having to trust the seller or authenticator. The benefits the Codex Protocol offers go beyond building a trustless environment.

The protocol can be integrated into A&C marketplaces to yield additional benefits. Marketplaces utilizing the Codex will be able to offer an easy and secure transfer of ownership, an environment where a buyer can compare purchase options as the need to verify is waived, a facilitation for transactions made with cryptocurrency, and more.

Arts & Collectibles are largely comprised of archaic relics but this is not a reason for the market's mechanisms to remain in the past. Codex Protocol is taking the initiative to utilize blockchain technology to carry the A&C market a leap forward and allowing it to reach its full potential.

Codex Protocol Essential Links

🌐 Website: https://codexprotocol.com/
💡 Whitepaper: https://codexprotocol.com/#whitepaper
👨 ANN Thread: https://bitcointalk.org/index.php?topic=4494244.0
💻 Telegram: https://t.me/codexprotocol

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@hatu we should not comment on block-chain anything. many big banks and financial institutions had already adopted it.

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Blockchain's utility extends far beyond the financial industry; Codex is a testament to this as it's taking te A&C industry a leap forward.

Agree, block chain technology is the future and it will be more developed.

yes we are expecting more from block chain technology.

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I think utilizing the technology to create a protocol for the A&C market is a good fulfillment of expectations.

agree, hope blockchain technology is more developed again

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There's plenty of developments in progress; each is just headed down an independent path. Even Codex Protocol won't cease to develop beyond its first launch. The team intends to carry the technology forward.

this is just start for blockchain

Agree

If someone has someone to trust, this means a lot.

Well said @hatu trust is hard to earn.

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Actually, you've made a very good point!
Now, more entities can participate in the market because they won't need to establish the trust necessary to become a part of A&C trade.

But it is essential for the better and successful businesses​ to trust other maker fellows and buisness relatives otherwise​ youcan't​t survive​ alone in the market

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We believe trust is an essential part of a business, but that's because present interactions demand it. The protocol makes an immutable ledger of items' Providence so trust isn't necessary then.

Trustless platforms are the future. Good luck to the team!

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Yes, it's one of the pillars to proper decentralization.

I'm not agree with you becouse,TRUST is the main power of men kind

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It has been.
But with the proper integration of blockchain technology, as is the case with Codex Protocol, we are building trustless markets with optimal security.

Yes, don't trust anybody. Trust the system, trust the technology. A good system & technology will be exist long time. If we trust anybody his mind will be change. So, we should believe the system not the person.

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That's the purpose of this protocol: pull away the need to trust a person so the A&C market can grow.

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I agree with you.

@hatu
I think you are right about it, but I trust my wife blindly

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Haha family and friend are the few exceptions.

  • Well said, but I don't really get the point of Codex importance, if I was a technician for creating Codex I'd have preferred a situation in which Codex will be the middle-man has said in this post but an added post of being the Authenticator. I think that'll raise trust to a higher level or what do you suggest? @hatu
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The point of Codex is to pull trust out of the interaction while also making the interaction easier. Art & Collectibles are worth so much because of their identity. To know whether a piece is genuine, a buyer has to check its ownership history to see if this really is the original piece.

All of this has to be verified over and over; with the Codex Protocol, the verification process is done in an instant because you just need to check the ownership history on the Codex. Since anyone can access it (with a payment) the need to trust on a third-party verification is out the door.

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oh yeah, that's right... now i get it better👌

one more useful use case of blockchain technology.Thanks for sharing @hatu

I agree with you. The future is for Blockchain is waiting. Another powerful article of blockchain technology, specially Ethereum. Building such a system for a large industry like the journey has the ability to completely revolutionize the entire journey-planning manner, from booking flights to deciding on in which to have dinner that night time. I love that trip objective to give that power to the locals, making an allowance for a time-honored currency and rewards system that makes the system easier for absolutely everyone at the same time as taking the gain far from large establishments. Even Simply from the perspective of supporting small corporations, that is big.

True and Great post :)