ARTCOIN.ai





r all my dear subscribers! The topic of my review today will be a very unusual project built on the technology of block chains. Recently there have been many startups that bring blockchain technology, smart contracts, artificial intelligence and crypto currencies to everyday life.

Also, many of the existing companies are conducting tokenization of already operating centralized projects. Due to this, many spheres of life, such trade in goods and assets, logistics, content production, advertising, improve with the help of cryptography and blockchain and become more reliable, protected, transparent and anonymous.

And the startup team Art Coin decided not to stand aside and bring modern technology to the art trade industry. Sounds pretty unusual though?

Problems and solutions from Art Coin

The trade in works of art is a very ancient branch, and also very profitable. According to experts, the total turnover of this industry in 2017 amounted to $ 64,000,000,000, and this figure was 12% higher than in 2016. This suggests that the field of sale and purchase of works of art does not lose relevance, but on the contrary, it is becoming increasingly popular these days.


But the problem lies in the fact that since ancient times a large number of scams have been living in this area. And it is no wonder, for having forged a famous painting or another art object, having spent only a couple of thousand dollars, you can sell it for several hundred thousand, which is a pretty good business model.

After all, an ordinary person, and even an experienced art collector, cannot distinguish an original from a fake - for these purposes it is necessary to hire special experts who take a lot of money for their services. But everything can change thanks to the use of modern technologies, namely, block chains technology, or Simply put blockchain.




The Art Coin project team plans to create a single database of works of art built on the blockchain, which will contain information about all art objects whose owners will want to join this program. 

Every work of art

- no matter what, painting, exquisite vase, sculpture, or for example a piece of architecture

- will be marked with a special code that will confirm its authenticity. This code will not be just a stroke or a QR code attached to an art object.

- it will be obtained during the scanning of a single work of art and will contain its unique digital imprint. Therefore, it will be impossible to forge the object code itself.

But just the same blockchain will provide reliable storage of these same codes. After all, the blockchain, which is a global, cryptographically protected distributed database, is an ideal repository of information. Each block in it is encrypted and signed with a digital crypto signature, and copies of this information are not stored by several thousand computers. The reliability of this technology has already been tested by time - after all, Bitcoin, the main crypto currency built on the blockchain, has never been able to be hacked once in 10 years, although the temptation has always been great. This gives full confidence that the information about the originals of works of art recorded in the blockchain of the Art Coin project will also be reliably protected.

In addition, for their own purposes, the team will use not its own blockchain, which, due to the narrow focus of the project, could be vulnerable to attack, but the Ethereum blockchain, which is served by thousands of miners, which reliably protects it from hacking.

In addition to the identification of works of art, Art Coin will also allow for transactions for the purchase and sale of crypto-based currencies. At the moment, Art Coin is in the process of development and is conducting the initial placement of its coins.

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