Blockchain makes entrance into the world of fine arts

San-Francisco startup launched a project for tracing and verifying the origins of art pieces and collectibles
28 February 2018   775

Codex initiated a blockchain-backed system for trace and verification of the provenance for the market of arts, collectibles, antique and jewelry. The provenance is a crucial point in the operations with such items, as it directly affects the resulting price. It is also a very tedious and ungrateful process that involves sifting through countless number of certificates and receipts often leading to a dead-end. This state of things makes it easier for forgers to sell fake items of luxury.

Introducing a decentralized ledger in the area will allow an instant and real-time recording and tracing of the pieces of art, thus greatly simplifying the proof of provenance with details of the identity of an object, its chain of ownerships and most importantly - its authenticity. Aside from that, transactions are anonymous so that rich collectors may keep their identity a secret and yield a successful deal. The blockchain approach will cut the middlemen and the risk that goes with one person possessing critical information.

On February. 27 Codex announced a $5 mln investment from a hedge fund Pantera Capital with its portfolio made out of different blockchain projects.

Collectors have always balked at disclosing their assets to a central authority. Now, with the blockchain, they can prove ownership without compromising privacy. This will enable art and collectibles to flourish as a financial asset class,  resulting in a larger, better, and fairer market for collectors, intermediaries and artisans.

 

Mark Lurie

CEO, Codex

Another significant project of Codex is an application for bidding at auctions. The project's name is Biddable, and it allows all those who have a cryptocurrency fund to participate in auctions. With an item sold, its history gets instantly updated, artwork gets uploaded into the blockchain and a record is created so that other potential buyers can search for it easily in the future.

Change.org to Mine for Charity

According to the calculations, if 10k computers will run the minning screensaver for 12 hours a day, the charity fund will receive $10k monthly
18 July 2018   104

Social platform for petitions Change.org announced the launch of a screensaver that mines Monero on users' computers. All tokens will be transferred to the charity fund of Change.org. This is reported by Coindesk.

This initiative was launched in partnership with the marketing agency Tracelocke Brazil.

Representatives of Change.org report that the screensaver will consume resources only when users do not use the computer. According to their calculations, if 10 thousand computers will run the screensaver for 12 hours a day, the charity fund will be transferred $ 10 thousand monthly.

At the moment the program is available only for Windows users and the platform did not report on the release plans for the version for macOS.

Note that at the end of April, a similar action was launched by the Australian unit of the United Nations International Children's Emergency Fund; (UNICEF). The website "Page of Hope" mines Monero cryptocurrency.