Another Advantage: Eliminating Exchange Fees
With the evolution of technology, we see a ripple effect across all the industries of the world. Blockchain technology is notably one of the best solutions for “go-getters” to make an easier buck. Portion is the first of it’s kind, taking the world of art and infusing it with blockchain and cryptocurrency technology giving artists a bigger voice and collectors a better opportunity.
Da Vinci never saw a substantial amount of money for his work, but now you can. Thanks to a decentralized transparent distributed ledger on Portions blockchain it is easier than ever for artists to sell their work, and collectors to buy that work on a peer-to-peer network using Portions native token, Porti.
When an artist posts their work on the Portion blockchain it is examined and given a blockchain certificate of authenticity. It can then be auctioned to the highest bidder using the Porti token. By implementing the Porti token through ERC-20 means it has a built-in smart contract eliminating the need for a middleman. Thus safeguarding profits owed to the artist. The combination of blockchain and Porti token ensures the bidder has the funds to purchase the art, seamlessly settling the transaction with no hidden fees on either side. This process ensures the artists get what they’re entitled, and the collector receives the highest quality art.
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I saw that Porti token is being implemented through ERC-20, why ERC-20 and not ERC-223 where it is more focused on security seeking to solve an ERC20 critical bug?
Good point! I think most of the ICOs go with the ERC20 because they have no time\funds\resources to change protocol during the ICO. Most of the security problems have occurred in recent months, which means that the project has already started.
IDK.... It sounds like an improbable excuse. This answer is just 'not enough' for the investors I guess
I guess we should wait for their official answer then.
I have read that once the artist posted their work in the Portion . Blockchain it will be examined and given a blockchain certificate. But how does a collector received the art piece will it be delivered or picked-up by owner? How can one make sure that it will not be intercepted and be exchanged with a fake piece?
What if the seller is fraud, can Portion detect if the one selling/auctioning the art piece trustworthy or a reliable source?
Good point.
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What will make Portion unique from all of the other Art related
Blockchain platforms I don’t 100% get it I’m afraid…
Great question! We are offering dividends to those who hold our token, artists receive royalties every time their work is sold, & we are working with some very exciting brands that will place their goods on Portion!
Does the Porti token be exchanged to other cryptocurrencies or not yet?
How much is the exchange rate of Porti token to USD anyway?
That's the million dollar question! no one can tell you what will be the rate once their token will be listed, NO ONE!
How does Portion go about physical authentication or legitimacy of art pieces that will be auctioned or sold, most especially if it is a renowned artist’s work? Because there are a lot of very good artists who can replicate art pieces, right?
Thank you for your question! To begin with, we are working with living artists which starts the chain of authenticity & provenance. Moving forward, for secondary sales, we are building a network of vetted authenticators and appraisers.
Does Portion looking into switching to ERC 223 since it runs less gas and no extra blockchain bloating? Because ERC20 has a critical bug which has caused the loss of millions of dollars.
How long is the process of receiving the art collection that was bought on the auction?
If it's a digital work then the smart contract executes immediately after it is purchased. If it's a physical piece of art, then it takes as long as it does to ship from seller to buyer! Thank you for your question :).
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