[ICO Review] PO8 - Marine Archaeology Powered By Blockchain Technology
The market
Marine heritage is extraordinarily long – perhaps even a million years. According to "The Social and Economic Benefits of Marine and Maritime Cultural Heritage" Report from Honor Frost Foundation in 2015, the earliest site of human occupation in North West Europe lies on a beach in Norfolk, whilst 200,000 year-old artifacts are being investigated off the coast of Great Yarmouth. Some of the most enigmatic prehistoric sites are to be found on today’s coastline, hinting at what still is to be found offshore.
Have a look at this video to know how much of human history is at the bottom of the ocean:
Many countries have laws and regulations designed to govern the underwater cultural heritage, mostly entitle the right to the state, only a few rewards to the finder, which discourages even private firms from looking, not to mention individuals who are still secretly searching for the treasures.
The problem
Divided Community
As the old saying, "Unity is strength". The independent and separate study, as well as investigation and the lack of collaborative framework between competing marine archaeology interest groups, are constraining the industry from growing and fulfilling its potential.
High Salvage Costs
Expenditures for marine archaeologists and oceanographer experts as well as other human resources and especially the types of machinery required for a commercial salvaging is extraordinarily huge, which is partly because of the ironic situation that this industry has not been favored in the first place.
The million-worth recovery expeditions set the high entry bar preventing more companies from joining this field, leaving it with just a scattering of some financially sufficient entities participating in the competition. And of course, there has been no reliable organization recognized by a large enough community to capitalize and fund competent companies to enter the game.
Centralized Auction Process
Regarding the compensation, invaluable treasures and artifacts are extremely low in liquidity. It could take months for salvage companies, governments and other stakeholers to sell them and from 12 to 20% sale commissions cost.
The pressure on underwater heritages will only ramp up in the years to come, so more emphasis should be placed on the applications of underwater technology and blockchain technology could be performed as an important part of industrial projects
The solution - PO8
PO8 is a decentralized blockchain ecosystem dedicating to the marine archaeology by providing a more scalable approach to the recovery and distribution of historical artifacts, resulting in better industry performance in terms of financial allocation, cost-effectivity as well process acceleration. The entry bar would be lowered and more stakeholders can join the race, especially individuals, rather than corporations and governments, will be more involved in the process.
Watch the introduction video for an overview:
P08 team came up with a blockchain ecosystem to solve the problems, ensuring the sufficient preservation of cultural heritage, the responsible commerce of valuable artifacts and the creation of a PO8 Stablecoin. You can learn about it through this image:
In order to implement that solution, they have several products solving the respective issue:
Maritime Artifact Data System (MADS)
MADS provides people around the globe with the possibility to be part of the recovery process of artifacts through bounty tasks such as sonar, magnetometer, geo-mapping, historical records, weather patterns, video feeds and more. In return, participants would be rewarded with the system's tokens which can be traded for other tokens or can be sold for fiat money.
Historical Open Auction Platform (HOAP)
As its name, HOAP is the auction platform enabling people to sell their valuable treasures on a decentralized market without any expensive intermediary. Since this platform is built on the blockchain, security and transparency of transactions, as well as authentification record of the artifact are all securely maintained.
Government Artifact Auction System (GAAS)
GAAS is a secure escrow service platform for governments, museums or non-profit organizations (NPOs) to buy and sell treasures as well as register and authenticate their artifacts. And of course, all entities joining this platform would be verified to ensure their eligible identities.
PO8 Historical Artifact Registry System (PHARS)
PHARS is a decentralized registry platform ensuring the authentication as well as the integrity of it by identifying historical artifacts and validating their authenticity through the creation of unique signature identifications that live in the blockchain indefinitely.
Team
Advisory Board
Token Economics — Token sale
Token Symbol: PO8
PreICO Price: 1 PO8 = 0.01 USD
ICO Price: 1 PO8 = 0.012 USD
Platform: Ethereum
Accepting: ETH
Minimum investment: 0,1 ETH
Soft cap: 10,000,000 USD
Hard cap: 30,300,000 USD
Country Of Origin: Bahamas
Country Restricted: USA
Whitelist/KYC: Yes both KYC & Whitelist
Token distribution and Use of Proceeds
My thought
Based on my assessment, PO8 is a practical project. For your information, PO8 is backed by the Bahamas government with not only financial support but also legality. Moreover, PO8 is a stable cryptocurrency since a proportion of treasures would be allocated to the project's reserve ensuring its value and low volatility.
Take a look at their official website and their whitepaper for more information:
Links
Website: https://po8.io/
Whitepaper: https://po8.io/#whitepapper
Bitcointalk ANN: https://bitcointalk.org/index.php?t%E2%80%A6sg35770062
Twitter: https://twitter.com/PO8Coin
Facebook: https://www.facebook.com/po8tech
Telegram: https://t.me/joinpo8
Citations:
Author: Bitcointalk username: rueisnax (a.k.a. Vincentle — Le Huu Quang Vinh)
Profile link
Disclaimer: Statements on this site do not represent the views or policies of anyone other than myself. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.
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