Open Colletors Network Interview Featured image with logo

Open Collectors Network

ICO Interview

Founded in 2017 Q3

2 Founders

Updated May/18

Open Collectors Network is a decentralized platform for creating and customizing unique tokens. Read on with our interview with one of the co-founders. 

Key ICO Information:

  • Symbol: ECTO
  • Exchange Rate: 0.000166 ETH
  • Minimum buy of 0.1ETH
  • Total Supply: 150, 000, 000

When did you first get into Bitcoin and why?

We read about the blockchain as early as 2015, but we only seriously started studying the technology and market at the beginning of 2017.

Where did the inspiration for your ICO come from?

It just happened one day. We were thinking that during our daily jobs, developing business applications, we are constantly working with collections of unique objects (our company’s users, assets, services etc). And these applications would greatly benefit from storing these objects on the public ledger, but there’s currently no good way to do it.

How will your business make money in the future?

Our business model revolves around our utility token, the ECTO. It is needed to pay for creation and trading fees on the platform, and comes with several significant benefits: periodical rewards, according to our special proof-of-stake algorithm, voting rights and discounts. Depending on adoption rate, we have scenarios which bring the platform to the break-even profit threshold as early as 6 months after launch.

How big is your team at the moment?

We are 9 team members, plus 9 well known and well connected advisors. Together, we have more than 50 years’ worth of experience in the IT industry.

What is the idea behind your ICO?

To create the first decentralized platform for one-of-a-kind tokens ( the future protocol for unique items).

Can you walk us through the critical components of your business and how it will work?

Sure!

First, we’re giving you the possibility to tokenize something unique: an artistic creation, an in-game item, an idea, or your company’s products and services and so on. The possibilities are virtually endless.

Secondly, you will be able to easily trade, auction, sell, collect royalties or otherwise monetize your owned items, depending on their type.

What was the greatest challenge you have faced so far?

There really hasn’t been any one big challenge, but there’s many relatively smaller ones that together have the same effect. This might be the cost of marketing, overcoming technical challenges and also trying to contribute to the finalization of the existing one-of-a-kind token standard, the ERC721.

Where do you see your business in 5 years time?

5 years time is a lot of time, and we are trying to be an agile company, with a nimble business plan, easily adaptable to market conditions. As such, we don’t make plans that are that far into the future. However, we do expect to have lots of users on our platform, coming from both everyday people and the IT industry alike, with some very big partnerships by then.

If you were to start again, what would you do differently? Why?

Hmm, that’s a good one. I’d say that as co-founders and developers, we focused a little too much on our working prototype and less on our marketing and presentation. For example, we recently received feedback from a lot of people and completely redesigned our website.

What are the biggest factors that will bring success?

First, our very strong and committed team and secondly, the fundamental role of our platform for the IT industry, which will bring blockchain technology into the mainstream. Few ICO’s can boast having such a killer combination of factors.

What’s your advice to other ICOs or Bitcoin businesses who are just starting out?

To not give up! There’s lots of challenges to creating your own business in general, and especially so when doing an ICO. Although it might seem daunting sometimes, you must keep your head above water, stay resilient and you have a surprisingly good chance at success.

It seems like investor trends nowadays are shifting towards more serious ICO’s, with strong teams and solid fundamentals, and less quick token flipping, which we consider a very positive and welcome change.

Aside from your website where else are you present on Social Media and how can people get in contact with you?

Our community is mostly built around our Telegram channel, where we answer fastest.

Other than that, we are also present on many social media outlets, like Medium & Bitcoin Talk.

For any questions regarding our private sale or other private matters, feel free to reach out to us at:
contact@opencollectors.network

Disclaimer –  We do not endorse or are not being paid to promote this ICO.

Follow Open Collectors Network

Facebook
Twitter
Website
Telegram