BARTVault

BARTVault Platform Technology & Features

PLATFORM:

Our Platform combines ‘off-blockchain’ and ‘on-blockchain’ features. The off-blockchain features include an image database and self-service client interface that includes features of direct sales and auctions of ‘tokenized’ and ‘non-tokenized’ art. At first, popular fiat currency payment methods will be accepted on the platform in addition to cryptocurrency due to the limited user base of people that use cryptocurrency. To be fully efficient and to gain market share over direct competitors, our platform will need to attract many users to derive value from the “network effect”. The main goal thereafter is to incentive all users to use Blockchain and cryptocurrency with discount and bonus incentives.

The blockchain-enabled features of the platform consist of a complete workflow to ‘Tokenize’ art. (Tokenization is the process of performing provenance on art) and storing the token as a decentralized record of art assets and their chain of custody – i.e. proof of the asset in form of a ‘Provenance Token’, which we call ‘PROVENIR’ on the Ethereum Blockchain. The Provenir token can be obtained using our platform currency ‘ARISTON’ (Symbol ‘ARTZ’). In addition to the Provenance Token (Provenir), users can also obtain Provenance Derivative Tokens (PDT’s) for each of their assets using the ARISTON. The PDT’s assign permissions for duplication, printing and other uses of art. A percentage of the cost of provenance of each item, along with a percentage of derivative tokens will be collected by the company. The remaining amount will be distributed to art experts, moderators and those participants who contribute towards establishing provenance. Transactions related to permanent or temporary transfer of custody and/or ownership of the Provenir and PDT tokens are governed by escrow smart contracts on the Blockchain.

Blockchain features are:

-Multicurrency Acceptance
The BARTVault platform accepts all currencies including Fiat currencies. The choice of currency is not an obstacle and anyone can participate in the BARTVault ecosystem.

-Tokens for Art Assets
Provenir Tokens are encrypted ‘Provenance certificates’ and are an alternative to the `exhaustive paper trail traditionally used to prove the authenticity and ownership of art.

- Smart Contracts
Transactions related to permanent or temporary transfer of custody and/or ownership of the Provenir Tokens are governed by escrow smart contracts that record all events in the life cycle of an art.

-Token for Derivatives
The Provenir derivatives token (PDT) encodes usage rights and permissions to the art asset. Multiple PDT’s can be created by the art owner granting varying use permissions.

-Arbitration and Claim of Ownership
The arbitration feature resolves conflicts regarding claims of ownership in addition to any issues related to terms of contracts. The arbitration algorithm selects arbiters and the outcome is decided by a majority of votes.