EChain Foundation, a Singapore-based blockchain organization, today announces the launch of EChain Initiative to serve art markets all over the world with innovative blockchain 4.0 technology.
People have a lot of valuable assets. Yet for the lack of universally agreed certification standards and procedure, these assets cannot be easily transferred from one person to another. They include tangible assets (coins, stamps, porcelain products or other collectibles) and intangible assets (beneficiary rights, equities, debts, accounts receivables etc.). When owners of tangible assets want to capitalise on their holdings, they usually have to go through a cumbersome procedure, including, for example, authentication, auctioning and a long wait. It is equally hard to cash in on intangible assets as they have to be audited and valued.
Most of today’s tangible assets and intangible assets are locked up in silos. Buyers have to spend a fortune in order to unlock and get hold of them. However, by the time they want to exit, all of their investments risk becoming nil, because they can neither effectively sell nor transfer their assets to another entity. There is a huge demand for assets, such as physical goods, art collectibles and credits. Yet for the reasons described above, this demand is nowhere near being satisfied.
EChain aims at solving the liquidity problem of valuable assets and using blockchain to build a platform that allows for efficient and reliable interaction between real-world assets and tokens. By registering assets on blockchain and using standardised secondary tokens that are generated with all participants as witnesses to represent real-world assets, it facilitates transfer of assets and as a result makes illiquid assets liquid. What’s more, by using smart contracts that allow creators to specify the uses of and ways to use tokens, it makes possible swap of different tokens on-chain.
Blockchain-based Tokenomics: using tokens to incentivise participants in the ecosystem.
Huge improvement of transaction efficiency: multi-party confirmation, wallet address transparency, traceability and anti-tempering nature of Blockchain satisfies the need for tracking and verifying information.
Fast transaction: transaction verification will be completed in seconds, thanks to Blockchain’s decentralised ledger, consensus mechanism, signature verification and other innovations.
Assets migration on-chain: authentication or auditing by a panel of experts before moving assets on-chain where real-world assets will be represented by tokens.
Smart contracts: smart contracts will be created based on different transaction scenarios and the blockchain will maintain, save and automatically execute these smart contracts.
The EChain Network is managed by a Singapore-based Foundation which, together with its affiliates, will be responsible for the development, marketing and operations of the EChain Network. The ultimate governing body of the Foundation shall be the Board of Directors – reporting to the Board of Directors would be the Product Committee, Technology Committee, Finance and Human Resources Committee and Marketing and PR Committee. Members of the Board of Directors will serve a term of two years each, and the first Board of Directors will be composed of the core team members of EChain, blockchain industry celebrities and early supporters of the project.