Colorico: the first collective effort to add value to digital collectible tokens
What defines the value of a work of art? What gives baseball cards, stamps and rare paintings their true value?
Value is weighted not by form, aesthetics or by the characteristics of the things itself, but by general consensus within a given community, based on parameters such as uniqueness and symbolic representations. In this line, colors can be the perfect collectible items.
What is Colorico?
Colorico is the first decentralized effort to add value to digital collectible Ethereum-based tokens.
Each RGB token stands for a color reference in hexadecimal format, which makes exactly 16,777,216 RGB available.
Unlike other digital tokens, each RGB token is unique and can be assigned to just one ETH address at the same time.
How does the color collection work?
For each 1 ETH, early collectors get the opportunity to get up to 1,000 RGB tokens (minus ~71346 gas per color).
The procedure to collect RGB tokens involves two steps:
1. The ETH are sent to the Colorico smart contract, unlocking 1,000 RGB at random to be generated on the next block.
2. The contract assigns the RGB tokens to the collector’s address. If some of the randomly-unlocked 1,000 RGB tokens are already stored in another Colorico wallet, the collector misses the chance to collect them.
As RGB supply decreases, collecting difficulty increases accordingly.
RGB tokens can be collected by any ERC20-compatible Ethereum wallet.
The exclusive color explorer on Colorico’s website allows each collector to see which RGB tokens are assigned to a certain ETH address and also track the transaction history of each color.