5 reasons why ARTRACX partner with Enecuum (ENQ ) blockchain network for tracking provenance in art and collectibles market
March 24, 2022 (First published in Articulate_HK)
By Daniel Chun
Hi everyone, I am the founder and CEO of ARTRACX and I have been looking into various blockchains for use with my project in ART TECH. And although I am a Chartered Engineer, a computer programmer 30 years ago. It is not a simple task to find out what would be the best for us. It takes a lot of learning and experimenting. There are many blockchain solutions when come to the establishing smart contract on a distributer ledger. For a start, there are a plethora of blockchain to choose from — including the original Bitcoin, Ethereum, layer 2 chain like Polygon, PoS-based like Solana, Algorand which offers both layer-1 and layer-2 (link) There is also Hyperledger from Linux Foundation which have different series of DLT offerings. One of our local partner based in Hong Kong called InnoBlock in fact offers a TT-chain that actually uses Hyperledger fabric.
The Enecuum (ENQ) although is not as popular as those top 10 blockchain traded by volume, there are distinct characteristics that interests me. Enecuum is already live and you can check the explorer (link) here for their nodes in mainnet. The testnet is also available here (link)
Source: Enecuum Network Nodes (PoS, PoW, PoA)
Enecuum (ENQ) is based on PoA algorithm that combines PoW and PoS. This hybrid provides a high degree of network decentralization, while significantly increasing both the network security level and its execution speed. The transaction per second is apparently scaled to 1 Million TPS.
As for our art project, we are involved in the de-centralization of identification and self-certification of artworks based on W3C DID standards — by adding a highly secured chipsets linked to a blockchain. This mechanism of self-certification, validation and provenance of the art pieces (either by artists themselves or by art dealers) create an opportunity for these stakeholders to become part of our ecosystem. This helps break the upper echelon and pyramid of the art ecosystem dominated by top auction houses and galleries. Enecuum’s PoA masternodes / wallet could support the true democratization of the art market.
ARTRACX project could be found here at https://Artracx.io , as a new project — we have to integrate and test different scenarios. Our DevOps have already created the smart contract using our ARTRAC.id which offers Certificate of Authenticity (CoA) for artists work or masterpiece. By way of adhering to the new DID standard from the consortium called artidstandard.org, we can process our smart contract on ENQ and this has been tested on the Enecuum testnet. So with such assurance that we conclude that the following 5 reasons would be the reason why we chose this PoA consensus chain to be our partner for blockchain.
Reason#1- Environmental Friendly — the hybrid consensus offers scale and sustainability as the PoA operates worldwide using very little computing power and hence efficiency and low power consumption.
Reason#2 — Low Transaction Fees — The tracking and tracing will require writing key information on the block and Enecuum offers low transaction fee compares to high gas prices of other layer 1 chain like Ethereum
Reason#3 — Security — being highly decentralised also means that the network is resistant to various types of attacks ; Security of Enecuum is further enhanced with the development of SHARNELL Smart Contracts to operate on the Enecuum platform
Reason#4 — Using Mobile — Eneccum allows for developing various IoT hubs and gateways (perhaps 5G routers/Mesh Routers) to become part of the PoA masternodes /dApps for staking/proving — and this potentially could lead to mass adoption worldwide by artists who earn income as an artist as well as part of the nodes in supporting PoA. On this note, our technical lead from India is also a founder of a Mesh-Wi-Fi project that could do exactly this with Enecuum. Check this out (https://geomeoinformatics.com)
Reason#5- Scale — We are building an ecosystem worldwide for artists and art dealers and naturally we could like our dApps to be able to stake easily and become a node for PoA consensus — Artists can run therefore run a ENQ Masternode and earn rewards.
So there you have it, there are some of the strategic consideration for us in choosing Enecuum as our primary blockchain partner and to build this future in the current global marketplace in art.
ARTRACX have this vision of decentralising the power house of today in tracking, tracking and trading art. Making it affordable.
ARTRACX is an extension project from our 10-years passion project called OpenHeart.hk — you can find our more by visiting our website and community in telegram (t.me/artracxcommunity)
ARTRACX is a new platform marketplace that will be using highly secured chipsets together with the Enecuum Blockchain network for deploying the tracking and tracing function of the provenance for art and collectibles.