Tech Collect

Inspiration

A missing element in the space is a fair and actively managed collection of innovative technologies, allowing interested participants to purchase a diversified group of tokens in a single transaction. Certainly companies exist to charge a high percentage at some point in the process for low effort required and simple luck of the market overall results. What’s lacking is a true actively managed collection of innovative technologies by an organization attempting to identify the best, not necessarily the biggest, tokens available. Properly managed collections of innovative technologies with fees or founder holdings less than 15% really do not exist. The blockchain community as a whole should not accept this as the only option

What it does

Tech Collect solves this problem. The concept is simple, when you exchange an “amount” of Ethereum for TECO Tokens, that same “amount” is divided up into the specific tokens comprising the collection of innovative technologies. This token is created via specific smart contract fulfillment built on top of the Ethereum Blockchain using Openzeppelin and Chainlink and custom contracts for building decentralized organizations. The value of the token at any given moment is the combined sum of a collection of blockchain tokens which is currently held divided by the number of tokens in the market. Each token will be created when purchased and the fractional percentages of each token which composes the backing collection of innovative technologies are instantaneously added. This makes TECO Token infinitely scalable.

How we built it

The project is being built as an ERC20 token using solidity. The contract uses calls on chainlink, openzeppelin, and custom contracts related to minting tokens and determining current value.

Challenges we ran into

Full stack development was not feasible in the timeframe with a full time job and without a designated full time developer on our team, we have started to assemble and test pieces of the necessary code by storing it on github and testing in remix on kovan.

Accomplishments that we're proud of

The progess we have reached with our white paper which thoroughly tackles the concept and our progress in understanding the complexity of the code required to issue a self mintable asset backed token contract.