Introduction – What is Value Manifesto
Last week the Value Manifesto project has officially launched. As trimplement, we are proud to be part of this exciting undertaking.
In this article we are going to elaborate on the technical concepts of the project – for those interested in what happens behind the curtains.
But before we dive into the details, let’s start with some high level information about the Value Manifesto project itself.
Value Manifesto is an interdisciplinary project, combining modern art and cutting edge technologies (like Blockchain and IoT). It aims to establish a whole new category in arts. Extrapolating the commercial and economical aspects of art, Value Manifesto declares the art object’s value itself to be art.
But what does Value Manifesto define to be the actual artwork? The Value Manifesto art objects are called “crypto multiples”. They unite art, craftsmanship and technology in a beautiful way. Every single one of the 250 nixie tubes devices is linked to a dedicated unique Token, stored on the Ethereum Blockchain. The tubes display the current market value of this limited artwork at any given time.
Like any valuable scarce resource on this planet, the Value Manifesto crypto multiples are also limited to 250 pieces.
The detailed explanation of the artistic concept behind Value Manifesto can be found on the project’s site: https://www.valuemanifesto.ch/
The Value Manifesto Begins
We at trimplement are always on the lookout for new innovative ideas. If the idea is convincing and exciting enough, we sometimes decide to help develop it into a real product by providing our technological expertise.
Back in 2017 Timo Niemeyer, the artist behind the concept of Value Manifesto, was looking for a technological partner to implement what he envisioned to become an online auction platform for his “world’s first crypto-multiple”. A platform where his art objects can be bought and sold by anyone around the world. Through his professional network he found trimplement. After a few initial calls, we finally met Timo in person in Cologne, Germany and discussed his idea. Matthias, Thijs and I, the 3 co-founders of trimplement, were fascinated by the Value Manifesto concept and about the prospect of contributing to such a modern and multifaceted project.
Several months, meetings and lines of code later we finalized the implementation of the Value Manifesto token and the online auction platform. But that didn’t mean we were done with the overall project. If I was to give a good advice to all the future startup founders out there, it would be: do not underestimate the legal part of launching a product, in particular when you are working on projects that may turn out to fall into regulated territory. Several long discussions with our lawyers resulted in actual adaptations that we had to make to the software in order to comply with regulatory requirements.
Value Manifesto: How it works
But as with anything in life, where there is a will, there is a way. Now that we have finally launched Value Manifesto, let’s have a look at the components and some technical specialties of the solution. Let me first briefly describe the trading process from the customer’s point of view.
As a new customer, you can go to the Value manifesto auction platform website at: https://app.valuemanifesto.ch and sign up for an account. Before you can place your first bid, you will be required to upload some documents which are needed for the Know Your Customer (KYC) verification process. This process is a regulatory requirement that Value Manifesto needs to comply with. Once your KYC verification is completed, your account will be activated for bidding. Now you can place your first bid (which should ideally be higher than the currently highest bid) and wait until it gets accepted by an owner of a Value Manifesto crypto multiple edition. The platform will take care of the entire purchasing process for you. As soon as you have transferred the money for your edition of the crypto multiple (bid amount plus the platform processing fee) to the Value Manifesto banking account, the system will automatically assign one of the tokens to your Ethereum wallet (this wallet is associated with your Value Manifesto account and managed by the platform). The corresponding Nixie tubes display will be packaged and shipped to you to adorn your living room. Once plugged in and configured in your customer service area, it will sync up with the Value Manifesto platform and continuously show the currently highest bid / the value of your crypto multiple. Now you can impress your friends and family and watch the current value of your edition. If one day it is high enough to convince you to sell, simply login into the Value Manifesto platform again and accept the highest bid. That’s it.
Ok, now let’s see what happens behind the scenes on the technological side. In the picture below you can find the simplified high level architecture of the Value Manifesto platform.
The token VME / Value Manifesto Edition is implemented on the Ethereum blockchain. Token handling (e.g. issue, transfer to the new owner) happens in the corresponding smart contract which is deployed under the following Ethereum address: https://etherscan.io/address/0x2908a881d04658b9bc59f0e7646cd87094e969a2
Here you can have a look at the token itself and verify that there is a total limited number of 250 editions (total supply): https://etherscan.io/token/0x2908a881d04658b9bc59f0e7646cd87094e969a2
When you sign up for an account at the Value Manifesto auction platform, the platform also automatically creates an Ethereum address and assigns it to your personal account. When you buy a Value Manifesto edition, the token associated with this edition will then be moved to your Ethereum address. You can track the ownership of the token also on the public Ethereum explorer: https://etherscan.io/
The auction platform is the core component of the Value Manifesto system, it’s responsible for the:
- management of users
- management of art objects
- auction processes
- management of the whole purchasing process (tracking of payment status, object/token ownership transfers, shipment status and so on)
Whenever the highest bid on the auction platform changes, an event is sent to the particle cloud, an IoT application that is responsible for the communication with Nixie tubes. All devices are notified about the price change and immediately display the currently highest bid.
The payment processing part (moving money between the buyer and seller) is handled manually in the MVP. At a later stage we will for sure consider automating this process on the platform.
Thank you for the attention and if you are also technophiliac or an art lover, just go to our website and sign up for a user account. Happy bidding!