Interested in learning about cryptocurrencies and blockchain? Having trouble consuming the literature and filtering the noise?
FRESCO co-founder, Roy Huang, joined us on the Henry Raines Show and shared a way that you experience the process without risking or surrendering any fiat currency.
After learning about FRESCO, reviewing their whitepaper, and engaging with several members of the community on twitter; I was delighted that Henry coordinated a guest appearance with Roy. His warmth, enthusiasm, and sincerity naturally create an engaging environment. Reminding us that it is possible to leverage our existing strengths, talent, and social platforms to contribute.
What is FRESCO?
A blockchain application (DApp) that serves to create an awareness about art, reduce the opaqueness of the industry, verify authenticity, and create a navigable path for newcomers. Do you consider art a store of value? If your answer is no or you are uncertain, now is the time to explore and expand. By leveraging blockchain technology, FRESCO seeks to increase the number of participants in the world of art. You can learn more by listening to the show, reading my review of their whitepaper, checking out the artist amongst us on the show, Augi, or have a look at the FRESCO site and whitepaper.
I’ll highlight one of my favorite parts of this token: the incentive to learn. Not only about art, and blockchain, but about the economics surrounding both. The FRESCO community gives a detailed walk through in this post. Briefly, when an artist creates a work, for example, a print, s/he has the opportunity to create multiple editions. What is the right number of “editions” to create? Through FRES Edition, owners will be able to experiment with the appropriate number to offer. If an owner believes that s/he can generate interest by creating 25 multiples, s/he can allocate the token FRES Cash to reproduce and issue 25 FRES Editions. These must be ‘transferred’ to investors within 24 hours to be deemed a successful issuance. If not, the owner has the opportunity to revise the number of multiples. Once issued, collectors, dealers, institutions, and users have the opportunity to contribute additional FRES Cash toward the artwork, increasing the value of all editions. The FRESCO team is attracting experts in all areas of the art world, providing a transparent platform where one can learn by watching, engaging, experimenting, and doing.
Confidence in their product, a passion for giving emerging artists a voice, and expanding the art investing market; FRESCO secured funding (most recently from Elastos co-founder, Dr. Feng Han) and abandoned an effort to raise capital through an ICO. Rather than put retail investors at risk during this time of uncertainty or delay participation, FRESCO is conducting an Initial Coin Distribution (ICD). Through the ICD, you have an opportunity to earn 2,000 FRES tokens, experience some basic elements of utilizing blockchain technology, and gain an understanding of the art market.
There are several ways to participate:
- Register for the ICD. It is in the final stages, and requirements vary depending on whether you are or are not actively involved in the art world. The theme of this version is “The Art Expansion”
If you are not in the art world, you’ll need to upload a video of you conversing about art to YouTube, twitter and Instagram with #FRESCOArtExpansionv5.
Next you need to take a 100-question test about art.
- FRESCO Awards. Use your talent to share with the world what Art and Blockchain mean to you. There are weekly awards for writers, designers, and videographers. Additionally, there is a special Art Award running through August 22, 2018.
Before you start:
Learn how to set up an Ethereum Wallet. If you do not have experience is setting up a wallet, now is the time. This is a perfect way for you to understand the difference between public and private keys in cryptography.
Recommended wallets include, My Crypto Wallet or My Ether Wallet. Both have tutorials that are exactly where you should start in understanding some basics. Learn about browsers and extensions that are compatible with the blockchain through MetaMask.
Even if you know the basics of phishing attempts and scams, I see these happening regularly throughout the cryptocurrency world and on social media. Reminders of insuring that you are on the correct, secure (https://), website and best practices are helpful even for seasoned experts. Once you get a comfort level, it is easy to be tempted by scams. Many have learned this lesson by experience and losing a transaction. In an effort to curb that I’ll repeat my regular PSA … legitimate airdrops, distributions, circulation of tokens DO NOT ask you to send BTC, ETH or any other cryptocurrency, or fiat currency. Do not fall prey to false social media handles (often with a slight transposition of characters or addition of numbers) encouraging you to send .03 BTC for the token.
This blog is provided for informational purposes only. Nothing herein shall constitute legal or financial advice.