Overview of 0xcert As An Open Source Project

The blockchain technology is the most disruptive technology of this 21st century. As an emerging and new technology, its full potential is yet to be explored. The blockchain technology brought about cryptocurrency which is in the lips of majority of the world populace as we speak through its first introduction by Satoshi Nakamoto in 2017, and this technology has proven its usefulness in different spheres of human endeavors in areas such as the financial sector, advertising, robotics, healthcare, logistics and so on. As we speak, the technology has been presumed to be the solution to almost all imaginable problems in the future.

Before I proceed further let me differentiate between a fungible and non-fungible token. A fungible token can be described as a token that has no uniqueness and can be interchanged with other identical tokens such as Bitcoin, Ethereum while the non-fungible token is unique, distinct and distinguishable from each other. Non-fungible tokens.

With more application of the blockchain technology, it is noteworthy to say we have found real-life applications and its decentralized nature has given way to the introduction of harnessing it in managing intangible and tangible assets. 0xcert is specifically tapping into the non-fungible token to create, validate and own unique assets (tangible & intangible) such as intellectual property (patents, copyrights, equipment, houses), and so on. by providing a new layer of conventions that will enable the creation of non-fungible tokens for these unique assets through the 0xcert protocol that will be deployed.

The blockchain as it is known as a trusted, secure decentralized distributed ledger system that stores records which are immutable and cannot be compromised. Despite the popularity of the blockchain technology and several areas it has been applied, its adoption is still slow, though awareness is growing day by day. There have been different projects targeting the physical assets market through the blockchain technology by tokenizing the assets but none has thought of coming up with standardization and an underlying protocol that can make the validation of these assets being in existence, authentic and its ownership(s) easier. Standardization is part of how things are been done in a simpler and easy way as long as the laid down procedures, rules and regulations are adhered to. Some existing problems ranges from long development time taken by developers, risk and high costs in the development of various blockchain solutions. Due to such lack, 0xcert was conceived.

What is 0xcert?

0xcert is providing a decentralized platform where tangible and intangible assets will be verifiable, validated and duly certified through the deployment of a standardized open protocol in advancing the application of non-fungible tokens through its open source protocol on the blockchain. It will provide the environment for decentralized applications developers to build on top of the non-fungible token standard by deploying a complete toolset, development framework,and new conventions for different use cases. With 0xcert, physical assets will be easily certified, ownership of such assets will be verified and its existence confirmed. With the ideology and concept to be adopted by 0xcert, companies that are not blockchain inclined will not find it difficult to harness the potential of using a decentralized and distributed ledger to incorporate the features of the non-fungible token technology into their applications development with their developers not having the requisite blockchain programming knowledge.

Problems Inhibiting The development & Adoption of Non-Fungible Token (NFTs)

1. Inadequate conventions & interoperability: Applications have huge limitations of being interoperable between them.

2. Low development speed: This has to do with the time it takes for decentralized applications to be fully developed and ready for use due to insufficient pluggable framework and this tends to increase competitive risk and slower adoption.

3. No record of verified issuers: Issuers of non-fungible tokens (NFTs) do not have a registry where all issuers can Ben properly authenticated and verified. With the availability of a registry for issuers, risk associated doing business and time for verification will Ben drastically reduced.

4. Blockchain-agnostic and limited open source: presently non-fungible tokens applications are focused on Ethereum and for specific purposes though other blockchains such as EOS and NEO is giving way for open source and blockchain agnostic protocol for usage IFB decentralized applications and non-fungible tokens.

Solutions As Proferred by 0xcert

1. Development of plug & play framework: It allows interoperability between decentralized applications because it’s has solid dynamic pluggable infrastructure that supports different business models.

2. Data Standardization & interoperability conventions: Non-fungible tokens are minted for unique assets and it allows proof of an asset to be written directly into the token.

3. Decentralized verification registry through curated registries: Every non-fungible token to be issues will require a deployed main token contract and there will be a way to check the identity of isssuer and validity. This concept will provide a situation where a new token issuer will have to stake certain amount of tokens to get listed and at the same time holders of the same tokens will have the opportunity of either approving or disapproving such listing.

4. Open source and blockchain agnostic: It’s maiden implementation is centered around the Ethereum blockchain and it’s open sourced whereby it will encourage further improvements since it can be easily integrated and it will be expanded to other blockchains.

Token

The ZXC token is a utility token that will drive the 0xcert ecosystem.

Conclusion

With the approach to be adopted by 0xcert, assets declared will be verifiable and certified thereby eliminating fraud where false declaration can never be made. It is a useful concept and can have its application across the academia, arts, health, intellectual property, physical properties and others too numerous mention.

For more useful information, please check the below links;
Website: https://0xcert.org/
https://bitcointalk.org/index.php?topic=4434967.msg39606689#msg39606689
Whitepaper: https://0xcert.org/whitepaper.pdf
Telegram: https://t.me/zeroxcert
Twitter: https://www.twitter.com/0xcert
Linkedin: https://www.linkedin.com/company/0xcert/
Author's details:
Bitcointalk usrename: mayukus4life
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1777715e