0xcert - open protocol for certified non-fungible tokens

in blockchain •  13 days ago

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The first cryptocurrency - bitcoin-was released in 2008. Tokens on the platform remain interchangeable to this day, as the value of each coin is the same. At the same time, the idea of unique tokens is gaining popularity in the crypto community (from the English. non-fungible token, or NFT). The use of NFT is possible where it is required to quickly and accurately verify the authenticity and value of the asset, as well as to identify the owner.

In March 2018, a new standard of tokens called ERC-721 appeared on the Ethereum blockchain, which developers are already interested in. Unfortunately, every new project on this token starts with writing a software environment, which slows down the date of the product's entry into the market. In addition, two applications of different developers will most likely not be able to fully interact, despite the use of the same standard of tokens.

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Problems and solutions

0xcert is a software environment open source, the mission of which is to ease developers life. With the release of the platform, rules for the release of unique tokens will be created, which will ensure the successful interaction of new developments.

Developers 0xcert distinguish four problems that slow down the development of NFT:

  • Low speed of writing new applications. Due to the lack of a convenient software environment, the process can be seriously delayed. During this time, the market may already have eminent competitors. In addition, the blockchain is a complicated technology. The creators want to create ready-to-use SDKs that will be used as regular library APIs. Thanks to this, developers will be able to create applications on the blockchain, using familiar programming languages. Thanks to the plug-and-play principle, the development time will be reduced several times.

  • The lack of a clear standard, which is why applications written by different developers can not interact. The platform will create a set of rules for issuing NFT tokens. Through the use of standardized rules, different applications will be able to communicate with each other.

  • There is no register of verified persons who can issue tokens. Its creation will reduce the risks to the business and shorten the time of authentication and right of possession. It is planned to create an authentication service to verify the identity of publishers. New users, after the release of a certain number of tokens, will be approved by previously verified publishers.

  • No open source platforms that are not tied to a particular blockchain. Despite the fact that the first version of 0xcert used Ethereum, the developers want to extend the expansion of the platform to other blockchains.

Tokens will be created on the basis of the assets of the outside world, they will be stored in cryptocurrency wallets. Coins can be sold, bought, burned, checked and transferred. With the help of the 0xcert Protocol, it will be possible to confirm the existence, authenticity of the asset and its owner, without the need to confirm third parties.the Information is recorded in the token and protected by encryption. Some of the information is visible to all users, and the details – only to the owner.

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Possible uses

The use of unique tokens is not limited to one area of activity. The developers have identified a number of possible ways:

  • The procedure for customer verification (KYC, from the English. Know Your Customer). Before the ICO, the creators of the project create a white list-a database of customers who are then allowed to buy tokens. Buyers go through the KYC procedure once, on the basis of which they are assigned a unique token, and personal data is recorded in its hash. The received coin is sent to the cryptocurrency wallet of the buyer. Based on this information, ICO creators will be able to filter out unwanted users automatically using, for example, Metamask application.

  • Sphere of education. Despite the progress of technology, education diplomas continue to be forged, and the mechanisms for their verification are far from ideal. The problem can be solved by saving the data on learning in the blockchain and writing them in the NFT token, which is then sent to the student's wallet.

  • Evaluation of art objects. At the moment, it is necessary to call independent experts to verify the authenticity of assets. After reading the information from the unique token, you can find all the previous owners of the item. This will make sure that the picture or other piece of art is real. In addition, you can buy a certain percentage of your favorite songs or exchange it for money or a picture.

  • Collecting. On a similar principle can be traced to the manufacturer of the card or brand. You can quickly estimate the value of the asset without relying on the opinion of third parties.

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Economy token and ICO

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Two types of coins are planned to be used on the platform: unique tokens of Xcert standard ERC-721 and coins of ZXC standard ERC-20, which can be purchased on the ICO. Simple tokens are planned to be used as transaction fees and as an investment tool.

The volume of the issue of tokens will be 500 million, in the future coins will not be issued. 50% will be sold on ICO at the price of 1 ZXC for 0.0001 ETH. Hardcap-20 000 ETH, softcap-5 000 ETH.

At the moment, we know about the four stages of sales:

1. Within the Pre-ICO, 15 million coins were sold. The maximum bonus of the token is 40%.
2. Presale will continue until June 20, the sales target is 200 million tokens with a 15% -20% bonus.
3. From June 26 to July 4, 60 million coins with a 10% bonus will be sold on the public press.
4. 55 million tokens will be sold on the crowdsale from July 4 to July 18. 5% bonus will be given to customers only in the first 24 hours.

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Tokens are distributed as follows: 15% is taken by the team, 12% will go to support the community, 10% will be put in reserve, 6% will be given to advisors and lawyers, 5% will spend on supporting the liquidity of the token, 2% - on the bounty campaign.

The funds will be distributed as follows: 50% for development, 15% for marketing, 15% for legal issues, another 10% for management, 10% for the founders ' Fund, 5% for the organization of this Fund.

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Conclusion

The developers of 0xcert want to be pioneers in the development of unique token technology, they strive to become a Central platform for the development of applications of this type. The introduction of 0xcert will speed up the process of developing applications that will help users to protect against counterfeiting and reduce the cost of authenticating assets. This will cheer up developers who are planning to release new applications on unique tokens.

The usefulness of the idea is beyond doubt. It is very original and promising, the creation of development rules based on the new Protocol will make life easier for developers, users and possible investors in future projects. The urgency of the problem will attract potential investors who want to Finance improved development tools on the blockchain. If the ICO succeeds, the final product will be released at the end of 2019. Perhaps it will put an end to the spread and sale of fakes.

Participate in active discussion of the project in telegram chat: https://t.me/zeroxcert
Follow the news on Twitter: https://twitter.com/0xcert

Official sources of the 0xcert project:

WEBSITE: https://0xcert.org
TELEGRAM: https://t.me/zeroxcert
WHITEPAPER: https://0xcert.org/whitepaper.pdf
ANN THREAD: https://bitcointalk.org/index.php?topic=3308556.0
TWITTER: https://twitter.com/0xcert
FACEBOOK: https://www.facebook.com/0xcert
LINKEDIN: https://www.linkedin.com/company/0xcert/
REDDIT: https://www.reddit.com/r/0xcert/
MEDIUM: https://medium.com/0xcert
GITHUB: https://github.com/0xcert

MY BITCOINTALK: https://bitcointalk.org/index.php?action=profile;u=1238493
My ETH address: 0x90051516FC3451D7bF1b5e7D0A4486757FC81C32

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You got a 4.26% upvote from @upme thanks to @sergeyklimenok! Send at least 3 SBD or 3 STEEM to get upvote for next round. Delegate STEEM POWER and start earning 100% daily payouts ( no commission ).

0xcert in my opinion is an interesting project based on innovative technologies!

Watching the development of 0xcert project, I want to note that they perfectly realize their ideas in life. The team is powerful and promising

0xcert is the first open Protocol created to support the future of digital assets running on irreplaceable tokens, not to meet anything like this

If I understand correctly with 0xcert Protocol we can confirm the existence, validity and ownership of these digital assets without the involvement of third parties. If so, it's very cool

An interesting project, thanks for the links to resources, will study in more detail

Very detailed review, thank you!

Great article, thanks for the review!