The first open protocol powered by non-fungible tokens is designed to expand the potential of blockchain technology beyond cryptocurrencies
0xcert, a European based tech start-up, is starting a Public Pre-sale event on June 26. The ICO aims to raise funds by selling tokens (called ZXC) to buyers and developers, which will be used for various utilities within the protocol ecosystem. 0xcert is not simply a transfer of ‘money’, like other blockchain technologies, but creates unique non-fungible tokens, each token carrying an imprint of a real-world asset.
Adoption of this innovation has the potential to revolutionize the way we store, manage and verify assets such as house or real estate, artworks, academic credentials and ID documents. The new technology will also provide a framework for developers to build powerful decentralized applications ‘dapps’, enabling everyone to easily authenticate and manage their digital or real-world assets (such as IDs, degrees, art or real estate) on the blockchain.
0xcert has developed an open source protocol for the management of these non-fungible tokens through blockchain. The protocol provides a foundation that enables developers to build on this technology. 0xcert provides a framework for developers, which can build dapps (decentralized apps). These dapps will in turn be able to digitally represent and verify ownership of assets such as land titles, artworks as well as collectibles.
Jure Zih, Co-Founder and 0xcert CEOexplains that their mission is “To equip application developers with a secure blockchain agnostic platform, powerful tools and community embraced conventions for managing non-fungible tokens.”
0xcert provides conventions for the developer community to standardize the way digital assets can be converted into non-fungible tokens on the blockchain. These conventions are currently under development for various assets such as certificates, academic credentials and identities.
Kristijan Sedlak, Co-Founder and CTO added “Since 0xcert is an open source project that strives to be community driven, a decentralized governance model could be introduced as well.” They plan to expand these conventions to include collectibles, warranties, loyalty programmes, real estate, in-gaming items and more.
To provide a real-world example of this technology, imagine having all your academic certificates, land title, ID documents and artwork certificates online, each asset represented by a unique token. These are all stored in a ‘digital wallet’, which you control using a private digital key (akin to a password). If someone for example wanted to authenticate artwork or validate a degree, they could easily do that through a simple decentralized application. By enabling this verification process, 0xcert will help resolve numerous problems associated with proving provenance and authenticity.