Oxcert – Supporting Uniqueness

Oxcert – ​ the first ​ ​ open protocol ​ built to support the future of digital assets, powered by non-fungible tokens. The 0xcert protocol offers ​ tools for building powerful dapps ​ , aimed at easy authentication and management of digital or real-world tangible assets (such as ID, educational certificate, in-game item or a house) on the blockchain. ​ In addition to common functions for transferring and managing standard non-fungible tokens, the 0xcert protocol provides ​ another layer of conventions for creating certified non-fungible tokens for unique assets ​ . These tokens are called Xcerts and are created through a custom minting process. Xcerts represent opinionated non-fungible tokens, which also hold an imprint of an asset. With 0xcert protocol, they can validate a proof of existence, authenticity and ownership of these digital assets without third-party involvement. The vision of 0xcert is to provide an ​ open protocol for standardized and certified non-fungible tokens to a wider tech audience ​ . With 0xcert, you can build on top of the non-fungible token standard, employing a ​ complete toolset, development framework, and a set of conventions for various use cases ​ . This results in shorter development time, lower risk and cuts cost associated with developing blockchain solutions. A wide range of decentralized applications and business models can be supported, giving companies the power to fully utilize the potential of blockchain technology. Oxcert is an open source protocol that translates one-of-a-kind digital or real-world assets into non-fungible tokens (NFTs) – unique proof of ownership available from the blockchain.

Decentralization
The protocol utilizes the blockchain, a distributed ledger technology that was first built to support the Bitcoin cryptocurrency. Blockchain is best described as a distributed ledger that maintains a list of records called blocks. Each block has a timestamp and is built on top of an already existing block, preventing any data from being altered retroactively. Blockchain offers a unique solution to the problem of secure online transactions. Due to its transparency and distribution of information to many decentralized blockchain nodes, it is nearly impossible to manipulate existing data records, making it potentially suitable for recording events, records, identities, certificates, transactions and other documentation.

Ecosystem
The 0xcert team is determined to continuously bring value to the open-source community. Their mission is to empower developers with powerful tools and useful applications of non-fungible tokens. In addition to the 0xcert protocol development, the purpose of the 0xcert team, as the
core team behind the 0xcert protocol, is to provide a foundation for trustless, certified, non-fungible tokens on the blockchain and to manage and unify the community by connecting individuals and groups working in the area of non-fungibility and to provide resources and support for the related community driven incentives. The 0xcert ecosystem is made up of various stakeholders, who all have different roles. Due to the nature of the project, a wide spectre of groups will be involved, ranging from research and development, all the way to for-profit companies. In a generalized sense, the 0xcert ecosystem is made up of four major components: 0xcert Labs, 0xcert Protocol Development, 0xcert Protocol Users and the Non-Fungible Alliance.

Solution
The 0xcert protocol utilizes the blockchain, a distributed ledger technology that was first built to support the Bitcoin cryptocurrency. Blockchain can be best described as a distributed ledger that maintains a list of records called blocks. Each block has a timestamp and is built on top of an already existing block, preventing any data from being altered retroactively. Blockchain offers a unique way of solving the problem of secure online transactions and double spending. Due to its transparency and distribution of information to many decentralized blockchain nodes, it is nearly impossible to manipulate or duplicate existing data records, making it potentially suitable for recording events, records, identities, certificates, transactions and other documentation. Oxcert provides a framework with a set of on- and off-chain rules for managing xcerts – standardized and certified non-fungible tokens. Their mission is to equip application developers with a secure blockchain settlement, powerful tools, and community embraced conventions for managing the NFTs.

Opportunity
The most common tokens of today’s crypto economy follow the Ethereum’s ERC-20 specification. These tokens are used for a specifically defined utility within predefined systems and thus carry value. Tokens that are issued by the same source are identical and mutually interchangeable. This characteristic is called fungibility, hence these tokens are called fungible tokens. Token holders can buy and sell these tokens on exchanges, which is also the primary mechanism of their price valuation. Recently, another form of tokens, called non-fungible tokens (NFTs), started getting attention in the crypto community. Non-fungible digital assets represent the next stage in the blockchain evolution. The first good use case for NFTs was introduced with CryptoKitties. These were one of the first popular crypto-collectables: assets that were unique and could be stored in your Ethereum wallet. You could buy, sell, trade and even breed them. Later on the Ethereum implementation proposal 721 (EIP-721) got introduced and confirmed got confirmed as an Ethereum standard (ERC-721) in March 2018.

Token
The 0xcert token ZXC and the protocol will be managed by the 0xcert Foundation. The number of tokens will be fixed and cannot be additionally minted. Any changes to the token design will be governed by the 0xcert Foundation and its Board of Directors. The token holders will not have voting rights, but the Management Board and Board of Directors can consult with a wider stakeholder ecosystem: developers, partners, token holders as well as other existing and future stakeholders.

Source: youtube/Oxcert

For more information, visit the Website or read the Whitepaper.