InterChain standards for NFT and Metadata
For any application/architecture/application to function at its full potential, synchronization is one of the prerequisites (among other variables). Specifically viewing the blockchain technology from a broader perspective, similar attempts have been going-on since 2017. Synchronization is also seen as an enabler for better scalability among different platforms within the decentralized ecosystem. This piece specifically dwells into inter-connecting InterChain and NFT (Non-Fungible Token). InterChain is a proposed prototype which assists in interoperability hence allowing safe inter-operability(s) between distinct pair of blockchains. A non-fungible token can be said a type of cryptographic token that showcases a unique asset. NFT’s can be viewed as the digital format of a real-world asset(s). Fungibility characteristic of an asset whose individual units are interchangeable and more specifically unique from each other. The two pieces of research mentioned below will provide you with some idea about some standard which if made the norm will assist in increasing the scalability among distinct decentralized platforms and applications.
A pivotal USP (unique selling proposition) of decentralized architecture is that it’s open-source and functions on consensus algorithm(s). This factor is one of the few crucial reasons the trust has gotten deepened and the degree of algorithms have become complex, robust and secure as well simultaneously. This piece of research suggests a protocol named “the zone protocol”. It is built to offer the world a secure, openly accessible and transparent digital space where the property rights for the governance is in a bottom-up fashion. This proposed model will help in the creation of deeds which eventually will boost quobands (a smart contract which showcases ownership of physical property and allowing multiple-stakeholders to own, fund, administer and invest as well) and other smart transaction in real-estate/property sector. DNFT’s (Delegated Non-Fungible Tokens) embedded in distinct clusters offer a favorable interface for the development of numerous contracts, encompassing ordinates, auctions, option contracts which are prerequisite(s) for commercial real estate transactions.
One factor which makes it unique from its predecessor algorithms is the fact that the paradox between sovereignty and truth between the physical localized zone and instant globalized transactions is resolved via a public chain. One reason for the resolution becoming a reality is the architecture of DNS (Domain Name System). Similarly, zone authorities consign real-estate rights partially, whereas the transaction can happen globally as the only private key is prerequisite for holding ownership of DNFT.
The infographic which you see below showcases distinct high-level zone(s) abstractly. Each zone contains specific geospace, which represents a fungible unit of account also referred to as “writs (flat)” or “cubits (solid)”. One factor for doing this is to restrain the supply of land that can be utilized while providing a particular amount of flexibility about how it can be allocated.
Zones initially begin with a root domain, alongside a complete supply of writs and an appropriate deed file. From that point, DNFT’s can re-allocate too fresh deeds at a higher level of domain abstraction. You may also perceive that the Zone protocol got inspiration from DNS. The Domain Name System (DNS) is a decentralized, federated, global naming system which interlinks human-readable domain names to IP (Internet Protocol) address of the server as well as different network sources. Zones are categorized as private or public entities based on a technique of initial deliberation. After this step gets processed, a fresh zone can get incorporated as a root Delegated Non-Fungible token (DNFT). The zone also encompasses a root deed file specified in Zone Markup Language (ZML). As you may view from the above infographic, DNFT comes under the first domain which is incorporated by the zone operator. In the second domain, large scale property development or lease(s) comes into the picture. The third domain focuses on the residential, or industrial, or commercial units. Finally, in the fourth domain, microlease(s) are emphasized upon.
DNFT(s) can be viewed as an extension of ERC721 token standard for NFT (Non-Fungible Token). Figure 2 showcases the distinguishing factor(s) between fungible and non-fungible tokens, while figure 2 represents the components within a non-fungible token.
Now let’s take a look on “Zone Ordinates”, which are seen as smart contracts within Zone Protocol that’s accountable for administering the ownership of a specific DNFT while increasing few conditions and features. The infographic below represents the core ingredients’ of an ordinate contract.
By default, each address is the owner of any DNFT, but there’s some restriction(s) to what can be accomplished while only wallet address is utilized. A productive approach is to allocate ownership of DNFT to an escrow-like contract, with each owner having ownership over the ordinate contract. You may take into account from the above image that an ordinate consists of a couple of things which may vary and/or get altered when required. As these are smart contracts, they could get imbibed in almost every industry.
As characteristics are defined by a metadata deed file, it’s essential to have a standard understanding of the overview of how it operates. The understanding clearly and quickly can be accomplished by going through figure 9. In any process, certain notation(s) are pinned down to make everyone get accustomed and synced without much hassle. The same applies to the Business Process Model Notation (BPMN). In coming times, with decentralized platforms and applications becoming the norm, only trust with will consent be formed and process gets completed with transparency and accountability simultaneously. Such a scenario is shown in figure 20 where different levels of consent and un-consent are leveled. The following piece of research is helpful for blockchain-based applications – to divert known issues and technology lock-in, facilitate understanding(s) across parties hence increasing trust in smart contract code.
From the above infographic, you may observe the relation between smart contract generator, smart contract code, registry of registries in the blockchain ecosystem. The Regenerator is a model-driven architecture for the generation of registries on a blockchain and for the generation of interface components for those registries as well. Registries are generated in solidity with Ethereum. As it is open-sourced, additional blockchain platforms could be inserted in future if required.
These were the two pieces of research which illustrated the proposed model(s) indicating few reasons for making Interchain standards for NFT and Metadata in the coming days. If you found this piece interesting and want to know more about blockchain updates, visit PrimaFelicitas.