What is the minimal amount of tech required to simulate an NFT? Starting with Community Credentials then migrating on-chain?
I got this idea to start sharing thoughts in the forums for a combination of reasons. One was the frustration over truly misleading claims about environmental impact. (No, minting an NFT is not the same as 40 transatlantic flights.) Another was the fact that we’re seeing far too many VC-backed startups in this space.
While doing some work a Community Credentials info project it occurred to me that we could use that system for an off-chain demo. Where the creation of a digital asset (the NFT) is time and identity stamped by the artists, then an auction is held where members use their credentials to time-stamp bids and the lucky winner of the auction has a cryptographically-secure timestamp verifying ownership and receipt.
Conceptually this is similar to how NFTs function, but simply not on chain. (All assets stored on Resonate’s carbon-neutral servers.) Not quite yet a token, but definitely a digital asset with guaranteed provenance!
Idea being that we could prototype new features and functions and methodologies off-chain, then go on-chain after creating ethical protocols for updating the smart contracting system, clear safety processes (so artists and owners don’t lose access to a permission-less system) and avoid all of the “NFTs burn __ carbon” dialogue through using a carbon-neutral blockchain platform.
