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Oxcert – ​ the first ​ ​ open protocol ​ built to support the future of digital assets

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.

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.

Xcert

Digital assets on the blockchain as non-fungible tokens represent a new paradigm, which enables application developers to build advanced and secure applications for managing real-world assets. Users hold asset ownership rights in their cryptographic wallets. They are able to exchange tokens between wallets and have control over the tokens they own. The 0xcert protocol puts unique assets on the blockchain as non-fungible tokens. These tokens are called Xcerts and exist on the blockchain as an item of a specifically designed smart contract. Xcerts are items of a specifically designed smart contract which implements the non-fungible functionality. An Xcert is identified by an ID, which is unique per Xcert smart contract and is always assigned to a cryptographic wallet. Besides the unique ID, a token can carry proof of a digital asset, arbitrary onchain data and a URI to additional off-chain data. An Xcert smart contract is an extended non-fungible token smart contract. It follows the Ethereum’s ERC-721 specification making it compliant with the non-fungible token standard. Furthermore, an Xcert smart contract holds assets of a particular 0xcert convention. This makes the contract opinionated and forces predictable data.

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.

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