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.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.
1. Low speed of development: due to the lack of a pluggable framework, the development of dapps can take months therefore severely increasing go-to-market time, which results in much slower adoption and increases competitive risks.
2. Lack of conventions and interoperability: different verticals require different conventions which are currently missing to ensure interoperability. Equally important is the gap of interoperability between applications, which needs to be addressed in order to maximize adoption and business impact.
3. Missing registry of verified issuers: a big missing part is a registry of issuers of NFTs, which would serve for authentication and validity of the issuers. Creating a common registry will reduce verification time as well as reduce business risks.
4. Limited open-source and blockchain-agnostic solutions: current NFT applications are siloed for specific purposes and currently Ethereum-focused, but with opportunities emerging in other blockchains (EOS, NEO) too. The opportunity to have an open source and blockchain agnostic protocol will open far greater opportunities for dapps and usage of NFTs.
The 0xcert protocol utilizes the blockchain, a distributed ledger technology that was first built to support the Bitcoin cryptocurrency.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.0xcert 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.
- The 0xcert protocol provides conventions for minting certified non-fungible tokens for unique assets. With the use of the protocol, proof of an asset can be written into the token directly. These proofs are built following industry-specific conventions and enable data interoperability among various applications.
- 0xcert is an open-source and community driven project. Its first implementation is built on Ethereum. However, due to the blockchain-agnostic nature of the protocol, expansion to other blockchains will follow. The protocol may also include a decentralized governance (DAO) mechanism to allow the community to vote for further improvements.
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.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.
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.