Topic: I am developing a new blockchain to tokenize/authenticate digital licenses (Read 96 times)
October 28, 2021, 07:24:25 AM
UPDATE: Visit our discord channel 'jengasmash' to play a basic proof-of-concept game we developed useing the jengascoin blockchain, jnga, and nft-based in-game mods that can affect the outcome of the game (xp boost, pushback, chance, etc). You can even make your own new mods and sell them using the jengascoin marketplace functionality. https://discord.gg/qtJMGQejY7
October 14, 2021, 07:32:43 AM
Thanx for the link! Watching this thread (and twitter, and Discord ^^)
Good luck!
Good luck!
Thank you
October 13, 2021, 04:38:46 PM
Thanx for the link! Watching this thread (and twitter, and Discord ^^)
Good luck!
Good luck!
October 13, 2021, 11:38:04 AM
The idea looks promising waiting for news and good luck
Thank you! October 13, 2021, 10:22:47 AM
The idea looks promising waiting for news and good luck
October 13, 2021, 10:15:01 AM
We are a small team who has been developing a new blockchain that facilitates digital license creation, sale, resale, and on-chain royalty distribution. We are going to release this project, and all related tools, open source once we have completed testing of the blockchain, the API, wallet, etc.
I originally developed the concept for the blockchain on the premise that real-wold utility is missing, or an after thought, on many existing blockchains. The idea seemed simple enough: let's find a way to decentralize digital licensing using the blockchain. I started by researching if any current chain would be able to handle the following key parts of the problem I wanted to solve:
1. Generate an NFT to represent an asset (a piece of software, for instance)
2. Tokenize licenses of the NFT in the form of NFT tokens on the blockchain
3. Have parameters available for the NFT creator, that would be enforced by the blockchain and not rely on trusting any individual party to comply (exclusivity, expiry, royalty percentages, royalty addresses)
4. Decentralize the NFT marketplace
5. Handle license authentication
6. Accomplish 1-5 in an inexpensive, efficient way
After diving deep into various possible and already existing blockchain candidates like Ethereum and Cardano, it became clear that the best path forward for a project like this would be to create a new blockchain, fine tuned to provide the desired functionality. In essence, I did not want to build a swiss army knife, but an efficient tool for 3 specific tasks, blockchain based licensing, license distribution, and license authentication.
The other part of the idea was that I wanted to accomplish all of the above in a developer friendly way, as an open source project that will be free and easy to understand, contribute to, and utilize.
A large benefit of this project will be the decentralization of the marketplace, something that I envision will remove the current reliance on centralized, monopoly app stores, their massive fees, etc.
Features of a Jengascoin NFT
-asset creation
-asset tokenization
-exclusivity period (before which resale is not permitted)
-expiry (for periodic or rental license)
-royalty percentages and addresses (if a creator chooses to allow resale after exclusivity ends, the percentages and addresses that the blockchain will distribute resale royalties to, enforced by the blockchain).
-categories and subcategories, metadata, etc relating to the NFT
Features of the Jengascoin Marketplace
-the marketplace is a function of the blockchain
-NFT creators can sell their NFT tokens as marketplace transactions, or wallet to wallet.
-Resale transactions are handled by the marketplace function of the blockchain
-the blockchain enforces the attributes of the NFT token on resale transactions
-the blockchain itself acts as broker in marketplace transactions. The protocols that govern marketplace transactions enforce the NFT creator's policies.
We chose to use POW for our blockchain, because it is extremely secure and allows for equitable distribution of Jengascoin JNGA, the cryptocurrency generated through mining. Jengascoin JNGA is the underlying payment method within the marketplace system and the currency in which royalties are distributed.
Our plan is to release a complete set of tools, a blockchain that accomplishes all of the tasks we set out to achieve, and not to release a blockchain with tools 'coming soon' or promises of future tools and functionality.
As of now, we have completed all of the functionality mentioned above and we are currently running in testnet form. We have a discord if anyone wants to stop in and talk to us. https://discord.gg/Qs2Hpcjscn also here is a video I made to explain some of how this works: https://www.youtube.com/watch?v=vKQBzXS_aJY website: https://jengas.io
I originally developed the concept for the blockchain on the premise that real-wold utility is missing, or an after thought, on many existing blockchains. The idea seemed simple enough: let's find a way to decentralize digital licensing using the blockchain. I started by researching if any current chain would be able to handle the following key parts of the problem I wanted to solve:
1. Generate an NFT to represent an asset (a piece of software, for instance)
2. Tokenize licenses of the NFT in the form of NFT tokens on the blockchain
3. Have parameters available for the NFT creator, that would be enforced by the blockchain and not rely on trusting any individual party to comply (exclusivity, expiry, royalty percentages, royalty addresses)
4. Decentralize the NFT marketplace
5. Handle license authentication
6. Accomplish 1-5 in an inexpensive, efficient way
After diving deep into various possible and already existing blockchain candidates like Ethereum and Cardano, it became clear that the best path forward for a project like this would be to create a new blockchain, fine tuned to provide the desired functionality. In essence, I did not want to build a swiss army knife, but an efficient tool for 3 specific tasks, blockchain based licensing, license distribution, and license authentication.
The other part of the idea was that I wanted to accomplish all of the above in a developer friendly way, as an open source project that will be free and easy to understand, contribute to, and utilize.
A large benefit of this project will be the decentralization of the marketplace, something that I envision will remove the current reliance on centralized, monopoly app stores, their massive fees, etc.
Features of a Jengascoin NFT
-asset creation
-asset tokenization
-exclusivity period (before which resale is not permitted)
-expiry (for periodic or rental license)
-royalty percentages and addresses (if a creator chooses to allow resale after exclusivity ends, the percentages and addresses that the blockchain will distribute resale royalties to, enforced by the blockchain).
-categories and subcategories, metadata, etc relating to the NFT
Features of the Jengascoin Marketplace
-the marketplace is a function of the blockchain
-NFT creators can sell their NFT tokens as marketplace transactions, or wallet to wallet.
-Resale transactions are handled by the marketplace function of the blockchain
-the blockchain enforces the attributes of the NFT token on resale transactions
-the blockchain itself acts as broker in marketplace transactions. The protocols that govern marketplace transactions enforce the NFT creator's policies.
We chose to use POW for our blockchain, because it is extremely secure and allows for equitable distribution of Jengascoin JNGA, the cryptocurrency generated through mining. Jengascoin JNGA is the underlying payment method within the marketplace system and the currency in which royalties are distributed.
Our plan is to release a complete set of tools, a blockchain that accomplishes all of the tasks we set out to achieve, and not to release a blockchain with tools 'coming soon' or promises of future tools and functionality.
As of now, we have completed all of the functionality mentioned above and we are currently running in testnet form. We have a discord if anyone wants to stop in and talk to us. https://discord.gg/Qs2Hpcjscn also here is a video I made to explain some of how this works: https://www.youtube.com/watch?v=vKQBzXS_aJY website: https://jengas.io
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