Current maintenance of Non Fungible Tokens can be seen in 2 main parts.
- Decentralized ledger powered by cryptographical security, blockchain, to handle the minting and accounting of the NFTs.
- Storage platform to store actual NFT content.
There are many blockchains that ensure the needed functionality of part1 (with gas cost and payment differentiators).
With regards to part 2, the current approaches are:
Use centralized storage platform to persist the file to get back the URL to access/refer to it. The URL to file/asset metadata mapping is then persisted in blockchain, which is immutable once recorded. But problem with this approach is the file content behind the URL can be altered/deleted any time without any user originated update action..
Use IPFS to persist the file and get back a content identifier (CID). These CIDs act as a way to retrieve the data and as a way to ensure validity of the data. But the problem with this approach is privacy & personalization. As blockchain and IPFS are public, it is easy to get the CID mapped to a specific NFT and anyone with CID can access/use the file content mapped against it.
Also, if assets/file needs GDPR (or any other data privacy) compliance, one can’t store the file in a random location.
MoiBit addresses these problems by creating a new class of NFT’s called Non-Vanishing NFT’s. By providing the users with total personalization, complete ownership & control of their NFT content (with seamless integration of the token to decentralized ledgers), in MoiBit, user has the ability to:
- Select where to store his/her assets/files - Location privacy and personalization
- Choose number of copies the asset/file should have - Personalized reliability
- Choose of type of content encryption - Complete data security
- Permissioned sharing and global verification of content immutability and ownership with cryptographic proofs – Personalized Trust