Non Fungible Tokens
NFTs are the new sensation in the world of Blockchain and cryptocurrencies. From the first NFT “Quantum” being created in 2014 to the latest NFT drop by sports giant Adidas and to NFTs that are minted on Rubix Platform.
NFT stands for Non-Fungible Token. The word Fungible means Replaceable, so the meaning of NFT can be interpreted as Non-Replaceable Token, i.e an NFT is unique and each NFT is one of it’s kind.
NFTs are cryptographically unique tokens that are linked to digital (and sometimes physical) content, providing proof of ownership.
These Non-Fungible Tokens are digital assets that are embedded with identification information during minting- also known as the NFT’s metadata. It is this information that makes each NFT one of a kind. Due to this reason, they cannot be swapped with another NFT.
Rubix NFTs are one of a kind On-Chain NFTs and comes with a plethora of safety features and applications. A few varieties of NFTs minted on Rubix are Music NFTs, Art NFTs etc..
NFTs minted on Rubix blockchain network follows the in-house RAC(Rubix Asset Contract) Protocol. This in turn allows the NFTs created to be linked closely with the Creators DID.
Moreover, Rubix introduces an additional security measure of using Private Key of the creator on the NFTs that are minted to secure them. The amount of information of an asset while minting an NFT for it makes it more unique and allows for larger usecases, considering this particular scenario there is no limit to the amount of metadata that can be embedded in to the NFT, as the RAC structure supports and enables this.
Since the right to mint NFTs are open to all who are part of Rubix network, scenarios of fake tokens or manipulated tokens might arise, to combat this the RAC-NFT structure contains the NFT creators signature made with his/hers Private Key and the authenticity of the token can be verifed by the corresponding public key which is avilable in the network.
Because of the above mentioned security features of Rubix NFT being closely linked with the creators DID and signature using private key, a process called as Sleep Minting is prevented on Rubix chain.
Sleep Minting is when a scammer mints an NFT directly to a famous creator’s wallet with permission to reclaim or pull the NFT back out of the creator’s wallet.
Without the Creators DID and his personal Private key this process is a scammer, cannot sleep mint NFT’s on Rubix blockchain.
Now for nodes/validators validating the NFT transactions are rewarded heflty with double the credits of a normal Rubix coin transfer, i.e. validators are awarded one credit each for validating a RBT transfer, but while they validate a NFT transfer on Rubix etwork they are awarded two credits each.
If you have questions or feedback, please DM us at @rubixchain.