About 0xcert

0xcert.ico is an open source, a permission-less protocol for certified non-fungible tokens on the blockchain. These tokens are stored in cryptographic wallets and are owned by users. In addition to various common functions for managing and transferring standard non-fungible tokens, the 0xcert protocol provides conventions for creating certified non-fungible tokens from unique digital assets.0xcert.ico represent standard non-fungible tokens, which also hold information about some real-world digital assets. With 0xcert protocol, a platform can further validate a proof of existence, authenticity, and ownership of these digital assets without third-party involvement.

The first implementation of the 0xcert.ico protocol is focusing on the Ethereum blockchain. Because the 0xcert protocol tries to be blockchain agnostic, a company would like to support other blockchains as well.An Xcert smart contract is a standard non-fungible token smart contract. Similar to well known ERC-20 token contract the Xcert smart contract is a specifically designed smart contract, which follows the Ethereum’s ERC-721 specification also known as a deed standard.

Basic Information

Company name – 0xcert

Language – English

Ethereum’s – ERC-20

tokens – ERC-20

standard – ERC-721

Business Layer

0xcert.io is a pluggable settlement with an advanced integration layer for different apps and relay applications. In addition, the 0xcert protocol represents a low-level certification layer and defines the steps for different certification flows, strengthened by the conventions. The protocol allows for building higher-level applications and services, to enable advanced non-fungible features, usage simplifications, and automatization.

0xcert explorer

The purpose of the 0xcert.io company, as the core team behind the 0xcert protocol, is to provide a foundation for trustless, certified, non-fungible tokens on the blockchain and to unify the community as much as possible. In addition to the protocol itself, the 0xcert.io company provides and manages an online 0xcert Explorer app, which enables a live view of the 0xcert network, together with interfaces for interacting with the protocol, which represents the central hub for non-fungible tokens on the blockchain.

Xcert

According to William Mougayar, author of “The business blockchain”, a token is “a unit of value that an organization creates to self-govern its business model, and empower its users to interact with its products while facilitating the distribution and sharing of rewards and benefits to all of its stakeholders. An 0xcert carries an imprint of a unique real-world digital asset.It represents a cryptographic hash of a digital asset and serves as a decentralized proof of a digital asset on the blockchain. This makes the 0xcert protocol unique and extends the usability to a whole new level.

Fungibility

The most common tokens of today’s crypto economy follow the Ethereum’s ERC-20 specification. These tokens carry a price, which can be divided into smaller amounts. One can exchange just a portion of that price for a service or for different tokens. This is called fungibility, thus these are called fungible tokens.The 0xcert.ico protocol introduces an Xcert as a certified, non-fungible token based on 0xcert conventions, and it carries information about a particular digital asset. This mechanism is unique to the 0xcert protocol and is described in later sections.

Decentralization

Certification represents compliance with specific requirements. It can cover products and their components, services, people, and systems. Digitalization of different assets has already introduced a new way of storing and sharing information online, making certification cheaper and more convenient for all involved parties. However, the ability to easily copy and share this data, also makes it vulnerable to various exploits, hacks, and falsifications. The protocol utilizes the blockchain, a distributed ledger technology that was first built to support the Bitcoin cryptocurrency. Blockchain can be best described as a distributed ledger that maintains a list of records called blocks. Each block has a timestamp and is built on top of an already existing block, preventing any data from being altered retroactively.

Certification

The minting process of a new Xcert is called certification. The result is a new certified non-fungible Xcert token. 0xcert.ico is assigned to digital wallets and the ownership of each Xcert is immediately transferable among them. New Xcerts can be minted by the issuer, who owns the Xcert smart contract or minted by an entity authorized by the issuer.Similar logic applies to the burning process, where the holder is also allowed to burn any Xcert that he owns.

Verification

0xcert.io protocol allows for trustless verification of any kind of digital asset existence and related ownership. Anyone is able to verify some information based on digital asset imprint – the cryptographic proof – stored inside Xcerts on the blockchain. A holder must also provide the appropriate Xcert smart contract address on the blockchain, where the digital asset imprint exists and can thus be verified.

Protocol token

XCT tokens are the native utility tokens of the 0xcert protocol. They are compliant with the ERC-20 standard contract ABI for tokens on the Ethereum blockchain.XCT represents a protocol token – a utility token – and is introduced to align certification parties with apps and assures that the proposed protocol can be adhered to. With the infrastructure built around a system of smart contracts and apps, its primary role is to provide the incentive mechanisms and support the ecosystem with minimum possible fees. 0xcert is the basic liquid asset for apps that operate on the protocol, and similar to gas on the Ethereum blockchain it covers fees for issuing and verifying Xcerts

Team

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[su_quote]This article is writing on 27 April, 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: support@coinworldstory.com Or Whatsapp Us- 918077121282[su_quote]

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