November 2023 Tech Round-Up

By: Geeq  on Dec 11, 2023

Geeq’s white-labeled NFT mints without smart contracts:

NFT mints are now implemented as the next Geeq-standard data transaction. When an account mints a NFT, it creates a new application record to characterize the NFT.

The three data elements of a NFT subgroup are:

1. The nftHash = the hash of the object to be tokenized
2. Metadata = the description, tags, or labels for the NFT
3. The public key of the issuer, found in the proxy NFT mint record

Each of these elements are provided by the issuer. The metadata are optional; however, best practice is to enter the title of the NFT in the first metadata field. The three data elements of the NFT subgroup is then cryptographically signed by the issuer. The signature is the fourth and final element of the NFT subgroup.

The issuer’s signature guarantees authenticity, thus establishing the provenance for the NFT. By signing the user-provided data that defines the NFT, the NFT’s characteristics cannot be changed.

Any unique digital asset or tokenized real-world asset (RWA) may be minted as a Geeq-native NFT. The Geeq user flow for white-label NFTs offers a simple, secure process to establish provenance and prove changes in ownership of on-chain assets without the complexities of smart contracts.

How do you mint a NFT transaction at Geeq?

Step 1. You must control a proxy NFT mint.
Step 2. You provide the data for the NFT subgroup.
Step 3. Sign the transaction with the private key associated with the proxy NFT mint.

You’re done.

How do Geeq blockchains keep track of NFTs and ownership? 

When you mint a NFT, you create:

  • a unique digital representation of an on- or off-chain document or asset, and
  • an ownership title to the NFT.

A new record is created in the application layer ledger (ALL); this record is the digital representation of the new NFT.

For white-label mints, an enterprise may mint or pre-mint NFTs and provide custody for the ownership titles.

When the ownership of a Geeq NFT is transferred, the title is transferred from one account to another. Intuitively, this action is like transferring coins or fungible tokens from account to account. All such transfers of ownership take place solely on the validation layer blockchain.

Because transfers take place solely on the validation layer blockchain, changes in ownership do not touch the digital representation of the NFT in the application layer ledger. Intuitively, this separation reinforces the idea that the original signed NFT subgroup remains as it was minted, despite changes in ownership.

Geeq’s architecture produces efficient and contemporaneous proofs of provenance and ownership. At all times, the data and relevant states are available. Geeq’s blockchains avoid all the issues associated with smart contracts when there are unavailable (off-chain) data and/or it is difficult to search for and prove the state of every NFT minted by its smart contract.

Geeq NFTs – An example

A sample display of a Geeq NFT is shown below. Notice the raw data in the mint transaction contains human-readable tags. The required blockchain components are generated on the back end.

This NFT represents a unique tokenized coffee shipment, #2393-A, issued by a mint with a public key of asd…gfa.

A company with a well-known brand may wish to advertise its public key to its customers. Or, in a business arrangement, the company may share its public key on a need to know basis.

In either case, if a new owner wishes to trace the provenance of a NFT back to a company (or individual), the ISSUER field provides the evidence. The NFT could only be minted if the issuer has the private key that controls that minting account.

The NFT ID is how the blockchain identifies the NFT record. Computers do not care what the human-readable descriptions say. From the protocol’s perspective, a new record must be created in the Application Layer Ledger such that a machine-readable unique identifier is permanently associated with the issuer’s provided data.

The NFT HASH is the hash of the NFT subgroup data. As long as the NFT subgroup data is unique, the protocol will allow the creation of a new NFT. If the NFT subgroup data already exists, a hash collision will be detected and the new mint transaction request will fail. An easy way to avoid this error is to change the first metadata field, e.g. Coffee Shipment #2393-B.

The ADDRESS is the coin account address of the first owner of the NFT, which may be the issuer or a designated recipient. Each transfer of ownership is provably the result of a valid transaction written in the VLB. All updates to account balances are recorded in the VLL. In this case, the VLL will reflect updated lists of NFTs for each account.

Geeq NFTs are tailor-made to prove provenance and data lineage for use cases such as supply chain, ownership and transfers of assets, chain-of-custody and attribution of liability.

As central databases face increasing threats, Geeq’s on-chain assets are backed by the only protocol that offers provably independent, unbiased, and irrefutable proof for each change in ownership. The security of your asset transfers is only as strong as the weakest link. At Geeq, there are no weak links.

This month was an exciting one. As always, thank you for reading and for your continued support.

– The Geeq Team

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