Author: Aymeric Vitte 2023-01-05 10:46:59
Published on: 2023-01-05T10:46:59+00:00
In this email exchange, Aymeric Vitte and Vincenzo discuss a Bitcoin NFT system. Aymeric expresses his dislike for the way NFTs are currently designed and used. He proposes a decentralized, secure, and cost-effective Bitcoin NFT system that is simple and based on the assumption that the main purpose of an NFT is to be sold or bought.Aymeric suggests using SHA-256 to make a simple reference to the NFT hash. He then describes how one can mint a NFT on Bitcoin, mint several NFTs in one transaction, avoid double minting, transfer a NFT for free, buy/sell a NFT from A to C or C to D, and buy a NFT from A using a Chainpoint |reference|.The proposed system involves using a double hash for the reference in transactions to prove that the buyer and seller are the only ones who know the original hash of the NFT. This method could be used to combat counterfeits by printing the double hash on the product and giving the original hash to the buyer. The system is not centralized and does not rely on any third-party platforms or oracles, making it less costly than Ethereum NFT tokens. Transactions depend on the number of inputs, but an estimation suggests they would cost less than $1 USD per transaction.The proposed system is not anonymous as buyers and sellers must know each other, but they can use anonymous means such as Signal, Protonmail, Telegram, or Tor. Additionally, the proposal suggests creating a new email address for this purpose and using PGP keys. The article argues against creating a super sidechain and instead proposes a local Bitcoin system that is limited to a specific area and could be seen as a barter money with a stable value. The local Bitcoin system could be used on cruise boats, planes, and other local areas.It is worth noting that the proposed system is not open-source but is available for use upon contacting the author. The funding source for this proposal is unknown.
Updated on: 2023-06-16T03:46:19.388272+00:00