Published on: 2023-01-05T10:46:59+00:00
Aymeric Vitte and Vincenzo engaged in an email exchange discussing their views on the current state of NFTs. Aymeric expressed dissatisfaction with the centralized, insecure, duplicable, virtual, stealable, unsigned, and expensive nature of NFTs. However, he acknowledged that if NFTs were expanded to include anything that can be bought or stored in the real world, web, or metaverse, they would become more interesting.Aymeric pointed out that Ethereum is the primary platform for NFTs, but described the situation as a "mess." He shared a link to his proposal for a decentralized, secure, and cost-effective Bitcoin NFT system. Unfortunately, the provided link to the proposal appears to be inaccessible.The proposed Bitcoin NFT system aims to avoid the shortcomings of the current NFT ecosystem. It suggests using SHA-256 for a simple reference to the NFT hash. Aymeric explains various aspects of the system, including minting NFTs on Bitcoin, minting multiple NFTs in a single transaction, preventing double minting, transferring NFTs for free, buying and selling NFTs, and using Chainpoint for purchasing NFTs.To ensure security and combat counterfeits, the proposed system involves using a double hash in transactions. This approach allows the buyer and seller to verify the authenticity of the NFT by comparing the original hash. Aymeric suggests printing the double hash on the product and providing the original hash to the buyer.Unlike Ethereum-based NFT tokens, the proposed system does not rely on third-party platforms or oracles, making it less costly. Transactions would depend on the number of inputs, but an estimated cost is below $1 USD per transaction.While the system requires buyers and sellers to know each other, anonymous means such as Signal, Protonmail, Telegram, or Tor can be utilized. Aymeric recommends creating a new email address and using PGP keys for added anonymity.The proposal argues against the creation of a super sidechain and instead suggests implementing a local Bitcoin system with limited scope. This localized system could be used in specific areas, such as cruise boats or planes, and could be seen as a form of barter money with a stable value.It is worth noting that the proposed system is not open-source, but the author offers its availability upon contacting them directly. The funding source for this proposal remains undisclosed.In conclusion, Aymeric Vitte expresses dissatisfaction with the current design and use of NFTs, particularly on Ethereum. He proposes a decentralized, secure, and cost-effective Bitcoin NFT system as an alternative. While the provided link to the proposal is inaccessible, the email exchange provides insights into how the system would work and its potential benefits. Aymeric includes links to their LinkedIn, GitHub account, and various cryptocurrency-related projects, showcasing their expertise in the field.
Updated on: 2023-08-02T08:44:42.612561+00:00