The famous NFT project Azuki has released a new product called PBT (Physical Backed Token) to create a connection between the real world and blockchain.

PBT is a new Ethereum token based on the ERC721 standard, linking a physical entity representing the token on Ethereum.

PBT will use a BEAN chip – a cryptographic chip that attaches an object to the PBT to verify the authenticity and prove ownership, can generate asymmetric key pairs, achieve decentralized authentication, and trace the ownership of physical items.

Asymmetric encryption is a type of encryption that comes after symmetric encryption and is also known as public-key encryption technology. This solution is more secure than symmetric encryption because it uses two separate keys for encryption and decryption processes.

As introduced by the Azuki team, tokens representing existing physical items will be forked after minting. Besides, PBT is a standard that features decentralized authentication, tracking ownership of physical items completely on the blockchain and without a centralized server.

If the actual item is sold or donated to a new owner, the next owner can use the scan-to-own feature of the same item, allowing the PBT to be transferred from the owner. previous owner to the new owner.

Finally, PBT is completely open-source and is now available to the free community to build on. In addition, the project is also released under the MIT License – a license to use open-source software developed at the Massachusetts Institute of Technology.

This seems to be Azuki’s remarkable effort in the context that the NFT market has not yet been able to get out of a serious recession due to the impact on the industry’s general level in recent times.

However, Chiru Labs, the company behind Azuki, has successfully raised $30 million in capital to continue to expand and develop.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Website: coincu.com

Harold

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

NFTs News

NFT Collection Azuki Launches A Product That Connects The Real World To Blockchain

The famous NFT project Azuki has released a new product called PBT (Physical Backed Token) to create a connection between the real world and blockchain.

PBT is a new Ethereum token based on the ERC721 standard, linking a physical entity representing the token on Ethereum.

PBT will use a BEAN chip – a cryptographic chip that attaches an object to the PBT to verify the authenticity and prove ownership, can generate asymmetric key pairs, achieve decentralized authentication, and trace the ownership of physical items.

Asymmetric encryption is a type of encryption that comes after symmetric encryption and is also known as public-key encryption technology. This solution is more secure than symmetric encryption because it uses two separate keys for encryption and decryption processes.

Our first implementation of PBT uses the BEAN Chip, a physical cryptographic chip that self-generates an asymmetric key pair.

PBT enables the hardware to create a new experience we like to call “scan-to-own”. pic.twitter.com/yPyHDXLv1A

— Azuki (@Azuki) October 17, 2022

As introduced by the Azuki team, tokens representing existing physical items will be forked after minting. Besides, PBT is a standard that features decentralized authentication, tracking ownership of physical items completely on the blockchain and without a centralized server.

If the actual item is sold or donated to a new owner, the next owner can use the scan-to-own feature of the same item, allowing the PBT to be transferred from the owner. previous owner to the new owner.

Digital tokens are currently used to provide access to physical drops. And now with PBTs, we’re unlocking the use of physical goods to create digital experiences. A new generation of storytelling and experiences begins today.

— Azuki (@Azuki) October 17, 2022

Finally, PBT is completely open-source and is now available to the free community to build on. In addition, the project is also released under the MIT License – a license to use open-source software developed at the Massachusetts Institute of Technology.

Developers can begin building with PBT at https://t.co/b1ugioqlcp.

This is where you can find our EIP submission, technical documentation, and the open source GitHub repo.

— Azuki (@Azuki) October 17, 2022

This seems to be Azuki’s remarkable effort in the context that the NFT market has not yet been able to get out of a serious recession due to the impact on the industry’s general level in recent times.

However, Chiru Labs, the company behind Azuki, has successfully raised $30 million in capital to continue to expand and develop.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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