Smart contracts are literal “contracts” with binding rules designed to facilitate what a protocol on the blockchain does while determining who gets how much of what within that protocol, all without any human intervention. Here, code, not the parliament nor the court, is the law. And since smart contracts are protocol-specific, it is fair to say these smart contracts are the protocols themselves.
The initial use case of smart contracts was purely for decentralized determinism on fungible digital asset ownership and transfer. However, they have since come to cut across practically everything – social networks and communities, exchanges, non-fungible assets, streaming services, cloud storage, virtual worlds, and game economies. These smart contracts now support a trillion-dollar industry; therefore, in today’s edition of the Weekly Showcase, we will discuss what interesting things some of them currently do and what exciting prospects they have.
Boson Protocol is a Web3 business that provides a commerce layer to enable the decentralized commercial exchange of any physical thing as redeemable NFTs. These NFTs act as traditional bonds or contracts representing ownership of an asset and can be traded for the underlying asset at any point in time. Boson leverages the trustlessness nature of smart contracts on blockchains to eliminate the need for trusted centralized intermediaries or sellers. Boson offers an efficient, optimistic, fair-exchange protocol built using smart contracts encoded with game theory, with escalation to independent dispute resolvers.
Simply purchase the redeemable NFT and get the physical item or your money back.
As part of the Version 2 launch of Boson Protocol, a dAPP built in React, along with a TypeScript SDK for interacting with the Boson Protocol smart contracts, will be unveiled. The dAPP, SDK, and smart contracts are all open source. It could be an interesting project for Python developers to build a Python SDK and dApp to interact with the Boson Protocol smart contracts unveiled.
Percs is a company that focuses on innovating seamless solutions to help communities launch non-fungible tokens (NFTs) to represent real-world physical or digital products. They also provide services enabling these communities to boost visibility and increase participation. Percs targets consumer brands and e-commerce companies to integrate its software, essentially designed smart contracts, into existing websites or platforms to enable the sale of new NFT products. That allows consumers to purchase NFTs through the brand’s platform using fiat currency. Brands have full control over these integrations and can customize prices, transaction fees, and reselling rights in the smart contract for their NFTs.
Percs currently have an active partnership with Shopify to allow merchants on the e-commerce platform to mint, list, and sell NFTs. They are also working with or have worked with several notable brands like Budweiser, Playboy, Shopify, Steve Aoki, The Hundreds, Women and Weapons, Robert Mondavi Winery, and Links DAO to deliver tailored blockchain-enabled SaaS products.
Novel Commerce is a Web3 platform that allows brands and content creators to create non-fungible tokens (NFT) without needing code. Novel aims to help brands with their marketing strategies. That is why one of its product features allows users to drop their NFT collections on their Shopify store for customers. This feature enables brands to sell NFTs alongside physical products, creating a unique shopping experience. Novel also has a product feature that allows users to create tokengated products, content, and discounts for their NFT holders. In essence, Novel deals with the technicalities involved in creating NFTs and makes it easier for anyone to create a collection. Users simply need to use Novel’s Generator to create the artwork, configure rarity, and set the creator’s royalty. Novel creates the collection and handles the smart contract intricacies based on the instructions you gave.
Rev3al is a security technology company that provides security solutions to Web3 companies, creators, and users. Rev3al aims to build and provide dynamic and multi-layered cybersecurity solutions that help secure digital assets. The platform recognizes the problem of digital asset duplication, authentication, and verification. As such, it has built a patent-pending technology to authenticate digital assets. Such technology will provide security to creators and end users and protect the intellectual property (IP) rights of Web3 builders.
The Rev3al Security API tool can easily be integrated into different platforms. Users can use the tool to authenticate their creators and verify a digital asset, while the tool can reveal counterfeit or altered assets and any malicious content that can cause harm to you. Rev3al plans to launch its NFT Marketplace R3ALNFT soon to help create a more secure platform for NFT creators and collectors.
Token Proof is a Web3 security company that provides safe token-gating solutions to the Web3 space. Users can now prove ownership of their NFTs without connecting their wallet to a particular platform. Such a solution eliminates or greatly reduces the risk of connecting your wallet to malware and having your assets drained from your wallet. Once a user has enrolled on Tokenproof, they can authenticate ownership of their NFTs and other digital assets without moving them from cold storage.
Tokenproof typically issues a verifiable credential that serves as Proof of ownership of a particular Ethereum account while the actual account stays safe in cold storage. Basically, Tokenprooof provides users with an ID proving that they own a particular wallet and every digital asset. This credential binds the Ethereum account to the user’s mobile device, and users prove ownership of assets via authentication through the Tokenproof Mobile App. That also makes it easy for verifiers to implement seamless token gates as they can specify the authentication rules. For instance, the verifier can state that a user must own a particular NFT to access a perk or exclusive event. Tokenproof then ensures that users meet such criteria before granting them access.
These brands are undoubtedly providing scaling solutions to the digital assets economy and making the Web3 space a more secure and safe environment for creators and end users. Furthermore, brands like Percs and Novel are making it easier to integrate Web2 and Web3 into each and onboard non-Web3 brands and natives into the space.
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