Platform's Goals & Vision
The Living Assets Layer-2 was designed two accomplish two main goals: scaling and on-chain certified evolution.
With scaling, NFTs can be created in any number, and their attributes changed continuously, at next-to-zero cost; the scaling approach ensures that the gas costs if running the entire platform remain constant, regardless of DAUs. This allows applications to be built without the worry that they may collapse the blockchain as they succeed. In fact, application developers don't pay any gas, the L2 absorbs it for you.
With on-chain certification asset evolution is treated seriously. As is well known, acquiring a standard NFT 1.0 truly means acquiring an external URL: the owner and the URL address are the only fields typically stored in the blockchain. In NFT 1.0, changing the asset properties is implemented by simply changing what private servers that actually own those URL domains return. This has several consequences:
- It is often the source of scams and link hijacking
- It prevents traceability and historical records; similar to having to ask at
trustme.comif a buyer has paid me the required bitcoin amount, instead of knowing that all balances can be permissionlessly traced back to mining events.
- It prevents blockchain contracts to use logic based on the asset attributes, since these leave off-chain.
With Living Assets on-chain certification:
- The whole history of changes of attributes in every asset can be certified on-chain. No need to trust 3rd parties.
- Anyone can be sure that they're buying what they're seeing.
- Anyone can write a smart contract that uses logic based on attributes. For example: a
Prize Contractthat allows anyone to add funds that can only be claimed by, say, anyone who shows up with an asset of video game X, with level 75. Or a
Futures Contractwhere anyone can place bets that certain assets will reach
charisma > 30within the next 2 months.
The combination of the two goals enable new business models where all, or a significant part, of the market value of every asset is determined by what owners did with them, in addition to currently exploited factors, such as scarcity.