0xcert Protocol (ZXC) Protocol - ICO Review, Rating and Details of 0xcert Protocol ICO (Token Sale) - Rating: Not Rated

0xcert is an open source permissionless protocol for non-fungible tokens on the blockchain. These tokens are stored in cryptographic wallets and are owned by users. In addition to common functions for transferring and managing standard non-fungible tokens, the 0xcert protocol provides another layer of conventions for creating certified non-fungible tokens for unique assets. These tokens are called Xcerts and are created through a custom minting process. Xcerts represent opinionated non-fungible tokens, which also hold an imprint of an asset. With 0xcert protocol, we can validate a proof of existence, authenticity and ownership of these digital assets without third-party involvement.

0xcert is a framework with a set of on-chain and off-chain rules for managing Xcerts and other standard non-fungible tokens. Our mission is to equip application developers with a secure blockchain agnostic platform, powerful tools and community embraced conventions for managing non-fungible tokens. 0xcert is a pluggable settlement with an advanced integration layer for different dapps and relay applications. This enables developers to focus on the application layer and quickly build applications for issuing university certificates, KYC applications, applications for loyalty programs, warranties, badges, credits or even a decentralized non-fungible exchange.

Problems & Solutions

Problems:

Recently, another form of tokens, called non-fungible tokens (NFTs), started getting attention in the crypto community. Non-fungible digital assets represent the next stage in the blockchain evolution. The first good use case for NFTs was introduced with CryptoKitties. These were one of the first popular crypto-collectibles: assets that were unique and could be stored in your Ethereum wallet. You could buy, sell, trade, and even breed them. Later on, the Ethereum implementation proposal 721 (EIP-721) got introduced and confirmed as an Ethereum standard (ERC-721) in March 2018.

NFTs have the potential to improve many applications and enhance existing business models. For the first time, users are actually able to hold distinguishable tokens that carry not only value but also unique information in their blockchain wallet.

However, there are four major challenges we see that hinder the development and adoption of NFTs as well as the possibility for a greater technological and business impact:

  • Low speed of development: due to the lack of a pluggable framework, the development of dapps can take months and therefore severely increase the go-to-market time, which results in much slower adoption and higher competitive risks.
  • Low speed of development: due to the lack of a pluggable framework, the development of dapps can take months and therefore severely increase the go-to-market time, which results in much slower adoption and higher competitive risks.
  • Missing registry of verified issuers: a big missing part is a registry of issuers of NFTs, which would serve for authentication and validity of the issuers. Creating a common registry will reduce verification time as well as reduce business risks.
  • Limited open-source and blockchain-agnostic solutions: current NFT applications are siloed for specific purposes and currently Ethereum-focused, but with opportunities emerging in other blockchains (EOS, NEO), too. The opportunity to have an open-source and blockchain-agnostic protocol will open far greater opportunities for dapps and usage of NFTs.

Furthermore, there is a need for a unifying technological layer connecting these assets through a higher-level standardization model.

0xcert solutions:

The 0xcert protocol utilizes the blockchain network, a distributed ledger technology that was first built to support the Bitcoin cryptocurrency. Blockchain can be best described as a distributed ledger that maintains a list of records called blocks. Each block has a timestamp and is built on top of an already existing block, preventing any data from being altered retroactively.

0xcert provides a framework with a set of on- and off-chain rules for managing Xcerts, standardized and certified non-fungible tokens. Our mission is to equip application developers with a secure blockchain settlement, powerful tools, and community-embraced conventions for managing the NFTs.

Features & Highlights

  • Pluggable settlement for faster development: The 0xcert protocol is a solid pluggable settlement which supports numerous business models. It clears away the low-level blockchain complexity thanks to its solid and flexible infrastructure that ensures interoperability between dapps by default. Using a plug-and-play framework shortens the development time from months to days. Readily available APIs and SDKs in Python, Ruby, NodeJS, and JavaScript will allow traditional developers to start building blockchain applications right away.

  • Conventions for data interoperability and standardization: The 0xcert protocol provides conventions for minting certified non-fungible tokens for unique assets. With the use of the protocol, proof of an asset can be written into the token directly. These proofs are built following the industry-specific conventions and enable data interoperability among various applications. With the help of the community, we are structurally establishing a minimum standard that prevents data-siloing and poor user experience with future implementations.

  • Decentralized verification registry through curated registries: An important piece of the proposed protocol will be authenticating and assuring the validity of issuers building with the 0xcert protocol. Each NFT issued requires a deployed main (token) contract and a mechanism that will attest the validity and the issuer’s identity. The team is proposing a token curated registry to pursue a decentralized approach in validating the issuers of NFTs. Ultimately, a new issuer would stake a portion of tokens to get listed, while the existing holders will have the ability to approve or challenge the listing.

  • Open-source and blockchain-agnostic: 0xcert is an open-source and community-driven project. Its first implementation is built on the Ethereum blockchain; the subsequent version included the support of the Wanchain blockchain. Due to the blockchain-agnostic nature of the protocol, further expansion to other blockchains is possible. The protocol may also include decentralized governance (DAO) mechanism to allow the community to vote for further improvements. Because the project is open-source, the community will also be able to rely on industry experts for specific conventions in particular verticals. This, in turn, may positively impact the growth of new business models built on top of the protocol.

Token Allocation

"Pre-ICO","Token sale (crowdsale)","Founders and team","Advisors (& legal)","Liquidity pool ","Community pool ","Bounties","Reserves" {"name": "Pre-ICO","value": 3},{"name": "Token sale (crowdsale)","value": 47},{"name": "Founders and team","value": 15},{"name": "Advisors (& legal)","value": 6},{"name": "Liquidity pool ","value": 5},{"name": "Community pool ","value": 12},{"name": "Bounties","value": 2},{"name": "Reserves","value": 10}

Token Utility & Use Cases

The ZXC token is a protocol token and is introduced to align issuing parties with dapps and the community. With the infrastructure built around a system of smart contracts, its primary role is to provide the incentive mechanisms and to support the ecosystem with minimum possible fees.

The ZXC token is also a part of the extended 0xcert ecosystem that spans beyond the protocol itself. The team envisions its usage on a few layers, which further decentralize important elements of the corresponding ecosystem.

Roadmap & Updates

  • Q3 2017
    • First proposal of the blockchain certification technology
    • First MVP for deployment and verification of certificates
  • Q4 2017
    • Shift towards open-source
    • Explore wider adoption and a protocol approach
    • 0xcert smart contract draft
    • Technical paper draft
  • Q1 2018
    • Pivot towards ERC-721 for assets on the blockchain
    • Proof of protocol concept
    • DEX draft implementation
  • Q2 2018
    • ERC-721 complete implementation with bounty
    • Xcert complete implementation with bounty
    • DEX alpha implementation
    • Xcert minter alpha implementation
    • 0xcert scanner alpha Dapp
    • Technical paper 1.0
  • Q3 2018
    • Whitelist/KYC certificate dapp (another PoC for crowdsale)
    • Crowdsale PoC certificates used
    • Protocol draft on Ethereum mainnet (limited)
    • DEX alpha dapp
  • Q4 2018
    • Protocol 1.0 (Ethereum) - Odin
    • Framework 1.0 (protocol features, application layer)
    • DEX 1.0 dapp
    • Minter 1.0 dapp
  • Q1+Q2 2019
    • Protocol 2.0 (Ethereum, Wanchain) - Aragorn
  • Q3+Q4 2019
    • Framework 2.0 (notification system, community-requested features)
    • Pilot dapp for selected vertical 1
    • Pilot dapp for selected vertical 2
    • Curated registry

Team Members

  • Kristijan Sedlak, CEO. Linkedin. GitHub.

  • Urban Osvald, CCO - 0xcert Labs advisory. Linkedin

  • Tadej Vengust, Blockchain Engineer. Linkedin. GitHub.

  • David Ličen, Lead Front End Engineer. Linkedin. GitHub.

  • William Entriken, Advisor. William Entriken is the lead author of the ERC-721 standard. He is an active computer science researcher who has contributed tremendous amounts of open-source projects to the community. In his non-blockchain life, Will is the General manager of Pacific Medical Training, a company that creates interactive medical training courses. Linkedin. GitHub.

  • Moe Levin, Advisor. Moe Levin is a blockchain evangelist and pioneer. He is the CEO of Keynote, a company focusing on creating blockchain events all over the world. Moe is also an Executive committee member of the Global Blockchain Council and the founder of the North American Bitcoin Conference. Linkedin.

  • Mark Pui, Advisor. Mark Pui has up to recently been the Executive Director at PwC in Kuala Lumpur, Malaysia. He draws his skills and experience from a long and successful career in management consulting, corporate finance, consulting, and advising. Mark is also a seed investor in early-stage companies like 0x, Bancor, EOS, QTUM, Tezos, and many others. Within the blockchain space, his focus lies in blockchain interoperability, tokenization of financial and non-financial assets, privacy protocols, stablecoins, and Enterprise-oriented use cases. Linkedin.

  • Dr. Draško Veselinović, Advisor. Assoc. Prof. Dr. Draško Veselinović is the President and CEO of SEBRA - Slovenian Business and Research Association. In his career, he held many top executive positions and has more notably co-founded the Yugoslavian Stock Exchange as well as the Slovenian Stock Exchange. To this day, he remains a well-respected authority in the field of business, finance, and education. Linkedin.

  • Simon Belak, Advisor. Simon is a tech entrepreneur, highly proficient in data analytics, and currently working as a Mad scientist with Metabase. He is able to juxtapose philosophical views and concepts with advanced science and technology - a unique perspective rarely found. Linkedin.

  • Dr. Daithí Ó Murchú, Advisor. Dr. Daithí Ó Murchú is the President of RCEEDAO Ireland and is under EU parliament and Commission Appointment. He is also a founding member at the International Fellow Academy of Ubiquitous Communication Educators International. He has vast experience from the education segment as well as in technology, innovation, business, and management. Linkedin.

Partnership Overview

  • Continue Capital - Founded in 2016, Continue Capital focuses on investing in global blockchain technology, early-stage technology startup and providing Quant-Trading service. They are built to incubate and partner with those ambitious enterprises that promote technological innovation and advance business model revolution.

  • Origin Capital - Origin Capital is an investment entity focused on blockchain enabled technologies. Based in Singapore and Silicon Valley, the firm has invested in blockchain companies since late 2016, and participates in both equity and tokensale events. Having built strong relationships with entrepreneurs, top investors, and ecosystem leaders, Origin Capital helps startups forge strategic partnerships and brings industry-specific resources to it's portfolio companies.

  • Wanchain - Wanchain aims to build a super financial market of digital assets. It is an infrastructure connecting different digital assets.

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