Join Our Mailing List
Tuesday March 21, 2023
Bitcoin (BTC) $28,221.56   Ethereum (ETH) $1,813.87
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Networks & Protocols

Vite Labs proposes solution to bring NFT stack to its multi-chain platform

Vite is a next-generation Reactive Blockchain that adopts a message-driven, asynchronous architecture and a DAG-based ledger...

Published by CryptoNinjas.net
09/15/2021
 Vite Labs proposes solution to bring NFT stack to its multi-chain platform

Today, the team of Vite Labs published an outline of an approach that seems “sensible” in order to deliver a non-fungible-token (NFT) stack to the multi-chain decentralized blockchain ecosystem.

Vite, using a DAG ledger structure. is a universal dApp platform that can support a set of smart contracts, each of which is a state machine with independent state and different operational logic, which can communicate by message delivery.

Besides, Vite Labs is currently hosting a hackathon, and building an NFT platform is one of the bounties (the reward is $7500 in VITE token). As of now, there is still time to participate.

Proposed Stack

Basics

Each set of NFTs (e.g., CryptoPunks) is represented by a smart contract. The creation of a new NFT set requires the deployment of a new contract. Minting of each new item (e.g., Punk #1234) requires a call to a function in this contract. The contract stores a mapping between owner addresses and some metadata for the NFT item. The metadata may include the name, description, and an IPFS link of the item.

Storage

IPFS is being used to provide decentralized storage for the NFT item. More information about IPFS is available here (to be clear, this document also covers minting NFT on Ethereum, which isn’t relevant in this case).

Transfer

The owner of an NFT item can call a function in the NFT smart contract to effect a requisite change in the ownership table.

Trading/Auction

An exchange between a Vite-native asset (e.g., $VITE) and an NFT item can be implemented as a function on the contract. A user can send funds while calling this function to effect a paid transaction. This function will be the building block for the trading and auction functions of the NFT platform.

Display

Users log into a web app with Vite Connect and see their digital content as resolved from the IPFS link in the relevant NFTs they own.

“Note this is a very simple approach. For instance, this doesn’t take into consideration the ‘approval’ function as outlined in Ethereum’s EIP-1155 allowing another operator to manage one’s tokens. As such, there may be many other approaches, and we encourage community builders to explore them.”
– The Vite Labs Team

10
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram
Source: vite.org

Related News

Vite Labs launches inaugural blockchain hackathon — up to $1M VITE in rewards

06/15/2021
Vite Labs launches inaugural blockchain hackathon — up to $1M VITE in rewards

Vite Labs, builders of Vite, a DAG-based smart contract blockchain platform, has announced the launch of its inaugural hackathon with rewards of up to $1M in native VITE tokens. This hackathon is an open...

Read more

WeTeam and Vite collaborate to enable multi-chain DAO service

02/10/2021
WeTeam and Vite collaborate to enable multi-chain DAO service

WeTeam, providers of a member motivation and team management tool based on blockchain, has announced live integration with Vite, a smart contract blockchain platform with a unique DAG structure. The WeTeam tool is now...

Read more

Vite Labs teams with Paytomat to expand crypto payments infrastructure

02/24/2020
Vite Labs teams with Paytomat to enhance crypto payments infrastructure

Vite Labs, creators of a feeless, high-performance public chain and the first of its kind to implement DAG-based smart contract capability, has announced a strategic partnership with Paytomat by Deep Dive Research, a decentralized...

Read more

Vite joins with TROY to improve decentralized crypto trading

01/02/2020
Vite joins with TROY to improve decentralized crypto trading

Vite, a custom blockchain application ecosystem, today has announced a strategic partnership with Troy Trade, a prime broker specialized in crypto trading and asset management. With the partnership, Vite becomes the eleventh member of...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Trust Wallet launches anticipated browser extension of its crypto management app

Trust Wallet launches anticipated browser extension of its crypto management app

11/14/2022
Where Exactly Can You Spend Monero Cryptocurrency?

Where Exactly Can You Spend Monero Cryptocurrency?

10/20/2021
How to Become a Web3 Developer: A Guide to Web3 Jobs

How to Become a Web3 Developer: A Guide to Web3 Jobs

03/15/2023

Ripple names payment network RippleNet and grows product suite

08/01/2017
Nomura’s Laser Digital invests in Infinity, an Ethereum-based money market protocol

Nomura’s Laser Digital invests in Infinity, an Ethereum-based money market protocol

02/15/2023
ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

02/02/2023
Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

01/24/2023
Crypto exchange Gemini launches new electronic OTC trading solution

Crypto exchange Gemini launches new electronic OTC trading solution

01/19/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy