0xcert Protocol: Setting a Standard for Non-Fungible Tokens

This time I would like to speak about 0xcert, a Slovenian project that aims to create a protocol for digitizing almost any physical asset on blockchain.

The Idea

The idea is as "simple" as the previous paragraph: to provide tools that will enable developers to create dapps that can confirm authenticity of real-world objects (for example any document or even a house). There are a couple of other projects whose use cases include authentication of physical items on blockchain, however the uniqueness of the 0xcert Protocol is in the use of non-fungible tokens (NFTs). For those who don't know what they are: NFTs are a special type of tokens that are not interchangeable since each of them represents something unique. Another notable feature is that 0xcert seeks to set a standard in the NFT sector, making 0xcert's tools available to any developer. In addition to 0xcert's NFTs, Xcerts (ERC-721 standard), there will be utility tokens, ZXCs (ERC-20 standard), that will be used for paying fees, staking and decision making.

The Technology

0xcert wants to create a plug-and-play framework. The available APIs and SDKs support various programming languages including Python, Ruby, NodeJS and Javascript, and thus attracting a wide scope of developers.

Moreover, 0xcert protocol seeks to set a standard for data interoperability among various apps.

Thirdly, protocol users can stake their 0xcert tokens to issue new NFTs, while other token holders will be able to use their tokens to validate the issued NFTs.

And finally, 0xcert is a "blockchain-agnostic" protocol meaning that although it is currently implemented on Ethereum, it can be expanded to other blockchains.

The open-source nature of the protocol will help to involve community into decision making over its future development.

This is a very brief overview of the 0xcert ecosystem, and I strongly recommend reading the Whitepaper in full in order to learn about all 0xcert's features and possible use cases.

The Token

The total ZXC token supply is 500m, with half of it (250m) being offered for the sale. This is a rare case in the current market conditions, where we see the teams getting greedy and selling lower and lower shares of tokens to the crowd. The hard cap is also surprisingly low and is about 20,000 ETH (less than $10m at the time of writing). The vesting for the founders is 6 months with 12.5 per cent released every three months afterwards. The team will get 20 per cent of tokens right after the sale and 15 per cent every three months thereafter. The public presale will be held between 2 July and 4 July, while the crowdsale is expected to last until 18 July.

The Team and Advisors

CEO and Founder Jure Zih served as Director of Marketing and Customer Success at Databox (an app) and as Head of Growth at Doctrina (pharmaceutical knowledge database). COO Mitja Pirc spent many years with SAS and A.T.Kearney. The rest of the team (which is quite big) consists of professionals with tech, financial and marketing background at Slovenian and not-so-well-known international companies.

William Entriken worked for Google and advised other blockchain projects. Moe Levin is the CEO of Keynote and famous for advising a bunch of other projects, just like Dusica H. Lukac. Siddharth Saxena has had several prominent roles at the University of Cambridge.

The Product

0xcert has been developing its product for more than a year now, with MVP available already last year. The DEX dapp alpha is scheduled to be released in Q3, while the first version of the protocol is expected to be released in Q4.

Conclusion

I think that 0xcert is a notable infrastructure project. There are no “former IBM, Google or Facebook executives” among the founders, however, all team members have extensive experience in their respective areas. The Whitepaper is very detailed and easy to understand even for a non-tech person like myself. I love that 0xcert seeks to set a standard in the area of non-fungible tokens, being among the trailblazers in the sector. Of course, the success of the protocol will rely on future partnerships and adoption. That's why it is good to see that such big names as Fengshui Capital, Origin Capital, Ernst and Young and the EU supported the 0xcert. Meanwhile, other blockchain projects like Principle, Medical DAO and Gledos already started building on 0xcert's protocol.

More info about 0xcert:
0xcert website: https://0xcert.org
0xcert Telegram: https://t.me/zeroxcert
0xcert Twitter: https://twitter.com/0xcert
0xcert Whitepaper: https://0xcert.org/whitepaper.pdf

This article is not a buy/sell recommendation. I am not a financial adviser and you should do your own research before investing in any project.

Thanks for reading, stay tuned for other reviews and feel free to upvote, resteem and follow me!