invezz.com
Using non-fungible tokens (NFTs), creators made a fortune last year by selling digital art, collectables, and gaming elements.
Meanwhile, the core of every NFT is its metadata. This information includes the NFT’s name, characteristics, properties, history, digital rights, ownership, etc.
While there is a great deal of focus on bridging assets across chains and platforms, there is minimal monitoring of the NFT’s metadata.
In addition, preserving this information directly on a blockchain is costly. Hence, most NFT projects store their data on centralised servers and maintain a link to it in their smart contract.
According to an exclusive press release shared with Invezz, the upcoming blockchain protocol Esaiyo is here to alter the game by making NFTs more resilient, safe, and decentralised.
The platform has recently published its white paper, and its unique technology is certain to stir up the blockchain space.
What is Esaiyo Trace?
Esaiyo Trace, the flagship product of Esaiyo Protocol, retains the asset’s transactional and intended behaviour and its attributes throughout the entire life of the NFT. So moving or burning NFTs across chains, according to Esaiyo, really shouldn’t leave essential information behind.
Therefore, Esaiyo Trace protects all elements of the original asset while migrating it to preserve the core functionality of blockchain technology.
Esaiyo Trace allows the cross-blockchain transfer of precise information and data that comprise the entire picture of the asset while retaining its provenance and a coherent audit trail of all the steps across the source and destination markets and blockchains.
According to Raymond St. Martin, CEO of Esaiyo:
“Memories, history, relationships and stories add value to objects and contain value within themselves. We built Esaiyo in order to capture, connect, preserve and display the history and connectedness of physical and virtual objects”
The road ahead for Esaiyo
In addition to issuing its White Paper, Esaiyo has collaborated with the Government of Barbados to evaluate how its proprietary software can be used to safeguard Barbados’ ownership of its cultural data.
Through the introduction of the ROAD Initiative, Esaiyo intends to link the narratives of Barbados’ people, culture, locations, and notable objects.
This venture was unveiled in December at a press conference where Barbados Prime Minister Mia Mottley, the project’s Architectural head Sir David Ajaye, and LMI’s Maxwell Anderson all engaged.
With clients as varied as NFT platforms, sovereign states, and huge manufacturers lined up to exploit Esaiyo’s technology, Esaiyo might be on the verge of solidifying its position in the future.