NFT as a subscription

Thu, 15 Jul 2021 10:57:24 GMT

Dappy is a no DNS web browser and name system that uses the blockchain instead of centralized services of the DNS. It is currently being built on RChain smart contract platform and uses a onchain standard for NFT and fungible tokens. We are building a NFT as a susbscription system, that will allow web companies and services to propose subscriptions that are managed by a unified NFT standard on the RChain smart contract platform.

NFTs

NFT means non-fungible token, basically it is an asset that you can't split, it exists as a single unique instance. NFTs have been around for a while, and went into a craze in early 2021. At dappy we have been very much focused on this technology as well, the name system we are building relies on NFTs: a domain name in dappy is basically a NFT with a unique ID, like "amazoon" or "pinterust".

Web services and subscriptions

Today, many web services are adopting models based on subscriptions or recurring payments instead of one time payment, crowdfunding and web hosting are examples of this. NFTs, or at least widely used implementations on ethereum cannot satisfy these models. When you own a ERC-20 or ERC-1155 token, you basically own it forever.

Subscriptions on the blockchain

A token may be valid forever (classical NFT), but if not renewed it could also come to expiration after a given period of time, like two weeks, one month or one year. This is basically what we are building, not just for fun, but to satisfy a need we have for the name system, every owner of a NFT in the dappy name system (ex: NFT "amazoon") will be required to renew it every 12 months, if not, someone will be able to steal it from him.

We also think that hundreds of web services and companies that wish to integrate blockchain into their workflow may be interested to use it or play with the technology.

The development is going on right here fabcotech/rchain-token, feel free to join RChain or dappy discord group to know more.