Famous NFT Project Azuki Introduces New Product Linking Physical Items With Digital Tokens - The famous Japan anime-themed NFT project Azuki has launched a new product called PBT (Physical Backed Token), which aims to create a connection between the blockchain and real world.

    PBT is a new Ethereum token based on the ERC721 standard that links a physical item to a digital token on the Ethereum blockchain. PBT uses BEAN Chip, a physical cryptographic chip that self-generates an asymmetric key pair. PBT enables the hardware to create a new experience called “scan to own”. 

    Asymmetric cryptography, or public-key cryptography, is a process that uses a pair of related keys – one public key and one private key – to encrypt and decrypt a message and protect it from  authorized access or use. This solution is said to be more secure than symmetric cryptography because it uses two separate keys for both encryption and decryption processes. 

    As introduced by the Azuki team, tokens representing physical items will be separated after the mint. Besides, the PBT overcomes this shortfall with a decentralized authentication and tracking of the entire ownership lineage on-chain. If the physical items are sold or donated to a new owner, the next owner can use the “scan-to-own” feature, allowing the PBT to be transferred from the previous owner to the new owner.

    Finally, PBT is described as an open-source token and now available for the community to build upon freely. The project is released under the MIT License – a license for open-source software developed at the Massachusetts Institute of Technology.

    Soon after, Azuki launched a collection associated with PBT. The collection called “Golden Skateboard” is a limited edition series of nine Golden Skateboards: custom-designed, precision-milled, and fully plated in 24K gold. Each Skateboard is fully functional and depicts an exquisitely detailed golden dragon. The Golden Skateboard is connected to the BEAN chip and officially opened for sale from October 21 on the Azuki auction homepage.

    Follow our channels for more crypto news:

    Most Popular

    Related Posts