STP 7 (Sage Proposal) — Authority Oracle for NFTs
This STP 7 announces τSage for community voting. τSage is a form of authority oracle for NFTs intended to be a blockchain infrastructure to cryptographically trace NFT authority. If STP 7 passes, τSage will be launched via BTCST dApp v2 by the end of May 2021.
BTCST has implemented τ protocol to empower users to mine τBitcoin, our first synthetic asset. While the BTCST team and our miners and mining pool partners work towards further implementation of τ protocol to mint non-fungible tokens (NFTs), we observe that the current NFT mint schemes are in need of authority oracles.
Specifically, we observe that the sole and ultimate source of truth for NFT authority records, which are data establishing the link between minted tokens and assets these tokens purport to inextricably represent, are stored solely in the NFT issuance contracts. NFT holders therefore must trust that the private key holders with admin access to these contract data would not irresponsibly or recklessly temper with these records. In other words, data immutability isn’t sufficiently improved or foolproof by the use of NFT technologies in most cases.
BTCST proposes τSage to solve this issue. τSage is an authority oracle for NFT. Available for integration by any platform intending to mint NFTs, τSage rolls up and preserve authority records of minted NFTs in the coinbase text of Bitcoin and other temper-resistant public ledgers. τSage will also offer NFT holders simple ways to (i) trace the authority records of their tokens down to the specific blocks of Bitcoin and other temper-resistant public ledgers and (ii) export the reports to provide cryptographical proofs of digital ownership to third parties.
Here is how τSage works:
- To gain access, an NFT mint contract intending to issue tokens verifiable through τSage must first maintain a certain amount of BTCSTs as collateral for data accuracy.
- The NFT mint contract will pass all authority records as they are created to the τSage network. τSage will perform authority validation and periodic rollups on these records to reduce them into a form suitable for coinbase text preservation. The τSage decentralized network is consisted of miners with sufficient mining power to decide coinbase text. These miners must also post BTCST collateral as surety.
- Periodically, the τSage network will insert rolled up authority records as coinbase text of Bitcoin and other temper-resistant networks. Raw records will also be preserved by the τSage contract for verification purposes.
- Holders of NFTs issued with τSage integration can then utilize τSage to instantly verify the full authority chain of their tokens and explicitly identify and demonstrate with a high degree of confidence where and how the authority records of their NFTs are stored, with convincing details including the block IDs of Bitcoin and other temper-resistant public ledgers.
Voting time: 20:00 04/06/2021–20:00 04/13 SGT
Voting Link: https://vote.btcst.finance/#/1btc.eth/proposal/Qmba4XCN7jWft8VAWxndoNBuEn4TZZAryQ2T4aWJDU9rQM