Press Release
Press Release EVT (Encrypted Variable Token) is said to be an upgraded version of NFT (Non-Fungible Token). It is said to be an upgraded version of NFT (Non-Fungible Token) and will soon replace NFT for its creators. Is this possible? Here is how the core technology of these tokens works.
What is NFT. (Non-Fungible Token)
A Non-Fungible Token is a financial security consisting of digital data stored in a blockchain, a type of distributed ledger; ownership of NFTs is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be bought and sold. {NFTs are spreadsheets with a record and a code that facilitates how this record is updated. the contents of an NFT are metadata, which could be artwork, mp3, mp4, or digital files. some argue that NFTs will fundamentally change the creator class and the way art is traded. Many of the artists who rush to create NFTs mistakenly believe that people can trade their work for residual royalties. However, due to the structural limitations of the code, this is not true.
The art trade has long been tolerated by artists and creators because they simply did not have better options for getting their work out there. Artists needed curators because curators often provided artists with clients and physical space to exhibit/sell their work. In many cases, management fees were grossly disproportionate, with the curator taking 60-70% or more of the contract, leaving the artist with sufficient funds to enjoy a frugal lifestyle and continue to produce work.
The big myth is that NFT can change all of that. Unfortunately, it does not, and here is why.
When an artist creates a painting in the form of an NFT and posts it on OpenSea, a user named Bob buys the NFT for $1000. The smart contract stipulates that the artist receives 30% of the proceeds, so the artist receives $300 when Bob makes the purchase, but not if Bob later becomes a curator and resells it.
The artist hoped that the NFT would eventually trade for tens of thousands or millions of dollars, increasing his income and prestige. Currently, this resale royalty is only facilitated by the platform OpenSea itself, but not in the actual smart contract of the NFT. In other words, only a third-party centralized marketplace can facilitate this residual royalty, which is no different than going through a gallery somewhere and dealing with a traditional curator somewhere.
Technically, it would be too complicated to run code that would allow for ongoing resale royalties. Instead, the NFT is implemented by smart contracts whose specifications assert only static properties. If Bob purchased the NFT artwork and stored it in his Metamask wallet, but decided to transfer it to one of his other digital wallets, would the wallet give the artist another 30%? The only owner of this digital item is Bob, that is all that matters.
It would be pure innovation for the artist to receive an ongoing royalty each time an NFT is traded/sold.
To continue the example, let’s say that a year later, the artist is very successful in the art world and suddenly everyone wants the NFT that Bob has and someone offers to buy it for $1 million. Ideally, Bob would be happy to sell the painting, and if the deal goes through, the artist would receive an additional 30% of the $1 million in NFT sales. If this were to happen, the world of creators would be truly revolutionized and there would no longer be a need to deal with artists and curators. In this case, the structure of the artist’s royalty demands would change, perhaps with the artist getting 70% of the creation and the dealer getting a 30% commission on each sale of it.
Could this be achieved? Theoretically, it could work inEVT (encrypted Variable Token) structure to work. EVTallows for encrypted variables within a smart contract. For example, the data in an EVT can be classified into an immutable part and a variable part. Variable data has multiple dimensions and can be programmed for time, space, and multiple functions.
While NFTs are static, EVTs are dynamic; EVTs can reprogram certain aspects of the metadata. Finally, EVT’s functionality solves the problem of residual royalties for creators: with EVT, creators can enjoy a percentage of ongoing royalties as long as content and metadata continue to be transacted. nft is not designed to be such due to security issues with coded languages. It is not designed to be.
NFT is written in Solidity, a dynamicdeveloped by Ethereum. Newton blockchain a modification of Rust-based code; within the normal scope of the Solidity programming language, encrypted metadata can potentially hide malware or
harm the device if it escapes the sandbox. It can also mean crude code that could harm the device if it escapes the sandbox. However, encrypted code can run in a more secure security domain with Rust-based programming code, allowing creators to enjoy true encrypted privacy in residual royalties, changes to digital assets, and content viewing.
EVT is a game changer andUltimately, it provides ownership with privacy and diversity. A currently demonstrated use case is a DApp called Wave, which plugs into theNewton Blockchain and enables dynamic sales of viewable tickets; it connects to the Newton Blockchainand enables viewable media Enables dynamic ticketing. For example, one can purchase EVTs of secret movie content, create X number of tickets, and resell them to others; the encryption feature of EVTs ensures that only those with the appropriate key can securely view their contents, unlike NFTs where the metadata content is publicly available.
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