NFT Venture Azuki Rolls Out Physical Backed Token on Ethereum Blockchain October 19, 2022 October 19, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 19, 2022 by Kelly Cromley

NFT Venture Azuki Rolls Out Physical Backed Token on Ethereum Blockchain

Physical Backed Token (PBT) is an open-source token format that links a physical object to a digital token on the Ethereum network. Azuki tweeted that the BEAN Device, a tangible cryptographic chip that creates an asymmetric pair of keys, would be used for the maiden incorporation of the PBT. The pairing of the PBT with the BEAN Chip offers a functionality termed “scan to own” by the initiative.

“Scanning the chip with a smartphone enables the PBT to be created or moved online to the holder’s wallet. This enables the present possessor of a physical thing to also control the PBT, which indisputably validates the item and links it with a digital token in a wallet of their choice.”

The PBT aims to offer decentralized validation and monitoring of the whole ownership history of physical goods, without the use of central server, transforming it into a trustless authentication system. As per Azuki, no body will have the exclusive authority to authenticate or confirm the ownership of objects. On top of Over this platform, anybody is free to verify, validate, and construct experiences.

Azuki thinks that PBTs will enable the utilization of physical products to produce digital offerings, so ushering in a new age of narratives and interactions. As per the idea, holders may amass a library that combines the digital and physical, exchange authorized things, and engage in real-world adventures.

The PBT revelation by Azuki was met with varied comments on Crypto Twitter. Not all cryptocurrency fans were thrilled, with some claiming that the technique was not inherently novel. Since the announcement of Azuki’s Physical Backed Token rollout, the venture has risen to the top of OpenSea’s 24-hour transaction volume rankings, according @W3Meysam on Twitter.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.