Blockchain Processing Methods for Non-Fungible Tokens (NFTs)

Blockchain Processing Methods for Non-Fungible Tokens (NFTs)

It mainly introduces how to achieve the creation, processing, trading, and cross-blockchain transfer of NFTs through distributed storage and smart contract technology. The following are the core points of the document:

NFT Processing and Storage:

Distributed Storage: The data of NFTs is divided into multiple chunks and stored on at least two blobbers (storage providers). These blobbers use erasure coding and encryption technology to ensure the security and reliability of data.

Request Processing: The blockchain platform receives processing requests for NFTs, such as creation, viewing, editing, purchase, transfer of ownership, etc., and processes these requests by reconstructing the data blocks on the blobbers.

NFT Trading and Transfer:

Transaction Process: The buyer purchases NFTs through a smart contract (NFT_SC), pays cryptocurrency, and receives ERC-721 tokens as proof of ownership of the NFT. After the transaction is completed, the ownership of the NFT is transferred from the seller to the buyer.

Cross-Blockchain Transfer: Supports the transfer of NFTs between different blockchain platforms. This involves locking the NFT on the source blockchain and creating a corresponding shadow NFT on the target blockchain.

NFT Crowdfunding and Profit Distribution:

Crowdfunding Mechanism: Artists can initiate NFT crowdfunding projects through smart contracts, setting information such as project name, description, target fundraising amount, etc. Supporters purchase NFTs as part of crowdfunding and receive profit sharing after the project is successful.

Profit Distribution: After the crowdfunding project is successful, the funds raised will be distributed to artists and supporters according to the rules in the smart contract. If the project does not reach the fundraising goal, the funds will be returned to the supporters.

NFT Permissions and Access Control:

Permission Setting: The owner of the NFT can set access rights to the NFT, including viewing, editing, deleting, moving, copying, etc. These permissions can be applied to blobbers that store NFTs.

Data Encryption and Re-encryption: NFT data can be stored encrypted to ensure data security. When the NFT data needs to be shared with others, proxy re-encryption technology can be used to re-encrypt the data to the recipient's public key.

NFT Creation and View:

Creation Process: Artists or NFT creators create NFTs by uploading NFT data and downloading details to the blockchain platform. NFT data is stored on blobbers and managed by smart contracts.

View process: Users can view the content of NFTs through the blockchain platform. This involves obtaining NFT data blocks from blobbers and reconstructing these data blocks to display the content of NFTs.

Technical details and implementation:

Erasure coding: Use erasure coding technology to split NFT data into multiple blocks and ensure that the original data can be recovered even if some blocks are lost.

Proxy re-encryption: An encryption technology that allows data to be converted from one public key encryption to another public key encryption without knowing the original encryption key. This is particularly useful in cross-user sharing of NFTs.

Smart contracts: Used to automate NFT transactions, crowdfunding, rights management and other processes to ensure that all operations are performed on the blockchain, with transparency and immutability.

Computing system and deployment:

System architecture: Describes a computing system architecture for implementing NFT processing methods, including components such as processors, local storage devices, system memory, and network interfaces.

Deployment environment: It shows that the NFT processing method can be deployed in a distributed cloud computing environment, and the tasks are completed by remote processing devices through a communication network.

These key points comprehensively cover all aspects of NFT processing methods in the document, including technical details such as NFT storage, trading, crowdfunding, rights management, creation and viewing, as well as the computing systems and deployment environments for implementing these methods.