How PlatON used NFTs to Promote Network Activity and Community-Wide Governance
The pace of innovation in crypto can be dizzying.
Sometimes, for beginners, wrapping heads around specific terms in crypto, DeFi, and NFTs is understandably overwhelming.
Yet, in the middle of this exciting sphere, there are numerous opportunities already proving disruptive and could, after all, overhaul traditional processes.
The idea of creating non-fungible tokens and integrating them in democratic processes like voting is one of the many applications and possibilities only in the blockchain realm.
Indeed, this is new considering how NFTs have been associated with creatives and digital art spheres. In reality, NFTs are far-reaching with near-infinite deployment in, sometimes, foundational activities.
And the magic of NFTs came to pass when the LatticeX Foundation, the promoters of the PlatON blockchain, used NFTs as a means of approval.
To understand how, we must go back to the very beginning.
PlatON Plans to Power Privacy-preserving Computation
PlatON plans to power AI algorithms by building a computation and data marketplace merging privacy-preserving features. From the protocol, users would benefit from private computing and distributed economics.
Out of their service offerings, PlatON can be described as a “decentralized FaaS (Functions as a Service) platform.” All smart contracts running on their scalable network can be said to be “functions.”
As a data and computation platform, it focuses on providing a trading platform for different data assets and providing various algorithm models in a privacy-preserving environment, ensuring the easy and fast circulation of data sets worldwide.
From the PlatON platform, AI models would access massive data troves without infringing on generators’ privacy. This effectively helps drive the “democratization of AI for safe artificial general intelligence.”
To ensure privacy preservation, PlatON merges protection using cryptographic techniques like their verifiable computation algorithm and the integration of Homomorphic Encryption (HE) with Secure Multi-Party Computation (MPC). As a result, while AI models would be data-hungry, the platform would cater for the interest of providers, only availing necessary data compliantly.
As it stands, compliance guides a vibrant, secure, and private marketplace where AI algorithms–with defined input and output logic–can access available data from providers riding on the PlatON platform.
At the same time, users would be able to monetize their computation power, allowing users who require high computation requirements to tap from the network’s resources conveniently.
However, all this couldn’t be possible without the mainnet launch. Active community members were required to vote using their collectibles and approve this mainnet launch.
LatticeX Foundation Rewards Active Members, Distributes 1067 Limited-Edition NFTs
After receiving 731 out of 907 NFT LAT votes—a majority, the PlatON mainnet was launched on 12:29 on April 30, 2021, Singapore time, subsequently upgrading their pre-deployed network as mainnet.
This was a monumental time for the PlatON mainnet and preceded by intensive, thorough preparation.
To illustrate, the April 30 mainnet launch was after six months of Business Verification via the Alaya test network, three rounds of internal testing and tuning, eight months of Baley’s World testnet, and 2.5 years of initial research and development.
Five days before the mainnet release, in an effort promoted and approved by the community, LatticeX Foundation launched the decentralized mainnet release process. The goal of this drive was to make sure that all nodes were operational and in sync once the blockchain went live.
After voting, all NFT votes were burnt.
In late May 2021, LatticeX distributed 1067 limited-edition NFT badges to commemorate the launch of the mainnet to all voters.
260 NFT badges were sent to Alaya Node operators—who later became network validators–and 732 badges to loyal community members who voted using their collectibles, approving the mainnet launch.
How NFTs can Incentivize Activity
LatticeX Foundation says these NFT Badges are a “small” token of appreciation and a show of gratitude for community members who participated.
If anything, the foundation aptly demonstrates the power of NFTs. Beyond securing the interests of artists, the same innovation can be baked in other processes as a means of incentivizing participation and rewarding activity, for example.
NFTs are, after all, native to the internet.
Besides, there are not divisible, can be tracked via the residing chain—in PlatON’s case—privately—and cannot be exchanged for another—each bear unique characteristics distinguishable by the blockchain’s algorithms.
The use of NFTs in voting and rewarding activity is potent. It could shape the way DAOs operate—most are struggling with low participation rates.
By promising NFT rewards to token holders, DAOs can be resuscitated, and activity injected.
Recent Developments: LatticeX Inks Strategic Partnership with xNFT Protocol
Recently, Singapore LatticeX Foundation, the promoter of privacy-preserving AI network PlatON and financial public chain Alaya, announced its strategic partnership with xNFT Protocol to bolster tech collaboration, crypto art and ecosystem development.
At the same time, xNFT Protocol and LatticeX Foundation sought and promoted to reach a deep consensus with PlatON for fully integrating its product matrix into PlatON’s ecosystem, so as to enrich the products system of PlatON NFT with DigiCenter Digital Collection Wallet, xNFT Oracle Price Prediction Machine, NFTPark On-Chain Encryption Art Gallery, etc., and endow both platforms and products more underlying innovation and business value by working together.
Further, PlatON’s privacy-preserving computation technology will benefit xNFT Protocol by empowering cryptographic art value, realizing digital identification of traditional art, and facilitating asset digitization, to jointly promote the technological development of NFT and Metaverse.
Published By : BTC Manager