ARTi AMA
ARTi AMA on the YouTube channel was held at 8 p.m. on September 30, 2021.
Part 1
What is an ARTi project?
Do you know NFT, which is the hottest field in the blockchain market these days?
The ARTi project is pursuing an NFT (Non-Fungible Token) integration platform that integrates NFT-related services, such as registering various items, including artworks as NFTs, using blockchain technology, and trading them through the marketplace.
In particular, high-quality content and NFT technology are essential in NFT projects.
Arti Project has NFT items combined with global K-pop celebrities and celebrity goods, including artist Hooranky Bae, a world-renowned digital artist, and excellent works with creators in various fields.
In addition, Arti Project has improved scalability by developing multi-chain technology and bridge technology that connects on-chain and off-chain.
In other words, we developed a multi-chain technology that utilizes the Ethereum chain and Binance Smart Chain together for NFT and a bridge technology that solves the blockchain size limitation and connects on-chain by storing high-capacity NFT contents in an off-chain DBMS.
By introducing Binance Smart Chain this time, our Arti Project plans to launch various services using NFT additionally, and we want to create meaningful results in the NFT field.
Thank you.
Part 2
Q1. First of all, could you introduce yourself and the project?
My name is James Kim and ArtiProject CMO. The person next to me is CROE Kim, the founder of Arti Project and the CTO in charge of development.
A little while ago, in part 1, we briefly introduced our art project. It is an honor to introduce our art project to you once again.
ARTi became by combining art with i. Literally. I stand for innovation and identity…
In other words, it has the meaning of adding innovation to art. Therefore, as everything in the world can be a work of art, our project is pursuing an NFT project that adds innovation and gives identity to precious things in the world.
In a word, the Arti Project is an NFT innovation project using blockchain technology.
*I will explain the Contents and technology
In particular, the most crucial thing in an NFT project is high-quality content and NFT technology.
Arti Project has excellent works with creators in various fields, including global digital artist Frankie and international K-pop celebrities and NFTs combined with celebrity goods.
In addition, Arti Project has improved scalability by developing multi-chain technology and bridge technology that connects on-chain and off-chain.
In other words, we have developed a multi-chain technology that utilizes the Ethereum chain and Binance Smart Chain together for NFT.
By storing high-capacity NFT contents in an off-chain DBMS, we solved the limitation of the size of the blockchain and developed a bridge technology that connects to the on-chain.
We will have time to explain our more differentiated Arti Project NFT technology a little later.
*I will explain our team.
There are a lot of great people leading our project. Among them, I would like to introduce two remarkably talented people.
Hooranky is a co-president of the ARTi Project, a world-renowned digital media artist, and has a history of trading top-level NFT works.
His most recent NFT work sold for $0.55 million at the Miami NFT Blue Auction in July 2021.
His works have already been sold at high prices several times in galleries of famous department stores in Korea.
Cultural and artistic activities are acting as ambassadors for culture and arts of World Vision, a UN NGO in which celebrities participated.
He has deep knowledge of blockchain technology and NFT and has performed with famous K-pop singers.
In collaboration with Samsung Harman, we are working on NFT.
As an artist, I joined the ARTi project to expand the usability of blockchain technology.
Croe.K.
As the CTO of the ARTi Project, he is a full-stack developer and a blockchain expert.
We developed “YCHAIN”, a blockchain system that stores data in real-time with IoT technology and applies to famous universities and companies in Korea.
In addition, he developed a “COVID19 entry/exit management app” using blockchain technology, which is using to track and prevent corona patients.
He worked as a developer at Samsung SDS, and served as a blockchain technology advisor to the Ministry of Science and ICT in Korea.
He is also a member of the blockchain technology committee at Yonsei University, a prestigious university in Korea.
We have various blockchain achievements such as ERC, Dapp construction, Mainnet construction, and exchange construction in blockchain technology.
In addition, “Y Chain”, a blockchain storage system built by our team, is being used as a technology to store educational data generated at universities across the country.
World-renowned digital media artist and Arti project CEO Hooranky recently had a surprising result: his work sold for $0.55 million at the US NFT Blue Auction.
* The primary services of the Arti project are
First, the NFT service converts various items to digital, then uses blockchain technology to create NFTs and store them in the blockchain.
Second, you can trade NFT items registered in the ARTi-X Marketplace.
You can sell NFTs through this platform or trade through auctions.
Third: NFT Defi Service: It is a service that swaps ARTI tokens so that other token users can also purchase ARTI NFT works.
In addition, after entrusting NFT works, you can receive interest or get a loan with ArtI Token. We will also launch a service that exchanges NFTs together.
Fourth, the NFT gallery service supports storage, exhibition, promotion, and marketing of NFT works through offline NFT galleries in major base cities, and users can directly experience NFT items.
The primary services of the ARTi platform are
- We aim for decentralization, liquidity, and shared ownership of artworks (transparency in artwork transactions)
- Discover creators and help in creative support activities. (Unknown artist Digital Creator, generating revenue from the sale of works, motivating creative activity)
- Contribute to the popularization of personal collections (used for various exhibitions and cultural event contents)
- To popularize art through the coexistence of art and economic activities.
* We will tell you about our goals and vision.
The Arti Project enables anyone to NFT their valuable items and safely store them on the blockchain using blockchain technology.
We aim to increase security and trust by allowing copyright and ownership to be freely and safely trade without forgery.
We hope that NFT technology will utilize in all areas of life, including culture and art, through Arti Project.
We have a big vision to improve humanity’s quality of life by creating a variety of ecosystems where people can increase the accessibility and use the value of blockchain.
Q2. Could you please describe which field your project is in, your understanding of this area (Infrastructure/NFT & GameFi/ DeFi) and briefly explain the logic behind your project for us?
ArtiProject mainly focuses on the “NFT sector” among the main target areas of the Binance MVB III program.
As you all know, other categories such as games, Defi, and infrastructure have been hot topics, and they are continuing to grow.
However, you may know that the recent trend is that the NFT field is receiving a lot of attention from the market.
The growth potential of the NFT market is quite enormous through various media outlets.
At a Christie’s Auction, Beeple’s work “(Everydays-The First 5000 Days)” jpg file was sold for the highest price of $69.3 million in NFT, which shocked the world.
This showed that NFT is not just a technology for storing artwork on a blockchain but can also be extended to commercialization and financial solutions through NFT auctions and NFT marketplaces.
NFT-related growth promotion logics are as follows.
First, it is the process of making various items into NFTs by applying blockchain.
In this case, Binance Smart Chain is mainly used considering the gas cost and speed of Ethereum.
Of course, by introducing the versatile Ethereum chain in the form of a multi-chain, we are increasing the accessibility and participation rate of the Arti Project for new or existing users at the same time.
Second, registered NFT items can be traded through the ARTi-X Marketplace.
You can sell NFTs through this platform or trade through auctions. It is not a marketplace that trades NFT works but has a service that swaps other tokens such as Ethereum and BNB coin for ARTi Tokens so that you can purchase NFT works. In addition, we will also launch a service that purchases NFT works, deposits them, lends them, or exchanges NFTs.
Third, Arti Project has NFT galleries in major cities.
In principle, items sold on the NFT Marketplace are delivered directly to the buyer.
However, it may be consigned to Arty Gallery for exhibition, promotion, and marketing rather than being kept by individuals.
You can promote and market NFT works, which may remain as digital items in the Art Gallery, directly in the offline space.
In addition, it is broadcast to the global market through media such as YouTube, and through this, it has a virtuous cycle structure that expands time and space back online.
In particular, in NFT, digital works and analog works occupy a large proportion. In this case, the steps to convert the analog state to digital are essential.
The Arti Project Foundation has various patented technologies that convert analog to digital.
These technologies are differentiated by digital accessibility, which is the first step in the NFT process.
Other NFT projects are limited to works of art, content determined to a specific field, or almost exclusively online.
The ARTi project is an online and offline fusion project that combines NFT creation, transaction, payment, exhibition through offline galleries, and performance marketing.
These increase NFT accessibility by expanding the NFT ecosystem online and offline and allowing the general public to experience NFT technology in various ways.
Therefore, Arti Project has a fine virtuous cycle structure in which technology and content are connected throughout the entire process from the NFT online marketplace to the NFT offline gallery.
Q3. why did you choose BSC when it comes to project building, what are the highlights of BSC and what is the possible scope for future progress
The reason ArtiProject chose BSC is not just because of its low gas cost.
The compatibility with the Ethereum chain and user accessibility through Metamask is excellent, and the possibility of various extensions has come to us as a big attraction.
As we all know, Binance is the largest exchange. Binance is a centralized exchange that has been trying to decentralize for a long time.
Binance has been working continuously to decentralize for several years, including creating Binance Chain and creating the decentralized exchange Binance DEX. But until the BSC came out, there wasn’t much of a difference. This is because accessibility has made it challenging to bring users and liquidity to the largest Ethereum blockchain. EOS, which was called the killer of Ethereum, failed to get the liquidity and users of Ethereum for the same reason.
Our ART team thought that other platforms were technically trying to beat Ethereum by significantly reducing block creation time and increasing transaction speed compared to Ethereum. Still, it was tough for users to access because Ethereum and the wallet used were different. Therefore, it can be seen that the fact that smart contracts and libraries had to be rewritten was failure inaccessibility.
Since last year, as the demand for DeFi grows, Binance directly enters the Ethereum ecosystem and created a decentralized chain, BSC, similar to the Ethereum platform.
Our ART team thought that other platforms were technically trying to beat Ethereum by significantly reducing block creation time and increasing transaction speed compared to Ethereum. Still, it was tough for users to access because Ethereum and the wallet used were different. Therefore, it can be seen that the fact that smart contracts and libraries had to be rewritten was failure inaccessibility.
Since last year, as the demand for Defi grows, Binance directly enters the Ethereum ecosystem and creates a decentralized chain, BSC, similar to the Ethereum platform.
The ArtiProject team thinks that Binance’s choice of compatibility with the Ethereum chain is the biggest highlight and exciting part of BSC.
In other words, we forked Ethereum to create Binance Smart Chain, made BSC-based pancake swaps such as Uniswap, and brought Etherscan, a blockchain explorer, to UI and UX in the same way as Bscscan.
We applied Ethereum, reduced the number of nodes to 21 to make it faster, and changed the block creation time to every 3 seconds.
Binance has even built a bridge system that interconnects the Ethereum Chain and the Binance Smart Chain, creating an environment that can bring Ethereum users suffering from high gas fee prices to BSC.
Therefore, users who have been using Ethereum in the past can naturally move to the Binance Smart Chain.
You can use the BSC (Binance Smart Chain) by changing the network option with any Ethereum wallet, including MetaMask, which shows great accessibility and scalability.
The Pancake Swap of Binance Smart Chain (BSC) has already exceeded the transaction volume of Uniswap, and the number of newly created wallet addresses with MetaMask has increased tremendously.
Since BNB coin is used for gas fee and node role in BSC (Binance Smart Chain), I think the price has risen a lot recently as Binance Smart Chain succeeded.
Possibility of development with ARTi project and BSC.
Until the release of BSC (Binance Smart Chain), our team thought about solving the gas cost problem and scalability problem that Ethereum had.
Also, since BSC is a DPOS method with 21 nodes, it is closer to centralization than decentralization, so I was concerned that there might be a trust problem in the chain.
However, with the creation of the BSC (Binance Smart Chain), it seems to be going differently than expected.
It was intended to make the BSC chain challenging to trust because it operates with few nodes, entrusted with the value of a giant company called Binance… This seems to be accepted in the market.
Therefore, Arti Project has decided to add a BSC-based NFT platform because BSC has proven its stability and scalability.
Based on BSC’s unique accessibility, gas cost reduction, and various scalability, we plan to improve multiple issues and launch various NFT services.
In particular, by introducing BSC in the process of creating NFT, we have a multi-chain in parallel with the existing Ethereum chain, solve the Ethereum gas cost problem, and can use the Metamask wallet in BSC so that artists We are expanding our user base by improving user accessibility.
In the ARTi-X Marketplace, BSC’s fast processing speed is applied so that auctions and transactions of NFT works can be carried out simultaneously in real-time.
In particular, by applying the BSC-based pancake swap model to the ARTi NFT market, we have a swap service to exchange other tokens to purchase ARTi NFT works.
In addition, users can capitalize their NFT works, stake them on the ARTI platform, and receive interest with ARTI tokens. We are developing an NFT-Defi service that lends art tokens with entrusted NFT works or lends or exchanges different NFT works.
Arti Project continues to develop various services based on BSC in the future, and I believe that the scope of projects that can be done with BSC and NFT-related projects will continue to expand.
Q4. Which of the above do you consider to be the most important development factors in the Project Building process? And how have you ensured the stable development of this factor?
A critical development element in building an Arti project is “security technology” for the NFT project. Of course, Arti Project can naturally show strength in revitalizing the community due to its differentiated NFT contents.
However, since the Arti project has a young history, it may still take time to secure excellence in “daily active users (DAU), total lock volume (TVL), community strength, etc.” excluding “security” technology among the MVB evaluation criteria.
However, Arti Project is equipped with superior security technology for creating, storing, and searching for unique NFT items that an NFT project must have.
First, Arti Project applies ERC-721 based on Ethereum and BEP-721 multi-chain technology based on Binance Smart Chain in the NFT creation stage.
Although each multi-chain has its security, Arti Project has applied the independently developed “KMG Compression Hash Algorithm” to perform compression and cryptographic hashing in units of 1024 blocks to strengthen double and triple security further.
In other words, the KMG compression hash algorithm compresses every 1024 block units to generate one hash value separately (Kilo Hash), then compresses every 1024 K units (Mega Hash), and again uses a Giga-Hash that compresses every 1024M block unit. It is created separately to verify the forgery double.
This enhances security and improves the search speed of NFT blocks by compressing long chains.
Second, This enhances security and improves the search speed of NFT blocks by compressing long chains.
By using both on-chain and off-chain in the NFT storage stage, Arti Project overcomes the block size limit of on-chain blocks and strengthens security.
NFT contents are primarily in the form of large-sized original images or videos due to their unique characteristics.
However, when storing the NFT on the blockchain, it is impossible to keep the original work due to the block size limit. Instead, the hash value is stored on-chain by selecting unique values such as the artist, work number, and work name.
Arti Project stores NFT core information on-chain and large-capacity originals on off-chain mass storage.
The limitation of the on-chain method was solved by matching and connecting the off-chain method of mass storage.
The security of the original state of the NFT is strengthened by creating a bridge by hashing the pointer and the RDBMS (relational database storage method) between the two ends and mutually verifying the forgery of the original.
Since most other NFT projects store only the ownership of NFT works or work information on-chain, Arti Project’s on-chain-off-chain-extension method is also noteworthy for maintaining the rarity of NFT contents.
Among the development elements of Arti Project, “NFT security technology” and “community strength” are also important factors in the future.
Arti Project has excellent works, including the world-famous digital artist Hooranky, NFT items combined with global K-pop celebrities and celebrity goods, and outstanding pieces with creators in various fields.
In particular, Arti Project, which originated in Korea, has strong community solidarity due to the nature of NFT content. In particular, Arti Project is preparing differentiated content by converting limited edition magazines and commemorative coins of famous artists such as BTS and Black Pink in Korea into NFTs. Thus, we are preparing to expand the NFT platform and the community while using these contents as our strengths.
You can check more details from BTS Labs’s YouTube chennel.
