Ownables (fully-owned dynamic NFTs) is going to testnet
LTO Network announced last week that their TITANIUM mainnet upgrade has been pushed to testnet. The update focused on three things:
- It greatly improves the knowledge graph capabilities of LTO’s identity platform (decentralized Identities and Verifiable Credentials structure was launched in summer 2021 with the LTO COBALT mainnet update).
- It introduces functionality useful for supply chains where participation threshold is low because involved parties anywhere within the supply chain can put out statements int he process (without being dependent on the entire supply chain mandatory participating).
- And Ownables.
Ownables? What are they?
Here’s what I know about Ownables after deepdiving into their litepaper and participating in their community:
- They are fully owned digital asset packages. Where NFTs are publicly stored in a central or decentral way and the owner simply owns the hash pointing to that file, Ownables will provide full control over where the asset is stored.
- Ownables can contain multiple versions of the file, making them classifiable as dynamic NFTs (dNFTs), meaning they can change and be updated as time goes by, based on external conditions. Examples could be: master track and sample of master track. 2D pixelart and full 3D polygon file of the same wearable asset for metaverse. Full resolution jpeg art and a low resolution sample picture.
- The owner can decide if he wants to make an asset (or part of the asset) publicly available or not.
- Ownables will likely support CosmWasm smartcontracts, opening up a range of possibilities with consumable content, unlockable content, or dynamic content. True decentralized games could be something to explore.
- Ownables are completely decentralized. Not just stored in a decentralized public spot (IPFS) where your hash points to, but real control over your asset. The event chain on LTO’s public layer keeps track of the status of the ownables, the correct owner, etc.
- The NFT2.0 wallet is designed to not only provide true possession but also allow holders of Ownables to trade them directly with each other peer-to-peer (P2P).
- Ownables can be traded P2P, though marketplace support will be possible too.
An underrated protocol
With NFT2.0 on LTO, the asset is truly in your possession. It sits in your wallet, on your phone or laptop and you have full control over it. You’re able to trade the Ownables with other users without the need for a 3rd party.
All in all, Ownables is an interesting step in the right direction to improve control over such digital assets, while opening up exciting possibilities for content creators, with applications that may become crucial in all fields where identity will be represented by soulbound NFTs, which must track and represent the personal evolution of the individual, just like fully-owned dNFTs do.
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