Chainlink Hackathon Spring 2021 project “KHHN- Korea Heritage and History NFT”

CenterPrime
Apr 17 · 6 min read

“KHHN- Korea Heritage and History NFT project presents a platform for the preservation of value through the tokenization of K-Heritage’s NFT.”

CenterPrime participated in Chainlink Hackathon Spring 2021 to preserve the value and information of Korean heritage through NFT technology.

Chainlink hackathon Spring 2021 is a three-week hackathon from March 15th 2021, hosted by Chainlink aimed at utilizing the power of off-chain data and building innovative DeFi, NFT, gaming or universally connected DApps. Chainlink’s co-founder Sergey Nazarov, Aave’s CEO Stani Kulechov, Avalanche’s CEO Emin Gün Sirer, Solana’s co-founder Anatoly Yakovenko, and other world-renowned people conducted the judging. Chainlink hackathon Spring 2021' is an event that has caught the attention of the world.

The main task of this hackathon is to develop ideas for the advancement of smart contract development through secure off-chain connectivity through Oracle. Prior to hosting the hackathon, Chainlink joined the United Nations Education and UNESCO Global Education Association to make educational resources and development programs available worldwide. Through the hackathon and its goals, we can see the effort of Chainlink to connect smart contracts to real data and systems through Oracle so that institutions and anyone else can apply smart contracts linked to blockchain technology to their lives.

The UN Organization for Education, Science and Culture, founded in 1945, more widely known as UNESCO, aims to promote cooperation among the international community through education, science and culture. For this purpose, they are protecting the precious cultural and natural heritage of mankind by designating, managing, and protecting the heritage. UNESCO divides heritage into two main categories: cultural heritage and natural heritage.

Among these, natural heritage refers to a unique natural phenomenon on earth, a geographically significant place, or a place that has universal value from a scientific and conservation point of view. However, modern society has been developing by destroying nature, and natural heritage is being lost due to global warming, environmental pollution, and natural disasters.

Natural heritage has a value that must be preserved and passed on to future descendants. NFT is irreversible and irreplaceable because of the characteristic of blockchain technology, so if the information should be left in the NFT in order for the natural heritage information to be safely preserved. This can convey information about the natural heritage to future generations and can also be used as clear evidence for future education and disputes over property ownership.

Cultural heritage refers to technology, science, terminology, spiritual, and physical things of value throughout human history. Cultural heritage provides important value to us today as it contains a variety of information from the past. This will be true for future descendants so that’s why cultural heritage, like natural heritage, must be preserved safely.

However, it is clear that these cultural heritages have been lost in recent years. We intend to preserve the value and information of the heritage through smart contracting through NFT technology in order to clearly and safely preserve and deliver the current cultural heritage to future generations.

There is a responsibility to protect and preserve the previously mentioned heritage. We intend to safely preserve the value by converting the natural and cultural heritage of Korea into NFT tokens. The name we gave this project is ”KHHN- Korea Heritage and History NFT”.

The following is the sequence of the NFT swap and mining for this project.

First, prepare a wallet to exchange Chainlink’s Link Token and KHHN. Then through the swap between LINK token and KHHN, we can make sure Korean cultural heritage and historical data can be continuously mined.

Second, we will provide rewards in the form of LINK tokens to miners who mine new heritage.

Third, holders can get token rewards and study about the mined Korean cultural heritage and history.

Through that process, KHHN holders can easily access and learn about various Korean cultural heritage and historical information. This also acts as a bridge to acquire LINK tokens as rewards and connect data with tokens.

The following is a list of challenges for KHHN- Korea Heritage and History NFT.

1. Layering of heritage information and content chain

2. Tokenization of heritage assets

3. Authentication chaining of heritage assets

4. Compensation through the mining pool of heritage assets

5. Donation through the heritage asset swap pool

By using public chain and interchain side chain technology, it is possible to build a heritage content IPFS chain and connect it with public chains such as Binance Smart Chain, Ethereum Network, and Polkadot Network to make NFT tokens.

Heritage assets could be tokenized into NFTs that are connected to blocks by linking various content such as images, sounds, videos, and texts based on blocks generated through authentication of natural and cultural heritage. As such, the connection to more real data and systems will provide a higher accessibility of heritage assets and an opportunity for communities all around the world to take a step closer to safeguarding the value of the heritage together.

That means that through UNESCO DID, tokenized heritage can generate blocks. DID also provides high security for the value of the heritage as a representative agency for heritage preservation. In addition to securing accessibility and security for the value of K-Heritage as an NFT token, we have developed a heritage asset pool that allows holders to continuously connect the actual data and systems.

The following is how mining the heritage NFT will proceed.

First, the holder sends a heritage NFT to the wallet.

Second, the heritage NFT is mined.

Third, miners are rewarded with underlying asset tokens.

By utilizing the liquidity pool fee system, the fees incurred when people trade NFTs of cultural assets are deposited as donations in the wallet. As a result, donations are raised and collected to be used to safely preserve the value of the property. Through this, donations are raised, and the donations collected are used to safely preserve the value of the property. As such, the “KHHN- Korea Heritage and History NFT” project will be reborn as a win-win platform that not only creates personal profits, but also helps in safe preservation of national heritage.

Unlike the past, where only one technology was the focus, the era of Oracle DeFi has arrived, expanding to content and affecting not only individuals but also countries. CenterPrime continues to take steps to build a space that can more safely meet and handle the ever-increasing needs in the era of DeFi.

KHHN DevPost|KHHN Github|KHHN Youtube

About CenterPrime

The CenterPrime project uses a Hyperledger private chain to share an open banking API to apps, connecting centralized finance to decentralized finance. Also making smart pairing data for loan, remittance, exchange, payment, and exchange rate information possible to be included in fintech oracle networks.

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CenterPrime

Financial Smart Pairing Node (Open banking private chain hyperledger)

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