TheStandard.io and Rev3al Announce a Partnership to authenticate the tokenization of physical assets.
TheStandard.io partners with Rev3al to authenticate tokenized gold, looking to use it as a trusted badge of approval to prove authenticity to the market.
Partnering with TheStandard.io
Trillions of US Dollars worth of rare assets, like gold and cryptocurrencies, are locked away in vaulting facilities and digital wallets worldwide. TheStandard.io, a next-generation monetary system, unlocks this vast stored value. It enables users to generate a stable virtual currency called “Standard Euro”. This is achieved by locking up tangible and intangible assets such as Bitcoin, ETH, or MATIC and tokenized assets like gold and silver as collateral in decentralized smart contracts called Smart Vaults. This allows people to spend their locked-up funds without selling their assets. Once assets are locked in a smart contract, users can generate stable cryptocurrencies like Standard EURO (sEURO), sUSD, sYEN, sINR, and more.
The protocol is governed by a community of “Standard Token” holders, which form a Decentralized Autonomous Organization (DAO). The Standard DAO will manage the protocol by making key decisions utilizing smart voting mechanisms and prediction markets.
To give DeFi users confidence in tokenized gold as collateral, TheStandard.io uses top-tier auditors like BDO and the premier web3 native auditor Rev3al to verify that the physical gold matches with the tokenized gold.
Fraud In The NFT Marketplace
NFT fraud is a problem for marketplaces and artists alike. It is related to the fact that anyone can produce NFTs and auction them on most marketplaces. Without having to provide evidence that they possess the original work, any user can list and sell NFTs.
Replica Stores
Creating imitation storefronts is a standard fraud method. They carefully copy authentic websites to trick unsuspecting users. According to a recent study, the number of stores using names such as Rarible, Opensea, and Audius is increasing exponentially. The replica stores generally include codes that gather visitors’ login and purchase information.
Fake NFTs
Some scammers prefer to pass off copies of their works as originals. As the NFT industry expands, it’s impossible to predict how far these con artists will go. Some even set up fraudulent airdrops through fake websites and claim to reward clients with NFTs.
However, they are becoming more clever every day. Therefore as a supporter of NFTs, you must exercise caution. Using a tool like REV3AL, you can foil these schemes and safeguard your NFTs.
What is Rev3al, And How Does It Offers Digital Copyright Protection?
A fresh and cutting-edge cryptocurrency initiative called REV3AL debuts at a crucial moment for the industry, when fraud and scams are rising. REV3AL provides digital copyright protection and anti-counterfeiting solutions for artists, innovators, and intellectual property owners as a remedy to the impeding growth of the digital media sector. REV3AL aims to significantly contribute to protecting digital media on platforms like NFT marketplaces, gaming platforms, and the metaverse with its multi-layer authentication and anti-counterfeiting protocol.
Multi-Layered Strategy
In order to preserve digital assets, REV3AL technology uses a multi-layered protocol. It uses overt, covert, and forensic security mechanisms, respectively.
The forensic features are difficult to find and comprehend without extensive technical knowledge. While the overt elements are obvious to the unaided eye, the covert ones are concealed. As an additional security protection, it embeds a number of authentication elements within the layers.
The vague explanations here are that this type of security is a constant arms race against scammers. Once scammers find out exactly how rev3al finds counterfeits, they can start working on the way to circumvent detection. Rev3al soon adapts to new scams, but the goal is to slow scammer progress down.
The Self-Verification Function of Rev3al
The multi-factor approach used by REV3AL technology enables self-verification capabilities that let users independently validate NFTs. They carry out straightforward processes on the REV3AL platform and the user’s device.
Members of the REV3AL community will also have access to restricted content in upcoming metaverse settings and on the security marketplace. They will be given a choice to invest in staking and buy tradeable tokens on KuCoin (listed as of 30th June).
Summary
TheStandard.io and Rev3al will continue working together on the future Intellectual Property (IP)-protected NFT marketplace and seek to integrate sEURO as a payment option. Also, as stated previously, a key component of the collaboration will be the authentication of the tokenized gold on TheStandard.io.
For updates and to learn more, check out:
🐦 https://twitter.com/rev3altech
📸 https://www.instagram.com/rev3al.technology/
💬 https://t.me/rev3altechnology
✍️ https://medium.com/r?url=https%3A%2F%2Frev3altechnology.medium.com%2F
👔 https://www.linkedin.com/company/rev3al/about/
📽️ https://www.youtube.com/channel/UCYDDF0naDd_WHWVLOuowooA
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