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Understanding NFTs and Smart Contracts in IoT

Former Disney boss launches Web3 game publisher with Marvel, Star Wars talent

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Understanding NFTs and Smart Contracts in IoT

Smart Contracts:

Smart contracts are secure lines of code that automatically execute predefined actions when specific conditions are met. These contracts operate autonomously without the need for intermediaries, ensuring quick and reliable execution of transactions. They define the rules and penalties of an agreement and enforce them automatically.

Non-Fungible Tokens (NFTs):

NFTs represent unique digital or physical assets that cannot be replicated or exchanged on a one-to-one basis. While fungible assets like dollars or bitcoins are interchangeable, NFTs are indivisible and have distinct properties. In the realm of IoT, NFTs are utilized to uniquely identify devices, ensuring authenticity and preventing malicious activities like device spoofing.

Creation of NFTs for IoT:

NFTs for IoT devices are generated using the ERC-721 standard, producing a single token per physical or digital asset. Each NFT is associated with a unique identifier and metadata, including information like manufacturer, user, owner, and approvers. The process involves the generation of public-private key pairs for IoT devices, which are then passed to a smart contract for minting NFTs and managing ownership.

Special Properties of NFTs:

NFTs have unique identifiers directly linked to Ethereum addresses, making them non-interchangeable with other tokens. Each token has a verifiable owner, and the private key serves as proof of ownership, while the creator's public key acts as a certificate of authenticity.

Enabling Smart Communication with NFTs and Smart Contracts:

IoT devices interact with the blockchain through their Blockchain Accounts (BCA), which are attributes of NFTs. BCAs allow devices to self-sign transactions, facilitating secure data sharing across the network. Smart contracts enable automated transactions based on predefined conditions, reducing the need for intermediaries and lowering authentication costs.

Benefits of Using Smart Contracts and NFTs in IoT:

  1. Metadata Recording: IoT devices can record metadata like location, time, and temperature on the blockchain for compliance and audit purposes.

  2. Automated Payments: Smart contracts enable automated payments and negotiations between devices and services, executed within seconds.

  3. Micropayments: NFTs facilitate micropayments between devices and services, enhancing transaction efficiency.

  4. Secure Software Updates: Secure software updates can be published on the blockchain, and IoT devices can validate updates using cryptographic hash functions, ensuring integrity and authenticity.

👋 Bitcoin Halving Party Unites Art And Tech At Warsaw Bitcoin FilmFest LINK

  • The festival coincided with the bitcoin halving at block 840,000, illustrating the close ties between money, technology, and sustainability.

  • Filmmakers and artists used the festival to challenge conventional boundaries of money and authority through cinematic exploration.

  • Highlights included "Dirty Coin," exploring bitcoin mining's use of stranded energy for renewable infrastructure, and "Searching For Satoshi," investigating the mystery of bitcoin's inventor and the implications of anonymity.

  • Educational and cultural events featured talks, workshops, and discussions on topics like the parallels between bitcoin and psychedelics, the role of art in bitcoin education, and the intersection of the internet, language, and human rights.

HOW NFT SMART CONTRACTS REALLY WORK - Can metadata be changed? How staking works?

Fundamental knowledge you must know when working with NFTs. A must watch video for the whole NFT ecosystem wether you are a developer, flipper or noob.

💡Former Disney boss launches Web3 game publisher with Marvel, Star Wars talent LINK

  • Hollywood and gaming luminaries unite to launch Galactic Entertainment Publishing, a AAA Web3 games publisher based in the United Arab Emirates under Galactic Group.

  • The debut project, PlanetQuest, already boasts a significant user base, with over 300,000 connected wallets and 200,000+ holding PlanetQuest NFTs.

  • The team behind PlanetQuest comprises industry veterans from Disney, Warner Bros., Activision-Blizzard, and Epic, with credits spanning franchises like The Batman, Avengers, Fortnite, and Call of Duty.

  • PlanetQuest, described as a "Star Wars-like" world, allows players to own and trade digital assets such as ships and planets. Galactic plans to expand the universe with tie-in media like novels and comic books.