An overview of the first Sonce use-case, including other potential use-case examples!
The RiveX team has been working around the clock to finalize the Sonce platform, and we’d like to thank our community for the continued support! With the release of the Sonce NFT minting platform just around the corner, we have prepared an overview of the very first Sonce use-case! The automated parcel locker, tokenized! We’ve also included some other potential future use-case examples, let’s dive right in.
We have the Technology
You hear a lot about NFTs and their many potential uses. The possibilities are endless. Many years ago you would have heard the same thing about ERC-20 tokens. It was not long before dApps powered by on-chain smart contracts started to allow anyone to mint their own tokens without even writing a single line of code.
While smart contracts are the godsend of the blockchain world today, Solidity and other coding languages that are used to write these contracts are intimidating and only a relatively small handful of developers are well-versed in using them. The blockchain is as secure as it is punishing. There is almost no room for error. One bungle in the code of a smart contract can completely mess its entire system up and even leave it vulnerable to attacks and exploits.
Today, dApps have risen to the challenge to become interfaces to the blockchain for the rest of us who don’t speak this code. Many of them go through rigorous testing before being deployed to a mainnet — and Sonce is no exception.
So what does Sonce bring to the DeFi table?
The Factory that Never Sleeps
Sonce is a dApp that will give you the ability to work with NFTs on the blockchain without having to know any of the hacker-nese languages that goes on in the back. More particularly, Sonce is a minting platform that will help you bring your real-life assets into the digital world. These can be anything from your car to your jewelry or even your pet. Once you tokenize your asset by filling out a form, Sonce generates a transaction that when completely processed, issues you an NFT that will serve as the blockchain representative of the ownership of the said asset you have just tokenized.
Since it is on the blockchain, Sonce never stops running. Your NFTs are always available and can be looked up at any time. So long as you and only you control your wallet, what’s yours is always yours until you decide you want to send it to someone else, or trade it on the OpenSea NFT marketplace — such transactions would equate to a transfer of ownership of the said item.
The first early use-case on Sonce, lock it Up!
Whenever you read the word “lock” and “blockchain” in the same sentence, chances are it simply means locking up your tokens in a smart contract in exchange for something else — bonus tokens, voting rights, bonuses etc.
Sonce is introducing a new and more relatable NFT to the DeFi space — lockers. Don’t think about it too much. If the first thing that came to your mind was your high school locker, that’s just what it is!
In an exciting DeFi project, Sonce will be deploying automated parcel lockers — temporary holding boxes for people to receive packages for a wide variety of reasons from not wanting to disclose their physical address to wanting to pick up their deliveries at a time that is convenient to them.
What does this have to do with NFTs? Sonce will be minting a set amount of NFTs for each locker cabinet. Since these lockers are rented by those who use them, each locker brings in an income. When a user buys one or more of these locker NFTs, they will receive a portion of the revenue — revenue that was generated by the particular cabinet that they hold the NFT for. When a holder feels like they want to cash out, a refund can be issued based on the initial NFT list price.
However as the token is an NFT, token holders are free to transfer the token to someone else who may be interested or even put it up for sale to the public via OpenSea.
Soon locking could also take on a more literal meaning. An NFT can potentially even be a key that literally unlocks doors! Using your private key to sign a proof of ownership could one day be all you need to open a locker.
Contracts get Smarter
NFTs are not just limited to goods. Services can also benefit from being in the DeFi space.
With more people taking to the internet to produce User-Generated Content or UGC, NFTs can provide a way to manage an online empire from the comfort of your home. NFTs can be used to represent membership of a community — such as a streamer who manages a fan club or a musician who engages proactively with their listener community. Since the DeFi space also involves cryptocurrency, NFTs can be used to empower monetization features, such as collecting revenue from fans Patreon-style or picking up royalties from music playbacks.
In short, real-world contracts can become NFTs too, effectively turning them into smart contracts. Paired with a stablecoin as a form of payment, their use case becomes even more practical especially for those who are not so keen on riding the volatility rollercoaster of the more dynamic and exciting digital assets that coexist on the blockchain.
Can I Come in?
There are many things in our daily lives that technically function as contracts. Fast food vouchers, privilege cards, and many more are contracts in their own respect that can also take advantage of being tokenized.
One great example of this is ticketing — especially concert tickets.
Concert tickets change hands often. Sometimes this can be tedious as it may involve contacting the ticket issuer to have them update a database. Worse, it can even be so tedious that people might end up burning their tickets as they would rather not go through the hassle.
However, when a ticket is tokenized on Sonce, so is its ownership. Selling a ticket to someone can then be done with just one transaction, effectively transferring its ownership. Of course, this is not one-size-fits-all and may not have as much of a practical use with today’s forms of ticketing that still rely on databases and proprietary software. There is still quite a bit of work to be done to bridge the ticketing industry to the world of NFTs.
More than meets the Eye!
There is a lot more than just tangible goods that can be tokenized as NFTs. Even virtual items and creations such as digital art can be tokenized onto the blockchain via Sonce.
Digital artworks suffer theft on a daily bases — many online stores simply pull cutesy pictures off Google Images and slap them on merchandise, making money off other people’s hard work. This won’t eradicate the problem directly. However, an artist can make a better case for ownership of the said artwork and have the NFT as a form of proof.
Diving deeper, even virtual and electronic goods can be tokenized through Sonce. In-game items on certain video games can be attached to accounts more securely through NFTs, making games less susceptible to hacking and theft. Furthermore, when in-game assets are tokenized, they can be traded outside of the game.
Follow the Trail
Ever ordered something online? That tracking number you get to see where your package is is another great use case for tokenization.
If every package that was ever shipped had an NFT bound to it, tracking would become much more reliable. Remember that the blockchain is virtually immutable — once something is written to it, that information is forever — meaning that logistics and courier companies can write shipping updates to the blockchain, timestamped with the chain’s block time. Most importantly, however, is that they cannot backtrack on any of this — which could result in more transparency for your deliveries and potentially facilitate the release of payment when an item is marked as delivered to the correct recipient.
And Finally, Tokenize Everything!
Sonce’s platform provides the opportunity to mint NFTs for a wide variety of purposes and many of these are still yet to be discovered. When the Sonce dApp and smart contract go live, the community can begin to experiment with newer features, applications, and potential use cases for NFTs. Coming back to how this article began — dApps put the power of the blockchain into the hands of the many of us who don’t have the knowledge on how to directly interact with the system by writing our own smart contracts. Perhaps the next big idea for NFTs may be stuck inside the mind of someone who does not know how to write any code — and Sonce could be exactly what they need to bring that idea to life. We will be exploring Gold Options on the Sonce platform in a future article, stay tuned!
About RiveX Foundation
RiveX is a chain agnostic interoperable layer-2 solution across different blockchain protocols. RiveX aims to empower the next generation of decentralized applications, decentralized finance, and enterprise solutions. RiveX has comprehensive interoperable DeFi solutions such as RX Wallet which aims to integrate DAPPS from different blockchain protocols to enable an interoperable DeFi ecosystem within RX Wallet itself.
👇 More about RiveX 👇
RX Wallet | WRDEX | Website | Twitter | Telegram | Medium | GitHub