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NFTs for Physical Objects
OBADA is an open standard protocol for building and trading NFT for physical objects. A physical NFT differs from a digital NFT because there needs to be a connection to the real-world object and a standard way for storing and transmitting information about the asset.
“Mining by Recycling”. OBADA allows organizations to receive a financial dividends for properly recycling.
By combining physical NFTs with DeFI concepts, OBADA makes it possible to “stake” a small amount (~$1.00) to a physical NFT. When the asset is provably returned to the reuse market, or when a recycler provably recovers the raw materials, and a new token is “mined”. The stake is returned along with a portion of the newly minted token. So now organizations can invest in their own efforts to properly recycle for a financial return.
Physical NFT Layers
The Physical Layer
A standard method for self-generating decentralized identifiers for physical assets, based on the assets serial number.
The NFT Registry
A decentralized registry for storing data associated with the physical object.
The NFT Oracle Service
A bridge to connect layer-1 blockchains and supply chain system to the NFT data and to the physical object itself.
WHO OBADA IS FOR
By enabling physical NFTs, OBADA provides a necessary foundational infrastructure component for supply-chain focused blockchains and DLT systems.
The Asset Disposition Sector
By enabling digital transformation of the recycling sector to offer chain-of-custody services to enterprises, enabling proof of data sanitization, service, recycling, and other decentralized chain of custody services.
Manufacturers, Researchers, Governments
By enabling traceability and a payment system across the asset disposition reverse-chain, manufacturers can ensure their products are recycled, researchers will finally get access to good data on e-waste flows, and governments could design effective EPR systems.
The rest of the world
By enabling enterprises and organizations to tokenize their EOL IT assets, companies will be able to trust their devices are processed correctly to avoid data breaches, for environmental responsibility, and to achieve maximum resale value when the asset is retired.
OBADA IS LED BY A COALITION IN THE ASSET DISPOSITION SECTOR
- Founded: 2017
- The Coalition: Over 100 organizations in the asset disposition sector: ITADs (IT Asset Disposition Companies), refurbishers, dealer/brokers, recyclers, and service companies.
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- Run by a nonprofit foundation (see navigation link)
HOW OBADA IS USED
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HOW OBADA IS GOVERNED
The real-world side is governed by a traditional foundation. The “blockchain” is run by a DAO.
The OBADA Foundation 501(c)6
- An industry coalition from the asset disposition sector.
- Handles "real-world" issues.
- Responsible for:
- Standard development
- Industry relations
- Initial development
- Off-chain governance model
The OBADA DAO
- A Wyoming DAO LLC
- 9 current members. Next round launches Octover/November 2021. Goal: 25 members.
- Responsible for:
- Vote on improvements and changes
- Vote on fees and rewards
OBADA is built on OPEN STANDARDs
- Every aspect of OBADA is deterministic and/or self-sovereign, based on open technologies
- OBADA is working with ISO to standardize our approach. (or whatever we are allowed to say here)
- View information about the OBADA Foundation and the standard via the navigation links.
HOW THE PLATFORM WORKS
- Machine generated OBITS enable the carfax
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The DECENTRALIZED ECONOMY: FEES and REWARDS
- The network medium of exchange, an ERC-20 utility token called OBD.
- OBD can be staked to fund the system.
- Platform fees and rewards in OBD are distributed to the OBD stakers.
Proposed Industry (Registry) Fees
- Minimum viable fees for the industry self-fund the system by compensating Node Holders.
- A small (<$0.01) "Gas Fee": A "write" fee to compensate the Node Holders.
- A small (~1%) Asset Disposition Service Fee: A small markup on on-chain asset disposition services.
End-User (L1) Fees
- A larger fee (~$1.00) charged to end users to enable chain of custody tracking (proof of data destrution, functionality, recycling, etc).
- Decentralized “recycling fee” so the burden of the system cost is on the end-user.
Recycling Mining Rewards
- A reward is mined for successfully recycling a device, or extending it’s life through reuse.
- 1 OBD is mined upon completion of a platform KPI (key performance indicators): Proof of Data Sanitization and Reuse, or Proof of Recycling.
Proposed Fee and Reward Distribution
- Fees are distributed to OBD Stakers in proportion to their stake
- Urban Recyling Rewards are distributed as follows
- 1/4 to the end user for “staking” the NFT
- 1/4 to actors in the chain of custody
- 1/4 to the recycler * 1/4 to the DAO Membership
Deciding on Fee and Reward Amounts
- All fees and rewards amounts are voted on by the DAO membership.
“Staking” OBD means locking it up so it cannot be used. As compensation, stakers receive a proportionate share of fee and rewards revenue.
- DAO Members must “stake nodes” to receive node and governance rights
- User can optionally “stake” their NFT for the urban recycling reward.
PROPOSED OBD TOKEN ISSUANCE and PURCHASING
Pre-Launch: 50 million OBD will be distributed pre-launch as follows:
- 16% founding team
- 16% Initial DAO Members (7)
- 16% Phase 2 DAO Members (~15) join phase 2
- 16% Phase 3 DAO Members (~75)
- 33% reserve for industry/institutional investors
These tokens will be locked (staked) for a period of _3 years__ (per DAO vote)
Production: An additional 50 million tokens will be created * Resold via the DAO members from a community pool * 10% commission to the seller (per DAO vote) * A small (~10%) funds the OBADA Foundation treasury * The bulk (~90%) to fund a liquidity pool for token buyback
- At this time there are no plans to offer OBD to the general public or on any public token exchange.
- At this time, OBADA is a permissioned industry-led project targetted at the asset disposition sector.
- At this time, only accredited or corporate investors in the asset disposition sectors may join the waitlist for DAO membership.