Physical NFT’s are non-fungible tokens which act as the “digital twins” for a physical device. These physical NFTs are called “OBITs”
An OBIT NFT is basically a digital certificate of ownership. It’s simply a way of stating, and verifying, who is the owner of any digital asset, such as a piece of art, or a laptop. This makes it easy for someone to verify ownership; making it easy to buy and sell.
OBITs are self-sovereign and convey legal rights. You don’t need permission nor authority from anyone to create or store them. Legally, OBITs are assets, defined as property per theWyoming Utility Token Act.“ in the blockchain-friendly State of Wyoming where OBADA is incorporated.
The OBIT NFT address is an algorithmically generated cryptographic address based on the devices’ serial number and other human-readable immutable information. Since much of the asset disposition sector relies on human-keyed information, a human readable 8 character “URL-shortened” version called the USN “universal serial number” is also generated based on the 64-character cryptographic address.
The data associated with a physical device, including service records, ownership history, proofs of end-of-life asset disposition events, and IOT endpoints, must be verified and stored as files somewhere. The OBADA NFT Data Registry is a permissioned decentralized namespace which stores the location of these files, associated to the physical device by the OBIT NFT address (or USN).
The OBIT NFT Registry is like a card catalog. It tells you where the books are located and when they are borrowed, but the library cards and the books themselves reside separately. With current blockchain technologies, it’s too too expensive to store the data (the “books”) in the card catalog itself, so only a “pointer” to the data is stored, along with data a proof that it hasn’t changed called the **OBADA Data Root Hash”.
No registration authority or centralized form of control is needed to implement OBIT NFTs or the OBADA NFT Data Registry. The data methods described above are completely self-sovereign and deterministic.
The OBADA Foundation is a 501(c)6 nonprofit coalition of stakeholders in the IT asset disposition (ITAD) sector. It’s traditional off-chain organization which primarily serves three functions:
The foundation acts as the steward for the OBADA Standard, an open protocol describing the data models. The OBADA Foundation is working with ISO to develop this standard.
The foundation deals with “real-world” issues such as lawyers, fiat, and the asset disposition industry.
The foundation is chartered with developing the initial software and forming the OBADA DAO to run the decentralized software application.
The OBIT Registry is not “owned” by anyone. There is no company and no central authority. It’s operated by the OBADA DAO, a Wyoming DAO LLC (available July 1, 2021), a decentralized autonomous organization.
A decentralied autonomous organizatoin is decentralized because there is no single owner or entity in control. It’s autonomous because it consists only of an on-chain software application that runs with no human intervention. It needs to be an organization because humans need to run the servers, the application will generate a profit that needs to be distributed and decisions need to be made not only for changes but to set fees and rewards.
DAO members are like the “owners” of this non-company. They run the nodes, vote on all platform changes, and set all platform fees and rewards. The DAO is an open organization. Any actor in the asset disposition ecosystem can participate by making a financial investment to stake a node. Platform fees and rewards are collected and distributed nightly back to the DAO members as “profit”. Rewards are issued as “dividend yield”.