In the recent past, the Falcon Project has sought to disrupt decentralized finance with its ERC-20 token-based payment system and anonymous hybrid blockchain.
The project integrates FNT (ERC-20) and FNC (own privacy blockchain) into everyday life and has so far played a leading role in implementing many interesting solutions.
For instance, Falcon has introduced a unique kind of airdrop that has since been duplicated Uniswap, 1inch, and other exchanges. The project also boasts its own anonymous coin tokenization system and profitable NFT vouchers.
Here’s a look at the latest solution from Falcon designed to bring the blockchain into real life.
NFT as Proof of Ownership
Falcon proposes the introduction of a blockchain-based solution to provide documentary evidence for ownership.
The team behind the project call this revolutionary tech “Proof of Ownership”. The functionality eliminates the need for stacks of unnecessary paper certificates or bulky apps on your phone.
Users will receive an NFT certificate, a unique digital tokenized copy of any collectable in their possession. For instance, holders of rare action figures, comics, clothing, jewellery with unique metadata, and real estate, can utilize this new functionality as an immutable way to prove ownership.
The NFT certificates stored permanently on the blockchain ensure that the entire ownership history is available at any time and from any location.
How Proof Of Ownership Works
- The Falcon team gave a fictional example of how an owner of a pair of sneakers could apply the new NFT certificate functionality to prove ownership.
For starters, the unique QR code embedded in the product is scanned and stored on the blockchain. The owner will then receive a unique digital tokenized copy of the sneakers in the form of an NFT certificate.
Unlike fungible cryptocurrencies such as BTC and ETH, holders of NFTs can’t exchange them one to one. Therefore, holders of these special tokens claim ownership of a unique digital collectible.
As such, the owner of the sneakers possesses the only digital copy of the product that fully corresponds to the original and carries all full specifications. These details may include model description, size, and the place where the product was manufactured and sold.
A digital certificate can help manufacturers instantly and accurately identify clients, know all their preferences by looking at their public address, and offer possible warranty services.
Users wishing to prove ownership of any possession with a registered digital copy can do so by making a signature transaction on the ETH network. NFT certificate holders only need one Ethereum wallet that supports all modern token standards.
Therefore, Falcon’s proof of ownership tech eliminates the need for you to hold dozens or even hundreds of documents/items that prove ownership.
The Falcon Project Silver Souvenir Coin
The first implementation of the proof of ownership model will be the silver souvenir coin. All holders of the digital copy of this handmade commemorative physical coin will receive an NFT certificate as an integral part of it.
The image and description of the souvenir coin correspond to its real characteristics. It entails a convex abbreviation FNT on one side and an inner circle with an embossed FNC abbreviation on the other side. Both relief faces embody the variability and possibilities of the Falcon Project.
Users interested in implementing this new method of tapping the blockchain to prove ownership of their own products can share their ideas on the official Falcon Project Telegram chat.