An NFT security solution that enables p2p NFT lending and more!
Louis Chan (doubleweb3.com team)
As Merit Circle is growing in the NFT space, we reckon there is a huge demand in the NFT security and NFT financing space. Doubleweb3.com is proposing a security protocol called Double Identity, which creates a “proxy” of the original NFT.
According to the DappRadar Q1 industry report, DApps lost $1.2B to Hacks just in Q1 2022. The report also suggested over $12 billion worth of NFT trades were conducted in the same period.
The securest way to store NFTs is to keep them in an air-gapped hardware wallet. Since a significant NFT risk is associated with scams and phishing websites, NFT holders should avoid keeping their NFTs in a daily use wallet. Meanwhile, NFTs are often used in verification as web3 prevails; NFT holders have to sign a message using a wallet holding their NFT sometimes.
Double Identity is a solution for that. NFT holders can mint a “Double “to represent the ownership of the original NFT. After minting a “Double “, users can store their NFTs in a hardware wallet and use only the “Double “to interact with DApps. If the “Double “is lost or stolen, the owner of the original NFT can always call a remote function in our smart contract to destroy the “Double “and re-mint a new one.
Moreover, Double Identity allows users to mint “Double “with an expiry date. Users can also mint multiple “Double” if it is needed (Exclusive functions).
By creating the security standard, Double Identity also enables p2p NFT lending; the lender can deposit the original NFT into a lending contract, and the borrower can mint a “double” with an expiry date out of the contract by paying some fee.
As a team of web3 developers, we are capable of building useful products, we found that it will be a good synergy to grow together with a strong and well-connected community like MC. The demand for an NFT security solution is undeniably huge. Moreover, we believe the p2p lending business brings by Double Identity will benefit the MC ecosystem greatly!
Introducing an innovative concept is not an easy task. This is not a purely technical-driven event. But if we can work with MC’s community, we are sure we can “change the rules of the game” together.
Our team has built several NFT-related tools since June, including:
- Free mint alert
- Automint bot
- Minting firewall (A proxy wallet that protects users’ wallets from being hacked)
The proposed budget is $50,000 for development. The Merit Circle DAO will receive 5% of our token without lockup. We will issue 100,000,000 doubleweb3 Token; 25% will be allocated to the team (vested over 4 years).
Below is the token distribution:
- ICO : 25%
- Airdrop : 30%
- Team : 25%
- MC : 5%
- Reserved : 15%
As a team with a good track record and workable product, we are using 1 million USD post-money valuation for the market capitalization of our token.
We are not using equity financing to minimize the administration cost and to speed up the process.
Who is behind the team?
I am Louis Chan, and I work with three other people in the team; 3 of us, including myself, are Web3 dev with 8+ years of experience. Instead of telling you what we can do, we decided to build some useful products to prove our capability before asking for support from MC’s community.
Unlike the highly competitive NFT marketplace/projects/aggregator, the NFT security solution is an underdeveloped market. With our innovative solution with the community support from MC, we believe this can be the best investment during the NFT bear market.
This helps MC
p2p NFT lending and NFT security are the two most important factors in growing the P2E gaming communities. That is why we think this is the best to work with MC.
Should the DAO develop an NFT security solution with doubleweb3.com and take a 5% token for a $50,000 budget?
- The acceptance of this proposal grants the Merit Circle DAO 5% immediately In the event that a token is created.
- Merit Circle will help with bootstrapping. This includes community support and fundraising.
- After the bootstrap phase, Merit Circle DAO will remain a founding partner, but an independent team will lead the Double Identity.
Copyright and related rights waived via Creative Commons CCO