VIW Introduction
January and February of 2022, NFT market met a great turbulence of NFT and market itself. Phishing and hacking have occured because of fake markets hackers made, that sent emails requesting signatures and etc. In addition to this malicious payload method, security vulnerabilities in the NFT itself are also being discovered by copying and selling other NFTs without permission, creating NFTs for content that someone do not own, and selling NFT bundles. This is due to the fact that the technology method used by many platforms that currently provide NFT services combines the Ethereum network and IPFS (Interplanetary File System), a public distributed storage, to provide services. This is because when content is stored through IPFS, anyone can access the data if the access address is exposed.
In other words, anyone accessing the IPFS associated with the metadata of the NFT means that anyone can access the NFT as well. Therefore, content providers need their own method of storing content with complete security. However, global privacy laws such as the European General Data Protection Regulation (GDPR) and the US Consumer Privacy Act (CCPA) are strengthened and uploading of sensitive information to the blockchain is regulated by the state. If all the information are stored in, there will be problems with the security, processing, and use of the content. To prevent this, important content information must be managed off-chain. Therefore, when using a hybrid chain that combines off-chain and on-chain, you can have an advantage over using a single chain in speed, security, cost, scalability, and TPS.
The VIW NFT verification protocol introduces an NFT verification system using NFT processing technology, a core technology compatible with industry’s scalability, while solving the aforementioned problems in the NFT market. In addition, in order to secure the real value and reliability of NFT, a process for authenticating content is required. Currently, most of the content distributed for NFT creation is digitized. Unlike real assets, it is difficult to determine the authenticity of digital content. Therefore, in order to issue an NFT, value specificity and proof must be paralleled through authentication of the content NFT that is linked or underlying. Through the hybrid chain structure and content authentication process, the value reliability of NFTs is naturally formed. This chain structure is to be built with NFT issuers and authenticators, while simultaneously proving the value and copyright of content off-chain, and implementing it by linking it with on-chain. We propose a VIW NFT verification protocol to solve the problem of verification of the value of NFTs created through such specificity and proof of value, and to build a transparent market.
