The World Will be Tokenized
We at metaLINXX agree with Conor Svennson of Web3 Labs ,Web3 is the tokenization of everything. Tokenization represents a new paradigm for the internet. metaLINXX Linked Control Tokens connect the Web3 world to the physical world.
Are Linked Control Tokens just special NFTs?
Linked Control Tokens are not Non-Fungible Tokens. LCTs could be partially represented as NFTs for blockchains that support such a token. LCTs can exist across a variety of interconnected public and private blockchain domains, combining on-chain data, off-chain metadata, and a proprietary Authentication Controller software layer to enable secure control of physical devices.
LCTs are chains of cryptographic keys representing authorized pairings of physical objects and the various entities allowed to control the utility of the object.
LCTS are Utility Tokens?
LCTs enable control of the utility of a physical object by authorized entities. “Utility” in this case means the use of the device or object’s features and functionality. “Entities” might be people, software programs, hardware devices, government agencies, manufacturers, etc. At first glance LCTs might appear to be a specialized form of utility tokens. In practice, LCTs are nothing like utility tokens. At the blockchain-level, LCTs provide multi-factor authentication for both device and token. To realize the full potential of LCTs a controlled device with an embedded microprocessor connects periodically to a proprietary metaLINXX Authentication Controller API. (mAC-API) Without the mAC-API software layer LCTs are just data.
What is Tokenization?
This article by Nick Lothian of Verida is a good summary of tokenization principles and Web3. Wikipedia has a good writeup of tokenization principles for payment services. At the present time tokenization generally refers to financial or digital assets. There are some applications of tokenization of physical assets to represent ownership. There’s a good primer on asset tokenization in the What is Asset Tokenization? article at Hedera.
LCTs are a bit like tokenization of physical assets on steroids. LCTs combined with the mAC-API enables blockchain-based control of physical devices.
metaLINXX is currently in startup mode. Several patents related to LCTs are currently pending. metaLINXX is currently prototyping a multi-domain LCT framework for Modular Battery Technologies, Inc. If you would like to learn more about LCTs please reach out through our contact page