HOW TRANSACTIONS ARE CONDUCTED ON SPORES NETWORK
INSIGHT ON HOW SPORES NETWORK WORKS
This article gives us an insight on how exactly transactions happen on Spores platform.
Okay, without getting specific, take for example a designer who produced a game card wants to sell his/her digital game card to a collector who wants to purchase it. This article goes into depth about how the Spores platform is used to complete the transaction by both the designer and the collector.
STEP 1 (Account Registration)
The designer registers on the Spores platform as a CREATOR via the Issuance & Management Interface (IMI). Then a public address is provided on a blockchain associated with a private key. The account of the designer is secured using an ECDSA (Elliptic Curve Digital Signature Algorithm is one of the most complicated public key encryption techniques. Keys that are smaller than the typical keys created using digital signature algorithms are generated via the elliptical curve encryption. Don’t be scared guys! this technique cannot be hacked) So he/she can now issue any NFT that is owned by his/her own digital artworks.
STEP 2 (Verification of Copyright)
The game card file has to be uploaded to verify. In all prominent NFT markets, the AI assistant searches for the existence and measures likes similarity. The AI tool will report copycats when the sequence index is higher than a preset threshold. Otherwise, the next steps can be taken by the designer. This control ensures the uniqueness of the work, thereby preserving copyright and the conformity of intellectual property.
NB: The card file is uploaded to a cloud store. Usual IPFS protocols (e.g. Storj, Filecoin, Bittorrent) are used by Spores to host the file.
STEP 3 (Contract for Deployment)
The designer can select and set parameters after passing the check to produce one or more NFTs that identify the game card. The template has a user friendly design to make anyone without the coding ability not feel bad. This activity is easy. ERC-721/1155 and EIP-2309 are common contract standards which meet the creator’s various demands.
STEP 4 (Storage of NFT)
After the operational contract has been activated, the NFT is now a blockchain record that identifies the digital file and its ownership. The NFT can be controlled only by the private key holder. The designer can now hold it, take it over, auction for money or trade other cards.
FEW MORE STEPS TO GO AND YOU’RE ALL SET!! 😎
STEP 5 (Spores Marketplace Auction)
- The designer posts his/her NFT at the Spores marketplace for an auction. A smart contract can drive the auction.
- Collectors join the marketplace in finding out what they desire, then placing bidding orders on the live auction areas. To put bidding orders, a specific funds deposit in an intelligent contract is necessary.
- All bidding orders are documented in an auction section. When the auction finishes, the top winners are chosen by pre-defined rules. The marketplace then send the winning list to the appropriate smartcontracts and their underlying chains.
STEP 6 (Resolution and Transfer of Ownership)
- The top winner has a certain amount of time to make the entire payment connected with the winning bid order. If the winner fails to pay within the lockup period, he forfeits the deposit and the privilege is passed on to the next winner, and so on until the winner list is exhausted.
- On complete payment. the NFT ownership is transferred to the payer at the same time.
- Any successful transaction will be charged.
NB: The method is significantly easier when the auction is replaced by a swap to another card or crypto asset. Two parties should agree on a contract for an atomic swaps and then, without a bid or deposit, payment and ownership transfers shall be made appropriately. Any sort of transaction must be subject to a charge.