Decentralised Ownership
Decentralised Ownership is a property of assets and it involves how the ownership data of assets is stored and proven on a decentralised third party database. Opposite to decentralised ownership is Centralised Ownership.
Description
Decentralised Ownership means that an asset ownership data is recorded, outside the central database of Infinity Rising, using an independent "ownership ledger", operated and secured by multiple third party participants.
Ownership transfers can occur independently of any single application, and ownership records are designed to be resistant to unilateral modification.
Assets with this property need to be manually loaded and loaded in-world by using the Nexus System from the Inventory System.
Digital Wallets - the gateway to decentralised ownership
A digital wallet is a piece of software used to visualise and alter the ownership data of decentralised assets. The ownership data is stored on one of the many third party ownership ledgers and the wallet's purpose is to display and modify the ownership data of assets owned by that wallet.
Through the wallet, ownership can be sent to another wallet, what is often called "sending an asset". Do note, that the sending wallet looses ownership rights to the sent asset, while the receiving wallet acquires it. The nature of the ownership ledgers is such that exchanges (or "transactions") are permanent and cannot be changed, so take care when doing so.
In addition to the visualisation and alteration of ownership data, a digital wallet can also be "linked" to a website. In the case of Infinity Rising, linking a digital wallet has two purposes:
- linking a digital wallet that owns assets to a website account allows the account to claim ownership of the assets in the digital wallet with the purpose of allowing the character attached to the account to use the assets in-world;
- linking a digital wallet to the Infinity Rising website Store allows for the payment of bought assets to be paid with certain accepted tokens, but it also provides the location to where the bough asset ownership data to be stored in;
Outside the Infinity Rising ecosystem, digital wallets can be linked to secondary market platforms where decentralised asset ownership can be traded.
Choosing Digital Wallets
Infinity Rising's decentralised assets currently use two ownership ledgers: Cardano and Base. Each ledger has it's own distinct population of digital wallets. Ones operating on one ledger are not compatible with the other ledger.
| Ledger | Typical Wallet |
|---|---|
| Cardano | Eternl; Lace; |
| Base | Metamask; |
Primary ownership market
As noted above, Infinity Rising's website has an online store, which represents the primary market, where a rotating roster of decentralised asset's ownership can be bough from the project's team.
Secondary ownership markets
Secondary markets are peer-to-peer trading platforms where the ownership of Infinity Rising's decentralised assets can be exchanged for certain accepted tokens between individuals. Prices are set by market forces.
| Ledger | Platform | *Accepted Token |
|---|---|---|
| Cardano | jpeg.store | ADA |
| Base | OpenSeas | ETH |
*) Buying and selling on these platforms usually is settled using the accepted token of that platform. So, the buyer needs to have the accepted token while the seller will receive the accepted token for their sold decentralised asset. All digital wallets have a fiat onboarding service to acquire the accepted token.
In addition to the trading platforms there's also the possibility of pure peer-to-peer trading using escrow services. Again, note that, for each ownership ledger there is a different suite of escrow service that are incompatible between ledgers.
While the possibility of peer-to-peer trading exists without an escrow service, the immutable nature of transactions on the ledgers opens up major risks.