• Albany Flores

DelNorte Platform Smart Certificates, the next generation of NFTs

The continuing evolution of Blockchain technology, the advent of the Metaverse and the explosion of Web 3.0 are contributing to the emergence of a new generation of smart contracts that move away from traditional NFTs that for more than a decade have shown inconsistencies and lent themselves to fraud.

Just as the emergence of Ethereum in the marketplace enabled the creation of the concept of “programmable digital money”, the foray of the DelNorte platform has enabled the birth of the concept of “Smart Certificates” to refer to the new generation of NFT 2.0 that the company is driving thanks to its pioneering work in the tokenisation of real assets.

The DelNorte ecosystem’s smart certificate is a dataset with an algorithm that enables the implementation of a consensus mechanism for each transaction to be recognised by governments and businesses. In addition, each smart certificate is supported by Ethereum’s ERC-721 standard and the NEAR Blockchain’s Proof of Delegated Participation consensus mechanism.

On the one hand, the ERC-721 standard allows smart certificates to transfer tokens from one account to another, obtain the current balance of an account’s token and the total available supply of the token on the network, as well as populate our smart certificates with new data and connect them to a multitude of third-party supply chains and infrastructure networks via compatible chains.

Proof of Delegated Participation ensures that each node (computer/device) verifies transactions in order to ensure that each participant agrees with valid and invalid transactions, thus guaranteeing “a voting and delegation mechanism that incentivises users to secure the network with their participation guarantees”.

In this way, our smart certificates guarantee legality, transparency and security in the transactions of each participant, but also greater benefits, profits and rewards for the user through the ownership of the underlying asset.

Since the DelNorte platform’s Blockchain functions as a digital ledger and is supported by a network of computers, the smart certificates hosted on it are based on real assets that function as the underlying of a contract.

An underlying asset is a financial asset on which contracts are created, it is the reference value for other financial derivatives. Let’s imagine that a producer has ten hectares of wheat, but we need that wheat and we make an agreement with him to buy his entire crop for a hypothetical value of $50,000.

Once the agreement is made, we can sell the crop to a third party assuming the risk that, in the future, that crop may be worth less or less than the cost we paid. It means that the producer has his underlying asset (his $50,000) insured, while we are dependent on the options and futures in the market.

So the underlying asset would be the wheat crop, while the financial derivatives would be the interest, profits or other economic benefits generated from it.

On top of that, DelNorte’s smart certificates are also utility certificates, because as real assets, in addition to having a monetary value, they have a real-world utility. That wheat, for example, has a market value, but it can also satisfy the hunger of thousands of people.

Our smart certificates have been designed for the digital development of the world’s industries, as well as to contribute to the most urgent needs in vulnerable communities and emerging markets.

The next generation of NFT 2.0 will be led by DelNorte’s smart certificates, and we are working towards it.

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