WhitePaper
Here you will find the latest version of the Verlux whitepaper.
Abstract
Verlux is creating a community driven decentralized Cross-Chain NFT marketplace where users of our platform will be able to Mint, Sell, trade on our platform and also be able exchange NFTs that exist on different blockchains.
Mission
Verlux is on a mission to change the norm of the conventional Non-Fungible Token Protocols as we are creating a revolutionary technology where anyone can be able to create and trade NFTs on our platform utilizing the low fees of the Cardano Blockchain.
Another novel feature is the ability to cross transfer Non-Fungible tokens across different blockchains on a single platform efficiently and seamlessly.
BACKGROUND
NFT means non-fungible token. It is a digital asset that is a type of cryptocurrency just like Bitcoin or Ethereum, but unlike the usual coins on a blockchain, an NFT is unique and can't be exchanged.
NFTs can be digital assets ranging from artworks, pictures, music, memes, etc.
Anything thought to hold value that can be minted to a token and made an NFT.
The term non-fungible talks about the fungibility of cryptocurrency. One bitcoin can always be traded or exchanged with another and still hold same value, but that is not the case in NFTs.
No one NFT can be exchanged with another because it has different digital signatures. This reason thereby preserves ownership and rarity of each NFT.
The idea behind NFTs, are for digital assets such as Art, Music, Meme also physical assets to go beyond what they are now.
With the blockchain technology backing NFT, it guarantees that owners can now be assigned ownership rights and an open transactional history on their digital or physical assets.
VERLUX INTRODUCTION
Verlux is a decentralized cross chain NFT marketplace built on the Cardano blockchain that will provide users a full service of creation, acquisition, sales and exchange of non fungible tokens on our platform.
With the constant growth of the NFT market and it’s huge adoption on different blockchains, Verlux is on a mission to create an innovative way to bridge the gap within the NFT ecosystem where everyone can trade NFTs that exists on different blockchain on our platform efficiently and seamlessly.
As soon as launched, users will be able to experience the interoperability of NFTs on different blockchains on our platform.
The goal is for users to experience seamless and efficient cross trading of NFTs regardless of the Blockchain it’s on.
REASONS WHY CROSS-CHAIN NFT IS THE FUTURE
At a very high level, most NFTs are minted on the Ethereum network. Just as they're minted on Ethereum, conventional means of purchase and ownership of such NFT will be done on the Ethereum blockchain.
PROBLEMS MOST NFT CREATORS ARE FACING
However due to the high gas fees on Ethereum blockchain, creators have to pay high transaction fees to mint their NFTs and it is not uncommon for buyers also to pay up to $200 on gas fees when buying NFTs on Ethereum blockchain. Since there is no interoperability between NFTs on different blockchains, traders of NFTs are typically limited to sell also on the same blockchain such NFTs are deployed on.
This singular issue is terribly limiting the scalability of NFT, limiting it's usage and transactions on marketplaces to a single network. Due to this, liquidity that could be taking place in the NFT ecosystem if there is free movement of these asset classes on different blockchain is limited.
Any technology which will solves and bridges the gap of interoperability between Non-Fungible Tokens (NFTs) on different blockchain is sure to be successful and a leading one in the Crypto space.
Now at Verlux with our team well rounded in blockchain technology, we will be deploying an innovative technology that will change the NFT space known as cross-chain swap that will allow non-native assets of a blockchain to become interoperable with it and trade NFTs.
VALUE PROPOSITION OF VERLUX
Verlux will be providing a Decentralized cross-chain NFT marketplace where users can efficiently trade and purchase NFTs which exist in various blockchains like Solana, BSC etc on our platform. Users will be able to save gas fees by migrating NFTs to the Cardano Network which will also guarantee faster transactions and lower gas fees.
This will be made possible by the groundbreaking technology of the Cross-chain atomic swap of NFTs which uses smart contracts to ensure that their is interoperability between blockchains. With this users will be given the ability to migrate NFTs of other blockchains to Cardano in a few clicks.
With this innovation, Verlux will become a leading force in the NFT ecosystem, serving as a bridge to seamless interaction between different blockchain NFTs through the development of a single neutral network. Typical example will be, An NFT minted on Solana can be sent to Cardano Network and sold. Something that has not been possible until now.
CONCERNS SURROUNDING THE NFT MARKETPLACE
The NFT market requires much cost for usage, using Opensea which is an ETH based marketplace as example, there is a high purchase burden put on user's dues to the high gas fee of the ETH network, it also a requires high commission on sales of arts of digital creators.
The limitation of NFTs to a single blockchain network makes it hard for users and traders on different blockchain networks to interact and trade NFTs. The interoperability of NFT is a major concern to its community as it limits them to use only the platform they are deployed on and can't communicate with another blockchain.
Interoperability of NFT as much as quite technically possible to do will take some tedious work and innovative technology to accomplish as it will be an extremely difficult work to maintain the uniqueness of an NFT created on another blockchain to be used in cross chain transactions.
A hindrance to growth of the NFT ecosystem is the singularization of Non-Fungible Token only on one blockchain. The high transaction cost is also an issue especially in the ETH blockchain where up to 10% is paid for on chain transaction of a Non fungible Token.
Due to the lack of trust between buyers and sellers, marketplaces serve as bridge to the gap of distribution of NFT between buyers and sellers thus takes advantage of the situation and charge high service fees of up to 10% per transaction.
There is rarely a monetization strategy for holders of NFTs, thereby limiting profits they can make on an NFT to only sales of it. Unlike like other crypto tokens, holding them for a period of time provides yield and utility for holders. That is not the case in NFTs, you only profit when a sale is made.
As much as NFT are becoming more common, it is important to know that it is difficult to sell NFTs. Due to a swam of other NFTs on a single network thereby limiting viewing to particular community, it is quite hard to sell an NFT.
SOLUTIONS VERLUX IS BRINGING TO THE NFT ECOSYSTEM
Buyers of NFT on Verlux will no longer have to pay high transaction fees as in the case of High gas fees on ETH as we will be utilizing the low fees and security of the cardano ecosystem and extra discounted purchases when you are a holder of our $VLX token.
Most of the problems listed above is on the interoperability of NFT, to that effect Verlux will be providing cross-chain swap atomic swap protocol for NFTs. This will aid in the interoperability of Non-Fungible Tokens and also lead to the development and expansion of the NFT ecosystem.
Verlux will be a bridge between the buyers and sellers to interact directly. This will cut out the use of middle men, now sellers will be able to gain enough value for their contents rather than splitting with middle men and distribution channels.
During auctions, our platform will use an escrow function to ensure that proceeds are automatically sent once an auction is successful. This will cut the bridge a gap of trust between buyers and sellers as everything will be automatic on our platform and also cut out many middle men in the process.
Verlux will be offering expansion to the NFT ecosystem by bringing in more users and increased purchasing power due to the emergence of metaverse and wrapped digital native tokens they can purchase in and not limited to one blockchain network.
Verlux will create a system where holders of NFT will not feel left out and be able to earn as they hold. It will be a merger of Decentralized Finance (DeFi) and NFT technology.
Holders will be able to stake their NFTs to get rewards of limited edition NFTs that can also be sold on other Blockchain NFTs marketplaces such as OpenSea etc.
Unlike other NFT marketplace, users of Verlux can expect profits from active NFT trading, rewards of tokens from staking on our platform and revenue from selling limited edition NFTs received as NFT staking rewards
We believe NFT still has so much scalability, as such will be offering tokenization of physical products and making them NFTs.
Here NFTs will not only be limited to arts, music etc. Innovators can mint their inventions into NFTs and call sell on our platform.
Example: A pharmaceutical company making a discovery of a world changing medication can choose to tokenize the idea and discovery, turn it into an NFT and sell the patent when anyone purchases the NFT.
At Verlux the opportunities will be limitless as we will be offering a one of a kind and first of its kind NFT marketplace. Asset security and ownership of physical assets will be made easy as can be secured and copyrighted into NFTs which will be the future. Important assets will now be locked away into NFTs.
VERLUX FEATURES
Cross-Chain NFT Marketplace: The core technology of Verlux is the technology that will enable cross transactions of NFTs built on different blockchains. Our innovation will enable Minting, Trading and Distribution of NFTs on the Cardano blockchain as well as on multiple chains which will include but not limited to Solana and BSC. This will help in the elimination of the high transaction fees users face in other blockchains.
Ease Of Entry: Verlux is a platform where newbies in crypto can be able to use our platform with ease. Users who use our platform will be able to connect their wallet, mint their NFTs, list it for sale at their own price all in a few clicks on their screen
Escrow Function: The use of our platform will cut out the use of middlemen and lack of trust between buyers and sellers also exposing either to potential risk. With our escrow function we will guarantee transparent and automatic transactions between buyers and sellers for both parties once preset conditions are met.
Low Platform Fees: Compared to our competitors, we will be utilizing the Cardano blockchain to handle transactions at lower cost and also Users will also get a discount when transactions are done with our $VLX token.
Creator Page: On Verlux, creators will be made to create a profile where every detail about them will be made available just like a social media page. Users will be able to follow interact with creators to know the ideas behind their work and so on.
We are also working on a chat feature where creators can interact with their followers giving prioritized access to buyers of the creators works.
Tokenization of Physical Assets: Verlux will provide innovators, creators the ability to tokenize their physical assets. It will guarantee copyright and ownership of physical assets or discoveries. Transfer of ownership of them will be on the purchase of their NFTs and owning the NFT gives you the license to use of such products. Physical assets can range from Medical Patents, Real-Estate, Tech Solutions, Manuscripts etc.
Staking Rewards: Verlux will reward users when they stake our token $VLX both with reward in returns and also ability to participate in some decision-making processes.
NFT Staking: A system Verlux will be working on for the future, will allow users to be able to earn with their NFTs without selling them. Users will be able to stake their NFTs and be rewarded limited edition NFTs which can in turn be sold on any of the NFT marketplaces.
DISCLAIMER
PLEASE CONSULT WITH YOUR PERSONAL LEGAL, FINANCIAL OR OTHER APPROPRIATE PROFESSIONAL ADVISOR(S) BEFORE TAKING ANY ACTION OR ENGAGING IN ANY ACTIVITY INVOLVING FINANCIAL RISK.
VERLUX NOR ANY ASSOCIATED THIRD-PARTY SERVICE PROVIDER SHALL BE LIABLE FOR ANY KIND OF DAMAGE OR LOSS, INCLUDING DIRECT AND INDIRECT, THAT MAY FALL UPON YOU AS A RESULT OF READING THE WHITEPAPER, AND OTHER MATERIALS PRODUCED BY VERLUX.
This paper is produced for educational and informational purposes only and is not intended to be used as a financial promotion, investment advice, solicitation of any kind nor an endorsement. This Whitepaper is not a prospectus, invitation, inducement, or proposal for investment any information, data, or analysis presented are not intended to form the basis of any investment decision. Any decision or actions taken based on information presented in this Whitepaper, is purely done at the reader’s own discretion and risk.
Verlux expressly disclaims any and all responsibility, and Recipients expressly renounce all claim for any direct or indirect loss or damages of any kind (whether foreseeable or not) which may arise either directly or indirectly (i) in credence to information contained in this document or information made available by other means of communication (ii) any erroneous publication in the document, (iii) any action resulting in usage or possession of our products. This disclaimer applies regardless of any default, lack of care or neglect. Verlux reserves the right to modify, amend, or correct this document at any time without warning or incurring any duty or liability to any receiver. This contract does not attach Verlux, nor does it hold Verlux to any rights, obligations, conditions, performance, promises, or warranties on behalf of Verlux to the recipient, nor does it establish any relationship between Verlux and any Recipient or other party.
Certain information contained in this Whitepaper contains forward looking information which includes the aims to achieve, future events, projections, estimations and likelihoods.
Such information will contain but not limited to words and phrase identifying future work such as (will, expected to, working on, proposed) or other words which may convey similar future terms and forward-looking statements. These statements are also publicly available on other Verlux materials, websites, social media posts, interviews etc.
There are no guarantees that Verlux will succeed in their vision, solutions and financially. There are also no guarantees that the $VLX token will rise in value.
Recipients are therefore advised to thoroughly assess the risks and uncertainties involved, do their own research before making any decisions.
There are no guarantees made in terms of token value or future performances. Readers and recipients on taking any action on the basis of reliance on information contained in this Whitepaper confirms that:
1. This Whitepaper, the Verlux website, social media posts or any other material produced by Verlux team, is not an investment advice, solicitation or endorsement of any kind.
2. Verlux is waived from any direct or indirect liability to the maximum extent of the law.
3. $VLX token is classified as a utility token and on no account should it be regarded as securities in any jurisdiction.
4. You agree and acknowledge that no regulatory authority has examined or approved of the information set out in this Whitepaper, no action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction on Verlux or its affiliates in connection with the dissemination of this Whitepaper
5.You have a good understanding of the key components of blockchain technology and understand how blockchain operates. In addition, you absolutely understand blockchain wallets work, as well as safeguarding private keys.
6. You understand that no technology, regardless of its quality, is completely protected from malware or social engineering attacks.
7. You are fully aware of the risks in the crypto asset industry and are able to bear potential losses in full
Last modified 1yr ago