Proxy Token Generation for Temporary NFT Access Control
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Solution Overview
Problem
Existing blockchain-based NFT systems fail to decouple tangible benefits from physical control over the NFT, leading to trust issues in temporary transfers without permanent ownership changes.
Innovation Solution
A system that generates a proxy token linked to an existing NFT, allowing temporary access benefits without transferring ownership, using a smart contract to verify ownership and control, and invalidate the proxy token upon conditions like time elapse or transfer to another wallet.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If NFT ownership is transferred to grant temporary access benefits, then access privileges are granted, but permanent ownership control is lost
Solution Approach 1:
The patent segments the NFT functionality by creating two distinct tokens: the original NFT that maintains permanent ownership control, and a proxy token that grants temporary access benefits. This segmentation allows the owner to separate the permanent ownership rights from temporary access privileges, resolving the contradiction between granting temporary access and maintaining ownership control.
Solution Approach 2:
The proxy token acts as an intermediary between the original NFT and the access benefit system. Instead of directly transferring the NFT to grant temporary access, the system creates a proxy token that mediates the access granting process. The proxy token can be transferred temporarily while the original NFT remains with the owner, enabling trusted transactions without permanent ownership transfer.
2Reliability
If physical control of NFT is required for access benefits, then security is maintained, but ease of temporary transfer is reduced
Solution Approach 1:
The system segments the control mechanism by creating a proxy token that can be transferred independently from the original NFT. This allows temporary transfers of access benefits without requiring physical control of the original NFT, improving ease of operation while maintaining security through the proxy token's linkage to the original NFT on the blockchain.
Solution Approach 2:
The proxy token creates a functional copy of the access benefits associated with the original NFT. Instead of transferring the original NFT itself, the system creates a proxy representation that replicates the access functionality temporarily. This copy can be transferred easily while the original NFT remains secure with the owner.
3Adaptability or versatility
If NFT transfer is used for temporary access, then access is granted, but trust issues arise without permanent ownership change
Solution Approach 1:
The proxy token serves as a trusted intermediary that eliminates trust issues in temporary transfers. The smart contract system mediates the relationship between the original NFT owner and the proxy token holder, automatically enforcing the temporary access terms. This intermediary mechanism provides trustless verification through blockchain technology, reducing the complexity of trust management.
Solution Approach 2:
The system implements automatic feedback mechanisms through smart contracts that monitor the proxy token's validity and the original NFT's ownership status. When the original NFT is transferred or the temporary period expires, the system automatically invalidates the proxy token. This automated feedback loop eliminates the need for complex manual trust verification systems.
4Stability of the object's composition
If centralized database is used for token linkage, then synchronization is achieved, but security and decentralization are reduced
Solution Approach 1:
The patent replaces the mechanical centralized database system with a blockchain-based distributed ledger system. The linkage between proxy tokens and original NFTs is maintained through immutable blockchain records and smart contracts rather than centralized database entries. This substitution provides the same synchronization stability while enhancing security and decentralization through the inherent properties of blockchain technology.
Data Source
AI summary
A method, apparatus, and computer-readable medium for generating a proxy token, including receiving a proxy token initiation message from an entity on the computer network, the proxy token initiation message referencing an existing token stored on a distributed storage system, determining whether the entity controls a private key required to transfer the existing token to a different location on the distributed storage system, generating a platform signature based at least in part on a determination that the entity controls a private key required to transfer the existing token to a different location on the distributed storage system, and transmitting a proxy token generation message, the proxy token generation message comprising the platform signature, the proxy token being generated based at least in part on the transmission of the proxy token generation message and the platform signature, and the proxy token being linked in a memory to the existing token.