It has been around six months since the alpha release of the fQR Weave project, which has included: alpha platform, Python SDK, and several real-world applications.
But the early version of fQR Weave cannot scale and keep up with the growth of the markets if it has not seen essential upgrades in the backend level, as well as the anti-forgery solution’s workflow.
We have called this upgrade, the “Valkyrie Update” because it decides what to stay, and what to “die” (inspired by the Scandinavian mythology). In this release, fQR Weave moves from a DB-like system built on top of the Permaweb to SmartWeave Contracts and Atomic NFT standards, passing by the removal of several centralized components.
NFTs Implementation
fQR Weave 2.0 implements a real-world use case of non-fungible tokens (NFTs), and especially Atomic-NFTs, to achieve two main use-cases:
- Proving the ownership and authenticity of physical assets.
- Tokenizing course certificates and licenses.
Proving the ownership and authenticity of physical assets:
Physical assets tagged with an NFT allow users to scan a simple QR code (fQR) on the price tags and retrieve information like where the asset originated, the original price (if not manipulated in the price tag), the asset’s producer, and other arbitrary metadata.
Tokenizing course certificates and licenses:
The use of NFT makes it possible to tokenize certificates and licenses, verifying their ownership and authenticity.
Many job applications and university admissions require applicants to provide specific documents and certificates to verify their competence and experience. However, at times, there are limited ways to verify the authenticity of these documents successfully. Additionally, there is also a possibility that people or companies may forge the papers.
Thanks to the use of NFT in issuing certificates, companies, and institutions can access verify certificates, thereby offering evidence of course completion.
It can also apply to driving and other types of licenses.
Workflow Enhancement, An Open Protocol
In the alpha version, the fQR Weave product’s workflow was inspired and built upon the traditional real-world business. But from v2.0 and forward, fQR Weave is a protocol and a DAO (PSC) built on the top of the Arweave network, with a burning mechanism for the $FQR tokens, and a profit distribution model for its holders.
The new workflow removes the centralized points in the fQR generators component and makes it an open protocol by using the SmartWeave contracts protocol.
Briefly, any individual with an Arweave balance and an $FQR deposit in his/her deployed `fQR-Factory` contract. And that deployed contract (generator) can apply to be added to the verified generators SWC through a DAO’s proposal.
$FQR !== fQR
It may be two similar abbreviations or tickers, but “fQR” is the fQR implementation of fQR Weave, and $FQR is the protocol’s PST token.
$FQR Utility
$FQR token has three main use-cases: governance token, profit-sharing token, and a fuel-like token (required to mint and update fQRs).
Thus, the FQR token can be used to either create a proposal or vote, held to receive a part of the protocol’s generated fees, or burnable as same the fuel-burning phenomena produce an energy transformation (analog with $FQR to fQR transformation).
Open Source
fQR Weave codes have been always open-sourced, and they will remain. Saying that, it already solves a critical issue with the current QR codes implementation: the QR codes scanner.
In the recent past, millions of users have been infected by malicious QR/Barcode scanners apps. However, fQR Weave Scanner solved that by being an open-sourced perma-accessible immutable tool. In other words, the end-users are free to upgrade and downgrade to the scanner’s version which they trust or like.
Further Use Cases, Tokenizing Concerts Tickets
A ticket issued on the blockchain in the form of a non-fungible token (and other applicable standards) can help address the counterfeit issue for the companies dealing with the ticket distribution, in addition, to facilitate ticket ownership transferability.
What Is Next?
The next few months must be challenged ones, full of hard-working hours to achieve a stable release of fQR Weave v2.0 and its tokenomics.
Are you interested to learn more about fQR Weave? Then get in touch with us directly via:
- Twitter: @fQR_Weave
- Telegram: @fQR_Weave
