Wakweli: Use Proof Of Democracy To Certify Your NFTs
New ideas, like the tokenization of assets, are being introduced by NFT technology as it permeates our culture. While there are more and more instances of usage, they also bring with them a lot of frauds and scams that are rampant in this yet uncharted region. Wakweli is method is only one of many that have been developed to address this issue. They are the instruments in charge of ensuring and re-establishing trust in this tumultuous ecology.
For the time being, there is little to no relationship between the NFT and the asset it stands for. Copycats are on the run in markets due to the high volume of phony collections and intellectual property theft. Real assurances must be developed at a time when tokenization of real-world assets is on the rise.
Proof of Democracy is the Solution
The Web3 Wakweli protocol’s decentralized consensus, dubbed “Proof of Democracy,” was created to address this problem. Since it links applicants, certifiers, and challengers around the same idea—proof of authenticity between the NFT and what it represents—it is an algorithm that lives up to its name. A design that is predicated on the monetary incentive, which is a key component of the blockchain.
Each participant in the chain is, in fact, financially motivated to be open, thanks to the WAKU token. The Wakweli protocol will therefore provide justification for the legitimacy of an NFT at the conclusion of a real democratic consensus.
Meanwhile, the Wakweli startup just completed its initial round of investment after receiving $1.1 million. Together with FunFair Ventures and a few corporate angels, the Blockchain Summit investment fund choreographed this initiative. The launch of Wakweli goods has officially begun with the completion of this round of financing. NFT markets, producers, and acquirers will be able to gain formal evidence of the validity of the real worth of their NFTs or tokenized assets thanks to these technologies.
This is a Big Step in Web3 Industry
The Wakweli initiative was co-founded towards the end of 2021 by Shaban Shaame, Markéta Korteova, and Antoine Sarraute and was incubated by the business EverdreamSoft. All three of them have already gained experience in the financial, Web3, and blockchain industries.
According to recent research by consulting company BCG, asset tokenization has a $16.1 trillion market opportunity. This is a startling number that portends well for the industry, as well as for the potential for expansion of the certification of authenticity of these new assets that emerge from the digital world. It’s a technology that has only begun to take shape thanks to the creative and voracious ideas of innovations like Wakweli.
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