Utilizing VERITIC's TEE and Seal's decentralized storage, NFTs minted on the Casper Network will be highly-secure and ready for mainstream adoption
SWITZERLAND / ACCESSWIRE / November 18, 2021 / Casper Association, the not-for-profit entity that oversees the Casper Network - a core technology for the evolution of blockchain technology - today announces a solution to security challenges that threatened to slow or halt the adoption of non-fungible tokens (NFTs).
Using a trusted execution environment (TEE) in combination with hardware security modules (HSM), provided by NFT infrastructure provider VERITIC, the solution aims to make NFTs minted on the Casper Network safe for mass-market adoption by solving NFT authentication and security challenges such as misplaced or stolen keys and lost metadata.
NFT sales have experienced rapid growth since they were first used on the Ethereum blockchain in 2015, exceeding $10 billion during the third quarter of 2021 - more than 100 times than the start of the year. However, trust in the medium is declining with repeated media reports of hacking, theft, and, perhaps most pressingly, fraud.
The solution will enable NFT artists and creators to prove they originated an NFT by intrinsically linking the NFT metadata, creator keys, and the NFT token itself, and verifiably storing the data with Seal Storage Technology's Filecoin-based decentralized storage. Together, Casper, Veritic and Seal Storage aim to address counterfeit fraud and prove authenticity of data.
"Security and authenticity concerns are currently holding back the extraordinary value-creation potential of NFTs," said Ralf Kubli, Board Member at Casper Association. "Deploying a TEE is an essential next step in providing any project with access to a highly secure environment where privacy and security can be applied to NFTs in isolated execution, enabling enterprises to utilize NFTs at scale."
The Casper Network already successfully powers solutions for NFTs, such as the world's first NFT marketplace for whisky cask investments with Metacask. It also manages IP, licensing rights, and transactions for intellectual property specialist IPwe, which is planning to unlock over $1 trillion in value by turning patents, including IBM IP, and other intellectual assets into NFTs.
Dr. Stephan Holzer, CEO of VERITIC, said: "Many mainstream creators and NFT users are not fully aware of security and authenticity risks that arise while minting and taking custody for NFTs. Furthermore, digital creations attached to NFT's, for example, art, are often stored off-chain and not always stored in robust environments. VERITIC's team of blockchain and computer science experts from MIT, ETH Zurich, and Harvard will build a highly secure NFT platform tailored for mainstream usability that also allows for storage of the digital creations anywhere the creator or owner desires while ensuring authenticity verification."
Seal Storage Technology Inc. is providing decentralized storage powered by the Filecoin Network. Filecoin has recently become the official storage partner of the Flow Blockchain, with the firm working to provide decentralized storage for NFTs minted on Dapper Lab's network.
Seal's technical leadership brings decades of experience from traditional storage companies, including Seagate and Oracle, as well as world-class experience on the Filecoin Network. Jacques Swanepoel, CTO of Seal Storage Technology Inc., commented: "Seal's decentralized cloud storage establishes the foundation upon which provenance, chain of custody, and authenticity of data can verifiably be provided to customers, including NFT platforms and holders."
Kubli concluded: "The NFT industry continues to be fraught with vulnerabilities. By building a trusted execution environment for NFT minting, Casper Association, VERITIC, and Seal aim to provide infrastructure on the Casper Network for anyone to use in a truly safe, secure, and decentralized way. We expect the Casper-VERITIC TEE to represent a seal of approval for NFT creators and their consumers."
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For more information, please contact:
Katie Olver
Cryptoland PR
[email protected]
About Casper Association
The Casper Association is the nonprofit entity that oversees the ongoing evolution and decentralization of the Casper Network. It provides resources to help accelerate the adoption of Casper and its growing ecosystem of decentralized applications. To learn more, visit casper.network
About VERITIC
VERITIC provides user-friendly and highly secure NFT solutions to reclaim ownership of the digital assets we use and love. Veritic's business and tech leadership brings significant experience in Distributed Ledger Technology from MIT, Harvard and McKinsey. To keep updated about VERITIC, sign up at [email protected] or visit www.veritic.com
About Seal Storage Technology Inc.
Seal is a carbon-neutral, decentralized cloud storage provider. Seal's technical leadership brings decades of experience from traditional enterprise storage companies including Seagate and Oracle, as well as world-class experience on the Filecoin Network. Today, Seal operates in several data centers across the US and Canada with enterprise-grade data infrastructure and standards.
For more information, please visit: https://www.sealstorage.io/
SOURCE: Casper