Ownables Community Hub Recap.

AMA • Published on: Sep 21, 2022 • Last updated: Sep 21, 2022

In case you missed our first ever Ownables Community Hub, which took place on Ownables Discord - Here’s a recap!

Introduction.

The main focus of the TITANIUM upgrade which is currently on our testnet is Ownables.

Ownables are CosmWasm smart contracts that run in your wallet rather than on-chain.

Mapped anchor transactions allow anchoring events to the blockchain as key/value pairs. The pair prevent manipulation and rollbacks of the event chain, even if there’s only a single copy.

For the private layer, a new version of the private layer is implemented that supports embedding media. Most importantly, it allows the compiled Wasm contract to be added as genesis event. In addition, the event chain now supports images, audio, videos and many more.

The subject matter of this AMA is the road ahead for the world of Ownables.

🎙️ Speakers:

Arnold Daniels - (Chief Architect, LTO Network)

Shawn Naderi - (Chief Marketing Officer, LTO Network)

Benas - (Developer, LTO Network).

The AMA started with an introductory message, the floor was then opened for questions to fall in.

QUESTIONS AND RESPONSE.

Q: Can I convert an existing collection on Ethereum into an Ownables collection?

So, converting an existing collection on Ethereum would take some work as Ownables are based on Rust & CosmWasm smart contracts.” - Benas

Q: Who is most likely to want to use Ownables in the beginning? 10k collections? Artists with a few pieces? ...

I personally think we will see the following: Ownables partners - projects which are wanting to do digital collectibles similar to NFTs but have a more long-term vision and more robust needs and Forward thinking individual content creators.” - Shawn Naderi

Q: If I want to release a collection of Ownables in about 6 months, can I start building toward this now? Where can I find the tools and guides to do so?

As far as an ownable collection in 6 months goes, I do think you could prepare for it. It is still in alpha but you can give it a look at https://github.com/ltonetwork/ownable-demo/tree/main/ownables/potion to get a general idea of how the smart-contract side of it looks. We will provide some basic templates for the most-common use cases we expect (audio, image, video ownables). On the other end of it you have the presentation layer which is what will be displayed in your wallet. For that js & html is used, so pretty straightforward.” - Benas

The basis of an Ownable is a CosmWasm smart contract. If you're familiar with CosmWasm, it will be very easy to learn how to create an Ownable.” - Arnold Daniels

Elaborating on Arnold Daniel’s comment here, we are aiming to provide tools for content creators to easily issue and create their Ownables. The samples and templates mean that it won't need a dev to create some of the more basic types of Ownables.” - Shawn Naderi

Q: Could you provide more information regarding the Ownables feature? How does it work? What if I own an NFT and people keep screenshotting and using it? How can Ownables's technology stop that? because I desire an asset that is truly "OWNABLE".

The issuer of Ownables will be able to determine what the public sees. So lets say it's an image, you can have a thumbnail, cropped or low res version as what the public can see. The entity who owns the Ownable will be able to see the whole package and its contents.” - Shawn Naderi

Each ownable is a truly unique asset with its own smart contract. It's not just a number. You don't need to code every Ownable one-by-one, but you do need to instantiate every Ownable individually.” - Arnold Daniels

Q: Right, so we won't see an Azuki like collection on Ownables.

There's nothing stopping you from automating and making 10,000 individual ownables.” - Shawn Naderi

Q: Hi Benas, can you give us a small summary on the testing process of ownables for the coming weeks?

So, in terms of unit testing, Rust and CosmWasm is such a relief to work with compared to Solidity. Native language unit tests allow us to test the entire flow of the smart contract, which I trust much more than Solidity ones where you have to rely on JavaScript to test solidity. In terms of the broader picture, it is quite a lengthy process so it basically involves the packaging of entire ownable and then user testing it. But it will expand even further soon.” - Benas

Q: How would I track who owns an Ownable? Can we include a way to set associations to a certain account, each time the wasm smart contract runs? The last signer would be the owner at that moment?

All ownables will have `owner` and `issuer` properties on it.” - Benas

Q: Are there any B2B customers that are planning to use ownables?

Yes, but cannot elaborate yet.” - Shawn Naderi

Q: How would I track who owns an Ownable? Can we include a way to set associations to a certain account, each time the wasm smart contract runs? The last signer would be the owner at that moment?

The owner can only be determined if you get a copy of the Ownable and event chain. By design, Ownables are private. You can add logic to the Ownable contract if there's a use case with that demand.” - Arnold Daniels

Q: I'd like to know if we can embed a royalty’s payment within the Ownables.

Also, what would be the best way to check whether someone has an Ownable? Would that involve running an indexer?

Are there any examples available for us to create Ownables?

The ownable royalties will be possible based on metadata. In the end we expect it to be up to the marketplaces to enforce any kind of royalty schemes. The examples will be made available soon. There are currently two on the github, but I still haven't properly documented everything about them so please give me some time! We expect to make video, audio, image and some kind of executable ownable templates to be made public. or some other template that you guys may want to.” - Benas

Elaborating on this point. There's a LOT we can do with Royalties. We can't however enforce them, but what we can do is ensure that it's publicly known if royalties have been adhered to.” - Shawn Naderi

Q: That is cool! Do you and your team intend to create your own NFT market platform for more easy management?

We intend to create a bridge, so you can mint an NFT on platforms like open sea. The NFT can be swapped back for the original Ownable.” - Arnold Daniels

This is really exciting in my opinion. being able to move the proof of ownership of an ownable across chains and then eventually move it back to the native chain and execute it.” - Benas

We haven't determined the final forms, but we will need to provide some ability for commerce to take place, we have discussed many options. Obviously bridging Ownables to existing marketplaces will be something that's possible. But are working on solutions such as creating an open-source marketplace or plugins for major e-commerce platforms.The whole system is quite capable and robust. As it develops, we are keen to shift towards where the usage requirements and demands are.” - Shawn Naderi

Q: Is there a standardized metadata structure for Ownables? What's the current one for launch?

Yep, we are looking to follow the cw721 which follows the erc721 implementation.” - Benas

Q: Let's say if one creates a collection of Ownables. Could it add a unique tag for a collection that cannot be used by another collection after?

I suppose you could. You will have freedom to add your own properties to the contract. However, preventing someone else from creating an ownable with the same tag may prove difficult as they are private.” - Benas

You can't fake the issuer, since it's your address with your private key. So the unique id would be the issuer address, plus a value you choose. To prevent the issuer to mint an unlimited amount you'd need to connect the ownables to a public smart contract, as by default ownables are private so there's no telling how many are minted.” - Arnold Daniels

Q: Could you explain the purpose of Ownables in three sentences?

Ownables are a new kind of digital collectible based on blockchain technology. They can do a lot of similar things to what NFT's can do, but they can also do a whole lot more. In fact they can do so much more that they're more useful than NFT's when it comes to real utility.” - Shawn Naderi

Q: Does this mean more LTO coin burning when there is NFT Event?

As for every transaction 50% LTO fees are burned, it would.” - Michael Vg

Q: Can we participate in your Titanium test-net, a question that may be slightly off-topic? If so, could you teach me how to perform it?

You can run your own LTO node and go from there! There is a Tech LAB channel which can support your questions there.” - Shawn Naderi

If you want to run a testnet node, you can. The setup is similar to a public node on mainnet. But follow the `edge` tag, rather than `latest`. To start mining, please go to: https://t.me/ltotech. Once your node is set up, you can get tesnet LTO on request via that group.” - Arnold Daniels

Q: How are the developments on the wallet which will hold the Ownables going?

It's in pre-alpha at the moment. We are aiming to have an alpha in the next 2 weeks. The Ownables integration into the mobile wallet won't be immediate. First, we will have the LTO Native wallet alpha, followed by the Ownables web wallet. Then the Ownables tech will be integrated into our native wallet.” - Shawn Naderi

Q: What time frame are we looking at for the first Ownables to be forged/minted?

Tough one. We already have the alpha ones minted and working as you may have seen in the video posted on twitter.” - Benas

There will probably be a substantial period where Ownable are just on testnet. We want to get developers involved and incorporate their feedback before launch on mainnet.” - Arnold Daniels

Q: Yeah, those were looking nice. But i am talking from an artist kind of perspective who just heard about Ownables.

I suppose that depends on how technical the artist is. We will aim to make the documentation as easy to follow as possible, but even the templates we will provide will still require some technical skills, like installing something via command line etc, in general I'd expect the mainnet launch though!” - Benas

I'm working with the DEV team to see how simple we can make this. In the short term it will need SOME small tech steps, but the long term vision is a platform where non-technical content creators can put turn their art into Ownables without any special technical skills.” - Shawn Naderi

Q: You mention that “Build the leading platform for cutting-edge next-gen blockchain apps focusing on B2B, identities, media, and ownership”. So what is your way of generating profit, and revenue? Does using the advantages of "ownables" require payment?

We have projects that will use our knowledge and form partnerships with our company to deliver their vision. In that sense we are an integrator of the LTO Network. We have income derived from these scenarios.” - Shawn Naderi

Our main focus is on creating digital assets to have actual use cases and not just serve for bragging rights. Generating revenue depends on your capability to bring value to the owner / buyer of the Ownable.” - Arnold Daniels

Q: I'm really interested in the embedding of applications in Ownables. What are some limitations for such applications?

Example - could I embed an application that makes requests to the www, performs some logic, then alters the Ownables behavior/appearance?

Yes, you can embed applications. But the logic should be embedded in the app, not come from an external source. You can modify the Ownable based on content that can be delivered through www, but it would have to be (co-)signed by the ownable owner and added to the event-chain to truly modify the Ownable.” - Arnold Daniels

Q: Ok - looking at the lite paper, the embedded application can run in a browser-based environment. Does that mean you could write it in, e.g., Blazor Web Assembly and have it run in the Ownable? or is it strictly limited to JavaScript?

Ownable wasm side is just rust compiled to wasm32. And js is just for rendering it on the frontend basically.” - Benas

Yes, you can use web assembly for the widget / app instead of plain js.” - Arnold Daniels

THE IMPORTANCE OF OWNABLES

Ownables aim to of solve the growing issues and one of the most common problems content creators are facing with non-fungible tokens (NFTs) which is that the assets are not truly in your possession. LTO Network aims to decentralize NFT technology and assets with Ownables.

CONCLUSION

We have come to the end of our Community Hub AMA recap!

We want to use this opportunity say a big thank you to all our wonderful Community members who joined us and made this AMA an awesome one.

Also to our amazing Team representatives: Arnold Daniels - (Chief Architect, LTO Network), Shawn Naderi - (Chief Marketing Officer, LTO Network) & Benas - (Developer, LTO Network), who gave valuable insights, we appreciate you all.

ABOUT OWNABLES BY LTO NETWORK

Ownables are a new kind of digital collectible based on blockchain technology, they can do a lot of similar things to what NFT's can do, but they can also do a whole lot more. In fact, they can do so much more that they're more useful than NFT's when it comes to real utility.

Ownables can contain media files, images, songs, 3D models and much more. Whatever the content, the owner has full possession of the asset.

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