Ownables Explained

Blockchain • Published on: Jun 08, 2023 • Last updated: Jan 11, 2024

Introduction to Ownables

Welcome to a new era in the digital realm! If you've been keeping tabs on our progress, you'll be thrilled with our latest evolution: The Ownables SDK. It's not just a product but a milestone for us and you. In December 2021, we shared our vision of revolutionizing the digital collectibles landscape, and now we're proud to say that we've turned our dreams into reality. With the launch of our Ownables SDK, the frontier of digital assets has been redrawn, establishing a new standard for ownership in the digital world. The SDK is like a treasure chest for developers, filled with everything they need to dive into creating their own Ownables. It includes ready-to-use templates, a special wallet just for developers, and an easy-to-follow video guide that shows them how to get started.

This exciting development is not just about owning digital assets; it's about experiencing a rich, interactive digital universe at your fingertips. It's about unlocking potential, creating value, and nurturing engagement. So fasten your seatbelts and join us as we delve deeper into the capabilities and promises of this exciting innovation.

Wait, what are Ownables again?

Think of Ownables as your personal digital treasure chest. They are a revolutionary feature of the next-gen Non-Fungible Tokens (NFT2.0) and reside securely in your possession; you can store them wherever you choose, whether it’s locally, on a cloud file system, or in your wallet. It’s up to you.

Here's a quick analogy: a blockchain wallet is akin to a digital safety deposit box, but instead of storing valuables like gold or cash, it holds cryptographic key pairs. These key pairs are used to sign digital documents, like your unique signature on a contract. To interact with a traditional NFT—maybe to sell it or show it off—you'd need to use your private key to sign that transaction, proving that you're the rightful owner.

However, Ownables take things a step further. They work using smart contracts on the Hybrid blockchain of the LTO Network, which includes both a public and private layer. This ingenious dual-layer structure is what makes Ownables possible.

The private layer is where your Ownables reside. However, this private layer is not a blockchain in the traditional sense. Instead, consider it as a private communication channel where events can be shared directly from peer to peer.

This brings us to the distinction between a regular blockchain and the LTO's private layer: it all comes down to how events are managed and organized. Ownables take advantage of the smart contracts that exist on this private layer. One of the biggest benefits of this private layer setup is its cost-effectiveness. With no gas fees or charges based on the size of the contracts, smart contracts on the private layer can potentially be larger and more complex than the ones on a typical blockchain. This paves the way for a new range of use cases, offering more flexibility and room for innovation.

But why do we need Ownables?

Traditional ERC-721 NFTs can be compared to a ticket to an art gallery: the ticket (NFT) gives you ownership, but it doesn't actually contain the artwork (such as images, videos, or audio files). The artwork typically lives on a centralized server, separate from the NFT. Ownables, however, shake up this convention. They can be likened to owning the actual artwork, frame, and all in your personal gallery. With Ownables, everything related to the NFT – the multimedia content, the smart contract, even the event chain – is stored securely in your wallet. They take the concept of digital assets up a notch by making it possible to embed entire applications within the Ownables themselves. This opens up a world of possibilities and sets a new benchmark for digital asset ownership.

Typically, NFTs only carry public information on the blockchain, with related images from IPFS or a centralized web server. To make NFTs more attractive, issuers often add unlockable content only the owner can access. But for public blockchains like Ethereum, handling this feature in a decentralized way isn't feasible. Hence, unlockable content often relies on centralized platforms like OpenSea.

Ownables, however, flip the script. They operate on LTO's private layer, where unlockable content is not just a bonus feature – it's the standard. In this system, all content is private by default and has to be intentionally made public. This gives users an added layer of privacy and control over their digital assets. In essence, Ownables revolutionize the way we think about digital assets. They provide a more secure, private, and comprehensive ownership experience, pushing the boundaries of what we thought was possible in NFTs.

That’s cool, but what makes Ownables unique?

Ownables aren’t your typical digital assets. They come with unique features that redefine what it means to own something in the digital realm. Here's a breakdown of these characteristics:

● Chain of Information: Like smart contracts on a blockchain, each Ownable generates its information chain. This chain can include details not placed on-chain, opening up possibilities for cross-chain logic and functions such as trading and staking.

● Staking: Owning an Ownable could benefit you, like reward tokens. Since Ownables only live in your wallet, rewards aren't distributed automatically. The process is more like yield farming – the smart contract can calculate the unclaimed rewards by monitoring the claimed rewards. You can claim these tokens by proving your ownership.

● Dynamic Content: The smart contract can access and modify all files it creates. For instance, if an Ownable is used in a game, achievements can be verified and added to the event chain. The smart contract verifies these credentials, using the information to upgrade the Ownable or even change an image within the Ownable to represent leveling up.

● Consumables: Think of Consumables as dynamic add-ons for your Ownable. For example, one Ownable could represent a character in a metaverse, while another represents a specific skin for that character. To equip the skin in-game, it needs to be 'consumed' by the character Ownable, essentially merging it with the character and making it a part of the character's Ownable.

● Complete Freedom: Developers have wide latitude regarding the content of Ownables. The only requirement is determinism, ensuring the output is predictable given the same input.

Let’s get started!

Learn More: ownables.info

Demo OWNABLES : demo.ownables.info

Documentation: https://docs.ltonetwork.com/ownables/

OWNABLES Discord: Join Here

From this moment forward, LTO Network is officially a network that brings value to the entire global blockchain ecosystem. No longer are we an island!

About LTO Network.

LTO Network is Europe's most advanced blockchain - fully decentralized and highly efficient. It is already being used worldwide by businesses, governments, institutions like the UN, the Dutch government, and more.

The network offers several technologies to provide solutions for decentralized data security, digital identities, privacy, and the ownership of digital assets and digital collectibles.

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.

The possibilities of Ownables are endless!