SYSTEMS AND METHODS FOR GOVERNING USE RIGHTS OF DIGITAL ASSETS ACROSS HETEROGENEOUS VIRTUAL PLATFORMS

Smart overview of the Invention

Computing systems are designed to facilitate the transfer of digital assets between various virtual platforms. These systems utilize methods for managing digital assets, allowing users to store fungible digital assets linked to their personal accounts on a digital platform. When a user requests to transfer these assets, the system converts them into non-fungible digital assets by generating a cryptographic token and recording it on a blockchain ledger.

Web2.0 vs. Web3.0 Architecture

The current state of the internet, known as Web2.0, is characterized by centralized platforms that control vast amounts of user data and limit asset portability. In contrast, Web3.0 aims to decentralize control and enhance user ownership through blockchain technologies and decentralized applications. This shift empowers users by allowing them to own and trade unique digital assets, such as non-fungible tokens (NFTs), without being confined to a single platform.

Functionality of NFTs

NFTs serve as unique digital identifiers recorded on a blockchain, providing proof of ownership and authenticity for various digital or physical goods. They contain metadata that links to the respective asset while ensuring that ownership rights are maintained through smart contracts. This allows users to showcase their NFTs in digital wallets and provides them with access rights to associated content.

Challenges in Current Digital Asset Management

Existing Web2.0 companies face challenges in adopting portable NFTs due to logistical issues, such as the need for constant blockchain verification, which can hinder user experience. Additionally, there are economic concerns regarding asset control and the potential impact on platform business models when allowing cross-platform asset portability.

Bridging Web2.0 and Web3.0

Proposed systems aim to bridge the gap between Web2.0 and Web3.0 by enabling seamless access to digital assets across both environments. This intermediary system allows users to enjoy benefits like asset portability and guaranteed exclusivity while minimizing the need for repetitive blockchain queries and addressing compliance issues. The integration of these systems can enhance user experiences by ensuring efficient management of both blockchain-based and traditional digital assets.