in

Composable Finance Announces Integration of Aleph.im

Composable Finance Announces Integration of Aleph.im


Composable Finance announced the integration of Aleph.im Network into its cross-layer NFT framework. The collaboration will see Composable Finance use its permanent data storage solution backed by Mosaic. Leveraging Aleph.im’s network will help Composable Finance permanently and securely store NFTs while developing new use-cases.

The Non-Fungible Tokens within Composable’s framework will stay locked in the original layer. Afterward, the tokens will be minted onto destination layers. The Aleph.im network will store the image to make sure it does not change during the process. It preserves the uniqueness of NFTs, especially for .jpeg and other video/image types attached to the token.

Besides the uniqueness, the process will also secure the tokens’ value. Using Aleph.im’s network will eliminate the possibility of damaging or losing NFTs while moving them across layers. 

Non-fungible tokens using ERC-721 tokens allow them to be unique, packing different values, identifying numbers and representations than other NFTs within the smart contract. Being unique is the primary reason behind the NFTs’ value proposition. Moreover, it restricts NFTs from being migrated across layers.

However, cross-chain NFT shifting serves additional use-cases like helping users mint tokens on layer-2. Moreover, it helps users sell the tokens on Opensea on layer-1. Securing NFTs within lock contract and minting the tokens on destination layers via Aleph.im’s storage solution maintains the integrity of cross-layer NFT movements. 

Jonathan Schemoul, Aleph.im’s Founder, commented on the situation. According to him, Aleph.im is excited to work with Composable Finance and expand its NFT ecosystem. The venture will achieve this by helping non-fungible tokens be truly transferable and decentralized across chains.

The recent collaboration is being well-received by the NFT community, and it will also add immense value.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Air-China-Airbus-A350-Business-Seats

Air China Plans To Install Business Class Suites On Its Airbus A350s – Cryptovibes.com – Daily Cryptocurrency and FX News

Cryptopolitan

China crypto crackdown: Intensified efforts result in market crash