What happened Wednesday night and how did we get to this point ?
Commercio.network on February 23rd at 18:11 reached the 66.66% consensus to migrate the blockchain core software to the 3.0 version. A great operation that involved 70 of the 100 nodes that are part of the network and reached 100% consensus a few minutes later. What a rush ! The absolute migration’s protagonists were Marco, Mario, Nicola, Markus, Daniele, Angelo, Mattia, Dave, Greg, Dilan, Ivar and all the other CTOs of the companies that are part of the network.
These intense minutes in which the chain migrated from version 2.2 to version 3.0 have been preceded by a year of hard work by 20 developers coordinated by CTO Marco Ruaro who built from scratch the new release based on the latest version of COSMOS SDK. This release will allow Commercio to join the #IBCGANG and then finally be able to exchange virtual assets from commercio.network to the whole Cøsmos ecosystem via IBC interchange protocol and finally on Ethereum thanks to the new Gravity Bridge.
What has changed and what will change for users of the Commercio.network blockchain ?
Commercio.network is the world’s only legally binding blockchain (eIDAS compliant) that can solve 6 fundamental problems:
1. E-ID Create and manage Self Sovereign Identity SSI.
EIDAS2 electronic identity by implementing W3C SSI standards to issue DID DDO and external verifiable credentials (VC)
2. E-SIGNATURE Electronically sign PDF and XML documents
To electronically sign any digital document with the same legal effect as a paper document.
3. E-DELIVERY Notarizes the exchange of documents between parties
To exchange and notarize any digital document with the same legal effect as a paper document.
4. E-KYC Manage KYC procedures for AML purposes
To perform Know Your Customer (KYC) and sign the due diligence form in accordance with Anti Money Laundering (AMLD) regulations;
5. E-PAY Request a Certified SEPA Payment
To request SEPA payment from a user with a certified IBAN certified on blockchain eliminating most of frauds related to identity theft
6. E-MINT Issue and exchange NFT Certificate tokens
To allow users with an identity and electronic signature to issue an NFT to bind any digital, physical or financial asset
How will Commercio NFT Certificates on commercio.network change the world ?
An NFT on commercio.network is a digital bearer certificate, simply put it is a negotiable instrument that transfers ownership of any asset (such as certified digital assets, physical assets, receivables, stocks or debts) not to a specific person (assignee) but rather to whoever holds the NFT.
Who holds the NFT in their Wallet (non custodial) is the owner of the underlying asset. But not by virtue of a smart contract, but by a true legally binding contract between the parties. A contract written and signed following the European eIDAS that make any digital contracts legally binding. The scope of this invention is EPIC!
From version 3.0 it will be possible to invoke a function called Mint, to create an NFT that is a certificate related to a good (a watch, a picture, a car, a house, an invoice that you actually own) To do this it is necessary to sign a contract in which you confirm that you are the owner and that you are willing to transfer its title (sale) to whoever owns the NFT. This Contractual Obligation can be obtained only thanks to the fact that Commercio.network as eIDAS compliant, allows the exchange of legally binding documents.