The OBIT NFT Registry
The OBIT NFT Registry is a decentralized NFT data registry for physical assets.
It’s a tool for ITADs, created and jointly operated by a coalition of the IT asset disposition (ITAD) sector,
This blockchain-agnostic utility is a foundational infrastructure component for interoperability for enterprise and layer-1 supply chain blockchain efforts.
OBIT NFT Registry Technical Overview
What the OBIT NFT registry does: Enable Decentralized Chain of Custody (DeCoC)
The OBIT Registry enables a new service for ITADs to sell to their customers: decentalized chain-of-custody (DeCoC).
End-of-life services such as drive wiping and recycling compliance require maintaining CoC over the equipment. This is typically done today using offline and manual processes, or at best one with all actors sharing a common centralized platform. OBADA decentralizes the process by storing the CoC information inside of the OBIT NFT, enabling the entire ITAD ecosystem to share CoC data.
Read more about ITAD and Decentralized Chain of Custody
Who pays for this?: The OBD Utility Token
“Blockchains” are fundamentally economic systems. An ERC-20 utility token called OBD acts both as “system credits” for paying the nodes, and as a utility for ordering and proving CoC services.
The basic system economics is that users use OBD to pay small platform fees (“gas”). The collected fees are then distributed back to the operators of the system as revenue.
Users can either purchase OBD from system actors or users can mine OBD as a form of “urban recycling** by completing sustainability events which extend device life expectency or prove responsible recycling.
Read about the OBD Utility Token, Issuance, and Token-Economic Model
Who runs the OBIT Registry: Introducing the OBADA DAO
The OBIT NFT Registry is run by the OBADA DAO, a Wyoming DAO LLC (7/1/21) - a legally recognized decentralized autonomous organization.
DAO members in effect “own” the platform. They host the nodes, vote on changes, and set fees and rewards. As compensation, all revenue collected by the system is proportinately distributed to the DAO members nightly.
The first round of seven DAO memberships was sold in 2020. 18 more DAO “seats” have now been approved and will be made available in September to corporate and accredited investors in the asset disposition sector.
Who oversees it: The OBADA Foundation
The OBADA Foundation is the 501c(6) steward of the ecosystem. Pre-launch, the foundation is the initial developer of the system, creator of the DAO, and definer of the OBD token system. The post-launch role for the foundation will mainly be in dealing “real world” issues such as working with ISO to develop the OBADA standard, dealing with attorneys, and as an interface to the asset disposition industry.
Read about the OBADA Foundation
The OBADA Standard
The OBADA standard is an open protocol for modeling physical assets as NFTs. The OBADA Foundatio is working with ISO to develop the standard.