Announcing Neblio Token Protocol-1
We are beyond excited to announce Neblio Token Protocol-1, NTP1 for short. NTP1 allows any Neblio user to issue new tokens on the Neblio blockchain as soon as today. These new NTP1 tokens can be used by enterprises for employee identity management, asset tracking, records management, for use as event tickets, or to be distributed in a token sale. NTP1 tokens can be transferred from their issuance Neblio address (more on issuance and other NTP1 transaction types below) to any existing or new Neblio address. All NTP1 transactions occur on the Neblio blockchain, are represented in Neblio blocks, and require standard Neblio transaction fees to be paid in NEBL for each transaction. Like all Neblio network transaction fees, NEBL paid as NTP1 transaction fees go to the staker of the block the transaction gets added to, in addition to the standard stake reward. NTP1 will be fully supported by v1 of the Neblio API suite, allowing the creation and transfer of millions of new and unique tokens on the Neblio blockchain.
NTP1 Transaction Types
Token Issue Transactions
NTP1 token issue transactions create a new token at a given Neblio address. Values included in the transaction include the token name, the token description, the number of tokens to generate, how divisible the token should be (some tokens, such as those representing event tickets should never be divisible, as you cannot transfer half of a ticket, but others should be divisible to multiple decimal points to send fractions of a token, similar to NEBL, BTC, ETH, etc).
You can view the issuance of the first ever new token on the Neblio blockchain in txid 6dbe46e9bacf28e2f3f7bf457ce14364e6a08d1b5f900f1681f938d7963cf5ad where the Neblio Team issued 100,000,000 new tokens named ‘Nibble’ onto the blockchain as our first ever working proof-of-concept. Using a HEX to ASCII converter, you can see that ‘Nibble Neblio Team 1st PoC’ is part of the data included in the asm of vout0 in that transaction, something that some of our community members discovered after our teaser tweet! This data represents the token name, issuer, and token description, respectively.
Token Transfer Transactions
NTP1 token transfer transactions are relatively simple. They transfer a given NTP1 token from the Neblio address where they reside to a new address.
Token Burn Transactions
NTP1 token burn transactions permanently and verifiably destroy a number of NTP1 tokens on the blockchain. Burned NTP1 tokens can never be transferred. NTP1 tokens representing an enterprise asset should be burned if and when that asset is destroyed. Unsold tokens are also typically burned at the end of a token sale.
NTP1 Token MetaData & Encryption
NTP1 tokens contain the unique ability to store metadata on the blockchain both in issue and transfer transactions. In the form of Key/Value pairs, NTP1 token metadata can be used to store unique information about an individual token or groups of tokens on the Neblio blockchain. For example, tokens representing event tickets could include metadata representing seating information while tokens representing enterprise assets could include metadata representing the assets value, location, description, and current user/custodian. This allows us to store and retrieve data on the Neblio blockchain on a token by token basis using the Neblio API suite. Metadata of course adds additional information to each Neblio transaction that must be replicated through the Neblio Network, and of course the larger the metadata, the larger the transaction fee in NEBL for such a transaction.
While storing metadata for tokens on the blockchain can lead to revolutionary new use cases for the Neblio blockchain, sometimes that data may be sensitive. For that reason, NTP1 natively supports encrypting some or all of the metadata associated with a token using RSA public key cryptography. This ensures that any sensitive data stored on the blockchain can only be read by the corresponding user or application possessing the private key needed to decrypt the data.
NTP1 today supports the creation of smart contracts created via a set of rules used in the protocol to direct or restrict the movement of tokens. For example a token issuer can set a fee structure for transactions of that token that direct fees to a certain address. Lockup and Expiration rules can be used to move a token to a predetermined address or used to completely invalidate a token after a certain amount of time or on a certain date. Rules can also be used to generate contracts that restrict the addresses tokens can be transferred to, or the addresses allowed to generate new tokens, if any. As we continue to develop new rules for NTP1, be on the lookout for announcements regarding innovative new smart contract applications and use cases with NTP1.
On-Chain Token Swaps and Decentralized Exchanges
Due to the fact that all NTP1 tokens are transacted on the Neblio blockchain, it will be possible to craft transactions in which one NTP1 token is exchanged for another. For example one hundred Nibbles (the first PoC token created by the team) could be exchanged in a single transaction for a certain number of a new NTP1 token, all on the Neblio blockchain. This feature enables the creation of 3rd-party NTP1 decentralized exchanges where NTP1 tokens are exchanged completely in-chain without the need of an intermediary exchange to perform the transaction.
New Applications, Wallets, and Block Explorer Needed for NTP1
NTP1 will change Neblio and how it is used, forever. However, NEBL will still be sent and received on the Neblio blockchain using the standard Neblio Core, Electrum, and Mobile wallets that we have built over the last several months. While the Neblio blockchain supports the creation and transfer of NTP1 tokens natively today, we need to build new applications to support the NTP1 ecosystem and make it easier to use for enterprise clients, token users, and anyone else wanting to create or use an NTP1 token.
An Intuitive Web Portal for Issuing NTP1 Tokens
NTP1 tokens will be able to be issued instantly via the Neblio API suite, but to make token issuance even easier, we will create an intuitive web portal where anyone can create a new NTP1 token on the Neblio blockchain with a couple of clicks.
NTP1 Block Explorer
The Neblio block explorer will either need to be updated to show all NTP1 tokens associated with a Neblio address, or a new block explorer will need to be created specifically for tracking and recording the movement of NTP1 tokens on the Neblio blockchain.
The Neblio team will create a new reference wallet that supports any and all NTP1 compliant tokens on the Neblio blockchain. The wallet will be able to send or receive any NTP1 compliant token on the Neblio blockchain. Think of a wallet similar to MEW, but for Neblio and NTP1 tokens.
We believe that NTP1 will change Neblio and digital tokens forever. On-chain token creation is a feature promised by many projects, but delivered by few. We are excited to see what you create with this new protocol and are here to support you along the way.
While we build the tools to simplify the creation and transfer of NTP1 tokens, we ask anyone that would like to work with us to create an NTP1 token on the Neblio blockchain to please reach out to our team for support and guidance in doing so, as the complete NTP1 protocol is fully supported by the Neblio blockchain, TODAY!