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Why Does the MonkeyZoo Project Use the Chia Blockchain?
The Chia blockchain is relatively new in the Web3 ecosystem but is known as the next generation of blockchain technology, and with the security of Bitcoin and an improved smart contracting language compared to EVM’s solidity we believe it holds the keys to how NFT technology enters the future of gaming and the metaverse.
Blockchain technology has moved on from Ethereum and so have we.
Here are a few of the reasons we choose the Chia blockchain.
Security
We believe that the Chia blockchain offers ourselves as a company and you as our customers the very best security for our assets. With the security of Bitcoin and a more secure smart contract functionality than Solidity that is used on Ethereum, it makes the Chia blockchain the most advanced blockchain technology to date. This is a massive improvement on account-based blockchains as it removes the threat of wallets being drained through bad actors. We will shortly be able to easily use the Chia custody solution which will allow additional security of secure vaults within wallets and clawback functionality. The Chia blockchain is also the most decentralized blockchain on the planet with over 100,000 full nodes (these are the computers that secure the network).
Permanence
With the Chia NFT1 standard, we can offer multiple links to your image and metadata’s IPFS storage. This means, if one link goes down for any reason, you have backup links to rely on. MonkeyZoo mints our characters with three separate decentralised links, and as a customer, you have the ability to add an additional link to your assets on top of the ones we supply. This is all done on-chain to ensure permanence which is not possible on other blockchains.
The current fad is putting images directly on-chain, but we believe this is expensive and congests the blockchain.
We also believe this is a step backwards for digital assets and won’t work for the future of gaming.
Provenance
Chia also has fixed provenance with NFTs. We mint all of our characters using our DID (digital identification), which allows us to protect our IP rights and also let you know that you are purchasing a genuine MonkeyZoo product. See our “What is a DID” page for more information.
Licensing
Chia allows us to link a licensing agreement to each of our NFTs, which shows you as the customer what you can and cannot do with specific NFTs. Our licenses give you a brief outline of the do’s and don’ts and directs you to our website Terms and Conditions for more information.
Peer-to-Peer Trading
As the Chia blockchain is based on the coinset model blockchain like Bitcoin’s UTXO model, it allows us the ability to trade P2P (peer-to-peer). It gives us the ability to trade with individuals rather than through a marketplace, which not only gives a better customer experience but a much higher level of security.
Royalties
Chia has also made it possible to bake in a royalty percentage at mint, which allows us to guarantee royalties and structure our business model going forward.
It also allows us to split royalties to separate parts if the business and in the future to our customers who sell merchandise.
Fees
Currently, the fees on the Chia blockchain are very low. No more having to spend more on transaction fees than the digital asset you are purchasing. It costs a fraction of a penny to make any transaction.
CATs (Chia Asset Tokens)
Chia has created CATs (Chia Asset Tokens) on the Chia blockchain. This allows us to reward our holders with our very own MonkeyZoo token that is used to purchase MonkeyZoo characters, upgrade future characters, and much more. See the “What are CAT tokens” page for more information.
Even More
These are only a few of the reasons we choose the Chia Blockchain. If you would like to learn more about the Chia blockchain and the NFT1 standard, visit Chia.net where you can dig much deeper into the proof of space and time consensus and find out why places like the World Bank and Climate Action Data Trust use Chia blockchain technology.