RubiX Set to Hold NFT Art Auctions Full of “World’s Firsts”
April 27 auctions feature the world’s first on-chain NFTs, first physically-backed NFT, first to use decentralized identity verification, first to incorporate HiDE to prove authenticity
LEWES, Del., April 13, 2021 (GLOBE NEWSWIRE) — RubiX Network Inc, today announces a pair of NFT auctions that will feature several technology advancements that have never been done in NFT auctions.
The auctions will feature several world’s first achievements in NFT technology, including:
- Largest NFT Sold To-Date: The Funnybean NFT collage is sized at over 432M bytes, setting the record as the largest NFT to be sold to-date, breaking the previous record by 135%. Unlike previous NFTs like that of Beeple, RubiX is the first-to-market with an NFT that maintains the highest quality of resolution within the images.
- On-chain NFTs: The digital assets used for a RubiX NFT are stored on the RubiX blockchain, not on a centralized server. This means ownership of the digital asset can’t be accessed by other parties and satisfies the condition of true ownership of the asset. In off-chain NFTs, the owner simply has a certificate of the digital asset.
- Digital ID for NFT: NFT ownership is backed by RubiX’s proprietary patented technology and is associated with the user’s Passwordless Digital Identity allowing NFT access using biometric authentication and preventing the loss of keys.
- HiDE (High Density Embedding) Technology: RubiX is incorporating proprietary HiDE Technology by Hi Density Image Embedding to make forgery of the digital asset impossible, so buyers can be sure that their digital asset can’t be copied.
- Physically-Backed NFT: The RubiX auction of works by artist Kanthraj N will be the world’s first auction featuring both original artwork and a corresponding digital asset. Ownership will be transferred from the artist’s DID to the high bidder’s DID.
- NFT Digital Rights Management (DRM): Every NFT on the RubiX blockchain is enabled with the DRM (Digital Rights Management Keys), meaning the owner of the NFT is able to sell, rent or license the NFT for monetization.
- Zero Carbon Emission NFTs: RubiX is also the most sustainable and eco-friendly blockchain in the market today. It is the first and only technology to require zero carbon emissions for the creation, transfer and mining of NFTs. Unlike other blockchains like Ethereum and Bitcoin, RubiX does not require high energy consumption for Proof of Work (PoW) and Proof of Stake (PoS) mining, instead leveraging a sustainable Proof of Harvest (PoH) Consensus Mechanism that leaves a zero carbon footprint.
“We’re incorporating several layers of security that no other blockchain platform has ever done, and these features couldn’t be done on Ethereum or any other public blockchain,” says Dr. Nithin Palavalli, Chief Executive Officer. “Incorporating this level of technology eliminates forgeries, proves true ownership and provenance of a digital asset and preserves and protects rights to an asset, whether it’s physical or digital.”
RubiX is holding two NFT auctions on Tuesday, April 27, from 9-10:30 p.m. GMT+8 / 2-3:30 p.m. GMT+1 / 9-10:30 a.m. EST / 6-7:30 a.m. PST.
The Funnybean – M Mandarin (漫中文) NFT auction will feature ‘HeXie- The Harmony’, a collage of thousands of exclusive and unique illustrations that showcases the rich history and the values of the Chinese society, created by a global educational company that uses comic images to teach people Mandarin.
The Kanthraj N NFT auction will feature “My Life’s Work” – the first physically-linked NFT collection of 12 original, globally recognized and award-winning paintings including a collage of all artwork, all 12 pieces of the original physical artwork shipped to the highest bidder and ownership of all 12 digital assets transferred to the new owner’s DID. Kanthraj N is one of the globally renowned watercolor artists. His watercolor landscape painting, lighting and lines of composition give a sense of tranquility and creates mysterious atmospheres that have won over 20 international accolades.
RubiX will accept payment in 10 different cryptocurrencies: BTC, ETH, USDT, BNB, ADA/Cardano, Polkadot, USDC, XRP, LTC and BCH.
RubiX is a proofchain protocol that can scale with asynchronous parallelism to facilitate real world decentralized applications. Cryptographically strong, POH consensus algorithms are used for transaction validation. RubiX uses Proof of Harvest satisfying PBFT rule for consensus allowing full nodes to be run across all platforms (Server, NAS, VMs, PCs, Embedded Platforms, IoT’s and Mobiles). The platform leverages real world Distributed File System (DFS) based on content-based addressing for data storage.
RubiX has primarily two types of tokens: Protocol tokens generated with strong mathematical proofs that are mined by nodes working to secure the network by storing proofs (capped under 51 million), and Asset tokens that can represent any underlying asset or contract including NFTs. DeFi or smart contracts, RubiX Network is an aggregation of several account-chains existing in parallel. Transactions achieve consensus individually, allowing for asynchronous parallelism leading to very high scalability. Account-chains are linked through unique tokens & tokenchain hashes.
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