📰Protocol
A step back to move forward. — Henry Ford
The problem
While blockchain technology is undeniably impressive, it's clear that we've now reached a point where innovation and growth is significantly hampered by a number of unavoidable bottlenecks.
To provide context, let's discuss the following key factors: fees, efficiency, and friction.
Fees
Fees in a blockchain are often regarded as a necessary evil. While they serve the essential purposes of network security and preventing dust, they are not typically a source of joy for users. In fact, when networks become congested, fees can exacerbate the situation, rendering certain deployed models entirely unsustainable.
While these fees contribute to the overall health and security of the blockchain, they have also become a subject of debate within our team. As we navigate this evolving Stamp landscape, we are actively exploring solutions that aim to significantly reduce fees close to zero.
This reduction would open the door for the flourishing of models within the Stamp ecosystem that were previously unviable due to fees.
Efficiency
Blockchain is considerably slower when compared to well-established database technologies, as each transaction's information needs to be stored and verified by each node. This introduces inherent inefficiencies by nature unless trust and decentralization are crucial requirements.
In our specific mission, it is not deemed a critical requirement. While we deeply comprehend, respect, and appreciate the advantages of trust and decentralization, our objective is to establish a model where these inefficiencies are only tolerated when decentralization is necessary or when the benefits clearly outweigh the disadvantages.
Friction
Our team has long held high aspirations for mass adoption, starting as far back as 2013.
While adoption has seen steady growth, it hasn't quite reached the mass adoption rates initially anticipated. The primary culprit behind this delay in mass adoption lies in the significant friction experienced by non-tech-savvy users.
This friction takes various forms, such as:
Acquiring crypto to pay for transaction fees.
Need for a wallet or public key in order to receive assets.
Safeguarding private keys.
Steep and time-consuming Learning Curve.
Addressing these issues and reducing friction within the Stamp landscape is vital to expanding the blockchain's user base and making it more accessible to a broader audience.
The solution
In our commitment to empowering users, we firmly believe in providing options. We recognize that no single approach fits all, and individuals have unique preferences and needs when it comes to blockchain technology.
For users seeking a seamless, efficient, and frictionless experience, we offer a centralized option.
This approach optimizes efficiency, boasts zero fees, and eliminates friction. It simplifies interactions, making it accessible and straightforward for users, whether they are new to the technology or simply value efficiency and convenience.
On the other hand, for those who hold decentralization as a core value, we continue to support a decentralized option despite the challenges previously explained. We understand the importance of preserving blockchain's fundamental principles, including security, transparency, and user control. However, we remain steadfast in our commitment to addressing the issues of fees, efficiency, and friction within the decentralized framework.
We firmly believe that choice is the essence of user empowerment. By offering both centralized and decentralized options, we enable our community to select the approach that aligns with their unique priorities.
We are committed to providing the best of both worlds: the efficiency, zero fees, and low friction of centralized solutions, and the fundamental principles of decentralization, while actively working to alleviate its inherent challenges.
Ultimately, the choice is yours, reflecting our dedication to making the blockchain accessible, adaptable, and tailored to your preferences.
How it works
To gain a comprehensive understanding of how the Stamp works, it's essential to take a step back and explore the following minting processes:
Regular Minting.
Lazy Minting.
Stamp Minting.
Below, we present a series of high-level overview diagrams with explanations for each minting method. These diagrams have been significantly simplified to enhance the understanding of non-technical readers.
Regular Minting Flow
The Regular Minting Flow represents the traditional method for minting NFTs or tokens.
The issuer or entity authorized to invoke the mint() function on the Smart Contract, generates the signature, incorporating the specified parameters that defines the creation of new NFTs or tokens.
The signature is sent to the blockchain as a transaction, initiated by the issuer. In this process, the issuer covers the blockchain fees, resulting in the minting and allocation of NFTs or tokens to either the issuer or a pre-specified third-party user.
The signature in this case is generated and transmitted to the blockchain by the issuer without being disclosed to any third party prior to transmission.
The cryptographic approach employed in the Regular Minting Flow, which includes signing a message and transmitting it to the blockchain, draws upon principles that have been in use since the inception of Bitcoin.
Lazy Minting Flow
The Lazy Minting Flow, as a strategic minting approach, serves several purposes:
Delaying transaction execution.
Allowing third-party minting.
Fee optimization.
In this approach, the user assumes the responsibility for covering the blockchain fees, as well as the discretion to determine when to transmit the signature to the blockchain.
In this case, the signature is generated by the issuer but shared with the user, who then transmits it to the blockchain. Depending on its implementation, individuals who have knowledge of the signature's content before transmission have the capability to mint and obtain the resulting NFTs or tokens.
This approach has been employed by savvy smart contract developers in the past, including NFT platforms like OpenSea and several NFT collections, as part of their distribution methods.
Stamp Minting Flow
Lastly, the Stamp Minting Flow is the method we utilize to enable the coexistence of a hybrid system that combines both centralized and decentralized ecosystems.
Upon the issuer's signature creation, it is encrypted with AES-256-CBC and securely sealed and stored, resulting in an ownable, transferable, and verifiable Stamp.
In this scenario, the owner of the Stamp has the option to either a) keep the Stamp on the platform to access all its features, including transferability and the marketplace, or b) unseal the Stamp to reveal the signature and transmit it to the blockchain, enabling them to mint it whenever they desire.
Please note that after issuance, all Stamp actions within the platform are entirely fee-free.
Last updated
