In the realm of blockchain and decentralized finance, the RADA ecosystem has made significant strides with its groundbreaking RADA NFTs. These Non-Fungible Tokens hold immense potential, not only in providing exclusive experiences to fans but also in shaping the future of sports club management and operation through DAO governance. In this blog post, we will delve into the principal components of RADA NFT, the technology behind it, and its pivotal role in the ecosystem.
1. RADA Token (ERC 20)
At the heart of the RADA nurturing program lies the RADA Token, an ERC-20 standard token within the Ethereum blockchain. The program employs a unique drawing system for minting and dropping RADA NFTs, and this system requires different RADA tokens depending on the type of draw. In essence, holding and transferring RADA tokens to the drawing system is a mandatory step for acquiring RADA NFTs.
2. Verifiable Random Function (VRF)
To ensure a fair draw for RADA NFTs, the RADA ecosystem employs a Verifiable Random Function (VRF) system. When RADA tokens are consumed for the minting of RADA NFTs, the VRF system comes into play, acting as a "Random Oracle." The VRF system guarantees that the selection process for the NFTs is transparent and unbiased.
3. Minting System
Once the RADA NFT is drawn through the specially developed drawing system, the minting system comes into action, issuing the NFT. To enable the functionality of RADA NFTs, all relevant content pertaining to the corresponding RADA, such as information about a rookie player or contract conditions, is digitized, saved, and distributed on IPFS (InterPlanetary File System). This measure ensures the security and integrity of the recorded information, preventing any possibility of data forgery.
In the context of sports club operation through DAO governance, the same minting procedure is applied to RADA NFTs, except for the draw procedure, as DAO-led projects have a different funding and issuance mechanism.
4. RADA NFT (ERC721)
RADA NFTs, which are minted through the system, have the ability to record and store digital content and information related to the rookie player or any other associated data. This information is permanently recorded on IPFS, ensuring the authenticity and immutability of the data. As a result, RADA NFTs can serve as digital tokens to verify a range of information, including RADA Foundation affiliation, funding, promotion, support records, and more.
Moreover, the "authority" function is adopted through the expansion interface of RADA NFTs, which is utilized in sports club operations conducted by the DAO. This function grants certain privileges and permissions to the NFTs within the context of club governance.
5. NFT Marketplace
To facilitate the exchange and transaction of RADA NFTs, a vibrant NFT marketplace is essential. The RADA Foundation, in its early phase, will not develop and operate its own NFT marketplace. Instead, established third-party marketplaces like "OpenSea" will be utilized for trading RADA NFTs. Commissions for RADA NFT transactions will be set according to the policies announced by the RADA Foundation, while the minting-and-drop procedure will follow the guidelines provided by the third-party platform.
The RADA NFTs represent a revolutionary approach to fan engagement and sports club management within the decentralized ecosystem. By leveraging the power of blockchain technology and incorporating unique components like the RADA Token, Verifiable Random Function (VRF), and the Minting System, RADA NFTs enable the creation of exclusive experiences and secure digital assets. As the RADA ecosystem continues to evolve, these principal components will play a central role in driving its growth and empowering fans, creators, and participants alike.
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For More Information
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