iDateBabes
  • 💟iDateBabes Whitepaper 1.0.0
  • Introduction
    • Purpose
    • Document Conventions
    • Intended Audience and Reading Suggestions
    • Product Scope
    • References
  • Overall Description
    • Product Perspective
    • Product Functions
    • User Classes and Characteristics
    • Operating Environment
    • Design and Implementation Constraints
    • User Documentation
    • Assumptions and Dependencies
  • External Interface Requirements
    • User Interfaces
    • Hardware Interfaces
    • Software Interfaces
    • Communications Interfaces
  • System Features
    • Overview
  • Other Nonfunctional Requirements
    • Performance Requirements
    • Safety Requirements
    • Security Requirements
    • Software Quality Attributes
    • Business Rules
  • Additionally
    • Roadmap
    • Built on Ethereum
    • Conclusion
    • Disclaimer
    • FAQs
  • Appendix A: Glossary
    • Glossary
  • Appendix B: Analysis Models
    • Analysis Models
  • Appendix C: To Be Determined List
    • To Be Determined List
Powered by GitBook
On this page
  • The environmental impact of NFTs
  • Banking for everyone
  • A more private Internet
  • A peer-to-peer network
  • Censorship-resistant
  • Commerce guarantees
  • All products are composable
  • NFT security
  1. Additionally

Built on Ethereum

PreviousRoadmapNextConclusion

Last updated 2 years ago

We chose Ethereum because it makes it possible for NFTs to work seamlessly for a number of reasons:

  • Transaction history and token metadata is publicly verifiable – it's simple to prove ownership history.

  • Once a transaction is confirmed, it's nearly impossible to manipulate that data to "steal" ownership.

  • Trading NFTs can happen peer-to-peer without needing platforms that can take large cuts as compensation.

  • All Ethereum products share the same "backend". Put another way, all Ethereum products can easily understand each other – this makes NFTs portable across products. You can buy an NFT on one product and sell it on another easily. As a creator you can list your NFTs on multiple products at the same time – every product will have the most up-to-date ownership information.

  • Unlike Solana blockchain, Ethereum is 100% decentralized and never goes down, meaning your tokens will always be available to sell.

  • Ethereum's security comes from proof-of-stake. The system is designed to economically disincentivize malicious actions, making Ethereum tamper-proof. This is what makes NFTs possible. Once the block containing your NFT transaction becomes finalized it would cost an attacker millions of ETH to change it. Anyone running Ethereum software would immediately be able to detect dishonest tampering with an NFT, and the bad actor would be economically penalized and ejected.

The environmental impact of NFTs

NFTs are growing in popularity which means they're also coming under increased scrutiny – especially over their carbon footprint.

  • Creating and transferring NFTs are just Ethereum transactions – they have no direct impact on the energy expended by Ethereum, nor do they independently expend their own energy.

  • Ethereum is a low-energy blockchain, meaning the environmental impact of creating, buying and transferring NFTs is very small.

Banking for everyone

Not everyone has access to financial services. But all you need to access Ethereum and its lending, borrowing and savings products is an internet connection.

A more private Internet

You don't need to provide all your personal details to use an Ethereum app. Ethereum is building an economy based on value, not surveillance.

A peer-to-peer network

Ethereum allows you to move money, or make agreements, directly with someone else. You don't need to go through intermediary companies.

Censorship-resistant

No government or company has control over Ethereum. This decentralization makes it nearly impossible for anyone to stop you from receiving payments or using services on Ethereum.

Commerce guarantees

Customers have a secure, built-in guarantee that funds will only change hands if you provide what was agreed. Likewise, developers can have certainty that the rules won't change on them.

All products are composable

Since all apps are built on the same blockchain with a shared global state, they can build off each other (like legos). This allows for better products and experiences being built all the time.

NFT security

The whole NFT ecosystem works because Ethereum is decentralized and secure. Decentralized meaning you and everyone else can verify you own something. All without trusting or granting custody to a third party who can impose their own rules at will. It also means your NFT is portable across many different products and markets. Secure meaning no one can copy/paste your NFT or steal it. These qualities of Ethereum makes digitally owning unique items and getting a fair price for your content possible.