Sinelock: A New Way to Secure NFT’s
Security in cryptocurrency is a valuable thing. Cryptocurrency and its ability to be secured via cryptography has brought about an entirely new landscape of possibilities. NFT’s are backed by cryptography, but there is no real way to identify ownership through a form of digital identification which exposes the users information at their discretion. Until now. Sinelock (from the creators of Groovy.Finance) has provided a way for NFT owners to showcase their ownership while also securing it even further.
Sinelock is an ERC20 token (SINE, Contract address: 0xeb2c0e11af20fb1c41c6e7abe5ad214e48738514) that allows artists and those interested in owning art the capability of signing a contract for digital art creation and ownership. Created by the developers of Groovy.Finance ecosystem, it is an important technological development that has seen different but similar utilization in a more applicable environment; the real world. In places like Estonia, where the developers of both Groovy and Sinelock originate, this type of multi-signature/digital ID is frequently used to vote in elections, as a form of digital identification, and even as a form of binding signature for different kinds of legal contracts and agreements.
This technology will be used to create multi-signature contracts and digital identity cards or advanced digital signatures to sign contracts for digital art. These contracts are then stored on an immutable. This technology will not be available in the U.S., as it requires usage of the digital ID system in the European Union.
Sinelock will be in beta testing in January. Users will pay in Sinelock to use the platform, as it is the tokens utility. The creators of Groovy have created a demo for users to reference when trying to use Sinelock and can be seen here.
Sinelocks tokenomics are as follows:
- Total Supply: 100,000 SINE
- Initial circulating supply (including team): 79,000
- Bounce Presale: 1ETH = 1000
- Team/Dev/Moderators: 10%
- GVY holders/Other Excitement: 21,000
As mentioned above, Groovy holders will be rewarded with Sinelock via a snapshot which will be distributed gradually.
As a new way to show proof of ownership, Sinelock aims to lock itself as the trusted source of proof for ownership and creation wherever digital ID’s are utilized. The team at Groovy continues to deliver on the innovation of the new landscape the art world is traversing, while also providing more security and clarity in regards to creation and ownership of NFT’s. Follow along and take part in their beta testing in January!
- Website: http://sinelock.com
- Etherscan: https://etherscan.io/token/0xeb2c0e11af20fb1c41c6e7abe5ad214e48738514
- Uniswap: https://app.uniswap.org/#/swap?inputCurrency=0xeb2c0e11af20fb1c41c6e7abe5ad214e48738514
- Liquidity Locked: https://v2.unicrypt.network/pair/0xa68a33a38fd03097f8444f585d56ce6b33ab73b8
- Medium: https://groovyfinance.medium.com/groovy-introduces-sinelock-fb73209d4db6
(I write articles, reviews, and Litepapers for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create and informative and educated discussion regarding the project in question. Invest at your own risk.