Polygon has added Wakweli to its streak of partnerships. The new collaboration will fully utilize the Web3 infrastructure protocol’s ability to verify the originality of NFTs.
Wakweli is a comprehensive protocol developed on a decentralized consensus algorithm (Proof of Democracy) that provides certificates of authenticity for NFTs. PoD community members will receive $WAKU for their act of fairness.
Wakweli’s certificates guarantee a unique and genuine virtual representation of tokenized assets. These documents also ensure various tokens on several platforms do not represent the same asset. A newly certified asset will exhibit an emblem of trust in the ecosystem.
What Is NFT Authentication?
NFT authentication verifies the authenticity of a digital asset represented as an NFT. In the process of authenticating an NFT, the blockchain network verifies the digital signature of the NFT owner using their private key which proves that the owner is the legitimate owner of the NFT.
Additionally, the blockchain records the unique identifier of the NFT, which is typically a hash of the digital asset. This identifier helps to prevent fraud by ensuring that the same asset cannot be represented as multiple NFTs.
NFT authentication is an essential aspect of the NFT market because it helps to establish trust and confidence in the authenticity and ownership of digital assets represented as NFTs.
Polygon Teams Up With Wakweli
Negotiations between both companies started in August 2022. Subsequently, all digital assets on the Polygon blockchain will adjust to Wakweli’s certification structure. Each holder on the network can ask for certificates of authenticity for NFTs.
As shared by Antoine Sarraute, Wakweli’s co-founder and CTO, staking Wakweli’s utility token, WAKU, is crucial in requesting an authenticity certificate. The staking amount for a request depends on the anticipated level of trust.
Wakweli’s testnet is expected to be launched in April and will be compatible with Polygon’s Mumbai testnet. By the year’s second quarter, alpha testing with the layer-2 scaling solution will begin. General mainnet compatibility will be ready in the last quarter of 2023.
The Polygon-Wakweli partnership will aid the industry in curbing fraudulent activities and fighting against scammers. The primary purpose of this partnership is to strengthen the security of the virtual asset ecosystem. More trust, therefore, will exist in the growing ecosystem.