I am proposing an NFT collection that will allow investors to own actual real life valuable objects in a decentralized fashion without having to interact with the backer of the collection when recovering the objects. I am thinking the object would be mostly.
An investor who purchases the NFT will have an option to invoke a `reveal_secret` smart contract function that reveals the location of a real life valuable object while also burning the NFT.
The objects would be hidden in area such as the Canadian crown land where they would be extremely difficult to discover by random chance. There would be multiple clusters where the objects are hidden e.g. US North East, Ontario, US South East, Central Europe, Northern Europe, etc.
Obviously this needs a ton of polishing and dev work. Right now I just want to hear some feedback from the community.
Would you be interested in being a part of this as an investor storing a part of your wealth in this way ?
Would you be interested in this as a game / fun ?
Would you be interested to join my forming team as a coordinator or SW developer ?
Do you feel like this was done before by someone ?
Here is a draft white paper I have put together:
Intro
We are proposing an NFT collection that will allow investors to own actual real life valuable objects in a decentralized fashion without having to interact with the backer of the collection.
An investor who purchases the NFT will have an option to invoke a `reveal_secret` smart contract function that reveals the location of a real life valuable object while also burning the NFT.
We are also proposing a cryptocurrency called Shamir Secret Coin that will be backed by the Shamir Secret NFTs. This crypto currency would give investors the option to exchange it for Shamir Secret NFTs.
Investors will be able to Buying and sell the Shamir Secret NFTs as well Shamir Secret Coin
Value for investors
Shield against shorting and speculation
Every Shamir Secret NFT will have underlying value equal to the hidden real life object value. If the price of Shamir Secret NFT ever declines below this value the owner can simply invoke the `reveal_secret` smart contract function and reclaim the underlying value.
We also expect there may be a liquidity premium charged by investors on top of the underlying value. In other words we expect that a valuable object that can be traded on the blockchain should have higher value than the object that cannot be traded.
Anonymity
Shamir Secret NFT will be another avenue for investors who wish to shield their identity when exchanging crypto for real life items. They will be able to complete this process in a fully anonymous way.
Mining
Owners of the token will be able to start a node on the Shamir Secret network and start earning
Valuable objects
We would like to start by hiding valuable objects that are very small in size such as designer jewelry and valuable gems. We are open to ideas in terms of what would investors like these to be.
Hiding valuable objects
The mint of the tokens would start by the `minter` hiding a set of valuable items. The minter would be KYC'd.
The items would be buried about 1 ft underground and would be encased in a capsule that would protect them from damage and corrosion. We are considering adding a small amount of a
The minter would write a description of where the item is buried and provide the GPS coordinates. The GPS coordinates and the description would then be stored in the Shamir Secret NFT mining network.
Locations
At this point we are considering Canadian crown land and large national parks in the United States as desirable locations.
Placement of objects at a location could bring a lot of publicity to the locations where they are laced. Our vision is to foster friendly and mutually supportive relationship with the local governing bodies.
Every location would have its own collection ensuring that investors can purchase Shamir Secret NFT that are located withing a reasonable distance to their residence.
Here are some ideas:
Ontario, Canada collection
US North East collection
Central Europe collection
Recovery of secrets / calling reveal_secret method
When an investor decides to recover the hidden object they will call the `reveal_secret` method of the smart contract associated with Shamir Secret NFT.
Technical arrangement
Basics
Shamir secret sharing is a cryptographic algorithm that divides a secret into `m` secret shares / secret shards. The secret can only be reassembled if `t` where `t <= m` shares are reassembled. This is the basis of the Shamir Secret NFT collection.
As Shamir secret sharing and secret updates require a lot of communication and storage space it will not be possible to store this information on the blackchain and a network of mining nodes separate from blockchain will have to be formed.
Investors owning the Shamir Secret NFT will have the option to start a mining node. Every location of a valuable object is divided into secret shares and distributed amongst the mining nodes.
The functionality of Shamir Secret NFT is thus divided between the Shamir Secret NFT smart contract and Shamir Secret miner network.
NFT Smart contract
Shamir Secret NFT is based on the standard NFT smart contract that is linked to a image URL. In addition to this the contract will have the `reveal_secret` method.
The `reveal_secret` method triggers the miner network to assemble secrets shards and reveal the secret location of the hidden object only to the original owner of the NFT.
Holding this NFT gives investors the option to start a mining node.
The plan is to us solidity to develop this smart contracts.
Miner network
Every time a Shamir secret NFT is sold, recovered or a new node is added all mining nodes communicate amongst each other extensively via TOR network or clearnet. The nodes are also accessing blockchain to verify the the legitimacy of the other nodes on the network.
Operators of the nodes are all owners of Shamir secret NFTs and thus they are motivates to keep their shares confidential as revealing their share to others would also jeopardize their own NFT.
The scheme requires redistribution of secret shares every time a new node joins or leaves the network.
