In addition to audits performed on DeFi protocols, the nonfungible token sector is starting to implement audits, particularly when it comes to the. For example, Jake Spinowitz, head of community at Courtyard — an NFT marketplace that enables collectors to trade and store physical collectibles — told Cointelegraph that Courtyard arranges third-party audits of its custodied items to ensure trust and transparency.
The combination of audits, along with using a legacy security institution, may serve as a successful model for phygital projects moving forward. This could certainly be useful, as a number of phygital platforms have expressed concerns regarding the redemption and storage process of physical NFT assets.
“For example, our login feature gives you the option to share off-chain profile data to earn rewards from your favorite DApps or display your domain on a leaderboard. The data you share is completely opt-in,” she explained. Moreover, Carter noted that Unstoppable Domains recently changed the way domains are minted. “All domains will now be automatically minted on the blockchain, as opposed to Unstoppable’s database,” she said.
“We use smart contract and NFT integrations so that social graphs live outside of our app and on the blockchain. That means that if your community ever wanted to leave Console, it’s easy to find a new home somewhere else. You own your community, not us.”rather than user names. “ENS names or any equivalent decentralized identity like can be used to replace usernames and passwords on your site,” he said. In turn, an additional layer of user privacy and trust is achieved.
How do you think the crypto industry can rebuild trust following the recent losses and collapses of major firms?
Do you think the collapse of certain crypto firms is a reflection of broader issues within the industry, or do you believe it's an isolated incident?
Do you think the recent events leading to a loss of trust in the crypto ecosystem will lead to more regulation in the industry?
Do you think it's important for crypto companies to welcome regulatory inspections as a way to build trust with users?
In your opinion, what role should external audits play in the NFT space, particularly for physically-backed NFTs?
How do you think regular smart contract audits could have prevented some of the major hacks and scams in the DeFi sector?
Do you agree with Paul Brody's assertion that auditors, regulators, and mathematical proofs will be key in building trust in the crypto industry?
Lol, scam tweets in the first few replies to an article about building trust in crypto.