Part 1 — Xircus, from Deployer to NFT Protocol
Xircus was born out of an idea drafted back the previous year. Initially the basic idea for creating a new generation NFT marketplace to empower creators and collectors that could potentially make a big impact and new meaning to NFT technology and the global (real-world) industry. Now one year later we are close to turning this into a reality!
The prototype has been put to the test and validated by hundreds of users on the “Xircus Deployer 1.0”. Thanks to this testing process in the last couple of months we were able to gather users feedback, and market data and work with this fresh input in order to iterate an end-to-end platform resulting in the “Xircus NFT Protocol”, prepared for interoperability, cost-efficient handling, scaling, optimized user experience and mass adoption; the components that matter to potentially grow a future top-100 project.
Just as the ‘old’ internet democratized access to information, creation and participation, Xircus will democratize access to value and ownership in WEB3.
Xircus aims to democratise the purchase and sale of NFTs on a decentralized infrastructure where user’s, NFT creators’ and collectors’ data are not owned by a company but cached and served by a distributed network of data providers. We do this by building a world-class platform together, powering the future of NFTs that represents ownership of any type of digital and real-world items.
The role of NFTs nowadays is relatively small, but we strongly believe that NFTs will play a key role in the new paradigm WEB3, the next version of the internet — owned by the users and builders, enabled by the blockchain tapping every single industry in a trillion dollar digital economy from Artwork, real estate, ticketing, music and many more. Together we all can ‘own’ now in a liquid, transparent, fair and accessible way.
Xircus believes that an open, scalable, and flexible platform can transcend the test of time of blockchain-powered applications for mainstream and business use. We see this happening through different phases which we have been executing since day 1. Let me take you through the different phases to get a clear understanding of the overall project development stages we’ve gone through in the past 8 months and what happened between version 1.0 and version 5.0.
Phase 1: Open, Decentralize, Scalable and Rewarding
Nothing beats an Open Platform as it will just grow massively over time by allowing others to thrive inside the Xircus platform. We understand that inclusivity is better than exclusivity and we will always welcome anyone to integrate or collaborate their service with our platform. The solid foundation we build on Xircus will give an instant boost and transaction volume for all participating cryptocurrencies and crypto economies, decentralized exchanges, and supported blockchains.
Decentralization has been the recurrent theme in our blockchain journey so far. In order to achieve faster and more responsive web applications, Xircus build user-owned deployable APIs. This allows users to deploy and host GraphQL API servers for any Xircus deployed marketplace which means that marketplace data request is fragmented to these independent APIs. Furthermore, it lowers the bandwidth cost, improves latency, and gives faster response time as data are managed by these providers instead of one server providing marketplace data to all -- we call this decentralized sharding at an API level. API stands for Application Programming Interface.
The future must not be worrying and stagnant. Scalability is a movement in Xircus. We designed our platform to scale up over time to cater to the demand of users, marketplaces, providers, sales, transactions, activities, and listings in the future. On the technical side, we made scalability with less cost through our open platform thus giving any user the power to run, govern, manage and grow their own marketplace, their own API servers, and more. On the human level, the marketplace scales and gets traction through its built-in referral system where rewards attract users.
Rewards give extra revenue to users by participating in any service or activities the NFT marketplace and Xircus platform offers. At a marketplace level, through the word of mouth, users can earn by inviting and promoting creators about their awesome collections. Referral incentive is up to 20% of the listing fee and transaction fee -- and all these are on-chain and instantly distributed on every transaction.
By allowing users to deploy their own and hosted GraphQL API services to host marketplace data. It gives an alternative revenue opportunity for our believers.
Decentralization has been a recurrent theme in blockchain’s journey so far. The promise to take the power from centralized institutions and give it back to the people is the single most influential proposition that drives the entire value system of the decentralized digital currencies. NFTs are a promising product in the line. Traditional NFT marketplaces that provide access to this new class of digital assets solve many problems but one — providing the power and control to individuals, content creators, artists, and influencers amongst others. This is where Xircus steps in. It eliminates the role of intermediary platforms by allowing users to easily create custom NFT marketplaces without writing a single code.
Phase 2: Future Proof
NFT marketplaces can shut down anytime especially if the creators or founders decided to shut down their business operation which leaves the users empty-handed but not with Xircus deployed marketplace. Since your marketplace data are all on-chain, it is permanently recorded in the blockchain which means that they can be retrieved for future use. We created a self-rebuilding, tampered-proof architecture to retrieve and cache marketplace data by allowing owners to sync their NFT marketplace with any GraphQL providers available. Any user can run a GraphQL server so the owner will never again worry about the marketplace shutting down for no reason.
Stay tuned for the next article where will explain the remaining phases including a usecase how Xircus could be utilized as a turn-key solution.