I want to thank users who have ventured into our Discord channel, #jengascoin (https://discord.gg/x4bk2sCR), and asked questions, offered comments on the Jengascoin Project. In this update, I will share some of those questions, and provide more information about our project.
Is Jengascoin an active project?
YES! We are hard at work completing all the tools that will be released alongside the release of our blockchain. We continue to test and update the API, the API Documentation, and the GUI Wallet Application. Our goal is to release a full set of tools at launch.
How will Jengascoin and its related tools be released?
Jengascoin and all associated tools will be released free as a fully open source project on Github. We will release all of the documentation, and source code for the blockchain, CLI Wallet, GUI Wallet, and example authentication scenarios.
Is Jengascoin (JNGA) an investment opportunity?
Jengascoin cryptocurrency (JNGA) is not intended to be used for speculative investment. JNGA is the cryptocurrency which is distributed as block rewards for mining and serves as the underlying payment method within the Jengascoin ecosystem. Asset NFTs (licenses) are bought and sold with JNGA and royalty distributions are sent as JNGA. Asset NFT (licenses) will only have value in terms of the digital product that they represent.
What is the additional utility, beyond ETH’s basic NFT support and the EIP-2981 standard?
In EIP-2981, the impetus is still on the marketplace to accept the standard, and it’s one address and percentage of royalties. In Jengascoin, there can be many royalty addresses with individual percentages. The blockchain enforces the royalties on all transactions, there’s not a way for a Jengascoin marketplace to interfere with the royalty percentages. The other major point of differentiation is that Jengascoin allows creators to set an exclusivity period before which no resale transactions on their NFT can occur. For instance I create a software license and want to allow users to sell them to someone else after Jan 1, 2023 after which my NFT can be resold and I will receive royalties on each resale transaction.
Is the Jengascoin Blockchain Developer Freindly?
The Jengascoin Blockchain is VERY developer friendly. The blockchain is written completely in PHP and is very easy to understand. We have a fully documented API which is how users/wallets/applications can interact with the blockchain.
What about Smart Contracts?
Jengascoin NFTs are smart contracts that govern the transfer of asset tokens based on the protocols of exclusivity, expiry, royalty percentages and addresses. In addition to this, NFT asset tokens are THEMSELVES licenses that can be authenticated through the chain itself. Licenses can also be authenticated mathematically without relying on the 3rd party to verify that a license is valid.
Cross Chain Compatibility?
The major benefit we bring is a streamlined solution to a large gap in blockchain (real world use case; in this case, LICENSING). We are not a Swiss Army knife, we built a specialized tool for a specific purpose and as a result there is no bloat and fees are cheap. All of the core licensing related functionalities are included in and enforced by the blockchain. As a result, we do not feel that it is necessary or efficient to cross chain compatibility into this ecosystem.
Interested? Get involved.
Jengascoin API endpoint: https://peer100.jengas.io/api.php NOTE: You must send a request in your api call!
Read this documentation, then generate a wallet: https://peer100.jengas.io/doc/#api-API-getNewAccount
Visit our discord, post your Jengascoin Wallet address and we will send you some JNGA to play around with: https://discord.gg/Qs2Hpcjscn
While you are in Discord, say Hello and ask any questions you may have!