Place/Date: - May 18th, 2021 at 6:02 pm UTC · 5 min read
The hype for digital collectibles is near all-time-high. All appreciation to recently popularized NFT mania. Non-fungible tokens are not new and in fact, were first brought into use as early as 2018 but their primary use was limited to fan tokes for a popular sports league and blockchain in-game memorabilia. However, with every bull season, a new use case rises above all and this time around, it seems NFT has become the most popular one for the time being. A range of mainstream celebrities, including top-level sports stars and athletes, pop stars, artists, and many more have come forward to launch their NFT collection comparison of unique art pieces and rare memorabilia. The top NFT art raked in $69 million giving the much necessary media attention that made more celebrities choose NFT launch over any other form of a traditional auction.
With the rise in popularity of NFTs, a number of auction houses is it traditional or NFT dedicated ones have sprung up over the past couple of months. However, none come close to what Satozhi brings to the table, a world’s first proof-of-burn token that was built using a similar mining consensus to that of Bitcoin’s proof-of-work. We are familiar with Bitcoin’s (BTC) Proof-of-Work (PoW) protocol, but Satozhi (SATOZ) made a better protocol known as Proof-of-Burn (PoB). Satozhi (SATOZ) was created for everyone to save long-term SATOZ as a store of value. Satozhi (SATOZ) is a crypto token that runs fully on the Binance Smart Chain (BSC) network according to the standards of the most advanced smart contract protocols.
Traders can buy SATOZ and sell when it is profitable, on the other hand, miners can burn SATOZ to receive a block reward every 10 minutes in any wallet. The SATOZ token also helps developers, since the SATOZ project is open-source and driven by the community, not creators. This protocol uses the logic of burning the token supply in the blockchain and then creating a new token in the pool every 10 minutes.
Moreover, the platform has also just made its Virtual Mining Tool marketplace live where developers and artists can mint their high-value tokens and auction them for profitability.
VMT a very unique project that only exists on Satoz. VMT is a pioneer in the world of cryptocurrencies and assets VMT is short for Virtual Minting Tool (or for some people call it Virtual Minting Token) is an improved protocol that allows VMT creators to sell their work, not only as a digital item or unique value but also as a lifetime mining reward. and can be traded on the VMT decentralized marketplace (VDEX) via the VMT smart contract itself automatically. This very unique project only exists in Satoz making it an industry first until more similar projects crop up owing to its growing popularity.
VMT takes the NFT mania to the next level and is developing a blockchain 3.0 for the next leg of innovations in the decentralized space. While NFTs offer a unique opportunity to creators, VMT would ensure the minted artworks not only offer their creator a profitable income at the time of the auction, but even if they hold their minted work it pays them like staking.
Non-Fungible Token (NFT) is a digital smart contract standard created to store unique digital ownership assets. NFTs cannot be exchanged for other tokens, NFTs are generally created by uploading files, such as digital artwork, and traded on the auction market or the NFT marketplace. This will create a copy of the file, which is recorded as an NFT on a digital ledger or blockchain. The NFT can then be bought with certain cryptocurrencies and sold back to the market. Even so, the chain of ownership will continue to be recorded in the NFT smart contract itself.
Virtual Minting Tool (VMT) is a digital smart contract innovation whose identity of assets, tokens, and ownership are unique from each other and are managed by the blockchain. Each VMT has its own asset value, different income values, different types of assets, which we refer to as Minter or VMT tokens. Besides being able to be traded on a decentralized market like an NFT, VMT assets can also be mined at any time as a personal asset. If a creator doesn’t want to sell it, they can keep the VMT as a collection, for which they will still get the results of VMT minting assets every time, as long as they keep the ownership forever.
VMT not only gives the value of ownership of a digital asset but also offers an increase in the value of the asset itself over time. Thus, making it an all-in-one collectible item whose value only rises with time and doesn’t solely depend on the auction marketplace. Satoz mining is paid software that can create virtual mining tools, and can be traded and speed up by increasing the number of burns on the tool.
Satoz was redesigned to solve resource problems that have been difficult to achieve. To this day, coin mining has to be done with CPU tools, GPUs, very expensive ASICs with very high electricity costs, and expensive maintenance costs, making it less effective for some miners, which results in increased blockchain transaction fees and confirmation times. The VMT marketplace has only added benefits to it where the burning mechanism only helps the value of the token powering the platform.