NFT Core Worker Proposal
Hello to everyone in the TUSC Community,
I have been discussing with different people in the TUSC community about various use cases of the TUSC blockchain. One of those cases revolves around a better non-fungible token (NFT) that could be used beyond claims to digital art. Such an NFT should also have additional characteristics such as being backed by the TUSC token and available for later redemption by the bearer, "Layer 1" royalties on re-sales, and the ability to transfer or sell the claims to such royalties.
A concept built around various requirements and safeguards have been compiled into a single design. The design describes functionality that would become available within the core of the TUSC blockchain ("Layer 1"). The functionality is generic and permits different types of NFTs and use cases to be built with the TUSC blockchain.
Proposed is a sequence of milestones that incrementally builds up the entire functionality of the concept on top of the excellent capabilities already present in the TUSC blockchain. The sequence is intended to address the greatest risks as early as possible in the development. All milestones will come with unit tests for the new functionality and with instructions to other developers to test the new functionality on a testnet of their choosing. Some milestones will come with additional API "endpoints" to help developers of client software read or query the data made available by the new functionality.
Milestone 1
Will deliver series creation, NFT minting, primary transfers, and API functionality to inspect a series and inventory
Milestone 2
Will deliver burning NFTs in Inventory, redemption an NFT for its backing. It also includes a check of an edge case technical issue that I once heard about which could affect NFTs composed only of a single subdivision.
Milestone 3
Will deliver secondary transfers with royalty payments (but not the distribution of those royalty payments to the proper claimants)
Milestone 4
Will deliver the distribution of royalty payments to their proper claimants, and API functionality to review claimants
Milestone 5
Will deliver primary sales and the related distribution of "surplus" proceeds from primary sales, and API functionality to review primary sales
Milestone 6
Will deliver secondary sales with royalty payments
Milestone 7
Will deliver safeguards to ensure royalties cannot be circumvented with the various other existing operations
Milestone 8
Will deliver some additional administrative functionality that Series Issuers and Managers will likely need
Milestone 9
Intended to address any issues which had not been anticipated such as alternative API calls that may be helpful to software clients