NFT Protect is a trustless decentralized protocol designed to protect digital assets from theft, phishing attacks, social engineering, and accidental transfers, creating a safer and more secure marketplace for all participants.
NFT security
NFT Protect allows the creation of wrapped tokens that are linked to the original tokens, and provides several functions to adjust and transfer ownership of these wrapped tokens. The contract also integrates with external arbitrators and user registry contracts to secure these transfers.
NFT Protect leverages Protected NFT technology and decentralized dispute resolution layers (such as Kleros.io) to provide a secure and seamless solution for digital asset owners to confidently manage and transfer their assets, knowing they have strong protections in the event of theft or compromise. NFT Protect offers a unique solution that combines the convenience of the traditional world with the advancements of the DeFi ecosystem.
With NFT Protect, users can easily send their original NFT to the protocol and receive a “protected NFT” (pNFT) in return. The pNFT can be used in the same way as the original NFT, including in supported protocols and trading platforms for transfer and sale. In case of theft, phishing attack or wallet compromise, the owner of the original can initiate a dispute in a decentralized court and request that the pNFT be burned and reissued, keeping the original secure.
Dispute resolution layer
NFT Protect's mission is to provide users with a set of available arbitrators to protect digital assets. The protocol uses Kleros.io because it is currently the optimal solution for decentralized dispute resolution.
Kleros is a decentralized dispute resolution protocol for use on smart contract platforms that has been implemented on Ethereum.
It acts as a decentralized third party capable of deciding on the correct outcome when applying a set of rules to issues ranging from simple to very complex.
This is achieved by using game-theoretic incentives to crowdsource jurors to analyze and make correct judgments on cases. Thus, Kleros provides low-cost, reliable, usually fast and decentralized solutions. Of particular importance is the use of this protocol for dispute resolution, creating a form of decentralized justice.
