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Why You Should Be Wary of cNFTs and Anti-Blockchain Trends

By RadicalCore | radical-core | 4 Mar 2024


 

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Imagine this.

A world where art, music, books, and in-game items are set free to be exchanged freely in a seamless way between users, regardless of content format and platform. Suddenly, Steam and Amazon are no longer the best places to buy games you get 100% ownership over.

Welcome to the era of digital certificates, commonly known as NFTs. Your ideas now flow freely between anonymous parties, sidestepping the need for middlemen who would charge an arm and a leg out of greed alone.

These NFTs have a strong foundation: unique hashes or secret encryption codes generated and validated on-chain by millions of decentralized anon users who operate nodes and validators.  These hashes ensure each digital certificate's authenticity and uniqueness, requiring nothing more than a simple exchange of addresses between parties.

Furthermore, your wallet address on a true blockchain cannot be infiltrated by anyone unless they have your seed phrase or private key. This gives you 'your bank account' to-go, without the need for a bank branch or ATM machine. Just exchange between persons.

It is a perfect marriage of idea and technology, with the added benefit of trust-less exchange.

 

cNFTs: The Trojan Horse to Decentralized Ownership of Digital Assets

However, all this freedom to transact digital assets has left the banker and his associates with a bitter stomach.

They have sought a way to go back to the good old days of abusing customers with exorbitant fees and loss of autonomy and ownership. Thus, they birthed the cNFT or CENTRALIZED NON FUNGIBLE.

Conceived by think tanks and championed by major financial institutions, cNFTs represent a direct assault on the decentralized ethos of blockchain technology. Unlike their authentic counterparts, cNFTs are ensnared within centralized databases, stripping away the autonomy and sovereignty of assets, reminiscent of items confined within proprietary gaming consoles.

  • If the centralized chain wants to, they can change the fee structure at will. Nothing is hard coded and 'smart contract' is really just some code they can change as they do not need to get validation on chain.
  • If the centralized chain wants to, they can seize assets, including any centralized tokens on their 'chain' at will. 
  • If the centralized chain wants to, they can lock your assets so they cannot be moved, just as PayPal frequently demonstrates their centralized ledger authority.

... Needless to say, all this would be impossible with Ordinals (NFTs on Bitcoin) and on other chains like Ethereum that require unique hashes and are totally decentralized.

 

A Living Example of Centralized Wallets: The Solana Incident

Recent events, notably the Solana incident during the crypto recession, serve as stark reminders of the inherent vulnerabilities of centralized NFT platforms.

Solana Labs' brazen maneuver to access and manipulate user funds without consent underscores the perils of centralized control. Such actions were justified by SOL Labs as "for the good of the chain", but only serve to underscore the fatal flaw of centralized systems and ledgers, and the urgent need for true decentralization.

 

NFT Collectors Beware: The Perils of cNFTs

For collectors and creators alike, the allure of cNFTs is overshadowed by a mountain of risks. From arbitrary adjustments to asset royalties to unannounced fee hikes, centralized NFT platforms wield unchecked power over user assets, eroding the very essence of ownership and security. In light of these dangers, users are implored to tread cautiously, opting instead for platforms like Ethereum, ZkSync, and Matic NFTs, which champion decentralization and transparency.

 

Buy Ordinals, ETH NFTs and not cNFTs and Solana NFTs: Support REAL Decentralized Assets and Chains

In conclusion, cNFTs pose a grave threat to the integrity and authenticity of digital assets. They undermine everything about blockchain technology and consumer trust. Forget 'eco friendly' - they have, at best, marginal advantage toward the economy. You still have to run servers and that means energy consumption.

-- The creation of hashes and validation using decentralized computers is an absolute necessity for the autonomy of the individual who uses the blockchain. The seizure of funds, assets via centralized ledger will create far more harm than good, leading to nasty outcomes for end-users who will not only find no service number to call, they will be flat on their bottom without ANYONE to speak to with regard to lost funds, lost nft assets! These cNFT blockchain operators will not be answering the questions of tens of millions of users they gypped!

Embrace true chains. Download their ledgers and contribute to processing the ledger verification stages. Ethereum, Bitcoin ordinals and many other real chains are easy to use, safer than ever before (due to more node operators) and will never go down so long as we have the internet.

 

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RadicalCore
RadicalCore

RadicalCore explores advancements in technology, like artificial intelligence, cryptocurrency, blockchain gaming, non-fungible tokens (NFTs), new media, and software news.


radical-core
radical-core

RadicalCore explores advancements in technology, like artificial intelligence, cryptocurrency, blockchain gaming, non-fungible tokens (NFTs), new media, and software news.

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