Galileo introduces tokenisation

Galileo Protocol introduces NFTs for Physical Assets

Galileo Network LLC develops an open-source infrastructure for executing smart contracts called “Galileo Protocol”. This protocol allows the creation of “PNFTs” to encrypt, store and transfer data securely. These PNFTs are non-fungible tokens representing physical goods, issued on multiple chains (Ethereum, Polygon, and XDC Network). These ‘pNFT’ can interact with any blockchain, any DLT & any network through event triggers & multi-chain smart contracts. Upon an owner’s request, the pNFT can be burned & the physical item redeemed.

This enables a new level of possibilities within the digital asset space. We’re taking NFT into the next generation.

What is Galileo Protocol?

Galileo Protocol is a peer-to-peer community platform where buyers and sellers can come together to discover, view, buy, and create indexed NFTs for physical goods.

What is a pNFT?

pNFTs are non-fungible tokens representing physical authenticated assets issued on multiple blockchains.

pNFT is the world's first standard for digital twins – A fully-regulated digital clone of physical items, capable of both limitless digital actions, & trusted physical redemption. pNFT allows any brand to both create digital assets of their physical assets and amplify the capabilities of their existing digital assets. pNFT creates trusted & secure interactions across an ecosystem of multiple blockchains or DLT.

pNFT can be any physical asset: real-estate, automobiles, luxury goods – we're just scratching the surface!

We're excited to bring QRC20 technology to the public, ushering in a new era of possibilities for web3!

What problems does Galileo solve?

Problem 1: Investors seek to store their wealth in asset classes, such as real estate, art, and luxury watches in order to protect against inflation and unstable economic conditions. Most of these asset classes are illiquid, et the entrance price is high.

Problem 2:  Cryptocurrency has become a store of value, but the market is volatile. Additionally, crypto investors do not have access to other physical asset classes unless they exit the crypto market and use fiat currencies to purchase physical assets.

Problem 3: France is one of the countries most affected — behind the United States — by counterfeit products entering the economy. The phenomenon of globalization and the development of online commerce are expediting this. The impact counterfeiting has on the economy is growing.

How does Galileo Protocol work?

The main benefit of creating NFTs of physical goods is that those NFTs can be used to prove the authenticity and ownership of those goods. In a world where the counterfeit market is estimated to be worth over $500 Billion, Galileo NFTs can be a valuable tool for buyers and sellers.

The owner of the NFT would be registered as the legal owner of the physical item and only they can transfer it to another wallet, and/or sell it on (traditional) markets.

With Galileo Protocol, anyone can convert real-world assets into an NFT, and of course, it is possible to purchase those NFTs and physical goods with fiat money, or cryptocurrencies (like USDC).

Galileo Protocol benefits :

• Owners can digitize their assets through the creation of NFTs.
• Sellers can guarantee the value and authenticity of the asset on offer.
• You can buy and sell without a trusted third party, thanks to smart contract protection.
• Investors can capitalize quickly on more illiquid physical assets, via the redemption system.
• Companies can guarantee the authenticity of goods and help combat counterfeiting.
• Users can turn their physical assets into collectibles to use within the Metaverse.
• Owners automatically get copyright protection.

Why use Blockchain?

Using interoperable blockchain technology, information attached to virtual assets and their physical counterparts can never be modified, tampered with, or altered, providing a reliable data trail. Throughout the life of the physical object, the NFT is scanned and owners can add new time-stamped metadata.

This data can include the day of purchase and sale of the object but also the location of the warehouse, the evolution of the state of the object, and the time of arrival or departure.

What are the benefits of daily transactions?

• Financial transactions for all: Not everyone has access to traditional banking services (lending, borrowing, saving, etc.). With Galileo, all you need to get started is an internet connection, a cryptocurrency wallet, and the Galileo protocol app.
• A peer-to-peer network: Galileo allows you to transfer value, or make deals, directly with individuals or companies. You don’t need to go through traditional intermediaries, banking, or payment systems if you don’t want to.
• A more secure network: Galileo will be using a know-your-customer (KYC) standard that is designed to protect users and financial institutions from fraud, counterfeiting, bribery, money laundering, and terrorist financing.
• Commercial warranties: Because of the smart contract technology and our physical world partnerships, customers are guaranteed that assets will only change hands if both parties delivered what has been agreed upon. You don’t need the power of a large corporation to do business.
• Interoperability for a better customer experience: Galileo is built to be interoperable with other blockchains and traditional finance to increase user adoption.

These principles are implemented through the mainnets which enable secure data storage and transmission.

* Quant and Overledger are registered trademarks of Quant Network Limited