Good morning High Fidelity! As we’ve all discussed in numerous community meetings and threads, today is the first beta release of the commerce system, which is a cryptocurrency-based content protection and payment system. In a nutshell, this means that we can all begin putting prices on things that are submitted to the marketplace, and items purchased will have an accompanying PoP (“Proof of Provenance”) which you can inspect in-world by pointing your lasers at the item, or right-clicking it. For now, High Fidelity users can request a grant of HFC by emailing firstname.lastname@example.org. Existing active alpha and beta users will also be receiving grants. Initial grants may take a couple of days to process as we turn on all the back-end systems.
The placename ‘Avatar Island’ is meant to be the first of hopefully many in-world shopping centers, containing an interesting selection of items we commissioned to get ready for the launch. You can also find them in the marketplace. If you’d like to sell your own items there versus setting up your own shop(s), let us know.
As we’ve mentioned in earlier emails, you need to re-approve (and price if you want to) your existing marketplace entries, because we changed the licensing to now allow you to sell individual things, as apposed to the fully permissive creative commons license that we’ve been using.
As we’ve discussed, behind the scenes the currency is actually stored on a ‘blockchain’ very similar to Bitcoin but supporting a higher transaction rate and lower fees. This blockchain also stores the PoP information for digital goods, meaning that both your currency and your digital property will exist in a public database and cannot be altered.
In the coming weeks and months, we will be attaching the HFC blockchain in several ways to the major cryptocurrency networks to enable you to freely trade HFC for other currencies like Bitcoin or Ether, or to use exchange markets to convert it back to real-world currency if you like.
Let us know what you think! The software will go live in a couple hours.
Some more technical details from the commerce team that you will also find in the release notes:
Cryptocurrency HFC (High Fidelity Coin) will be used for commerce activities in High Fidelity.
Cryptographically-secured user wallet that uses ECDSA public-private key pairs. The wallet is presented as a separate secure app on user’s tablet / toolbar in interface, guarded by passphrase and displaying a user-selected security picture, with displays for balance and transaction history. Private key is used to sign transaction and stored locally on the user’s PC, with backup instructions available for user’s protection.
Proof of Provenance (PoP) certificate is generated for transactions between user wallet and High Fidelity Marketplace, with certificate ID stored on the blockchain. The PoP certificate ensures that the item has been certified and cryptographically-signed by the High fidelity marketplace, and the key identifying properties of the item have not been altered. We currently only support entities (e.g. domain entities and avatar entities/ wearables, with file type .json), with avatars and more supported file types coming soon.
Buying certified items on High fidelity Marketplace: users can buy PoP-supported items from High Fidelity marketplace, which brings up a secure confirmation page. User can viewed their transaction history in wallet app, or purchased items in “my purchase”, which is a secured page located in marketplace app. User can inspect other marketplace items in-world, view the certificate and have the option to buy their own copy in the marketplace.
Selling certified items on High fidelity Marketplace: After setting up wallet as an user, content creators can now submit PoP-supported assets to marketplace for certification, and specify HFC price (or free), limited edition / unlimited quantity or not for sale. Upon approval by Digital Asset Registry, submitter will receive certificate of edition 0 of the certified item, and if the item is for sale on marketplace, subsequent editions will be available for other users to purchase. Sales revenue (minus fee) will be credited to content creators’ wallet directly when the atomic-swap transaction is confirmed.
Adding certified rez and certified temp rez domain permission rights: Domain owners can have the option to allow other users to (temp) rez certified items in their domain. For domains that choose to enforce PoP certification, domain checking mechanism will delete the 1st copy when 2nd copy of certified domain entity is rezzed in the same domain, or within a hour if 2nd copy is rezzed in a different domain.
Initial HFC grants For users being accepted into ‘closed beta’ program, initial funding of 10,000 HFC will be granted to eligible new users. Active existing users will receive grants as well, there is no need to create new accounts. Please contact email@example.com to apply for your initial fund.
- High Fidelity Commerce
- Avatar Wearables
- Digital Asset Registry FAQs