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With the cryptocurrency market estimated at $400 bln and the rise of 3rd generation decentralized applications (Dapps), Blockchain technology has proven its potential reaches beyond Bitcoin and Ethereum. Industries like augmented reality continue to expand and improve across time, space, and user devices. By 2021, Statista predicts that the AR market will be valued at $215 bln.
To attain its goals, AR needs a real-time, perpetual spatial map that encourages AR-based collaboration and sharing experiences between multiples users and across many platforms.
With its decentralization, transparency, security, and scalability, Blockchain technology could help AR achieve its goal of becoming the world’s most important infrastructure.
Decentralized project Scanetchain enters the scene with a user-friendly, NEM-based platform targeted at Blockchain commercialization. Based on AR technology, Scanetchain uses an AR-streaming system to digitally identify products, images, and brands both offline and online.
AR-based Blockchain meant for commercializing services
The Scanetchain project will use AR technology to develop a scannable marker to allow users to scan physical objects with their smartphone’s camera. No additional equipment is required, and access is instant due to the connection to the Blockchain. The AR contents will be made available through data streaming on the cloud. At the core of the platform lies a hybrid off-chain and on-chain Blockchain made of four main platforms:
- AR advertising system where users can AI scan OOZETs anywhere and anytime with the AR camera. They receive tokens as a reward for watching ads.
- AR shopping system. Users can use the collected tokens to purchase products in OOZETs or buy paid content with tokens.
- AR social network where users can bring their Blockchain-based social network content offline through the Scanetchain AR frame.
- Content distribution system where Scanetchain provides an open-market platform with an automatic NEM-based notarization system.
The open platform is looking to become a go-to virtual space where people can buy and sell content and product for a royalty or pre-defined fee. Structured to bring OOZETs and products together into a single, interlinked ecosystem made of multiple platforms, Scanetchain is powered by Blockchain and AR technology to make sure shopping experiences, advertising, and social networking services performed offline and online are executed seamlessly.
Scanetchain is a win-win for all parties involved. Users are rewarded tokens for watching OOZETs. With their collected tokens they can purchase contents and goods. On the other hand, advertisers can place ads using tokens gathered from user purchases, thus boosting their brand recognition.
A hybrid Blockchain based on NEM technology
On the one hand, Scanetchain features an off-chain user-friendly interface for editing and deleting content, AR markers, AR commercialized APP, and fast transactions. On the other hand, it will leverage on-chain transactions to support the NEM-based Blockchain core, e-wallet, Scan Ledger, and tokenization.
The AR-based Blockchain powering Scanetchain is based on the NEM network for managing the billing system and content more efficiently. The uniqueness of the platform lies in its distributed ledger called ScanLedger, which uses pioneering encryption technology as Scanetchain’s Blockchain network.
Considering the NEM Blockchain features an open-node network with a two-tier architecture, every action performed on Scanetchain is highly secure and transparent. Users can create their own AR-based content, upload their markers, and match their data without downloading anything or dealing with latency and storage problems.
Developed on the Ethereum network, Scanetchain has recently launched its ERC-20 compliant private sale. With a hard cap of 600 million Scanetchain tokens (SWC), 60 percent will go to the fundraiser. 15 percent will be allocated to members and advisors, and 10 percent to the foundation. Upon successful completion of its private sale, the project will hold its SWC token Public Crowd Sale throughout May and June.