Roles of RADA NFT in the ecosystem

1. RADA NFT

When an individual player signs a contract with the RADA Foundation to participate in the RADA nurturing program, an ERC721 format NFT is issued to verify that the player is under the contract with the RADA Foundation. This NFT is to prove qualification and contract, so the transfer function is restricted, meaning it cannot be traded or transferred in the NFT market.

Detailed contract conditions are stored in NFT through a smart contract if necessary. The RADA Foundation will determine what specific details shall be recorded in NFT. If a contract player requires a contract NFT, the Foundation shall provide it accordingly.

Through the minting system, the RADA Foundation converts the contents of a player (i.e., images, photos, videos, 3D images, characters, etc.) into NFT in ERC721 format. Hence, participants of the RADA ecosystem can own them as digital assets, exchange NFTs, or trade.

This type of RADA NFT will permanently record identity information data on IPSF to guarantee the player's identity. This procedure will let one prove the ownership to 3rd person or party and, moreover, safely protect product value from forgery.

RADA NFTs are divided into four categories – unique, rare, uncommon, and common- according to their rarity, and the number of NFTs being minted is 1, 10, 20, and 70, respectively. Anyone can draw and collect the RADA NFT by consuming RADA tokens, and the collected NFT can empower one’s voting weight depending on its rarity.

All the activities, such as minting, transfer, and transaction of RADA NFTs, remain recorded OnChain; thus, the operation of the RADA Foundation shall be managed transparently.

RADA NFT holders shall never lose the private key, and the RADA Foundation is not responsible for the loss.

2. Minting

In the RADA nurturing program, the initial minting of the RADA NFT is executed through a draw, for which users consume RADA tokens to participate.

In other words, the minting system proceeds to mint an NFT using a random function once the user pays with a RADA token (ERC20 format) to participate in the draw. For this, how a fair random number is generated is crucial to consider.

This is due to the fact that no one can implement the unpredictable and yet secure random function on the blockchain. At present, the random function on blockchain adopts a pseudo function implemented by a software, which may have fundamental problems (i.e., duplication in result values, inference of pattern for drawing next value).

Hence, the ideology of ‘Random Oracle’ is introduced. Oracle is a technology to judge whether data is right or wrong in blockchain, programs, etc. It is a function that brings external data, such as weather and financial information, that exist outside the blockchain into the blockchain for use. So, a Random Oracle brings random values generated outside the blockchain into the blockchain.

In RADA NFT draw, Chainlink VRF (Verifiable Random Function) is applied to solve such problems. VRF refers to the ability to generate random numbers on-chain randomly, and the fundamental benefit of using Chainlink VRF is the creation of verifiable randomness. Even if one node is damaged, it cannot manipulate the result or provide a manipulated result.

Chainlink VRF executes by generating random values off-chain and bringing these values to Ethereum via an oracle. The random value itself is created by inserting and combining the application seed value and the value of a specific asset in the offline ledger. Thus, the draw of RADA NFT can be conducted fairly and verifiable.

3. RADA NFT as a means of verifying one’s participation (funding)

The RADA Foundation plans to issue a funding NFT which shall be used in supporting desired rookies by identifying the potential of the rookie through the RADA DAO platform.

Anyone who wants to participate in RADA Funding can participate by consuming RADA Tokens.

In the case of funding, the evidence of the contract is vital; hence various legal details must be recorded as evidence of funding, which is documented and permanently stored in IPFS. It can then be used as evidence in the realization of future funding and trading. Users who participated in funding will receive funding NFTs corresponding to the amount they participated with RADA Tokens. Funding NFT can be traded.

4. OnChain & OffChain privilege/authentication of RADA NFT

When an NFT is minted to be used in DAO-based sports club operations, the ‘privilege/authentication’ function is compulsory. RADA NFTs do not only represent the concept of digital assets but also have tangible value as reals assets both inside and outside the field.

In the case of OnChain, privilege (or authorization) shall mean one’s right to vote in DAO, which has the authority to make key decisions on RADA policies and enter the online community, and so on. On the other hand, privileges of OffChain may include rights to acquire tickets for certain matches, purchase of player uniforms, and meet-and-greet opportunities. These numerous privileges can be implemented by defining an extension interface being added to NFT ERC721. An owner of the RADA NFT with such a function can securely transfer the right to another person, and the expiration period can be set for each right.