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Rethinking Digital Asset Ownership: How Liquefaction and Oasis Sapphire Are Transforming Web3
- Researchers at Cornell Tech and the Oasis Protocol’s Sapphire network have introduced a technology called Liquefaction, allowing temporary control of digital assets like NFTs without ownership.
- Liquefaction enables users to set rules for others to access their assets, which are enforced by secure hardware and smart contracts, preserving the ownership of the asset.
- It utilizes a Trusted Execution Environment (TEE) to securely run code for granting limited access to assets without compromising private keys.
- The Oasis Sapphire network combines smart contracts with trusted hardware to enforce rules privately, making complex asset sharing possible without revealing details on the blockchain.
- Ownership remains with the original owner, offering a new category of ownership delegated control through Liquefaction.
- The demo app 'Take My Ape' allows users to temporarily use high-value NFTs for a fee, showcasing the potential impact of Liquefaction.
- Liquefaction challenges the traditional assumption in crypto that control is exclusive to private key holders by separating control from ownership.
- While a working prototype, Liquefaction has potential applications in enabling flexible, nuanced ownership in the digital economy.
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