In my last article, I talked about 4 NFT projects that have innovated the space. And it’s no secret we have and keep getting awesome innovative teams, I’m here to highlight them (:
So that’s why we’re going to talk about CyberKongz today.
I honestly think this project deserves its own article because they’ve been SO innovative and unique. CyberKongz's first collection Genesis minted on March 3rd, 2021 with 1000 NFTs. They:
- Were one of the first NFT collections to launch a token. ($BANANA)
- Followed up the pixelated iconic art that contributed to their branding
- Recently implemented the revolutionary “on-chain 2FA”: Guardian Contract and Lock Registry
- !OOH is more than just !OOH
- Kongz Tank
Let’s analyze all these things I just mentioned; CyberKongz was the first NFT collection to launch a token, where every holder of a Genesis Kong yields 10 $BANANA a day for a period of ten years. “A day's hard work paid with the most delicious treat”. Genesis CyberKongz will produce a total of 3,650,000 $BANANA tokens per year, over a period of ten years. The token (at the time of writing) is valued at $4.50, meaning holders earn $45 daily on average.
$BANANA isn’t just a token, it’s also a governance token.
CyberKongz is community-driven, and that's why they created a Snapshot Strategy called: CyberKongz !OOH.
Snapshot provides holders the opportunity to decide, together, on the future direction of our jungle.
Snapshot is a token-based, decentralized voting system that provides the calculation of an individual’s voting power for a poll. Ownership of CyberKongz, CyberKongz VX and $BANANA results in an individual number of votes (OOHs) for a poll. CyberKongz and CyberKongz VX erc721 contracts, as well as the $BANANA erc20 contract, each represent 15k OOHs.
— CyberKongz team
Something worth mentioning is that even NON-holders of NFTs can vote on the future decisions of the project. Meaning that people who have bought $BANANA token but don’t hold any NFT of the CyberKong’z ecosystem collections, can still vote and their vote still matters.
Of course, Genesis holders have more voting power, however, this is incredible. A snapshot of the current block is taken at the time of poll creation in order to automatically calculate the amount of OOHs per wallet. The total number of OOHs from all three categories is added together to determine the entire voting power. Voting is simple and does not require any gas costs.
The team shows how they calculate the amount of OOHs here.
CyberKong’z branding is also great, the art is easy to recognize and the holders' constant use of !ooh on social media just to make their voices heard and connect with others in the space shows they have a close, tight-knit community, while also driving eyes to the project.
!OOH is more than just !OOH. It’s a way to connect with others AND decide powerfully as a community.
But one of the most exciting things about all of this is their recently applied “on-chain 2FA”. Their solidity dev @OwlOfMoistness implemented the Guardian Contract, enabled by the LockRegistry standard, which protects the holders NFTs of getting robbed even if their seed phrase gets leaked.
Huh? What?
Yes. That’s literally crazy. We know that if you give your seed phrase, anybody can rob your assets… Well, the CyberKongz team developed a way where you can use a hot wallet while keeping the security of a cold wallet.
What’s the Lock Registry?
Owl went as far as revealing the private key of his own wallet that holds 5 @CyberKongz VX worth a total of 30 eth. ($88.599 USDT/ ETH at $2.039 at the time of writing) to show he’s 100% confident in these security standards. You can find his threads here and here.
The Lock Registry is a contract that allows users to lock their assets in their wallets, preventing them from transferring those assets. If assets cannot move, they cannot be stolen. If the asset is unlocked, it can be transferred then. CyberKongz makes it possible to stake your assets without losing ownership.
Think of your asset as some box on which you can add as many locks as you want. As long as there is one, you can’t open it, but once all locks are gone, you can open it. It’s the same with NFTs but instead of opening it, you can’t transfer it.
CyberKongz has another collection on their ecosystem called CYBERKONGZ VX which consists of 3D voxel-based avatars built to be used in online metaverse environments such as The Sandbox.
One of the first use cases of this is In CyberKongz’s recent release of their Play & Kollect experience, VX Cyberkongz assets are locked (virtually staked). Owl shared a picture on his article when a holder sadly got his private key compromised on the release day of Play & Kollect experience but thankfully didn’t lose his NFT because of the lock registry.
However, what if the hacker who got into his wallet knew about the Lock Registry and tried to unlock the NFT so he could rob it? That’s why Owl made the Guardian Contract, which allows users to choose a guardian that can lock their assets on their behalf. The “guardian” could be a hardware wallet the user controls. And once it’s set up, the guardian address can’t be changed by the user.
The Guardian address is:
— The only one who can lock/unlock/and unlockAndTransfer the assets of the user, and the only way the Guardian address can be changed, it’s if the Guardian renounces and allows the user to set up a new Guardian.
Owl calls this “on-chain 2FA” which honestly it’s the best name it can be given.
But, what happens if the user Private Key is compromised?
If the user’s private key is compromised, the unlockAndTransfer call will allow the guardian to atomically unlock assets and transfer them over to a safe recipient (requirement: user has allowed the guardian contract to transfer assets on their behalf).
— Owl.
This is… genius. I had to write about this.
CyberKongz lets you enjoy the ease of a hot wallet while also enjoying the security measures of a cold wallet. Even if you already have a hardware wallet with your assets in it, this lets you add ANOTHER hardware wallet on top to fully protect your assets even more. This mechanism is fully functioning and you can even go here to check.
You can check the GitHub of this here. Other NFT projects with similar locking implementations are SamuRise NFT and SmolVerse (you can check their GitHub/codes by clicking on the names).
CyberKongz really said “bye” to scams. And not only this, but this NFT project is trying to add even more utilities along the way for its holders and it’s very interested in working on fully playable gaming Metaverse experiences for their community.
What is Kongz Tank?
Kongz Tank first launched in October 2021, which basically allows its holders to provide awesome project pitch ideas that integrate $BANANA and CyberKongz NFTs, and the best ideas get prizes.
Well, Kongz Tank is back. On April 13th, 2022, CyberKongz publicly announced that they’re looking for “proposals of projects and ideas for games and interactive experiences to build on our existing CyberKongz: Play and Kollect technologies and experience.” things like mini-games, or more advanced ideas, etc are all welcome.
Some of the requisites include the use of $BANANA, deploying on Polygon Network, and the use of CyberKongz VX, etc.
The best projects that get selected can win big prizes such as (50 ETH + 10000 BANANA ) or minor (20 ETH + 2000 Banana) plus other awesome things! At current price of ETH, that would be between $58k-$145k USD.
Conclusion
The NFT space for sure has experienced teams that want to give the best value to their holders. CyberKongz is one of the many innovative teams that we have! I’m excited to see what comes next. Also, a massive shot out to the kind community of Kongz that answered my questions.
Thanks for reading, connect with me on: https://twitter.com/suppvalen
All sources are linked.
