Aura’s AMA: exploring NFT horizons

Aura Network is an ecosystem designed to accelerate the global adoption of NFTs for mainstream users. Their vision is to create a comprehensive platform for developing NFT projects with real-world utility, and to gradually assist existing web2 businesses in transitioning to web3.

Aura ecosystem

The Aura ecosystem can be divided into four layers:

๐Ÿ–ฅ Infrastructure: this layer encompasses all resources related to the underlying blockchain platform. It includes the node client Aurad, as well as essential components such as the genesis block, configuration files, and deployed services that support the Aura Network blockchain.

๐Ÿ’ฐ Currency: Aura Network has two native currencies: Aura Coin and Aura Token on the BNB Smart Chain. Additionally, Aura supports the creation of CW20 tokens, similar to other blockchains utilizing the CosmWasm module.

๐Ÿ…ฐ Applications: these applications offer a rich user experience for working with DeFi and NFTs. The list of applications is continuously expanding, with several currently in development (highlighted in active projects, while those in gray are reserved for future development or collaboration):

  • Aurascan: a blockchain explorer with features tailored for Aura holders, including governance, staking, NFT management, and notifications.
  • Pyxis Safe: a multi-signature wallet inspired by Gnosis-safe.
  • Wallet: the official Aura wallet is Coin98 Wallet, with support for other Cosmos-supported wallets like Keplr and Cosmostation.
  • Twilight Hub: a one-stop destination for the Aura community to interact with NFTs and the metaverse.
  • Aura DEX: a decentralized exchange for CW-20 tokens built on Aura.
  • Bridge: a bridge for swapping assets between EVM-based blockchains and Aurachain.
  • Launchpad: Aura offers extensive support in technology, funding, and business promotion for NFT projects building on the Aura chain.

๐Ÿ“‘ API: applications built on Aura are required to provide standard open APIs for public access.

Exploring the potential of IP in Web3: insights from Aura’s recent AMA

In a recent AMA, the team behind Aura discussed the expanding role of intellectual property (IP) in the Web3 space, offering fascinating insights into how this concept can drive innovation and growth. Here’s a summary of the key points covered during the session.

Intellectual Property (IP) refers to the legal rights that protect creations of the mind, such as artworks, trademarks, patents, and literary works. In the context of blockchain and NFTs, IP plays a crucial role in defining the rights and ownership of digital assets.

The unique market of IP

The AMA highlighted the distinct market of IP, which differs considerably from traditional Layer 1 (L1) or Layer 2 (L2) markets. IP, especially in the context of blockchain and Web3, presents unique opportunities and challenges. Aura’s team emphasized the importance of understanding the vast potential of IP, citing examples from popular entertainment franchises like Pokemon and Dragon Ball Z. These franchises have successfully monetized their IP across various platforms, including video games and merchandise, generating significant revenue.

Building IP in Web3

Aura’s approach to IP involves creating a robust ecosystem that supports the development and commercialization of IP. This includes licensing IP to third parties who can further expand its reach through different media, such as comics, merchandise, or even major film productions. This strategy aims to transform NFT collections from mere digital assets to substantial brands with diversified revenue streams.

The role of Smart Contracts

The AMA also touched on the role of smart contracts in managing IP rights. Smart contracts can automate and transparently enforce IP agreements, ensuring that rights holders and licensees operate within predefined legal frameworks. However, the team acknowledged the complexities involved in aligning these frameworks with international and local legal standards.

The future of IP in Web3

Aura envisions a future where IP plays a crucial role in the Web3 ecosystem. By simplifying the user experience and integrating Web2 elements, Aura aims to make blockchain technology more accessible to everyday users. This includes enabling interactions through familiar platforms like Gmail or Apple accounts, thereby lowering the barrier to entry for new users.

Aura’s competitive advantage

Aura’s strength lies in its dual focus on enterprise-level blockchain solutions and its deep connections within the Web2 world. This gives Aura a competitive edge in driving mainstream adoption of Web3 technologies. Their strategic partnerships and clear vision for IP development position them as potential leaders in this emerging field.

The AMA provided a comprehensive overview of how Aura is pioneering the integration of IP in the Web3 space. By leveraging smart contracts, fostering strategic partnerships, and focusing on user-friendly experiences, Aura is poised to lead the charge in transforming how IP is utilized and monetized in the digital age. This forward-thinking approach not only enhances the value of NFTs but also opens up new avenues for innovation and revenue generation.

Aura Network’s evolution: embracing EVM compatibility for enhanced Web3 development

Since its inception, Aura has operated as a permissioned CosmWasm app chain, focusing on NFTs and solutions aimed at mass adoption. By introducing a native account abstraction module and developing a comprehensive suite of infrastructure applications, Aura has laid a strong foundation. Now, in its second phase, Aura is making significant strides by integrating the worldโ€™s most widely used smart contract engine, marking a pivotal shift in its trajectory.

Aura network transition to EVM compatibility

Aura’s transition to EVM compatibility

Aura’s upgrade transforms it from a permissioned app chain into a permissionless, interoperable, general-purpose layer. Supporting both CosmWasm and Ethereum Virtual Machine (EVM) smart contracts, Aura enables the seamless deployment of all types of decentralized applications (DApps). Its modular architecture lets developers create a new generation of DApps, leveraging native account abstraction in either CosmWasm or EVM.

How Aura EVM works

Converting all existing Aura wallet addresses to EVM while maintaining backward compatibility with CosmWasm DApps is a challenge due to differences in address generation between Ethereum and Cosmos. To address this, Aura has temporarily separated CosmWasm and EVM components into distinct “zones.” Users can transfer and convert tokens between these zones but cannot use the same address for both. This will be streamlined in the future.

Benefits of Aura EVM compatibility

EVM compatibility allows easy integration of popular DApps from Ethereum, BNB Chain, Arbitrum, and more into the Aura ecosystem. This solves interoperability challenges, offering developers the freedom to choose their preferred environment. Increased DApp diversity attracts more traffic, Total Value Locked (TVL), and revenue. Web3 users familiar with EVM UX will find transitioning to Aura effortless.

By embracing EVM compatibility, Aura positions itself at the forefront of Web3 development. This evolution enhances the value of NFTs and DApps within the Aura ecosystem and opens new avenues for innovation and growth in the digital age.

What sets Aura EVM apart

While many EVM-compatible chains exist, Aura’s unique modular architecture offers significant optimization opportunities. Developers can create native modules directly on Aura to support new EVM Ethereum Improvement Proposals (EIPs) while also supporting CosmWasm DApps.

Future development roadmap for Aura EVM

  • Q2 + Q3: release native account abstraction on Aura EVM
  • Q4: abstract EVM and CosmWasm environments for a seamless user experience.

Discover more about Aura in our orange paper or by visiting their official website.