Dynamic NFTs and their most serious security problems

Dynamic NFTs and their most serious security problems

In our last blog article, we looked at Dynamic NFTs and security issues with NFTs. Centralized storage is one of the biggest security vulnerabilities. As promised, today we will look at different approaches and explain the concept of decentralized storage.

01 Decentralized Storage:

Decentralized storage means quite simply: our data – in this case our NFT – is not on one server that can potentially be hacked or seized, but our data is distributed on many different edge nodes all over the world. So if one edge node goes down, it doesn’t have serious consequences and data would not be lost as a result. So in the future you should really think about making your NFTs dependent on a single server. After all, that is exactly the principle of Web3 and blockchain. In the following, we will take a look at IPFS.

02 IPFS Decentralized Storage Network:

In the context of Web3 and security, you’ve probably heard the term “IPFS” before, right? We won’t go too deep in this article, but a brief explanation is crucial (no pun intended) at this point.
To put it in IPF’s own words “A peer-to-peer hypermedia protocol designed to preserve and grow humanity’s knowledge by making the web upgradeable, resilient, and more open.” So IPFS is a distributed file system and aims to replace the “HTTP” we all know. It splits your file into several parts, which are then cryptographically hashed and given a unique fingerprint. This so-called “Content Identifier” (CID) ensures a permanent record. So to get onto IPFS network you can put up a node and start hosting files.
With its technology, IPFS adheres to the original principle of the Internet and creates a decentralized Internet. Some NFT platforms use the IPFS protocol to provide a decentralized backup of your NFTs.

Conclusion

Simplified, you can think of it like a family photo album of which there are multiple copies stored at different locations. Let’s say one is at your grandma’s house, the other one in a bank safe and the third one is in the desk drawer of your uncle’s desk. So even if one family album gets lost, you could still have access to the photos.

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