Pure Loyalty: Efficient and Secure Framework for NFT Loyalty Programs
Paper Title: Pure Loyalty: Efficient and Secure Framework for NFT Loyalty Programs
Journal Name: The Journal of Korean Institute of Communications and Information Science
Abstract: This study explores the versatile applications of blockchain technology, particularly within loyalty program frameworks, addressing challenges faced by traditional loyalty programs in trust, transparency, operational efficiency, and potential issues like double-spending and fraudulent activities. The focus is on designing a loyalty program framework and selecting suitable ERC721 libraries for batch minting, involving a meticulous evaluation of gas usage across different libraries for various scenarios. The proposed loyalty program architecture introduces the Subscription model, utilizing ERC721A, ERC721G, and ERC721Psi for batch minting, along with ERC20 for comprehensive token functionality. Incorporating SoulBound Tokens (SBTs) enhances security, preventing unauthorized transfers and potential rule violations, such as the unauthorized transfer of vouchers. IPFS facilitates off-chain storage of subscription badges for efficiency. The gas comparative analysis highlights associated costs, revealing potential advantages and areas for improvement. Future work includes further smart contract optimization and the development of a decentralized application (DApp), extending the practical implications of the proposed loyalty program framework.
Status: Published
Journal Type: Domestic
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Author: gieworld
Write Date: July 16, 2024, 4:48 a.m.
Update Date: July 16, 2024, 4:48 a.m.
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Acknowledgment: This research was supported by Kumoh National Institute of Technology (2022)