Basics of High Fideity Commerce

Here is some basic information that will help you understand how commerce works in High Fidelity:

  • Blockchain Technology: Our new currency, High Fidelity Coins (HFC), will be a public blockchain with a consensus group of multiple parties. A blockchain is essentially a digital ledger of transactions. We are using blockchain technology to track and record transactions made using HFC. All information on a blockchain exists as a shared database, which means the records are public and verifiable. It is not centralized. We are also using the blockchain to store information about digital asset ownership in High Fidelity. This enables us to protect intellectual property by embedding certification in items in the blockchain. HFC will eventually be convertible to local currencies or other cryptocurrencies at popular exchanges.

  • Cryptographically-secured Account: Users will be able to participate in transactions using the Inventory app, which will be an app on their tablet in High Fidelity. Your Inventory is accessed by logging into your High Fidelity account, and is additionally secured with a Security Picture.

  • Proof of Provenance (PoP) certificate: This certificate is generated for every transaction between a user and the Markeplace. This certificate's ID is stored on the blockchain. The certificate contains static properties that can help in identifying the item and the owner. These properties cannot be altered, except by transfer of the PoP Certificate. Currently, we only support objects that contain a file type .JSON. Support for avatars and other file types will be coming soon.

  • Buy and Sell: Users can buy items from the Marketplace or Avatar Island (currently).