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TokenPatronus: A Decentralized NFT Anti-theft Mechanism

by   Zheng Cao, et al.
Zhejiang University

The emergence of metaverse brings tremendous evolution to Non-Fungible Tokens (NFTs), which could certify the ownership the unique digital asset in the cyber world. The NFT market has garnered unprecedented attention from investors and created billions of dollars in transaction volume. Meanwhile, securing NFT is still a challenging issue. Recently, numerous incidents of NFT theft have been reported, leading to incalculable losses for holders. We propose a decentralized NFT anti-theft mechanism called TokenPatronus, which supports the general ERC-721 standard and provide the holders with strong property protection. TokenPatronus contains pre-event protection, in-event interruption, and post-event replevin enhancements for the complete NFTs transactions stages. Four modules are designed to make up the decentralized anti-theft mechanism, including the decentralized access control (DAC), the decentralized risk management (DRM), the decentralized arbitration system (DAS) and the ERC-721G standard smart contract. TokenPatronus is performing on the Turtlecase NFT project of Ethereum and will support more blockchains in the future.


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