Crypto Stamp 3.0
Today, I am reviewing a local initiative related to philately. As I am based in Geneva, Switzerland, I came across the Swiss Post's Official NFTs collection. Philately is often linked to postal services, so I was curious about what they have to offer.
The Swiss Post has introduced a new collection called the Swiss Crypto Stamp 3.0, which is a digital version of the traditional stamp. These stamps are ORBs tokens, more commonly named NFTs, non fungible tokens, but technically they can’t fall into this definition as they are semi-fungible.
The Swiss Crypto Stamp is a great example of how traditional services can be digitized and modernized. It is interesting to see how the Swiss Post has embraced blockchain technology and used it to expand their services.
When I was discussing the use of ORBs (NFTs) and their applications, stamps were always an important point of comparison. Collecting stamps is a way to preserve and witness historical culture and civilizations.
Fast forward several years, and it seems that this new medium has gone mainstream. So let's see how our official institution are making use of it.
On the positive side, it is beautiful and there is also a physical representation. However, there several problems with current implementation.
Many good practices for ensuring timeless asset ownership are not followed by the Swiss Crypto Stamp project. The prices for their latest version 3.0 collection are quite high. Additionally, it is not clear what the benefits of owning a Swiss Crypto Stamp are.
So here's the deal: all the ORB metadata is hanging out in one spot on the server. When a new IT person comes around, they could just delete the whole thing and poof! There goes your NFT data.
On the smart contract there is a method to change the metadata anytime. If malicious actor gets ahold of the contract, they can just swap out whatever they want. Not great!Finally, they did not make a license agreement, which is unfortunate. So essentially, you have no clarity on what you are buying! It is surprising that a respected institution did not do better.
Immutability
Immutability is one of the key features that make ORBs unique. It guarantees that the metadata of an ORB cannot be changed, which in turn preserves the integrity of the asset and ensures its value. By making the metadata immutable, ORBs become more secure and reliable, making them perfect for use in a variety of applications, from digital art and collectibles to gaming and virtual real estate. The immutable nature of ORBs also makes them ideal for long-term storage and archiving, as the asset can be trusted to remain unchanged over time. Furthermore, immutability ensures that ORBs can be used as a form of digital proof of ownership, providing a secure and tamper-proof way to transfer and prove ownership of digital assets.
Is ownership fully decentralized ? (2 points)
The smart contract owner cannot refrain you from transacting the token, but they can change the metadata associated to the asset anytime.
1 point
Is the metadata pointing in decentralized storage (1 point)
No
0 points
Is the metadata found in decentralized storage (1 point)
No
0 points
Is the asset on decentralized storage (2 point)
No
0 points
Max points: 6
Total points: 6
Rating: 1 of 5
Ownability
When it comes to ORB ownership, it is important to consider the ownability rating. This rating is a measure of the user's ability to own the ORB and the associated assets. In order to ensure that an ORB owner is properly protected, it is crucial to have clear licensing information about the asset. This information can include details about how the asset can and cannot be used, as well as any restrictions on transfer or sale. By providing information, ORB owners can have greater confidence in their ownership and ensure that their assets are properly protected.
Is ownership fully decentralized ? (3 points)
The smart contract owner cannot refrain you from transacting the token, but they can change the metadata associated to the asset anytime.
1.5 point
Is there a licence agreement ? (1 point)
No
0 points
Asset Governance (2 point)
No information is provided on how you can dispose of the underlying asset
0 points
Clarification on intellectual property (2 points)
No information provided
0 points
Transportability (1 point)
No information provided
0 points
Derivability (2 point)
No information provided
0 points
Max points: 11
Total points: 1.5
Rating: 3.6 of 5
Longevity
The longevity scores how much an ORB’s asset will last over time. In the worst case scenario with a zero score, the assets information is at risk to disappear when the issuer stops maintaining the asset storage. So the ORBs might lose all their properties and relation to assets. We encourage creators to point to decentralised storage systems such as IPFS but also provide redundancy in case data disappears from IPFS for example to allow anyone to recover the data.
Decentralized redundancy (max 4 points)
IPFS (2 points)
No
0 points
In-chain (3 points)
No
0 points
Arweave (2 points)
No
0 points
Bonus Physical (1.5 points)
There is a physical representation of the stamps if you happen to buy it from the official source.
1.5 points
Is there a permastory? (2 points)
No
0 points
Transportability (2 point)
No
0 points
Derivability (1 point)
No
0 points
Max points: 9
Total points: 0
Rating: 2.2 of 5
Conclusion
While aesthetically pleasing, the mint prices of version 3.0 are quite high, and the benefits of owning a Swiss Crypto Stamp are unclear. Additionally, the metadata is stored on a centralized server, which poses a potential risk of losing ORB data. The NFT contract allows for the metadata to be changed at any time, meaning a malicious actor could replace the visual assets. The lack of a license agreement also raises concerns about the ownership of the asset. For an institution like Swiss Post we would have hoped for a more rigorous implementation.