Kynno Vault Bounds (KVB)

Kynno Vault Bounds (KVB) are non-transferable NFTs that once received, are bound to a user’s vault.

KVB will primarily be issued by authorized entities on the Kynno Blockchain. The issuing entities will have to choose from 3 types of KVBs:

  • Irrevocable KVBs: An irrevocable KVB will be issued once by an entity but can not be reclaimed or destroyed by its issuer. They will bind to the receiving user’s vault.

    Examples: Diplomas issued by Universities, lifetime access to a service, or authenticity certificates.

    If the Irrevocable KVB has been issued by mistake or contains an error, the issuer or the receiver will be allowed to report it which in turn will trigger a tailor-made smart contract that will be issued and will need both parties approval to trigger the destruction of the KVB.

  • Time-bound KVBs: A time-bound KVB will be issued by an entity to a vault to grant access to a service or product for a specific amount of time.

    Examples: Events tickets, monthly subscription services, or gym memberships

  • Revocable KVBs: A revocable KVB, contrary to irrevocable ones, can be reclaimed or destroyed by the entity issuing them.

    Examples: Employee access badges, Driving licenses, or Entry visas

  • One-time use KVBs: Those KVBs will be issued to be used only once. They are automatically destroyed after they are used.

    Examples: Access keys, Entry visas, or Football match tickets

Once received by a vault, the owner can choose to display or hide the KVB to other Kynno Users.

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