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