SealKey: On-Chain Distribution of Coupons, Gift Cards, and Tickets

SealKey is a novel blockchain protocol designed to encrypt, embed, and seal secrets into NFTs, facilitating on-chain distribution of digital coupons, gift cards, and tickets.

Bringing Rewards and Prizes On-Chain

SealKey introduces a secure way to seal and unseal rewards and prizes within the blockchain ecosystem. With a keyToken, users can view or unseal their rewards only if they are the owner, and a clear indication of an unsealed token is shown on-chain.

Onboarding the Next Billion Users to Web3

In order to onboard a billion users, we must represent more real-world value on-chain.

Digital Coupons Market Outlook 2031

• The global digital coupons market was valued at over US$ 4.67 Bn in 2020.
• It is estimated to expand at a CAGR of 18.6% from 2021 to 2031.
• The global digital coupons market is expected to cross the value of US$ 29.7 Bn by the end of 2031.

As the digital coupons market continues to grow, several industries are increasing their spending in this area. Mergers and acquisitions with tech startups are helping eCommerce giants strengthen their retail sector capabilities. However, a lack of awareness about the benefits of digital coupons is affecting market growth. To increase adoption and awareness, digital merchants should invest in digital marketing, SEO ranking, and partnership strategies. The rise of digital coupon campaigns is contributing to market growth.

Event Tickets Market Overview

• Revenue in the Event Tickets segment is projected to reach US$ 71.49 Bn in 2023.
• Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 3.63%, resulting in a projected market volume of US$ 82.46 Bn by 2027.
• The market's largest segment is Sport Events, with a projected market volume of US$ 28.98 Bn in 2023.
• In global comparison, most revenue will be generated in the United States (US$ 26.6 Bn in 2023).
• The average revenue per user (ARPU) in the Event Tickets segment is projected to amount to US$ 102.80 in 2023.
• In the Event Tickets segment, the number of users is expected to reach 764.6 million users by 2027.
• User penetration in the Event Tickets segment will be at 9.1% in 2023.

Unlocking Commerce On-Chain with Tokenized Secret Codes

By tokenizing secret codes, SealKey unlocks new possibilities for on-chain commerce. Gift cards, coupons, tickets, and more can be sealed with SealKey for Web3 distribution, opening up new opportunities for merchants to create Web3 native consumer channels.

SealKey empowers marketers to get creative with a new wave of smart distribution. Bringing codes on-chain enables unique campaigns such as conditional unlocking and multiplayer game prizes.

Underlying Technology: SecretToken and SealKey Oracle

SealKey is built on a solid foundation using advanced cryptographic techniques and blockchain technology. The core of the project is the SecretToken smart contract, which is responsible for securely storing secrets within NFTs and managing their sealed status.

The SecretToken contract is written in Solidity and inherits from the TRC721Metadata and Ownable contracts. It maintains mappings for secrets and their sealed status associated with tokenIds. The contract emits events when new tokens are minted with secrets and when tokens are unsealed.

Key functions of the SecretToken contract include:

• _mintWithSecret(): An internal function that mints a new token, associates a secret with the tokenId, sets the token's sealed status, and assigns a tokenURI.
• mintWithSecret(): A public function that calls _mintWithSecret() to mint a new token with a secret and tokenURI.
• batchMintWithSecret(): A public function that batch mints tokens with associated secrets and tokenURIs.
• getSecret(): A public view function that retrieves the secret message associated with a tokenId.
• unsealToken(): A public function that unseals a tokenId, which can only be called by the contract owner.
• getSealedStatus(): A public view function that retrieves the sealed status of a tokenId.

In addition to the SecretToken smart contract, the Decryption Oracle is implemented using Express.js to handle user interactions, such as creating and unsealing secrets. The Oracle generates a new secret key, encrypts the user's message using the secret key, and stores the secret key in a secure database. The encrypted message is then returned to the user. It also verifies the user's signature and address, unseals the token, retrieves the secret key and on-chain encrypted message and decrypts the message using the secret key. The decrypted message is then returned to the user.

The combination of the SecretToken smart contract and Decryption Oracle ensures that secrets are securely stored on-chain and can only be accessed by authorized users. This technology is crucial for enabling the secure distribution of coupons, gift cards, and tickets within the Web3 ecosystem, providing a seamless user experience and unlocking new opportunities for merchants and marketers.