Technically speaking, an Emblem Vault is an NFT. We describe it as if that NFT “contains” a whole wallet full of assets, like a piggy bank, and then that entire piggy bank can get passed around as a single asset.
If we get deeper into the mechanics, it is really more like this: The NFT contains a series of blockchain addresses, generated from a single seed. Those addresses can have assets sent to them at any time, but nobody can send them out from those addresses, because in this state (“unclaimed”), nobody has the private keys. Not even us.
At launch time, we will support both the BTC blockchain and the ETH blockchain, including native ETH, all ERC20 tokens, and ERC721 tokens. We will trickle release new blockchains over time, likely at a pace of one every couple of weeks.
The NFT that represents the right to claim can be transacted just as any ERC721 token can be, thus transferring the right to claim the ENTIRE contents of the vault out to whoever actually claims it. Whoever currently owns the NFT has the ability to “claim” the contents of the vault from the emblem.finance website.
The claim process exposes the private keys to the claimer, allowing them to import the contents into any popular wallet using either a mnemonic phrase or the private keys for that blockchain. Once claimed, the NFT Vault can never again be transferred to another address.
If you receive or purchase an Emblem Vault, you can feel secure that no one has ever had access to the private keys associated with the vault.