NFT Technology
Last updated
Last updated
The method of issuance of NFT is also somewhat different from Bitcoin. A protocol called Ethereum Request for Comment (ERC-721) issued on Ethereum blockchain is widely used to create and publish NFTs. The principle is that even if you use ERC-721, A has different token values and B has different token values, whereas other cryptocurrency coins, such as Bitcoin, are issued based on different concepts of protocols such as ERC-20 and can be exchanged.
ERC-721 is a standard proposal for NFT known as certificate. NFT stands for Non Fungible Token. All tokens issued as ERC-721 have their own irreplaceable values.
ERC-721 is mainly used to authenticate games, ownership, or unique values rather than token transactions themselves. A typical example is CryptoKitties, each of which has a different look. Therefore, the cat you have becomes the only cat in the world that you have. Cryptokitty is a token developed using the characteristics of ERC-721 called collective tokens.
ERC-721 allows each token to be a collection that can be shared within the D-APP and can affect future NFT generation, which users enjoy collecting the only cat in the world. NFTs can be supplied indefinitely, and most D-App projects limit the overall supply of NFTs to prevent value corruption.
ARTI Project has adopted ERC-721 as described above to give unique irreplaceable value to art products launched on art platforms as well as special items generated from various digital content (music, webtoon, movies, games) and to maintain the value of items in the blockchain ecosystem.
The standard for issuing most tokens that we typically trade on exchanges is ERC-20 tokens. That's because the ERC-20 token supports replaceable cryptocurrency. The meaning of "replaceable" is easy to understand when you think of "money," for example, the 1,000 won bill you have now and the 1,000 won bill you have someone else have all the same value, so giving it to someone else will be the same. All tokens issued as ERC20 tokens have these 'alternative' characteristics.
The ERC-721 token has an 'irreplaceable' feature as opposed to the ERC20 token. Simply put, all tokens issued as ERC-721 have their own value, which is clearly different from any ERC-20 token that has the same value.
The ERC-1155 token combines the replaceable token ERC20 with the irreplaceable token ERC721 token in a single smart contract. ERC-1155 enables a mix of replaceable (ERC-20 token item) and non-replaceable (ERC-721 token item).
(Ref) ERC-1155 enables a mix of replaceable (ERC-20 token item) and non-replaceable (ERC-721 token item). It was developed in June 2018 by Witek Radomski, CTO of EngineCoin.
The direction of NFT technology being pursued in Artie Project is based on ERC-721 tokens, and we want to integrate various NFT technologies while supporting ERC-1155 tokens as standard.
ArtieProject's ERC-1155 enables mixed transactions, allowing multiple items to be traded without unnecessary intermediaries, and only two levels of transaction in the Atomic swap (Atomic swap is a method of atomically exchanging cryptocurrencies based on different blockchains without going through a trusted third party such as an exchange. Technically, various methods are being studied, a representative of which is implemented using the n-LockTime parameter of a smart contract. ) Atomic Swap where different coins are exchanged. The number of items per transaction can range from 100 to 200 depending on its function, and we also implement a multi-transmission that allows one transaction to send the desired quantity of items to one recipient. In addition, even if you are not a professional blockchain cryptocurrency developer, you can make convenient and secure game items and tokens using the graphical UI, enabling the appearance of more creative items. The efficiency of the ERC-1155 standard also has the advantage of significantly reducing GAS and bottlenecks, which are fees incurred in Ethereum transactions.
The ERC-20 token and the ERC-721 token have the blockchain's attributes that it is impossible to falsify, which accumulates large amounts of duplicate data and leaves unnecessary code. This requires large storage and processing capacity and consumes a lot of power. In addition, existing ERC tokens have many problems with high costs and inefficiencies, such as having to develop separate smart contracts for each type of token.
As an alternative to this, Artie Project is proceeding by setting ERC-1155 in the direction of NFT technology.
