jakiro
Source: Chain Observation
How to understand the “two phenomena” innovation tokens @pandora_erc404?It allows FT and NFT to have a symbiotic relationship to solve the problem of poor NFT liquidity.From a technical perspective, it is novel and interesting to allow FT and NFT native contradictions to be mixed.
What are the innovations of ERC404 standards?Is it a new paradigm of asset issuance?Will the tokenscript of the @smartlayer’s tokenscript be wonderful?Next, let me talk about my understanding:
First of all, it is necessary to explain that ERC404 is currently just an Experiment experimental standard, and it is not included in the formal Ethereum EIP proposal.Pandora is the first token created based on the new experimental standard.The ERC404 goal should solve the problem of the original ERC20 homogeneous token standard, and the problem of inconsistent water and fire between ERC721 intangible homogeneous token standards.
For example, users hold FT tokens and NFT tokens at the same time. When users choose to sell NFT tokens, how to judge the user’s intention of the contract is to sell NFT rather than FT. Even if the judgment is right, how the contract is storing dataState distinguishes different data states without making mistakes?Is it abstract?
In layman’s terms, under the ERC20 token standard, only the balance of the balance of the token is needed to increase and reduce the storage data logic of the balance., TORANSFER pointing to which NFT is increased or decreased.
It is troublesome to let smart contracts process ERC20 and ERC721 at the same time:
The contract must first judge whether the user transfer calls whether it is FT or NFT. In addition, you have to determine which token ID is selected when you change the NFT state. Because such smart contracts such as Uniswap cannot handle NFT transactions directly, and you need to give FT and NFT between FT and NFT.Establish a layer of mapping mapping corresponding relationship, and then realize the transaction FT while completing NFT transactions.
The core black technology of the ERC404 (experiment) standard is here. It allows the number of ERC20 token to the number of ERC20 tokens and the unique ID of ERC721 to the contract.And independence.
For example, suppose you have 2.9 magic beans (ERC20) and have 2 magic cards (ERC721, ID 101, and ID 102). The damaged encoding must manage the two types of data at the same time.As a data overall storage, you can add a special label to the ID number of the magic card, such as 100000000000000, which is even far beyond token, so that the contract is easy to distinguish ERC20 and ERC721 when calling the data.
After completing this step, it is necessary to effectively manage the symbiotic relationship between FT and NFT needs to write a MAPPING logic relationship to the contract. For example, if you have a FT tokens, the contract will automatically mint a NFT. When you hold 2 FTWhen token, the contract will automatically issue another NFT, but when your FT balance is less than 1, the contract will destroy your NFT.This set of correspondence is not difficult to understand.So, how to achieve a transaction that allows NFT tokens to trade in Uniswap’s protocol that only supports FT tokens?Answer: Use Mapping corresponding relationship.Let Uniswap processes the FT token normally, and the NFT token will automatically follow the transformation status.For example, if you want to sell NFT tokens, you can sell the FT tokens directly. The contract will automatically record that the FT in your wallet will be reduced by 1 and destroy a NFT in your wallet.Careful friends should find a problem. If the user holds 2.9 FT tokens and two NFT tokens, when the user sells 1 FT, which one should destroy the two NFTs?This is actually a very complicated question, because the contract cannot determine which FT token it is sold, and it cannot correspond to its corresponding NFT. Strictly speaking, this is actually a “defect” of the ERC404 experimental standard.
But technology encounters a magical chemical response to Tokenomics.
A clever method is to design a set of NFT rare refresh mechanisms to encourage users to constantly transfer the superimposed FT tokens. Each transfer of FT is equivalent to achieving the destruction and new issuance operation of the NFT token.It is equivalent to refreshing a rarity, so that users tend to separate the FT tokens, and then use this to avoid rare NFT being destroyed. At the same time, it can refresh the new NFT rare degree
EssenceYou see, it was originally a technical logic bug. Through a rare operation design, it can really be effectively resolved.Of course, if users have to be more true, they must overlap multiple FT tokens in one wallet, and let the existing NFT tokens be destroyed according to their wishes (non -random). What should I do?There are two types of existing methods. 1) Performing the order of the Token ID, it is likely that the NFT of rare features is destroyed; 2) specify the NFT of the Burn close to the Floor Price, but this is actually a layer of external logic, which is likely to be due to it.Oracle delayed delay caused the destruction of non -willingness.And that NFT is close to the floor price, in fact, the user also needs to be defined in advance, which is equivalent to accessing the data of the NFT market.Instead of being so complicated, it is better to let users edit and choose on the wallet.Then you must introduce a tokenscript scheme with a programmable front end for the FT token, so that users can choose which NFT token when the wallet is traded when the FT tokens are traded.It is also the function that I mentioned at the beginning of the @smartlayer goal to achieve.
Regarding SmartLayer, it has nothing to do with ERC404, but ERC404 goals must allow the tokens to have the basic functions of NFT pictures, while SmartLayer is a set of standards that combine ERC-5169 and tokenscript.Programmable execution attributes.The two coincide at the ability level, and the latter is more complicated.To put it simply: TokenScript is an open source framework that is designed to provide standardized methods for digital tokens to define the behavior and interactive logic of tokens. Tokens can design a programmable front end for its tokens.For example, in the ERC404 scene, users can choose which NFT is preferred based on the front end of Smartlayer to give priority to which NFT, and give rare NFT marks to avoid personalized functions such as being destroyed.Pets add attributes such as upgrade and iteration for their NFT.When I was studying what Smartlayer did, some programmable token, smart tokens, token external executable scripts, and so on.It feels that the NFT distinction problem in the last ring in the ERC404 experimental status can be solved with the SmartLayer’s set of smart tokens?aboveAfter reading, the feeling of “one article and double eating” not only understands the Pandora under the token404 standard, but also deeply understand the Smartlayer of TGE.It turns out that every time around the innovation of asset issuance will produce a long narrative fermentation effect, whether it is the inscription of the Bitcoin ecosystem, or the Ethereum ecological mixed standard tokens or programmable tokens, in my opinion, I will see it.Continue to derive the innovation and gameplay of epitometer.I am not sure how the next step of ERC404 will evolve, and whether there will be some innovative sparks with Smartlayer, but this management method that puts the original Token standard that was originally incapable of water and fire is true.It is a paradigm innovation of asset issuance.
Note: The ERC404 standard is still in the experimental stage, and there may be many logical iterations. This article only gives popular science to help everyone understand the final explanation of this type of technical standard.More content, I will follow up further analysis.
