The in-game characters, which are also NFTs, are composed of other smaller NFTs (shield, sword, armor, etc.). This standard is used in online play-to-earn and multiplayer games. This standard allows users to grow a collection of individual NFTs using a single token of ownership. Read hereĮRC-998 is an extension to the ERC-721 token. DNFT zones can be established by different land registry authorities globally. This makes sense because physical property needs to be valid within the context of the physical scheme that governs it. These NFTs are arranged in a tree-like format and each NFT can delegate other NFTs within a certain zone. These types of NFTs are helpful in maintaining blockchain based land and property registration. They are a great asset in providing verifiable ownership to individuals.ĮRC-994 is another type of standard which is dubbed as “Delegated NFTs”. They have recently gained a lot of popularity in the Ethereum community due to their use cases in different fields. They are not divisible and each token is limited to only have a single owner. Non-Fungible TokensĮRC-721 is a popular standard for developing non-fungible tokens. For example, an elastic supply token could be used as a fiat pegged token. This standard may be useful in implementing elastic tokens. This standard allows the token governance to change the initial supply of the token. As a result ERC-223 is a gas-efficient pattern.ĮRC-621 is an extension to the ERC-20 tokens. The transfer of ERC-223 tokens is a one step process compared to the transfer of ERC-20 tokens which is a two step process. It prevents accidental transfers of tokens to unsupported token addresses.
Yfi tokenomics upgrade#
This type of standard is mostly used to achieve crowdfunding in a decentralized manner.ĮRC-223 is an upgrade to the ERC-20 standard. These tokens are non-unique and interchangeable with each other. Therefore, one ERC-20 token is indistinguishable from the other ERC-20 token of the same type. There are very limited ways of adding any type of metadata to the ERC-20 tokens. These types of tokens are fungible in nature which means that one token is equivalent to another token. Based on the type and the use-cases, application tokens can be further divided into fungible and non-fungible tokens: Fungible tokensĮRC-20 is the most popular standard for developing currency like fungible tokens. Application tokens, on the other hand, are tokens whose transaction rules are defined in the smart contract protocol. Additionally, Ether is used to pay for the cost of executing smart contracts on the Ethereum blockchain. Ether is used to pay the miners for mining on the Ethereum blockchain. For example, Ether is the native currency of the Ethereum blockchain. Native tokens are implemented at the protocol level and ensure the fundamental functioning of the protocol. Designing tokens means defining digital assets and their transactional rules. The tokens can be transferred within different accounts on a blockchain and are stored inside wallets. The article would provide a differentiation if necessary.Ī crypto asset is an asset which can be denoted by a particular quantity of cryptographic tokens. Note: For simplicity of this article all types of crypto assets are collectively referred to as “tokens”. This article aims to provide a comprehensive overview of assets and the economy built around them. Assets are also used in vesting value, power, and ownership in decentralized systems. Asset distribution is key in maintaining information symmetry in decentralized systems. As mentioned in the previous article, assets play a key role in creation of decentralized economies around Web3 systems. Assets are one of the core components of a decentralized system.
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