On June 25, the EthGlobal Waterloo Hackathon event officially concluded. A total of 11 projects entered the finals, covering NFT, infrastructure, AI, payment and other fields. It is worth noting that among the 11 selected projects, 4 projects are centered around the newly proposed token standard ERC-6551. For example, the decentralized media network platform AquaNet supports users to use their NFTs as their own The account and auction platform Fukuro support NFT bundled with ERC 20 or other NFT, etc. for buying and selling.
This is also the first real implementation project that users have seen since the concept of ERC-6551 was proposed. They quickly attracted intensive attention from the encryption community.
Let's take a look at what is erc-xxx, what is erc-721, and what is erc-6551:
"ERC" stands for Ethereum Request for Comments, which is a way for the Ethereum community to propose and define new standards. "xxx" is a placeholder for a specific number that represents a specific proposal.
For example, ERC-20 is the most common token standard on Ethereum, defining a set of rules that dictate how new tokens can be created on Ethereum. These rules include how to transfer these tokens, how to access data about the tokens, and how to issue transactions.
Another example is ERC-721, which is a standard for creating non-fungible tokens (NFTs). Unlike ERC-20 tokens, ERC-721 tokens are unique, meaning each token has its own specific properties and value.
So, when you see terms like "ERC-xxx", "xxx" refers to a specific Ethereum Improvement Proposal (EIP) or standard.
ERC-6551, also known as "Non-Fungible Token Binding Accounts", is an Ethereum Improvement Proposal (EIP) that defines a system that provides a smart contract account for each ERC-721 token . Here are some of the key features of ERC-6551:
Token-bound account: Each ERC-721 token has a smart contract account bound to it, allowing the token to own assets and interact with applications.
Compatibility: The implementation of ERC-6551 does not require changes to existing ERC-721 smart contracts or infrastructure, which means it is backward compatible with previously deployed ERC-721 token contracts.
Registry: There is a permissionless registry in the system for deploying token-bound accounts. The registration form has two functions: creating an account and calculating the account address bound to the token.
Account interface: All token-bound accounts should be created through the registration form. All token-bound account implementations must implement ERC-165 interface detection and ERC-1271 signature verification.
Security: ERC-6551 also takes into account various security factors such as fraud prevention and ownership cycles.
Now that we understand ERC and ERC6551, let’s think about it next. Why is the first NFT based on the ERC-6551 concept on the market so popular recently?
1. The market lacks new narratives: In a bear market, capital needs more narratives.
2. Azuki and memeland have irreversibly damaged confidence in the NFT market.
3. Good compatibility with ERC-721
4. It allows NFT to have more ways to play (superposition of clothes, instead of Azuki directly being a picture)
Let me talk about some of my concerns about ERC-6551:
1. I saw someone saying it was the previous QQ show, and I greatly agreed.
2. Still haven’t come up with something completely subversive that makes me have to hold on to one.
3. After the heat is over, the market focus may still be on erc-721
(Purely personal opinion, if you want to argue with me then you are right)
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