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Ethereum Community Embraces New Tokenization Standard ERC-3643
Crypto Funding and Potential Turnaround
The Ethereum network has reached a new milestone by adopting the ERC-3643 Ethereum Improvement Proposal (EIP). This development marks a significant step forward in compliant asset tokenization. Following rigorous review and discussions, the Ethereum community has officially recognized ERC-3643, mirroring the path previously taken by standards like ERC-20.
Details of the ERC-3643 Standard:-ERC-3643 introduces a robust framework for tokenizing real-world assets (RWAs), securities, payment systems, and loyalty programs. It distinguishes itself by integrating a self-sovereign identity (SSI) framework. This feature verifies users’ eligibility for a token, offering anonymous yet verifiable credentials. The standard builds upon the foundation of ERC-20 and incorporates two critical layers of permissions to enhance security and compliance.
The first layer scrutinizes the identity and eligibility of transaction recipients. It leverages ERC 734/735 standards to ensure that identities hold necessary claims authenticated by trusted claim issuers. The second layer places global restrictions on the token itself. These restrictions include limits on daily token volume and the maximum number of token holders, ensuring regulated token circulation.
Impact on Asset Tokenization:- Asset tokenization, which involves converting the value of physical or digital assets into blockchain-based digital tokens, can benefit significantly from this development. Benefits of this process include heightened liquidity, faster settlements, increased transparency, and broader market accessibility. The applications span diverse fields, ranging from fractional trading of real estate and art to financial assets and intellectual property.
The market potential for asset tokenization is vast with Roland Berger, a management consulting firm, projecting the market to grow to $10 trillion by 2030, up from the current $300 billion.
$ETH #ERC3643 #ERC-20 #ERC-721
Crypto Funding and Potential Turnaround
The Ethereum network has reached a new milestone by adopting the ERC-3643 Ethereum Improvement Proposal (EIP). This development marks a significant step forward in compliant asset tokenization. Following rigorous review and discussions, the Ethereum community has officially recognized ERC-3643, mirroring the path previously taken by standards like ERC-20.
Details of the ERC-3643 Standard:-ERC-3643 introduces a robust framework for tokenizing real-world assets (RWAs), securities, payment systems, and loyalty programs. It distinguishes itself by integrating a self-sovereign identity (SSI) framework. This feature verifies users’ eligibility for a token, offering anonymous yet verifiable credentials. The standard builds upon the foundation of ERC-20 and incorporates two critical layers of permissions to enhance security and compliance.
The first layer scrutinizes the identity and eligibility of transaction recipients. It leverages ERC 734/735 standards to ensure that identities hold necessary claims authenticated by trusted claim issuers. The second layer places global restrictions on the token itself. These restrictions include limits on daily token volume and the maximum number of token holders, ensuring regulated token circulation.
Impact on Asset Tokenization:- Asset tokenization, which involves converting the value of physical or digital assets into blockchain-based digital tokens, can benefit significantly from this development. Benefits of this process include heightened liquidity, faster settlements, increased transparency, and broader market accessibility. The applications span diverse fields, ranging from fractional trading of real estate and art to financial assets and intellectual property.
The market potential for asset tokenization is vast with Roland Berger, a management consulting firm, projecting the market to grow to $10 trillion by 2030, up from the current $300 billion.
$ETH #ERC3643 #ERC-20 #ERC-721
#ERC-404: A Novel Approach to #NFT Ownership and Security
In the ever-evolving landscape of Web3 and decentralized technologies, non-fungible tokens ( #nfts ) have captured the imagination of creators, collectors, and investors alike. These unique digital assets, often associated with art, music, and virtual real estate, have become a significant force in the crypto space. However, they also come with their share of challenges, including security risks and phishing attacks.
Enter #ERC-404 , an experimental and unofficial Ethereum token standard that aims to address some of these issues. Let’s dive into what ERC-404 is, how it works, and its potential impact on the NFT ecosystem.
What Is ERC-404?
ERC-404 is not your typical NFT standard. It combines elements from two existing standards: #ERC-20 (used for fungible tokens) and #ERC-721 (used for non-fungible tokens). The result is a hybrid token that offers unique features and possibilities.
Shared Ownership and Reduced Phishing Risk
The standout feature of ERC-404 is shared ownership. Unlike traditional NFTs, which are usually associated with a single wallet address, ERC-404 tokens can be owned by multiple wallets simultaneously. Here’s how it works:
Multiple Owners: An ERC-404 token can have several owners, each holding a fraction of the token. This shared ownership model distributes control and reduces the risk of a single point of failure. Even if one wallet is compromised, the NFT remains secure as long as other owners maintain control.Phishing Mitigation: Phishing attacks targeting individual wallets have plagued the NFT space. By allowing multiple wallets to collectively own an NFT, ERC-404 makes it harder for malicious actors to exploit unsuspecting users. Even if one owner falls victim to phishing, the NFT’s integrity remains intact.
Tokenization of Exposure
Another intriguing aspect of ERC-404 is the concept of tokenizing exposure. Imagine you own a fraction of a valuable digital artwork—an NFT representing a famous painting, for instance. With ERC-404, you can tokenize your partial ownership. Here’s how it benefits you:
Liquidity and Trading: Fractional ownership tokens can be traded on decentralized exchanges (DEXs) or specialized platforms. Investors can buy and sell these tokens without needing to acquire the entire NFT. This liquidity unlocks new possibilities for NFT markets.Staking and Collateral: Tokenized exposure allows you to stake your holdings or use them as collateral in DeFi protocols. You retain ownership while leveraging the value of the NFT for other financial activities.
Challenges and Considerations
While ERC-404 introduces exciting possibilities, it’s essential to approach it with caution:
Smart Contract Risks: As an experimental standard, ERC-404 may have undiscovered vulnerabilities. Users should thoroughly review smart contracts and exercise due diligence.Regulatory Uncertainties: The legal and regulatory landscape for NFTs and tokenized assets is still evolving. ERC-404’s novel features may attract scrutiny or require legal clarity.Adoption and Interoperability: Widespread adoption of ERC-404 depends on wallet providers, exchanges, and developers embracing the standard. Interoperability with existing NFT platforms is crucial.
Conclusion
ERC-404 represents a bold step toward reimagining NFT ownership and security. While it’s not a direct antidote to NFT #phishing , its shared ownership model and tokenization features offer intriguing possibilities. As the Web3 ecosystem continues to evolve, keep an eye on ERC-404 and its impact on the future of digital ownership. 🌐🔒
Enter #ERC-404 , an experimental and unofficial Ethereum token standard that aims to address some of these issues. Let’s dive into what ERC-404 is, how it works, and its potential impact on the NFT ecosystem.
What Is ERC-404?
ERC-404 is not your typical NFT standard. It combines elements from two existing standards: #ERC-20 (used for fungible tokens) and #ERC-721 (used for non-fungible tokens). The result is a hybrid token that offers unique features and possibilities.
Shared Ownership and Reduced Phishing Risk
The standout feature of ERC-404 is shared ownership. Unlike traditional NFTs, which are usually associated with a single wallet address, ERC-404 tokens can be owned by multiple wallets simultaneously. Here’s how it works:
Multiple Owners: An ERC-404 token can have several owners, each holding a fraction of the token. This shared ownership model distributes control and reduces the risk of a single point of failure. Even if one wallet is compromised, the NFT remains secure as long as other owners maintain control.Phishing Mitigation: Phishing attacks targeting individual wallets have plagued the NFT space. By allowing multiple wallets to collectively own an NFT, ERC-404 makes it harder for malicious actors to exploit unsuspecting users. Even if one owner falls victim to phishing, the NFT’s integrity remains intact.
Tokenization of Exposure
Another intriguing aspect of ERC-404 is the concept of tokenizing exposure. Imagine you own a fraction of a valuable digital artwork—an NFT representing a famous painting, for instance. With ERC-404, you can tokenize your partial ownership. Here’s how it benefits you:
Liquidity and Trading: Fractional ownership tokens can be traded on decentralized exchanges (DEXs) or specialized platforms. Investors can buy and sell these tokens without needing to acquire the entire NFT. This liquidity unlocks new possibilities for NFT markets.Staking and Collateral: Tokenized exposure allows you to stake your holdings or use them as collateral in DeFi protocols. You retain ownership while leveraging the value of the NFT for other financial activities.
Challenges and Considerations
While ERC-404 introduces exciting possibilities, it’s essential to approach it with caution:
Smart Contract Risks: As an experimental standard, ERC-404 may have undiscovered vulnerabilities. Users should thoroughly review smart contracts and exercise due diligence.Regulatory Uncertainties: The legal and regulatory landscape for NFTs and tokenized assets is still evolving. ERC-404’s novel features may attract scrutiny or require legal clarity.Adoption and Interoperability: Widespread adoption of ERC-404 depends on wallet providers, exchanges, and developers embracing the standard. Interoperability with existing NFT platforms is crucial.
Conclusion
ERC-404 represents a bold step toward reimagining NFT ownership and security. While it’s not a direct antidote to NFT #phishing , its shared ownership model and tokenization features offer intriguing possibilities. As the Web3 ecosystem continues to evolve, keep an eye on ERC-404 and its impact on the future of digital ownership. 🌐🔒
#CreditSmartchain supports communication with multiple #blockchain networks, enabling transfers of both #ERC-20 and #ERC-721 tokens, by utilising a centralised bridge solution.
You can launch your own ERC-20 and ERC-721 compliant token, without even touching a single line of code?
Use creditsmartchain.com , a tokenization platform that simplifies #Crypto developing with all your favorite tools, the only difference is $0.00 gas fees.
$CREDIT is an #EVM superhighway that offers faster execution and the lowest transaction fees, so low most consider it free to use.
You can launch your own ERC-20 and ERC-721 compliant token, without even touching a single line of code?
Use creditsmartchain.com , a tokenization platform that simplifies #Crypto developing with all your favorite tools, the only difference is $0.00 gas fees.
$CREDIT is an #EVM superhighway that offers faster execution and the lowest transaction fees, so low most consider it free to use.
ETHEREUM DEVS CREATE DN-404 IN RESPONSE TO ERC-404 GAS ISSUES-
It's interesting to see developers responding to the challenges posed by the #ERC-404 standard with the introduction of DN-404. By leveraging the #ERC-20 and #ERC-721 standards, #DN-404 aims to address network congestion and fee rate issues while still providing the functionality users have come to expect. It will be intriguing to observe how the adoption of DN-404 unfolds within the Ethereum ecosystem.
#Write2Earn $ETH
It's interesting to see developers responding to the challenges posed by the #ERC-404 standard with the introduction of DN-404. By leveraging the #ERC-20 and #ERC-721 standards, #DN-404 aims to address network congestion and fee rate issues while still providing the functionality users have come to expect. It will be intriguing to observe how the adoption of DN-404 unfolds within the Ethereum ecosystem.
#Write2Earn $ETH
