The new Ethereum standard has been confirmed in record time
0xcert team is thrilled to announce the confirmation of the Ethereum standard we employ, the ERC-721, has been finalized.
The Ethereum ERC-721 standard which runs CryptoCrystal and other crypto-collectible projects, has been in use since late last year, however, it hasn't been yet finalized and thus officially confirmed. CryptoKitties, commonly thought to run on the ERC721, was in fact, the first good example of non-fungible token and the foundation for the ERC721 standard.
The ERC-721 standard is bringing uniqueness to the blockchain, opening up an extensive array of implementation possibilities. In the words of the standard's lead author, William Entriken: "It lets you track and transfer the things you own, and it records the information on the blockchain."
But what does this bring to the ordinary, non-tech people?
"Have you ever tried to do a title search when you buy a house? It is slow and expensive. When you track ownership of things in a standardized way then it is cheap and easy to look up information. And it makes commerce more efficient", William explains.
The more commonly known standard for Ethereum tokens, ERC-20, the standards that runs most of the tokens in blockchain projects, took over 2 years before its final approval. Based on the feedback and contribution from the developer community, a standard undergoes editing, improving, polishing, and finally approval - if all goes well - during monthly calls between developers.
How ERC-721 has been confirmed
It started as Ethereum implemented a new two-week review process for standards to go through, as a last step, before the final confirmation. ERC-721 was selected as the first standard to go through this process, and every other standard afterwards must follow the same process. During the 2 weeks, the ERC-721 standard has been available for the community's "last call reviews", and as there were no major changes to the standard's code, the ERC-721 is now final!
Within the Ethereum environment, the community of developers is welcomed to participate in Ethereum system improvement, by submitting new Ethereum Improvement Proposals (EIPs) for developing new Ethereum-based standards, just like in the case of the ERC-721. There are two EIP editors approving new standards for its standardization. ERC-721 has been already confirmed by the first editor, and just today the second editor approved it as well. ERC-721 is therefore on its way for final confirmation by the community as the new officially confirmed Ethereum standard.
The speed at which this has happened, makes it an unprecedented case for having achieved the standardization goal this fast - in only 2 weeks! For comparison, to the ICO-community much more familiar ERC-20 standard took over 2 years to go from draft to final.
Still, according to William, there is always room for improvement:
"Absolutely! Even in the last minutes there are more good ideas. But with all the review we found out that this standard works for LOTS of use cases. We really tried hard to find something it wouldn’t work with and then fix those cases. Now that this is final that means everybody thinks we are ready to move forward and start changing the world."
What is the purpose of this standard?
If you are familiar with Ethereum, you may know that the most frequently used standard is ERC-20. It is mostly used for development of smart contracts which enable the creation of tokens of value, like cryptocurrency, where every token bares the same value as any other of its kind – this means they are fungible or exchangeable, this includes about $60Bn worth of “Initial Coin Offerings”. In the case of ERC-721 however, the tokens created through this standard can represent any kind of digital or real-world tangible asset, from your car to your university degree, and recognizing individual unique features within each category. This provides opportunities to create, own, and manage data about specific, real-life objects or credentials, on the blockchain, and even have them stored in your e-wallet. This kind of tokens is called non-fungible, as their value is unique and distinguishable, and as such does not have an equivalent non-fungible token (NFT) counterpart that could replace it.
ERC standard’s mission and potential
The implementation of the ERC-721 standard brings a whole new spectrum to the blockchain world, as it moves the technology from online charts and digitally-created assets to man-made physical objects, collectibles, and important documents, and provides them with an infrastructure for their digitalization, decentralized ownership, storage, and management. It also enables the community to participate in authorship or originality investigation of an asset, which could significantly influence the industries or fields where frauds, plagiarism, or forgery are often practiced
Through the 0xcert protocol, the ERC-721 standard is extended and can easily be implemented in all kinds of non-blockchain fields, allowing basically every developer to use it without the need for any special training, which is a big cost and time saving factor.
0xcert ICO and ERC-721
0xcert, the protocol for non-fungible tokens running on ERC-721 it's opening its ICO doors in a few days! Learn how you can help support the building of the platform and the community.