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ERC 4337 : Account Abstraction for Ethereum Smart Contract Wallets Understanding Account Abstraction on Ethereum for Smart Contract WalletsA novel concept in blockchain, account abstraction aims to improve and harmonize user account functionality in decentralized systems. Contract wallets, also known as smart contract accounts, can replace traditional externally held accounts thanks to account abstraction and smart contract development. A contract wallet can be controlled by a single key, multiple keys, or even a complex system encoded into the contract itself. This opens up numerous possibilities and benefits for Ethereum and other blockchain networks. Account abstraction allows for more flexible and secure management of contract wallets compared to traditional externally held accounts. For more about blockchain, Ethereum, and smart contracts, visit our smart contract development services.In the Ethereum network, two types of accounts currently exist:Externally Owned Accounts (EOAs): controlled by private keys and typically of specific people or organizations.Contract Accounts: smart contracts whose code is run according to predetermined logic.Account abstraction seeks to unify the two types of Ethereum accounts:This implies that smart contracts can now manage and carry out transactions on behalf of users rather than exclusively depending on private keys (as with EOAs), providing users with more flexibility and opening the door to new features like customizable security models, automated and gasless transactions, meta-transactions, and improved privacy. These developments streamline user interactions and increase the Ethereum ecosystem's potential.Also, Read | How to Create an NFT Rental Marketplace using ERC 4907Why do we need Account Abstraction ?The current configuration of the Ethereum network has several drawbacks:Security Risks: Due to their binary structure, private keys can be lost or stolen, which can result in an irreversible loss of money.User Experience: For new users who could find wallet security and gas principles confusing, EOAs demand private keys and gas costs in Ether, which causes friction.Hazards to Security: Due to their binary structure, private keys can be lost or stolen, which can result in an irreversible loss of money.Limited Features: Advanced features like multi-signature wallets and daily transaction restrictions cannot be implemented on EOAs due to their lack of programmability.By addressing these problems, account abstraction seeks to enhance the functionality, security, and usability of the network.Also, Read | A Guide to Implementing NFT Royalties on ERC-721 & ERC-1155Approaches to Implement Account Abstraction:Protocol-Level ChangesIt entails modifying the Ethereum protocol to allow native wallets for smart contracts. Consensus is required for this strategy throughout the Ethereum network.Layer 2 SolutionsLayer 2 networks provide the ability to offload transaction processing and implement unique transaction validation procedures.ERC 4337 (Ethereum Request for Comments)It suggests implementing account abstraction just at the application level, eliminating the need for protocol modifications.Also, Read | How to Create and Deploy a Token Bound Account | ERC-6551What is ERC 4337?A new transaction handling mechanism called UserOperation objects is introduced in ERC 4337. By signing UserOperation objects, which bundlers aggregate and transmit to the network, users avoid submitting transactions straight to the Ethereum blockchain. Without relying on the current transaction flow, this method enables smart contract wallets to safely start transactions. Implementation of ERC 4337:A number of essential elements are involved in the Solidity implementation of ERC 4337 (Account Abstraction), which combined allow for flexible and intuitive interactions with smart contracts. These are the primary elements to pay attention to:1. UserOperation StructPurpose: Represents a single user operation with all necessary information.Key Fields:sender: The address of the user or wallet executing the operation.nonce: To prevent replay attacks and track the order of operations.callData: The encoded data for the function call.gasLimit: The maximum amount of gas that can be used for the operation.maxFeePerGas & maxPriorityFeePerGas: Control over gas fees.You may also like | How to Create an ERC 721C Contract// SPDX-License-Identifier: MIT pragma solidity ^0.8.0; contract UserOperationExample { struct UserOperation { address sender; // Address of the user sending the operation uint256 nonce; // Unique nonce to prevent replay attacks bytes callData; // Encoded data for the function call uint256 gasLimit; // Maximum gas limit for the operation uint256 maxFeePerGas; // Maximum fee per gas unit the user is willing to pay uint256 maxPriorityFeePerGas; // Max priority fee per gas } // Example function to demonstrate the use of UserOperation function exampleFunction(UserOperation calldata userOp) external { // Validate the user operation (you would typically check nonce, gas limits, etc.) require(userOp.sender != address(0), "Invalid sender"); require(userOp.gasLimit > 0, "Gas limit must be greater than zero"); // Here you would implement the logic to execute the operation (bool success, ) = userOp.sender.call{gas: userOp.gasLimit}(userOp.callData); require(success, "Operation failed"); // You could also emit an event here for tracking purposes } }Also, Discover | How to Create and Deploy an ERC404 token contract2. EntryPoint ContractPurpose: Central contract that receives user operations and executes them.Key Functions:executeUserOperation: Validates and executes the user operation, checking the sender's nonce, ensuring gas limits, and processing the call data.Security Checks: Implement checks to prevent issues like underflow/overflow, invalid addresses, and ensure gas payment.// SPDX-License-Identifier: MIT pragma solidity ^0.8.0; contract EntryPoint { event UserOperationExecuted(address indexed sender, bytes callData); event UserOperationFailed(address indexed sender, bytes callData, string reason); // This mapping tracks the nonce for each user to prevent replay attacks mapping(address => uint256) public nonces; function executeUserOperation(UserOperation calldata userOp) external { // Validate the user operation require(userOp.sender != address(0), "Invalid sender"); require(userOp.nonce == nonces[userOp.sender], "Invalid nonce"); require(userOp.gasLimit > 0, "Gas limit must be greater than zero"); // Update the nonce nonces[userOp.sender]++; // Execute the operation (bool success, bytes memory returnData) = userOp.sender.call{gas: userOp.gasLimit}(userOp.callData); if (success) { emit UserOperationExecuted(userOp.sender, userOp.callData); } else { emit UserOperationFailed(userOp.sender, userOp.callData, _getRevertMsg(returnData)); } } // Helper function to extract revert reason function _getRevertMsg(bytes memory returnData) internal pure returns (string memory) { if (returnData.length < 68) return "Transaction reverted silently"; assembly { returnData := add(returnData, 0x04) } return abi.decode(returnData, (string)); } }Also, Discover | ERC 3643 A Protocol for Real World Asset Tokenization3. User Wallet ContractPurpose: Acts as the user's wallet to create and submit user operations.Key Functions:submitUserOperation: Collects user operation parameters and sends them to the Entry Point.Nonce Management: Increments the nonce after a successful operation to prevent replay attacks. // SPDX-License-Identifier: MIT pragma solidity ^0.8.0; import "./EntryPoint.sol"; // Import the EntryPoint contract contract UserWallet { address public entryPoint; // Address of the EntryPoint contract uint256 public nonce; // Nonce for tracking user operations constructor(address _entryPoint) { entryPoint = _entryPoint; // Set the EntryPoint contract address } // Function to submit a user operation function submitUserOperation( bytes calldata callData, uint256 gasLimit, uint256 maxFeePerGas, uint256 maxPriorityFeePerGas ) external { // Create the UserOperation struct UserOperation memory userOp = UserOperation({ sender: address(this), nonce: nonce, callData: callData, gasLimit: gasLimit, maxFeePerGas: maxFeePerGas, maxPriorityFeePerGas: maxPriorityFeePerGas }); // Submit the user operation to the Entry Point EntryPoint(entryPoint).executeUserOperation(userOp); // Increment the nonce for the next operation nonce++; } // Example function to demonstrate a callable function from the wallet function exampleFunction(uint256 value) external { // Implementation of the function logic } }Also, Check | A Guide to Gasless ERC20 Token Transfer4. Gas Payment MechanismPurpose: Determines how the gas for executing user operations is paid.Considerations:You might want to allow users to pay gas fees in tokens or implement a mechanism for sponsor payments (where another entity pays the gas). // SPDX-License-Identifier: MIT pragma solidity ^0.8.0; import "@openzeppelin/contracts/token/ERC20/IERC20.sol"; contract EntryPoint { event UserOperationExecuted(address indexed sender, bytes callData); event UserOperationFailed(address indexed sender, bytes callData, string reason); mapping(address => uint256) public nonces; // Function to execute user operation with gas payment function executeUserOperation( UserOperation calldata userOp, address paymentToken, uint256 paymentAmount ) external payable { require(userOp.sender != address(0), "Invalid sender"); require(userOp.nonce == nonces[userOp.sender], "Invalid nonce"); require(userOp.gasLimit > 0, "Gas limit must be greater than zero"); // Validate gas payment if (paymentToken == address(0)) { // Pay with Ether require(msg.value >= paymentAmount, "Insufficient Ether sent"); } else { // Pay with ERC-20 token require(IERC20(paymentToken).transferFrom(msg.sender, address(this), paymentAmount), "Token transfer failed"); } nonces[userOp.sender]++; (bool success, bytes memory returnData) = userOp.sender.call{gas: userOp.gasLimit}(userOp.callData); if (success) { emit UserOperationExecuted(userOp.sender, userOp.callData); } else { emit UserOperationFailed(userOp.sender, userOp.callData, _getRevertMsg(returnData)); } } function _getRevertMsg(bytes memory returnData) internal pure returns (string memory) { if (returnData.length < 68) return "Transaction reverted silently"; assembly { returnData := add(returnData, 0x04) } return abi.decode(returnData, (string)); } }5. Account Abstraction WalletPurpose:To manage user actions, an Entry Point contract communicates with the Abstracted Account Wallet, which functions as a user-defined wallet. By offering a means of verifying and carrying out these procedures, it guarantees that activities may only be carried out by authorized users. // SPDX-License-Identifier: UNLICENSED pragma solidity ^0.8.9; import "./library/UserOperation.sol"; import "@openzeppelin/contracts/utils/cryptography/ECDSA.sol"; contract AbstractedAccountWallet { using ECDSA for bytes32; uint256 public constant SIG_VALIDATION_FAILED = 1; uint256 public constant NONCE_VALIDATION_FAILED = 2; uint256 public constant VALIDATION_SUCCESS = 0; address public owner; uint256 public nonce; address public entryPoint; // Events for logging important actions event ExecutedOperation(address indexed sender, uint256 value, bytes data); constructor(address _entryPoint) { owner = msg.sender; nonce = 0; entryPoint = _entryPoint; } // Modifier to check if the caller is the owner of the contract modifier onlyOwner() { require(msg.sender == owner, "You are not the owner"); _; } modifier onlyEntryPoint() { require( msg.sender == entryPoint, "Only EntryPoint can call this function" ); _; } // Function to validate a user-defined operation function validateOp( UserOperation calldata op, uint256 requiredPayment ) public returns (uint256) { // Send requiredPayment to EntryPoint if (requiredPayment != 0) { payable(entryPoint).transfer(requiredPayment); } // Check nonce require(op.nonce == nonce++, "Invalid nonce"); // Check signature if ( owner != getHash(op).toEthSignedMessageHash().recover( // op.signature[32:] op.signature ) ) { return SIG_VALIDATION_FAILED; } else { // return uint256(bytes32(op.signature[0:32])); return VALIDATION_SUCCESS; } } function getHash( UserOperation memory userOp ) public view returns (bytes32) { return keccak256( abi.encode( bytes32(block.chainid), userOp.sender, userOp.nonce, keccak256(userOp.initCode), keccak256(userOp.callData), userOp.callGasLimit, userOp.verificationGasLimit, userOp.preVerificationGas, userOp.maxFeePerGas, userOp.maxPriorityFeePerGas, keccak256(userOp.paymasterAndData), entryPoint // uint256(bytes32(userOp.signature[0:32])) ) ); } }You may also like | How to Create an ERC 721 NFT TokenA recent breakthrough: EIP-4337Since the account abstraction effort moved to a different strategy, which was unveiled in EIP-4337 in late 2021, both EIP-2938 and EIP-3074 are presently dormant. Building on the idea of a smart contract wallet is the goal of the new strategy.However, remember that we already mentioned that the lack of proper infrastructure makes smart contract wallets challenging to use? Nevertheless, EIP-4337 seeks to address that without altering the L1 protocol in the process.The proposal introduces a higher-level mempool that operates with a new object called UserOperations. Instead of traditional transactions, users will send UserOperations to this mempool. Validators then select these UserOperations, bundle them into a transaction, and submit them to a specialized smart contract called the EntryPoint contract. This contract manages transaction execution and validator rewards.The method outlined in EIP-4337 simplifies the process for developers to create custom smart contract wallets.Also, Know | Create a Simple Dividend ERC20 tokenConclusion of Account Abstraction Using ERC 4337:Account abstraction and ERC 4337 are two progressive approaches to Ethereum's development. This strategy is well-positioned to promote the wider use of blockchain technology and decentralised apps by giving priority to user experience, flexibility, and security, so making them more accessible and useful for regular users. The ideas and applications resulting from ERC 4337 will probably influence the direction of decentralised finance in the future and beyond as the ecosystem develops. In case you are looking to build your project using emerging ERC standards, connect without our skilled Solidity developers to get started.

Technology: SMART CONTRACT , ETHERJS more Category: Blockchain

Yogesh Sahu

01 Oct 2024

How to Create an NFT Rental Marketplace using ERC 4907 NFT Rental Marketplace Development using ERC 4907For a predetermined period, NFT owners can lease their tokens to third parties via ERC 4907. This functionality allows different players or users to temporarily use the NFTs in various applications, such as virtual real estate or gaming.The roles involved in this process include the Owner, who possesses the NFT; the User, who has the NFT in their wallet but is unable to sell or transfer it; and the "expires" function, which automatically ends usage without any further action required.A controller or operator role is assigned to oversee a large number of NFTs. While they can perform certain usage operations, individuals in these roles are unable to approve or transfer the NFT, unlike the owner.As an extension of ERC-721, the ERC 4907 standard introduces the dual roles of "owner" and "user" at the application layer. With an automatic "expires" mechanism that enforces the user's time-limited role, ERC 4907 simplifies NFT rentals. Thanks to this innovative feature, NFTs are automatically rentable; owners no longer need to manually revoke user privileges, saving time and avoiding additional on-chain transactions.The main challenge arises in usage rights management, making it essential to establish a unified standard to facilitate collaboration across all applications.You may also like | Why ERC-7007 is the Next Big Thing in BlockchainReal-world Applications and CollaborationsIt's becoming more and more common in the world of digital assets for non-fungible tokens (NFTs) to use the new Ethereum token standard, ERC 4907. In order to facilitate the temporary transfer of usage rights while maintaining ownership, it creates a new "user role" that is distinct from the "owner role." This is advantageous for subscription or rental models.In order to enable NFT rentals, Double Protocol has incorporated ERC 4907, allowing asset owners to lease without forfeiting ownership. This expands the utility of NFT and opens up new revenue streams. By including ERC 4907-based rental options, their relationship with Shardeum, a scalable smart contract platform, improves this strategy even further and fosters an NFT ecosystem that is more widely available.These collaborations highlight the real-world applications and transformative potential of ERC 4907, leading to a more dynamic digital asset market. As these partnerships develop, they promise significant changes in the landscape of NFTs and digital ownership.You may also like | How to Implement an On-Chain NFT AllowlistERC 4907 Use CasesGamingPlayers can rent rare in-game items or characters temporarily, allowing for access to premium content without a full purchase.Virtual Real EstateUsers can rent virtual plots of land or properties in metaverse platforms for specific events or time periods.Art and CollectiblesArtists can rent their works for exhibitions or shows, allowing more people to experience the art without ownership.Also, Explore | NFT ETFs | A Beginner's Guide to Investing in Digital AssetsRenting NFTs is a reasonable approachThe blockchain used the actual world as a source for the concept of renting. Instead of paying money to use something that the other party has, one party wants it but cannot afford to own it or doesn't need it. People adore the thought of living off the returns from their assets, exactly like in the real world. Rentable NFTs' primary concept is that they are a passive revenue source.What Advantages Does ERC 4907 Bring?Market LiquidityERC 4907 will enhance NFT renting and enable related derivatives across various use cases, such as gaming, art, and music. As the Metaverse and Web3 expand, more people will opt to rent NFTs instead of buying assets, increasing market liquidity over time.Easy Third-party IntegrationERC 4907, which establishes a single standard, will enhance collaboration and assist Ethereum's cross-platform ecosystem. This standard improves communication between all parties engaged in utility NFT leases for gaming, the metaverse, and membership cards by simplifying integration and reducing development costs.Moreover, third-party protocols employing ERC 4907 may oversee NFT usage rights without needing permission from the initial issuer. Others can swiftly do their own tasks when a project gives users this position. A PFP NFT, for instance, may be included in a platform that permits short-term rentals and simultaneously offers "rent-to-own" options via a mortgage platform without the original project's permission.Backward CompatibilityBy introducing an extended function set, the ERC 4907 standard can achieve full ERC-721 compatibility. Furthermore, there are a lot of parallels between the new functions provided in this standard and the current ERC-721 functionalities. This makes it possible for developers to embrace the new standard swiftly and simply. Future and current NFTs produced as standard ERC-721 can be wrapped to be compatible with ERC 4907 or upgraded to ERC 4907.Also, Read | How to Create a Compressed NFT on SolanaNeed of ERC 4907Renting Out AssetsOwners can lease their digital assets while maintaining ownership according to ERC 4907, which permits NFTs to be rented out. For asset holders, this means additional revenue prospects.Increased Digital Assets' ValueThis standard increases the functionality of NFTs and encourages their wider use across a range of industries, including gaming and virtual real estate, by allowing them to be rented.Innovative UsesIn the NFT space, the standard fosters innovation by creating opportunities for new applications including digital art exhibitions, virtual events, and game rentals.Also, Check | A Step-by-Step Tutorial of Building a Cross Chain NFT BridgeThings to Take Into Account When Implementing ERC 49071. In situations when the rental mechanism is not thoroughly monitored, users may take advantage of it. For example, they may rent an NFT for a very little time in order to swiftly transfer it without the owner's permission.2. Legal concerns may arise from renting digital assets, particularly if the NFTs include copyrighted content or other intellectual property. Users might have to make sure local laws are followed.Also, Discover | NFT-Based Loyalty Programs: Revamping Customer EngagementDetails of the ERC 4907 Interface:// function setUser(uint256 tokenId, address user, uint64 expires) external Main Purpose: Assigns a user to an NFT along with an expiration time. Parameter: tokenId: Unique Identifier of NFT user: the address of new user who can Use NFT exepires: duration until which the user can access the NFT Access-Control : Usually callable from an authorised address or the NFT owner. This guarantees that user access can only be modified byauthorised entities. // function userOf(uint256 tokenId) external view returns (address); Purpose: identifies the NFT's engaged user. Parameters: tokenId:Unique Identifier of NFT. Returns: The user's address. It returns the zero address (address(0)) in the event that the user has expired or if no user is allocated. // function userExpires(uint256 tokenId) external view returns (uint256); Purpose: retrieves the NFT user's expiration timestamp. Parameters: tokenId:Unique Identifier of NFT. Returns: The Unix timestamp indicating the expiration date of the user's access. There is no user when the value is 0. // Event UpdateUser(uint256 indexed tokenId, address indexed user, uint64 expires); Purpose: Emitted whenever a user is assigned or updated for an NFT. Parameters: tokenId: unique identifier of the NFT. user: Address of the new User. expires: The new expiration timestamp. Significance: Real-time tracking of user assignments is made possible by this event for both front-end apps and external services. Also, Read | NFT Domains | Revolutionizing Ownership in the Digital LandscapeERC 4907 Implementation// SPDX-License-Identifier: MIT pragma solidity ^0.8.0; // ERC721 Implementation contract MyERC721Token { struct Token { address owner; address approved; } // Mapping from token ID to token information mapping(uint256 => Token) private _tokens; // Mapping from owner to number of tokens mapping(address => uint256) private _balances; // Mapping from owner to operator approvals mapping(address => mapping(address => bool)) private _operatorApprovals; // Counter for token IDs uint256 private _tokenIdCounter; // Events event Transfer(address indexed from, address indexed to, uint256 indexed tokenId); event Approval(address indexed owner, address indexed approved, uint256 indexed tokenId); event ApprovalForAll(address indexed owner, address indexed operator, bool approved); // Mint a new NFT function mint(address to) public { require(to != address(0), "Cannot mint to zero address"); uint256 tokenId = _tokenIdCounter++; _tokens[tokenId] = Token(to, address(0)); _balances[to]++; emit Transfer(address(0), to, tokenId); } // Get the balance of an owner function balanceOf(address owner) external view returns (uint256) { require(owner != address(0), "Owner address cannot be zero"); return _balances[owner]; } // Get the owner of a specific token function ownerOf(uint256 tokenId) public view returns (address) { address owner = _tokens[tokenId].owner; require(owner != address(0), "Token does not exist"); return owner; } // Approve another address to transfer the specified token function approve(address to, uint256 tokenId) external { address owner = ownerOf(tokenId); require(msg.sender == owner, "Not the token owner"); _tokens[tokenId].approved = to; emit Approval(owner, to, tokenId); } // Get the approved address for a specific token function getApproved(uint256 tokenId) public view returns (address) { require(_tokens[tokenId].owner != address(0), "Token does not exist"); return _tokens[tokenId].approved; } // Approve or revoke permission for an operator to manage all tokens function setApprovalForAll(address operator, bool approved) external { require(operator != msg.sender, "Cannot approve oneself"); _operatorApprovals[msg.sender][operator] = approved; emit ApprovalForAll(msg.sender, operator, approved); } // Check if an operator is approved to manage all tokens of the owner function isApprovedForAll(address owner, address operator) external view returns (bool) { return _operatorApprovals[owner][operator]; } // Transfer ownership of a token function transferFrom(address from, address to, uint256 tokenId) external { require(msg.sender == from || msg.sender == getApproved(tokenId) || _operatorApprovals[from][msg.sender], "Not authorized"); require(_tokens[tokenId].owner == from, "Incorrect owner"); require(to != address(0), "Cannot transfer to zero address"); // Call before transfer hook _beforeTokenTransfer(from, to, tokenId); // Transfer the token _tokens[tokenId].owner = to; _tokens[tokenId].approved = address(0); _balances[from]--; _balances[to]++; emit Transfer(from, to, tokenId); } // Internal function to clear approval when transferring function _clearApproval(uint256 tokenId) internal { if (_tokens[tokenId].approved != address(0)) { delete _tokens[tokenId].approved; } } // Internal hook to be overridden function _beforeTokenTransfer(address from, address to, uint256 tokenId) internal virtual {} } // Interface for ERC 4907 interface IERC4907 { event UpdateUser(uint256 indexed tokenId, address indexed user, uint64 expires); function setUser(uint256 tokenId, address user, uint64 expires) external; function userOf(uint256 tokenId) external view returns (address); function userExpires(uint256 tokenId) external view returns (uint256); } // ERC 4907 Implementation contract ERC4907 is MyERC721Token, IERC4907 { // Custom errors error CanNotRentToZeroAddress(); error NotOwnerOrApproved(); error InvalidExpire(); struct TenantInfo { address tenant; uint64 expires; } mapping(uint256 => TenantInfo) internal _tenants; constructor() { // Minting initial tokens for (uint256 i = 1; i <= 10; i++) { mint(msg.sender); // Minting 10 NFTs } } function setUser(uint256 tokenId, address tenant, uint64 expires) public override { if (ownerOf(tokenId) != msg.sender && getApproved(tokenId) != msg.sender) { revert NotOwnerOrApproved(); } if (tenant == address(0)) { revert CanNotRentToZeroAddress(); } if (expires <= block.timestamp) { revert InvalidExpire(); } TenantInfo storage ref = _tenants[tokenId]; ref.tenant = tenant; ref.expires = expires; emit UpdateUser(tokenId, tenant, expires); } function userOf(uint256 tokenId) public view override returns (address) { TenantInfo storage ref = _tenants[tokenId]; if (ref.expires >= block.timestamp) { return ref.tenant; } else { return address(0); } } function userExpires(uint256 tokenId) public view override returns (uint256) { return _tenants[tokenId].expires; } // Override the transfer function to clear tenant info on transfer function _beforeTokenTransfer(address from, address to, uint256 tokenId) internal override { super._beforeTokenTransfer(from, to, tokenId); TenantInfo storage ref = _tenants[tokenId]; if (from != to && ref.tenant != address(0)) { delete _tenants[tokenId]; emit UpdateUser(tokenId, address(0), 0); } } } ConclusionWith the release of ERC 4907, which provides a flexible framework designed specifically for the growing NFT rental industry, non-fungible tokens (NFTs) have evolved tremendously. Its dual-role strategy not only makes rights allocation more clear but also lays the foundation for a range of partnerships and applications. This innovation comes at a perfect time, as it tackles the intricacy of the leasing space and keeps up with the exponential growth of digital assets.ERC 4907 represents an evolution in the NFT space by introducing rental functionalities, and providing new opportunities for monetization and interaction with digital assets. It opens the door to innovative business models and use-cases across various industries, enhancing the utility of NFTs beyond mere ownership.The NFT environment is about to change as ERC 4907 redefines digital asset leasing and develops popularity across several ecosystems. A future of innovation and fluidity in digital asset management is promised by the protocol, which also offers increased security, operational efficiency, and a multitude of opportunities. As a major protagonist in the story of digital innovation, ERC 4907 solidifies its position by setting new standards that not only predict future trends but also meet present needs. Need assistance with developing your NFT project, connect with our skilled blockchain and NFT developers to get started.References:https://github.com/tronprotocol/tips/blob/master/tip-4906.md https://ethereum-magicians.org/t/eip-6884-delegatable-utility-tokens-derived-from-origin-nfts/13837/https://github.com/ethereum/ERCs/blob/master/ERCS/erc-7507.md/https://github.com/ethereum/web3.py/issues/1351 https://github.com/OpenZeppelin/openzeppelin-contracts/blob/master/contracts/token/ERC721/IERC721.sol https://forum.openzeppelin.com/t/error-verifying-erc721-in-etherscan-file-import-callback-not-supported-with-github-imports/4198 https://soliditydeveloper.com/erc-1155 https://medium.com/coinmonks/erc-721-tokens-b83d7fc3e740 https://ethereum.stackexchange.com/questions/117365/executing-view-read-functions-on-gnosis-safe-with-raw-encoded-data/https://www.kaleido.io/blockchain-blog/how-to-create-and-deploy-an-erc-721-token https://github.com/OpenZeppelin/openzeppelin-contracts/issues/3659 https://hips.hedera.com/hip/hip-376

Technology: SMART CONTRACT , SOLIDITY more Category: Blockchain

Tushar Shrivastava

24 Sep 2024

Understanding Cosmos IBC for Cross-Chain Communication In the evolving landscape of blockchain technology, interoperability remains a crucial yet challenging frontier. As decentralized applications and ecosystems grow, the need for seamless interaction between diverse blockchains has become paramount. The Cosmos IBC (Inter-Blockchain Communication) protocol emerges as a groundbreaking solution, designed to facilitate secure and reliable data exchange across heterogeneous blockchain networks.This blog explores the core principles, and potential of the Cosmos IBC protocol, underscoring its significance in the Cosmos blockchain development ecosystem.Read Also | Exploring the Emerging Use Cases of Cosmos BlockchainWhat is Cosmos IBC?The Inter-Blockchain Communication (IBC) protocol is integral to the Cosmos blockchain ecosystem. It provides a standardized way for independent blockchains to communicate with each other. It enables the transfer of assets and data across distinct networks without requiring a centralized intermediary. IBC operates on a principle similar to TCP/IP in the internet world, creating a universal language for blockchain interoperability.Cosmos IBC addresses the challenge of cross-chain communication, especially relevant for application-specific blockchains and private blockchains. It solves issues related to asset swaps between different blockchains and facilitates interaction between public and private chains. Implementations for private blockchains like Hyperledger Fabric and Corda are already in place. By enabling secure and efficient cross-chain transactions, IBC enhances scalability, reduces transaction costs, and improves network capacity and finality compared to other platforms.Discover | Top Blockchain Platforms for Blockchain App DevelopmentHow Does IBC Work?The following infographic depicts the working of the IBC Protocols -IBC facilitates communication between chains through a sequence of steps:Light ClientsEach participating blockchain runs a light client of the other blockchain to verify transactions without needing to trust an external party. Light clients keep track of the state of the different blockchains to ensure validity.Connection HandshakeChains establish a connection via a handshake process, which involves exchanging proof of their states and confirming the identity of the counterparty.Channel CreationOnce a connection is established, channels are created to facilitate communication. Each channel is bound to a specific application, ensuring the integrity and security of data transfers.Packet RelayingData is sent in packets through these channels. Relayers (participants in the network) monitor and relay these packets between chains, verifying their authenticity and ensuring correct delivery.AcknowledgmentsReceiving chains send acknowledgments back to the sender, confirming receipt and ensuring that transactions are finalized only when the corresponding proof of receipt is verified.Explore |Cosmos Blockchain: Bridging Interoperable Decentralized NetworksKey Features of Cosmos IBC ProtocolInteroperabilityIBC's universal standards facilitate compatibility across a wide range of blockchain protocols, making it a versatile tool for developers.ModularityThe protocol is designed to be highly modular, allowing it to be easily integrated with various blockchains, regardless of their underlying technology.ScalabilityBy enabling parallel operation of multiple independent blockchains, IBC enhances the scalability of the overall ecosystem.SecurityThe use of light clients and cryptographic proofs ensures secure and tamper-resistant communication between chains.Discover | Web3 App Development | Building a Decentralized FutureUse Cases and ApplicationsCross-Chain Token TransfersOne of the most prominent applications of IBC is the transfer of tokens between different blockchains, enabling liquidity and asset interoperability.Decentralized Finance (DeFi)IBC allows DeFi platforms to leverage assets and liquidity from multiple blockchains, creating more robust and interconnected financial services.Data SharingBeyond assets, IBC can exchange arbitrary data, facilitating use cases such as cross-chain oracles and shared governance mechanisms.Check Out | Exploring the Top Blockchain Platforms for Your EnterpriseConclusionThe Cosmos IBC protocol represents a significant advancement in blockchain technology, addressing the critical need for interoperability in a decentralized world. By enabling secure, scalable, and seamless communication between diverse blockchains, IBC paves the way for a more integrated and efficient blockchain ecosystem. As the adoption of IBC grows, we can expect to see a new era of cross-chain collaboration and innovation, unlocking unprecedented opportunities for developers, businesses, and users.Are you ready to harness the power of blockchain interoperability? At Oodles Blockchain, we integrate cutting-edge solutions like Cosmos's IBC protocol to elevate your blockchain projects. Contact our blockchain developers today to explore how we can help you build interconnected, scalable, and secure blockchain applications that drive real value.

Technology: SMART CONTRACT , Javascript more Category: Blockchain

Saumya Srivastava

23 Sep 2024

Telegram Mini Apps vs. Telegram Bots : Exploring the Key Differences Telegram has grown far beyond its origins as a messaging app. It evolved into a versatile platform where developers and businesses can build a variety of tools and applications. Among the features that stand out are Telegram Crypto Trading Bots andTelegram Mini Apps (TMAs). Each of these offers unique functionalities and serves different purposes, catering to diverse needs within the Telegram ecosystem.In this blog, we compare Telegram Bots and Mini Apps, highlighting their unique functionalities, integration methods, development processes, and more.Suggested Read | Telegram Crypto Trading Bot DevelopmentUnderstanding Telegram Bots and Telegram Mini AppsWhat Are Telegram Bots?Telegram Bots are automated software applications that run on the Telegram platform. They interact with users through Telegram's messaging interface, performing tasks and providing information based on predefined commands and inputs.Key Features of Telegram BotsAutomated Interaction: Bots can respond to user inputs with predefined messages or actions, making them ideal for customer support, information retrieval, and interactive experiences.APIs and Webhooks: Developers can use Telegram's Bot API to interact with the platform programmatically. This allows for real-time messaging, updates, and more complex integrations with external services.Customization: Bots can be programmed to handle various tasks, from sending notifications to managing group activities and even processing payments.Ease of Access: Users can start interacting with a bot simply by searching for its username and initiating a conversation, without the need for additional installations.Rich Interaction: Bots can use Telegram's features like inline keyboards, custom commands, and callback queries to create interactive and engaging experiences.Some Use Cases for Telegram BotsCustomer Support: Provide instant answers to common questions or guide users through troubleshooting steps.Content Delivery: Share updates, news, or media content regularly with subscribers.Interactive Services: Facilitate quizzes, games, and other interactive experiences within a chat.Explore | Top 7 Most Popular Telegram Crypto Trading Bots in 2024What Are Telegram Mini Apps?Telegram Mini Apps, orTelegram Web Apps, are web-based applications that are embedded within Telegram chats. They offer a more immersive and interactive experience than standard web links or bots by leveraging the Telegram client's interface directly. These apps basically bridge the gap between Telegram bots and full-fledged heavy web applications.Key Features of Telegram Mini AppsSeamless Integration: Mini Apps run directly within the Telegram interface. They provide a seamless experience without requiring users to leave the chat or switch apps.Rich User Interface: They can offer a more sophisticated and visually appealing interface than bots, supporting complex layouts, multimedia, and dynamic content.Enhanced Functionality: Mini Apps can utilize the full power of web technologies (HTML, CSS, JavaScript) to create advanced features, such as real-time updates, interactive forms, and sophisticated user interactions.User Authentication: They can access Telegram user information and authenticate users directly via Telegram, simplifying login and personalization processes.Context Awareness: Mini Apps can leverage the context of the conversation or chat to tailor their functionality and provide more relevant interactions.Also, Check | Develop Your Own Telegram Mini Apps : A Step-by-Step GuideSome Use Cases for Telegram Mini AppsE-Commerce: Create shopping experiences where users can browse products, make purchases, and track orders all within Telegram.Games and Entertainment: Develop interactive games or multimedia experiences that benefit from a rich, immersive environment.Productivity Tools: Build tools for tasks like project management, scheduling, or document collaboration, all within the Telegram interface.You may also like | DCA Bot Development | A Comprehensive ExplorationDifferences Between Telegram Bots and Telegram Mini AppsBased on the parameters, let's figure out the differences betweenTelegram Bots and Telegram Mini AppsFunctionalityTelegram Bots are automated programs that interact with users through chat. They handle specific tasks based on user commands and queries. Bots are excellent for automating simple tasks like providing weather updates or setting reminders.Telegram Mini Apps (TMAs) are full-fledged web applications integrated into Telegram. They offer a richer experience than Bots, supporting diverse functionalities like gaming and productivity tools. TMAs provide a more immersive user experience with interactive features.IntegrationTelegram Bots function as separate entities within the Telegram app. Users interact with Bots through chat commands and responses. Their integration is limited to the chat environment, which can restrict interaction with other Telegram features.Telegram Mini Apps (TMAs) are seamlessly integrated into Telegram. Users can access Mini Apps through chats or other Bots, creating a more cohesive experience. This deep integration allows Mini Apps to interact more fully with Telegram's core features.DevelopmentTelegram Bots use the Telegram Bot API for development. Developers can create Bots using various programming languages. The Bot API provides tools for handling text-based interactions and automating responses.Telegram Mini Apps (TMAs) are developed using web technologies like HTML, CSS, and JavaScript, along with Telegram's API. This approach allows for the creation of complex applications with custom user interfaces. Developing a Mini App is more intricate and requires web development skills.CapabilitiesTelegram Bots handle basic tasks and interactions. They can perform functions like providing weather information or managing simple data queries. Their capabilities are generally limited to text-based interactions and basic media sharing.Telegram Mini Apps (TMAs) support advanced functionalities. They handle rich media, including videos, images, and audio. TMAs can provide detailed user interactions and complex application features, making them suitable for diverse use cases.AuthorizationTelegram Bots offer easy authorization through Telegram. Users interact with Bots using their Telegram accounts without additional authentication steps. This seamless integration is ideal for simple, automated interactions.Telegram Mini Apps (TMAs) provide more flexible authorization options. They can include features like in-app purchases or subscriptions. This flexibility allows for a more customized user experience and diverse monetization strategies.User InterfaceTelegram Bots have a limited user interface. They rely on text commands, buttons, and basic media sharing. This simple interface is effective for straightforward tasks but less engaging for complex interactions.Telegram Mini Apps (TMAs) offer custom user interfaces with rich media support. They can include complex layouts, interactive elements, and multimedia content. This capability creates a more engaging and visually appealing user experience.Cross-Platform CompatibilityTelegram Bots work across all Telegram-supported devices but remain confined to the chat interface. Their functionality does not extend beyond the Telegram app, limiting their cross-platform capabilities.Telegram Mini Apps (TMAs) are web-based and accessible across various platforms, including Android, iOS, PC, Mac, and Linux. This compatibility ensures a consistent experience on any device.Monetization ScopeTelegram Bots have limited monetization options. They can integrate with external payment systems but generally offer fewer revenue opportunities compared to more advanced tools.Telegram Mini Apps (TMAs) offer robust monetization options. Developers can implement in-app purchases, subscriptions, and advertising. This flexibility allows for multiple revenue streams and greater financial potential.Web3 IntegrationTelegram Bots typically do not support Web3 technologies. Their functionality is limited to traditional Telegram features and API capabilities.Telegram Mini Apps (TMAs) support Web3 integration, including the TON SDK and TON Connect. This support allows developers to create decentralized applications and explore blockchain-based functionalities.Community InvolvementTelegram Bots has an active developer community focused on practical and efficient automated tools. The community shares resources and best practices for Bot development.Telegram Mini Apps (TMAs) benefit from a thriving, innovation-focused community. Developers in this space explore new possibilities and push the boundaries of what can be achieved within Telegram.ExamplesTelegram Bots include language translation Bots, news aggregation Bots, and customer service chatbots. They are designed for automating specific tasks and providing information through text-based interactions.Telegram Mini Apps (TMAs) include gaming platforms, e-commerce solutions, and productivity tools. These applications offer rich, interactive experiences and are often more complex and feature-rich than Bots.Also, Explore | Can ChatGPT Replace Crypto Trading BotsChoosing Between Telegram Bots and Telegram Mini AppsThe choice between a Telegram Bot and a Mini App largely depends on your project's goals and requirements.For Simplicity and Quick InteractionsIf you need a straightforward solution to automate tasks or provide basic interactions, a Telegram Bot is likely the best choice. They are easier to develop and deploy, making them ideal for customer support or content delivery.For Rich, Interactive ExperiencesIf your goal is to create a complex, visually engaging experience within Telegram, a Mini App will be more suitable. They offer greater flexibility and can provide a more immersive user experience, making them ideal for e-commerce, games, or advanced productivity tools.Suggested Read | TON Blockchain: A Guide to Telegram's Ambitious ProjectConclusionTelegram Bots and Mini Apps each have unique advantages and cater to different needs. Bots are ideal for straightforward automation and simple interactions, while Mini Apps provide a richer, more immersive experience. Understanding these differences helps you choose the right tool for your needs.If you're considering developing a Telegram Mini App, look no further than Oodles Blockchain. Our team of expertblockchain developers can help you create a sophisticated Mini App tailored to your specific requirements. Contact us today to get started and bring your vision to life within Telegram!

Technology: solana , Unity Engine more Category: Blockchain

Saumya Srivastava

10 Sep 2024

How to Utilize Rollup-as-a-Service for Maximum Efficiency As the demand forblockchain solutions continues to surge, scalability remains one of the most critical challenges facing the industry. The ability to efficiently process a large number of transactions quickly is crucial to meet growing demands.When a network is unable to handle the demand, it leads to congestion, resulting in slow transaction processing times, high fees, and a poor user experience. This can hinder the usability of blockchain networks, especially for applications with high transaction volumes. Achieving scalability is therefore crucial for the future growth and adoption of blockchain technology. This will ensure that networks can accommodate increased traffic without compromising performance. To address this, innovative solutions like Rollup-as-a-Service (RaaS) are emerging, offering a way to enhance blockchain performance without compromising security or decentralization.But what exactly isRaaS, and how does it contribute to the growing ecosystem of Layer 2 solutions?In this blog, we'll explore the concept ofRollup-as-a-Service, its types, features, and the benefits it offers to various stakeholders in the blockchain space.Suggested Read |Comprehending ZK Rollups | Layer 2 Scaling SolutionsWhat is a Rollup-as-a-Service?Rollup-as-a-Service (RaaS) refers to a specialized service or a concept that provides scalable, efficient, and cost-effective solutions for blockchain networks. Rollups-as-a-Service (RaaS) provides a layer of abstraction overRollup frameworks andSoftware Development Kit(SDKs). This makes it simple to deploy, maintain, and build custom, production-grade application-specific rollups (AppRollups). RaaS allows developers to concentrate on building the application layer, transforming a task that used to require multiple engineers' hours to complete into a 10-minute, no-code deployment process.RaaS platforms also enable Web3 businesses to implement rollup technology— a method of bundling or "rolling up" multiple transactions into a single batch to be processed off-chain and then recorded on-chain as a single transaction. This approach significantly reduces the load on the primary blockchain (Layer 1), thereby enhancing its performance and scalability.Also, Visit |Layer 2 Blockchain Scaling Solutions | Resolving Scalability IssuesTypes of RaaSRaaS platforms generally fall into two main categories based on the type of rollup they implement:Optimistic Rollups andZero-Knowledge (zk) Rollups.Optimistic RollupsOptimistic rollups operate on the assumption that all transactions are valid, eliminating the need for immediate verification. However, they incorporate a challenge period, allowing anyone to dispute a transaction if they suspect foul play. If a challenge is successful, the transaction is reversed. This approach is notable for its simplicity and seamless integration with existing smart contracts.Zero-Knowledge Rollups (zk-Rollups)Zero-knowledge rollups, or zk-Rollups, rely on cryptographic proofs to validate transactions before they are posted on-chain. Unlike Optimistic rollups, zk-Rollups generate validity proofs (zk-SNARKs or zk-STARKs) that allow the network to verify the accuracy of each transaction batch without needing to check individual transactions. This results in faster finality and enhanced security, though it comes at the cost of higher computational complexity.Read More |Zero-Knowledge Proof for Blockchain Transaction PrivacyFeatures and Functionalities of Rollup-as-a-Service (RaaS) PlatformsRaaS platforms offer a range of features designed to optimize blockchain scalability while maintaining security and decentralization:Transaction BundlingTransaction bundling reduces fees and improves network efficiency by grouping multiple transactions together. This feature is ideal for high-volume scenarios, optimizing cost and performance for scalable blockchain solutions.Deployment EaseRaaS platforms simplify blockchain deployment with user-friendly interfaces. Businesses can launch DApps or smart contracts quickly, without needing deep technical knowledge. This reduces time and effort in bringing blockchain projects to market.Broader AccessibilityRaaS platforms offer cross-platform compatibility, making blockchain applications accessible on various devices. This feature ensures broader reach and usability, driving wider adoption across different user environments.Development ToolsWith a robust suite of pre-built and customizable tools, RaaS platforms accelerate blockchain development. Developers can quickly build and deploy tailored applications, reducing time and effort while fostering innovation.Quicker Launch TimeRaaS platforms enable faster project launches by providing pre-configured environments. This quickens time-to-market, allowing businesses to capitalize on opportunities without delay.Cost SavingsRaaS platforms optimize resource usage, offering scalable and cost-effective blockchain solutions. This makes blockchain accessible to businesses of all sizes, enabling innovation without excessive spending.Security MechanismsSecurity is a top priority in RaaS platforms, which offer advanced protection like encryption and secure key management. These features ensure data and transactions are safe, building trust in blockchain solutions.Seamless API IntegrationRaaS platforms provide well-documented APIs for easy integration with existing systems. This allows businesses to incorporate blockchain technology smoothly, enhancing capabilities with minimal disruption.Deep Monitoring and AnalyticsRaaS platforms offer real-time monitoring and analytics, providing valuable insights into blockchain operations. This ensures optimal performance and allows businesses to address issues proactively.Continuous Upgrades and MaintenanceRegular updates and maintenance from RaaS platforms keep blockchain applications up-to-date and secure. This ongoing support ensures reliability and adaptability in a rapidly evolving technological landscape.Smart Contract CompatibilityRaaS platforms support smart contracts across various blockchain networks, ensuring flexibility and interoperability. This feature allows businesses to create versatile applications that work seamlessly in different ecosystems.Also, Visit |Layer 2 Blockchain Scaling SolutionsHow does Rollup-as-a-Service Work?Project OnboardingFor web3 projects, sign up with RaaS platforms to access a complete suite of SDKs, templates, and plug-and-play tools for a quick start.CustomizationPlatforms allow customization of rollups, including security settings, transaction capacities, fees, and performance standards based on specific project needs.Integration of ToolsSeamless integration of development tools, libraries, and SDKs into Web3 applications ensures smooth operation and functionality.Monitoring and MaintenanceRaaS providers offer continuous monitoring and maintenance to keep rollups secure and performant with regular updates and checks.Scaling and UpgradesDevelopers can scale rollup networks as projects grow, accommodating increasing transaction volumes and evolving requirements efficiently.What Web3 Projects Can Leverage from RaaS Platforms?Web3 projects can greatly benefit from RaaS platforms by enhancing scalability and efficiency. For Layer-1 networks like Ethereum, RaaS simplifies the deployment of custom rollups, avoiding the complexities of managing infrastructure components such as nodes and wallets. Similarly, Layer-2 solutions can use RaaS to implement rollups as Layer-3 chains, improving transaction speeds and reducing congestion. RaaS also provides a cost-effective alternative to application-specific blockchains (AppChains), allowing projects to scale without the overhead of standalone blockchains. For large-scale applications like gaming and NFTs, RaaS facilitates high-speed transactions and congestion-free environments, overcoming scalability challenges with minimal effort.Suggested Read | Comprehending ZK Rollups | Layer 2 Scaling SolutionsLeverage RaaS for Web3 Projects?Web3 projects from various businesses or enterprises can leverage RaaS platforms to significantly improve transaction processing speeds, reduce network congestion, and enhance overall efficiency.There are several ways web3 enterprises can easily utilize RaaS platforms to boost the functionality of their blockchain networks.Here's how:Incorporating Layer-2 and Layer-3 SolutionsRaaS platforms can be implemented to deploy rollups as Layer-2 solutions, enhancing scalability by processing transactions off-chain and submitting aggregated data to the main blockchain. This approach improves speed and reduces congestion.Custom RollupsEnterprises can create custom rollups tailored to their specific needs, such as adjusting security settings, transaction capacities, and performance metrics. This flexibility allows for specialized solutions that align with business requirements.Cross-Chain IntegrationRaaS platforms facilitate the integration of rollups with multiple blockchain networks, enabling interoperability and seamless interaction between different chains and applications.Check It Out |Solutions to Address the Blockchain's Scalability TrilemmaSumming UpRollup-as-a-Service (RaaS) is a powerful solution for blockchain scalability, enabling efficient off-chain processing of transactions. With RaaS, various businesses and developers can scale their database, and DeFi solutions, or integrate layer 2 solutions without worrying about investing in their own infrastructure or other resources.Get in touch with our expertblockchain developers today to learn more about how RaaS can benefit your business. We'll help you unlock the full potential of blockchain technology with robust security measures and scalable solutions. Contact us now to take the first step towards efficient and scalable blockchain solutions.

Technology: SMART CONTRACT , REDIS more Category: Blockchain

Saumya Srivastava

10 Sep 2024

Tap-to-Earn Games | An Exhaustive Guide to Rewards-Based Gaming Imagine playing games on your mobile device and earning rewards that can be redeemed for real-world cash or prizes. Sounds exciting. With this, welcome to the world oftap-to-earn games, where gaming meets earning potential.The mobile gaming industry is undergoing a significant transformation with the emergence of this new phenomenon of gaming. This innovative game genre redefines how businesses approach user engagement, monetization, and rewards. By integrating Telegram Mini Apps into tap-to-earn game development, companies can create new revenue streams and increase user retention. This approach also helps drive business growth seamlessly within the Telegram ecosystem. Telegram Mini Apps are relevant to tap-to-earn games because they offer a streamlined platform for directly integrating interactive and engaging experiences within Telegram.This blog highlights the key benefits, mechanics, and best practices of the emerging concept of gaming .Explore | Telegram Crypto Trading Bot DevelopmentWhat are Tap-to-earn Games?Also known as clicker games, T2E is an emerging game concept where players earn in-game tokens by just tapping on their phone screens. These games have gained significant traction in 2024, attracting 10 million users. The success of T2E games is closely related to Telegram's integration of cryptocurrencies and the TON blockchain. It therefore provides a ready-made audience and easy deployment for developers.Origin of Tap-to-Earn GamesTap-to-earn games, a rapidly growing subgenre within GameFi, have evolved from the play-to-earn model. The genre started gaining traction in 2018 and has surged in popularity by 2024, especially on the TON blockchain. Telegram, the fourth-largest messaging app, provided an ideal platform for the growth of these games. Its open platform and bot functionality made it easy for developers to create and deploy these games within the app.Popular tap-to-earn games includeHamster Kombat, where players manage a virtual hamster CEO of a crypto exchange, and tapSwap, which lets users mine tokens through tapping. The success of these games has been remarkable, with Notcoin, one of the earliest tapping games, attracting over 40 million players and launching its token. This trend highlights the expanding opportunities for developers and businesses in the blockchain gaming market.Also Read | Crucial Insights into Crypto Sniper Bot DevelopmentWhy are Tap-to-Earn Games so Popular?Tap-to-earn games have surged in popularity thanks to their easy accessibility, rewarding nature, and casual gameplay. They are free to download, making them widely available, and their straightforward tapping mechanics ensure anyone can play without complex learning curves. The appeal of these games lies in their reward systems, which offer in-game currency, new items, or even real-world money, driving players to keep playing.Designed for brief, casual sessions, these games are perfect for mobile users who play during commutes or breaks. Their combination of repetitive tapping and ongoing rewards creates a compelling cycle that enhances player engagement and retention.These games are, technically, not limited to the Telegram application. However, most games are being developed as mini-games within the Telegram app because the platform provides an exceptionally simple onboarding process for its vast user base of over 900 million people.Read also | Play-to-Earn NFT Games | Driving the GameFI RevolutionFeatures and Benefits of Tap-to-Earn GamesThese games offer several features and benefits that contribute to their widespread appeal:SimplicityThe core mechanic of repetitive tapping is easy to understand, making these games accessible to players of all ages and skill levels.Reward SystemThese games feature a robust reward system that provides consistent incentives, such as virtual currency, items, or real-world rewards It creates a positive feedback loop that keeps players engaged.ProgressionMany tap-to-earn games incorporate progression elements like leveling up, unlocking new content, or achieving higher scores. This adds depth to the gameplay and gives players long-term goals.Monetization OpportunitiesDevelopers can monetize tap-to-earn games through various methods, including advertising, in-app purchases, and brand partnerships, which offer additional revenue streams.Community BuildingSome games include social features, allowing players to compete with or collaborate with friends, adding another layer of engagement.Token EconomyMany tap-to-earn games use blockchain technology, allowing players to earn tokens that can be traded, staked, or used within the game's ecosystem.Decentralizationtap-to-earn games minimize reliance on central authorities on decentralized platforms, enabling trustless and transparent interactions.You may also like | GameFi and Blockchain: The Future of Online GamingHow Does Tap-to-Earn Work?The mechanics of tap-to-earn games are straightforward, yet effective in keeping players engaged:tapping MechanicThe core gameplay involves tapping the screen to perform a specific action. This could be anything from collecting coins and defeating enemies to advancing through levels or completing simple tasks. The simplicity of this mechanic makes the games easy to play and understand.Reward SystemEach tap contributes to a reward, whether it's accumulating points, earning in-game currency, or unlocking items. The reward system is typically designed to provide immediate gratification while also offering long-term goals. For example, players might earn small rewards for each tap, but larger rewards for reaching certain milestones.Monetizationtap-to-earn games generate revenue through various channels. Advertisements are a common method, where players can watch ads in exchange for rewards. In-app purchases allow players to buy additional items or speed up their progress. Some games also partner with brands to offer real-world rewards, such as gift cards or discounts, which can be earned by playing the game.Progression and ChallengesTo keep players engaged over time, many tap-to-earn games include progression systems and challenges. Players can level up, unlock new content, or compete in time-limited events. These features add depth to the gameplay, encouraging players to keep tapping and progressing.Suggested Read | The Economics of Blockchain Gaming | Understanding TokenomicsHow to Develop Tap-to-Earn Games: Mechanics ExplainedDeveloping a tap-to-earn game involves several important steps:ConceptualizationThe first step in developing a tap-to-earn game is to define the core gameplay loop. This involves deciding on the primary action (tapping) and how it will be rewarded. The concept should be simple yet engaging, with clear incentives for players to keep tapping.Designing the Reward SystemThe reward system is central to the success of a tap-to-earn game. It should be balanced to provide both short-term gratification and long-term goals. Developers need to determine what types of rewards will be offered, how they will be earned, and how they will contribute to the overall progression of the game.User InterfaceA simple and intuitive user interface is crucial for a tap-to-earn game. The interface should make it easy for players to start playing and understand how to earn rewards. Clear visuals, responsive controls, and minimal clutter are essential elements of a successful UI.Monetization StrategyDevelopers need to plan how the game will generate revenue. This could involve integrating ads, offering in-app purchases, or partnering with brands for real-world rewards. The monetization strategy should align with the overall design of the game and not disrupt the player experience.Testing and IterationOnce the game is developed, it's important to test it with a small audience to gather feedback. This testing phase allows developers to identify any issues with the gameplay, reward system, or user interface. Based on the feedback, developers can make necessary adjustments to improve the game.Launch and MarketingAfter refining the game, it's time to launch it to a broader audience. Marketing efforts should focus on highlighting the unique aspects of the game, such as the rewards system and the ease of play. Social media, app store optimization, and targeted ads can help attract players.Top tap-To-Earn Games You Should KnowHere are some popular and best tap-to-earn games that have captivated players worldwide:NotcoinReward Mechanism:Notcoin combines proof-of-activity (PoA) and proof-of-interaction (PoI). Players actively interact with the platform to earn NOT tokens.Unique Feature: Notcoin's innovative consensus mechanism sets it apart in the T2E space.Crypto Rewards: Players receive NOT tokens for their tapping efforts.Hamster KombatPlatform: Telegram-based gameMassive Player Base: With over 100 million players, Hamster Kombat is a popular T2E game.Mining Through tapping: Players mine coins by tapping their screens and completing tasks.tapSwapMining Tokens:tapSwap allows users to mine tokens through tapping actions.Simplicity: Its straightforward gameplay appeals to casual gamers.Crypto Incentives: Players tap their way to crypto rewards.You may also like | Saudi Arabia is Ready to Embrace Web3 and GamingFuture Outlook: Reasons for Tap-to-earn Game DevelopmentTap-to-earn game development offers a compelling investment opportunity, attracting a broad audience with simple and accessible gameplay. Their addictive nature drives high engagement, introducing users to cryptocurrency and blockchain technology. With Telegram's integration, developers can leverage its ecosystem, creating a win-win situation.Additionally, tap-to-earn games can integrate smoothly within the app's ecosystem, providing users with easier payment options and user-friendly gaming interfaces. Blockchain-based games might also extend their reach beyond Telegram, integrating with other technologies and platforms. For instance, incorporating non-fungible tokens (NFTs) could allow players to own unique in-game items or avatars, adding a new dimension of ownership and value.Thus, to succeed, developers must balance simplicity and engagement, ensure sustainability, and implement strong security measures, potentially making tap-to-earn a major gaming industry segment.ConclusionIn conclusion, tap-to-earn games have revolutionized the mobile gaming industry by offering a unique blend of entertainment and earning potential. With their simplicity, rewarding nature, and casual gameplay, these games have attracted millions of players worldwide.Interested in exploring tap-to-earn game development or developing a rewarding game that attracts and retains players? Our team of experiencedblockchain game developers is here to help. We'd love to discuss how our expertise can support your project. Get in touch to learn more and let's explore the possibilities together.

Technology: SMART CONTRACT , JQUERY more Category: Blockchain

Saumya Srivastava

10 Sep 2024

AWS Fargate : Effortless Container Deployment, No Servers Fargate offers a server-less setup where you don't have to worry about the backend infrastructure for your application. AWS handles all the infrastructure management for you, making it simple and efficient to deploy applications. With Fargate, you only need to focus on what your application needs, without any concerns about the underlying infrastructure, making the deployment process easier. If you are looking to explore the potential of DevOps for blockchain development, visit our DevOps blockchain development services.The Inner Workings of FargateFargate runs containers in the backend, and Amazon Web Services (AWS) handles all the infrastructure. You don't need to provide any infrastructure for your containerized application. Fargate takes care of packaging the application, including the CPU and memory. It carefully assigns each task to specific CPU and memory resources.You may also like | The Rise of Blockchain in DevOps solutionUnderstanding Fargate Task DefinitionA Fargate task definition serves as a blueprint for your application's setup. It specifies how your containerized application will run on AWS. In this task definition, you outline key settings such as the amount of CPU and memory your application will need. You also define other configurations like networking, logging, and storage options. Once the task definition is created, it is stored as an image in your containers, ensuring your application has all the necessary resources to run smoothly and efficiently. This process allows you to customize the infrastructure requirements according to your application's needs without worrying about the underlying servers.Fargate TasksFargate tasks are the actual running instances of a Fargate task definition within a cluster. When you create a Fargate task, you are essentially launching a specific configuration of your containerized application defined by the task definition. If these tasks are part of an ECS (Elastic Container Service) service, they are managed by a service scheduler. This means AWS automatically handles all the infrastructure required for running these tasks, such as load balancing, scaling, and resource allocation, without you needing to set up or manage any server instances. The entire process is managed on the backend, allowing you to focus solely on your application's functionality and performance.Also, Check | Role of Devops in MetaverseFargate Benefits and How to Get Started:-1:-No need to manage any infrastructure for your containerized applications.2:-Fargate handles packaging the application, including CPU and memory.3:-It allocates each task to specific CPU and memory resources.Steps to Create a Fargate Container:-1:-Create a Task DefinitionIn the task definition, specify the application image, along with settings like family, port, command, entry point, volume, or any other configurations.2:-Creating a Fargate TaskAfter defining the task, you can deploy it either as a standalone task or as part of an ECS service within a cluster.3:-Running a Fargate TaskWhether running as a standalone task or as part of an ECS service, Fargate automatically handles all infrastructure needs, including scaling, without any manual management.Also, Explore | Speed Up Blockchain Development with DevOps ToolsStep-by-Step Guide to Creating Fargate Resources:-Step 1: Create a Fargate Task DefinitionSelect an Image: Start by creating a Fargate task definition. For this example, use a public Docker image like NGINX. You can substitute this with any image you prefer. Public images need internet access to be downloaded. If you're using private images, make sure to use private subnets for secure access.Configure Resources: Specify the CPU and memory required for your task within the task definition. This setup determines how much computing power and memory the application will use.Set Up the Container: Use the NGINX image (or your chosen image) inside the container as part of your task definition.Step 2: Create and Deploy the Fargate TaskInstantiate the Task: Use the task definition from Step 1 to run the task. You can choose to deploy it as a standalone task or as part of an ECS (Elastic Container Service) service within a cluster. In this case, we will run it as a standalone task.Step 3: Monitor the Task StatusCheck Task Progress: After starting the task, it will transition through various states before reaching "running." Initially, it will be in an "active" state and will eventually move to the "running" state. Monitor this process to ensure it completes successfully.Also, Read | Infrastructure as Code: Automate Infrastructure Management for DevOpsBest Practices for Using Fargate:-Allocate Resources Appropriately: Always provide the correct amount of CPU and memory based on your application's needs. This helps in optimizing performance and cost.Simplify Deployment: Fargate makes it easy and efficient to deploy applications, especially for small applications that require quick infrastructure setup. Focus on the application itself while Fargate handles the infrastructure.ConclusionAWS Fargate simplifies container deployment by eliminating the need to manage servers, allowing teams to focus on building and scaling their applications effortlessly. With Fargate, you can launch containers without worrying about infrastructure, leading to faster development cycles and more efficient resource usage. It's an ideal solution for businesses seeking a hassle-free, scalable, and cost-effective way to run containerized applications. If you are looking for high quality DevOps solutions or services, connect with our skilled DevOps engineers for more information.

Technology: MEAN , PYTHON more Category: Blockchain

Ajay Pandey

06 Sep 2024

How to Implement an On-Chain NFT Allowlist In the dynamic world of NFTs, creating an NFT project that provides exclusive access to a specific group of users is a common requirement. One effective way to achieve this is by implementing an on-chain allowlist using NFT development services. By restricting access to specific functions of your smart contract, such as minting or transferring NFTs, you can ensure that only approved users can participate. In this blog, we'll dive into the details of building an on-chain allowlist for your ERC1155 NFT project using Solidity. We'll leverage the robust OpenZeppelin libraries to create a secure, upgradeable, and feature-rich solution.Why Use an On-Chain NFT Allowlist?An on-chain allowlist offers several advantages for NFT projects:Security: Restricts access to specific functions, reducing the risk of malicious activity.Exclusivity: Ensures only designated users for example early supporters or special invitees can mint or transfer NFTs.Flexibility: Allows dynamic updates to the list of approved addresses, adapting to changing requirements.You may also like | Creating a Smart Contract with NFT RoyaltiesAn Example of an Upgradeable AllowlistNFT ERC1155 Token Contract with Built-in Allowlist Functionality// SPDX-License-Identifier: MIT pragma solidity 0.8.20; import "@openzeppelin/contracts-upgradeable/token/ERC1155/ERC1155Upgradeable.sol"; import "@openzeppelin/contracts-upgradeable/token/ERC1155/extensions/ERC1155BurnableUpgradeable.sol"; import "@openzeppelin/contracts-upgradeable/token/ERC1155/extensions/ERC1155SupplyUpgradeable.sol"; import "@openzeppelin/contracts-upgradeable/token/ERC1155/extensions/ERC1155URIStorageUpgradeable.sol"; import "@openzeppelin/contracts-upgradeable/token/common/ERC2981Upgradeable.sol"; import "@openzeppelin/contracts-upgradeable/access/OwnableUpgradeable.sol"; import "@openzeppelin/contracts-upgradeable/proxy/utils/Initializable.sol"; import "@openzeppelin/contracts-upgradeable/proxy/utils/UUPSUpgradeable.sol"; contract AllowlistNFT is Initializable, ERC1155Upgradeable, ERC1155BurnableUpgradeable, ERC1155SupplyUpgradeable, ERC1155URIStorageUpgradeable, ERC2981Upgradeable, OwnableUpgradeable, UUPSUpgradeable { uint256 private _tokenIdCounter; string public name; string public symbol; // Allowlist mapping mapping(address => bool) public isAllowlistAddress; error ArrayLengthMismatch(); error TokenDoesNotExists(); error Unauthorized(); event UpdatedURIs(uint256[] tokenId, string[] newUri); event UpdatedDefaultRoyalty(address receiver, uint256 feeNumerator); modifier onlyAllowlistAddress() { if (!isAllowlistAddress[msg.sender]) { revert Unauthorized(); } _; } /// @custom:oz-upgrades-unsafe-allow constructor constructor() { _disableInitializers(); } function initialize( string memory _name, string memory _symbol, address _initialOwner, address _royaltyReceiver, uint96 _royaltyFeeNumerator ) public initializer { __ERC1155Burnable_init(); __ERC1155Supply_init(); __ERC1155URIStorage_init(); __UUPSUpgradeable_init(); __ERC2981_init(); __Ownable_init(_initialOwner); name = _name; symbol = _symbol; _setDefaultRoyalty(_royaltyReceiver, _royaltyFeeNumerator); } // Allowlist addresses function allowlistAddresses(address[] calldata wAddresses) public onlyOwner { for (uint i = 0; i < wAddresses.length; i++) { isAllowlistAddress[wAddresses[i]] = true; } } function whitelistMint( address to, uint256 amount, string memory tokenUri ) external onlyAllowlistAddress { uint256 tokenId = _incrementTokenId(); _setURI(tokenId, tokenUri); _mint(to, tokenId, amount, ""); } function updateDefaultRoyalty( address receiver, uint96 feeNumerator ) external onlyOwner { _setDefaultRoyalty(receiver, feeNumerator); emit UpdatedDefaultRoyalty(receiver, feeNumerator); } function getLatestTokenId() external view returns (uint256) { return _tokenIdCounter; } function _incrementTokenId() internal returns (uint256) { return ++_tokenIdCounter; } function _update( address from, address to, uint256[] memory ids, uint256[] memory values ) internal virtual override(ERC1155SupplyUpgradeable, ERC1155Upgradeable) { super._update(from, to, ids, values); } function uri( uint256 tokenId ) public view virtual override(ERC1155Upgradeable, ERC1155URIStorageUpgradeable) returns (string memory) { return super.uri(tokenId); } function supportsInterface( bytes4 interfaceId ) public view override(ERC2981Upgradeable, ERC1155Upgradeable) returns (bool) { return super.supportsInterface(interfaceId); } function _authorizeUpgrade( address newImplementation ) internal override onlyOwner {} }The AllowlistNFT contract is an ERC1155 token contract designed to provide exclusive access to a specific group of users. It features on-chain allowlist management, royalty settings, and a dynamic URI system. The contract uses OpenZeppelin's upgradeable libraries for flexibility and security. Key functions include whitelist minting, royalty updates, and token ID management. The contract also overrides necessary functions for compatibility with other standards and ensures secure access control through modifiers.Also, Read | How to Create a Dynamic NFTInitialization and UpgradeabilityThe contract is designed to be upgradeable, ensuring future modifications without redeploying.Allowlist ManagementThe contract allows the owner to manage a list of addresses that are permitted to mint NFTs.Minting FunctionalityOnly addresses on the allowlist can mint new NFTs.Royalty ManagementThe contract supports royalty payments to the original creator of the NFT.Token ID ManagementThe contract keeps track of the unique identifier for each minted NFT.Internal Helper FunctionsThe contract includes internal functions to manage token IDs and update supply counts.\Overriding Functions for CompatibilityThe contract overrides necessary functions to interact with other standards like ERC2981.Access ControlThe contract ensures that only the contract owner and approved addresses can perform certain actions.Also, Check | How to Create an ERC 721 NFT TokenConclusionIn this guide, we've explored the implementation of an on-chain allowlist for an ERC1155 NFT project, highlighting the benefits and practical steps involved. By utilizing OpenZeppelin's upgradeable libraries, we've created a robust and secure smart contract that offers exclusive access to a specified group of users.Key TakeawaysOn-Chain Allowlist: Provides enhanced security and exclusivity by restricting access to NFT minting and transfers.Upgradeable Smart Contract: Leverages OpenZeppelin's libraries to ensure flexibility and future-proofing.Royalty Management: Ensures ongoing compensation for creators through built-in royalty settings.Dynamic URI System: Allows for easy updates and management of NFT metadata.By incorporating these features, your NFT project can effectively manage user access, maintain security, and ensure ongoing creator rewards. This approach not only enhances the functionality of your NFTs but also aligns with best practices in smart contract development.Ready to take your NFT project to the next level? Connect with our skilled NFT developers to learn how we can help you implement a secure, upgradeable on-chain allowlist and other advanced features for your ERC1155 tokens!

Technology: MEAN , PYTHON more Category: Blockchain

Suchit Kumar

02 Sep 2024

How to Build a Grid Trading Bot | A Step-by-Step Guide Grid trading bots automate trading strategies by placing buy and sell orders at predetermined intervals, known as grid levels, to capitalize on market fluctuations. These bots are particularly useful in volatile markets, where price movements can create profit opportunities. By systematically buying low and selling high at multiple price points, grid trading bots aim to capture gains across a range of price movements. This guide walks you through the essential steps to develop a grid trading bot, including defining your strategy, connecting to an exchange API, managing orders, and handling errors. With practical code examples and setup instructions, you'll learn how to create and deploy a robust grid trading system tailored to your chosen market. To develop a grid trading bot, follow these steps to create an automated system that places buy and sell orders at specific intervals (grid levels) to capitalize on market fluctuations. For more about crypto bots, visit our crypto trading bot development services.Creating a Grid Trading BotStep 1: Define Your Trading StrategyChoose a Market: Decide which market you want your grid bot to operate in, such as cryptocurrency, stocks, or forex. Your choice will determine which exchange or broker API you need to use.Set Grid Parameters:Grid Size: Establish the price range (upper and lower limits) where your bot will execute trades.Grid Levels: Determine the number of price points or grid levels within the selected range.Order Size: Decide how much to buy or sell at each grid level.Grid Step: Define the price difference between each grid level.Entry and Exit Criteria: Establish the conditions for starting the grid (e.g., when the price reaches a specific point) and stopping or exiting the grid strategy (e.g., achieving a target profit or hitting a stop-loss limit).You may also like | How to Build a Solana Sniper BotStep 2: Connect to the Exchange APIAPI Access: Obtain API keys from the exchange you plan to use (e.g., Binance, Kraken, Coinbase).Install and Configure API Library: Utilize an appropriate library to interact with the exchange's API, which will allow you to fetch market data and place orders.Step 3: Gather Market Data and Set Up the GridFetch Market Data: Retrieve the latest price data to understand current market conditions.Calculate Grid Levels: Based on the current market price, grid size, and grid step, determine the specific price points where you will place buy and sell orders.Place Initial Grid Orders: Use the exchange's API to place the initial buy and sell orders at the calculated grid levels.Also, Check | How To Create My Scalping Bot Using Node.jsStep 4: Monitor and Adjust OrdersMonitor Market Prices: Continuously track the latest prices to see if any of your orders have been executed.Rebalance the Grid: If a buy order is executed, place a new sell order one grid step above the executed price. Similarly, if a sell order is executed, place a new buy order one grid step below.Implement Stop-Loss and Take-Profit: Set conditions to close all positions if the bot reaches a predetermined loss or profit.Step 5: Handle Errors and Log ActivitiesError Handling: Ensure the bot can handle issues like API rate limits, order rejections, and connection problems.Logging: Record all transactions, orders, and market data to monitor the bot's performance and troubleshoot if needed.You may also like | Building a Chatbot based on BlockchainStep 6: Backtest Your StrategyUse Historical Data: Run simulations using past market data to see how your bot would have performed in various conditions.Evaluate Performance: Review metrics like profit and loss, drawdown, and risk to determine the strategy's effectiveness.Step 7: Deploy and Monitor Your BotDeploy on a Secure Server: Set up your bot on a reliable server, such as a VPS or a cloud service like AWS, Azure, or Google Cloud, to run continuously.Monitor in Real-Time: Regularly check your bot's performance and make adjustments as needed to optimize results. // Step 1: Install Required Libraries // We'll use the `ccxt` library to interact with various cryptocurrency exchanges. const ccxt = require('ccxt'); // Step 2: Setup the Bot Configuration // Define the necessary configuration parameters such as API keys, grid size, and levels. const exchange = new ccxt.binance({ apiKey: 'YOUR_API_KEY', // Replace with your Binance API Key secret: 'YOUR_SECRET_KEY', // Replace with your Binance Secret Key enableRateLimit: true, }); // Bot configuration const symbol = 'BTC/USDT'; // The trading pair const gridSize = 1000; // The range within which the bot will operate const gridLevels = 10; // Number of grid levels const orderSize = 0.001; // Size of each order /** * Step 3: Calculate Grid Levels * * Calculate the price points (grid levels) where the bot will place buy and sell orders. * This step ensures that the bot knows exactly where to place orders within the specified range. */ async function calculateGridLevels() { const ticker = await exchange.fetchTicker(symbol); const currentPrice = ticker.last; // Get the current market price const gridStep = gridSize / gridLevels; // Calculate grid step size let gridPrices = []; for (let i = 0; i < gridLevels; i++) { let buyPrice = currentPrice - (gridStep * (i + 1)); let sellPrice = currentPrice + (gridStep * (i + 1)); gridPrices.push({ buyPrice, sellPrice }); } return gridPrices; } /** * Step 4: Place Initial Grid Orders * * This function places buy and sell orders at the calculated grid levels. * It iterates through each level and places both a buy and sell order at the corresponding prices. */ async function placeGridOrders(gridPrices) { for (let i = 0; i < gridPrices.length; i++) { const { buyPrice, sellPrice } = gridPrices[i]; try { await exchange.createLimitBuyOrder(symbol, orderSize, buyPrice); console.log(`Placed buy order at ${buyPrice}`); await exchange.createLimitSellOrder(symbol, orderSize, sellPrice); console.log(`Placed sell order at ${sellPrice}`); } catch (error) { console.error(`Error placing order: ${error.message}`); } } } /** * Step 5: Monitor and Manage Orders * * Continuously monitor the market to adjust orders based on execution. * If a buy order is filled, the bot places a new sell order one grid step above, and vice versa. */ async function manageOrders() { try { const openOrders = await exchange.fetchOpenOrders(symbol); for (const order of openOrders) { // Check if any orders are filled const orderInfo = await exchange.fetchOrder(order.id, symbol); if (orderInfo.status === 'closed') { console.log(`Order ${order.id} is filled at ${orderInfo.price}`); // Place a new order in the opposite direction if (order.side === 'buy') { const newSellPrice = orderInfo.price + (gridSize / gridLevels); await exchange.createLimitSellOrder(symbol, orderSize, newSellPrice); console.log(`Placed new sell order at ${newSellPrice}`); } else if (order.side === 'sell') { const newBuyPrice = orderInfo.price - (gridSize / gridLevels); await exchange.createLimitBuyOrder(symbol, orderSize, newBuyPrice); console.log(`Placed new buy order at ${newBuyPrice}`); } } } } catch (error) { console.error(`Error managing orders: ${error.message}`); } } /** * Step 6: Main Function to Run the Bot * * Integrate all parts into a main function that initializes the grid and runs the bot in a loop. */ (async () => { try { const gridPrices = await calculateGridLevels(); // Calculate the initial grid levels await placeGridOrders(gridPrices); // Place the initial grid orders // Continuously manage orders setInterval(async () => { await manageOrders(); }, 10000); // Check every 10 seconds } catch (error) { console.error(`Error running bot: ${error.message}`); } })(); Also, Discover | Top 7 Most Popular Telegram Crypto Trading Bots in 2024ConclusionIn conclusion, developing a grid trading bot offers a strategic approach to navigating market fluctuations and optimizing trading opportunities. By setting precise grid levels and automating buy and sell orders, you can efficiently capitalize on price movements without needing constant manual intervention. This guide has outlined the key steps—from defining your trading strategy and configuring the bot to monitoring and managing orders. With practical examples and a clear framework, you now have the foundation to build and deploy your own grid trading bot. As you implement and refine your bot, remember to continually test and adjust your strategy based on market conditions to maximize performance and achieve your trading goals. If you are looking to develop crypto trading bots, connect with our skilled crypto bot developers to get started.

Technology: SMART CONTRACT , JQUERY more Category: Blockchain

Prince Balhara

02 Sep 2024

A Guide to Implementing NFT Royalties on ERC-721 & ERC-1155 NFT royalties are payments made to the original creators each time their digital assets are resold on the secondary market. These payments are automated through smart contracts embedded in blockchain networks using NFT development services , ensuring that creators continue to earn from their work long after the initial sale.How NFT Royalties WorkCreators can set their desired royalty percentage during the minting process of the NFT. When a secondary sale occurs, the smart contract automatically allocates the specified percentage of the transaction as a royalty payment to the creator.ExampleOne notable example is Beeple's "Crossroads" NFT, which was resold for approximately $6.6 million on the secondary market. Beeple received 10% of the resale value as a royalty payment, demonstrating how NFT royalties provide creators with an ongoing revenue stream.You may also like | How to Get the Transaction History of an NFTThe Need for NFT RoyaltiesDespite the visibility gained through social media, artists and creators often struggle to receive fair compensation for their work. Traditional art and content sales typically result in one-time payments, with creators losing control over secondary sales. NFT royalties offer a revolutionary solution by ensuring that creators continue to benefit financially from the resale of their work, providing a sustainable income model and restoring control over how their creations are monetized.Also, explore | How to Create a Compressed NFT on SolanaWays To Implement RoyaltiesTo implement the functionality of royalties in smart contracts, we mainly work with two types of smart contracts:ERC-721 (Non-Fungible Token) ContractsERC-1155 (Multi-Token Standard) Contracts.Description of Smart ContractsERC-721(NFT) ContractIn an ERC-721, every NFT is unique, meaning each NFT must reference its specific content. The ERC-721 standard provides a set of functions that developers can integrate into their smart contracts to create, transfer, and manage NFTs. These functions allow for the creation of unique tokens, each with distinct metadata, making them individually identifiable.Internally, ERC-721 smart contracts maintain a ledger of token ownership, manage transfers between users, and track the total token supply along with the balance of tokens for each address. A well-known example of an application using the ERC-721 standard is CryptoKitties, a blockchain-based game that allows users to buy, sell, and breed virtual assets. Other examples include Ethermon, MyCrypto, and Cryptodoggies.Explore more | A Detailed Guide to NFT Minting on Solana using Metaplex APIHere's a sample contract, demonstrating how to integrate royalties functionality to an erc-721 smart contract.// SPDX-License-Identifier: MIT pragma solidity ^0.8.0; interface IERC721 { function balanceOf(address owner) external view returns (uint256 balance); function ownerOf(uint256 tokenId) external view returns (address owner); function safeTransferFrom(address from, address to, uint256 tokenId) external; function transferFrom(address from, address to, uint256 tokenId) external; function approve(address to, uint256 tokenId) external; function getApproved(uint256 tokenId) external view returns (address operator); function setApprovalForAll(address operator, bool _approved) external; function isApprovedForAll(address owner, address operator) external view returns (bool); } interface IERC721Receiver { function onERC721Received(address operator, address from, uint256 tokenId, bytes calldata data) external returns (bytes4); } contract ERC721WithRoyalties is IERC721 { string private _name; string private _symbol; mapping(uint256 => address) private _owners; mapping(address => uint256) private _balances; mapping(uint256 => address) private _tokenApprovals; mapping(address => mapping(address => bool)) private _operatorApprovals; // Royalties mapping: tokenId => (royaltyRecipient, royaltyPercentage) mapping(uint256 => address) private _royaltyRecipients; mapping(uint256 => uint256) private _royaltyPercentages; // Mapping to store token URIs mapping(uint256 => string) private _tokenURIs; constructor(string memory name_, string memory symbol_) { _name = name_; _symbol = symbol_; } // ERC721 Metadata function name() public view returns (string memory) { return _name; } function symbol() public view returns (string memory) { return _symbol; } function tokenURI(uint256 tokenId) public view returns (string memory) { require(_exists(tokenId), "ERC721: URI query for nonexistent token"); return _tokenURIs[tokenId]; } // Function to set token URI function _setTokenURI(uint256 tokenId, string memory uri) internal { require(_exists(tokenId), "ERC721: URI set of nonexistent token"); _tokenURIs[tokenId] = uri; } // ERC721 Functions function balanceOf(address owner) public view override returns (uint256) { require(owner != address(0), "ERC721: balance query for the zero address"); return _balances[owner]; } function ownerOf(uint256 tokenId) public view override returns (address) { address owner = _owners[tokenId]; require(owner != address(0), "ERC721: owner query for nonexistent token"); return owner; } function approve(address to, uint256 tokenId) public override { address owner = ownerOf(tokenId); require(to != owner, "ERC721: approval to current owner"); require(msg.sender == owner || isApprovedForAll(owner, msg.sender), "ERC721: approve caller is not owner nor approved for all"); _tokenApprovals[tokenId] = to; emit Approval(owner, to, tokenId); } function getApproved(uint256 tokenId) public view override returns (address) { require(_exists(tokenId), "ERC721: approved query for nonexistent token"); return _tokenApprovals[tokenId]; } function setApprovalForAll(address operator, bool approved) public override { _operatorApprovals[msg.sender][operator] = approved; emit ApprovalForAll(msg.sender, operator, approved); } function isApprovedForAll(address owner, address operator) public view override returns (bool) { return _operatorApprovals[owner][operator]; } function transferFrom(address from, address to, uint256 tokenId) public override { require(_isApprovedOrOwner(msg.sender, tokenId), "ERC721: transfer caller is not owner nor approved"); _transfer(from, to, tokenId); } function safeTransferFrom(address from, address to, uint256 tokenId) public override { safeTransferFrom(from, to, tokenId, ""); } function safeTransferFrom(address from, address to, uint256 tokenId, bytes memory _data) public { require(_isApprovedOrOwner(msg.sender, tokenId), "ERC721: transfer caller is not owner nor approved"); _transfer(from, to, tokenId); require(_checkOnERC721Received(from, to, tokenId, _data), "ERC721: transfer to non ERC721Receiver implementer"); } // Internal Functions function _exists(uint256 tokenId) internal view returns (bool) { return _owners[tokenId] != address(0); } function _isApprovedOrOwner(address spender, uint256 tokenId) internal view returns (bool) { require(_exists(tokenId), "ERC721: operator query for nonexistent token"); address owner = ownerOf(tokenId); return (spender == owner || getApproved(tokenId) == spender || isApprovedForAll(owner, spender)); } function _safeMint(address to, uint256 tokenId, string memory uri) internal { _mint(to, tokenId); _setTokenURI(tokenId, uri); // Set the token URI on mint require(_checkOnERC721Received(address(0), to, tokenId, ""), "ERC721: transfer to non ERC721Receiver implementer"); } function _mint(address to, uint256 tokenId) internal { require(to != address(0), "ERC721: mint to the zero address"); require(!_exists(tokenId), "ERC721: token already minted"); _balances[to] += 1; _owners[tokenId] = to; emit Transfer(address(0), to, tokenId); } function _transfer(address from, address to, uint256 tokenId) internal { require(ownerOf(tokenId) == from, "ERC721: transfer of token that is not own"); require(to != address(0), "ERC721: transfer to the zero address"); _approve(address(0), tokenId); _balances[from] -= 1; _balances[to] += 1; _owners[tokenId] = to; emit Transfer(from, to, tokenId); } function _approve(address to, uint256 tokenId) internal { _tokenApprovals[tokenId] = to; emit Approval(ownerOf(tokenId), to, tokenId); } function _checkOnERC721Received(address from, address to, uint256 tokenId, bytes memory _data) private returns (bool) { if (to.code.length > 0) { try IERC721Receiver(to).onERC721Received(msg.sender, from, tokenId, _data) returns (bytes4 retval) { return retval == IERC721Receiver(to).onERC721Received.selector; } catch { return false; } } else { return true; } } // Royalty Functions function setRoyaltyInfo(uint256 tokenId, address recipient, uint256 percentage) external { require(msg.sender == ownerOf(tokenId), "ERC721: caller is not owner of the token"); require(percentage <= 10000, "ERC721: royalty percentage too high"); // Max 100% _royaltyRecipients[tokenId] = recipient; _royaltyPercentages[tokenId] = percentage; } function getRoyaltyInfo(uint256 tokenId) external view returns (address recipient, uint256 percentage) { require(_exists(tokenId), "ERC721: querying royalty info for nonexistent token"); return (_royaltyRecipients[tokenId], _royaltyPercentages[tokenId]); } function _calculateRoyalty(uint256 salePrice, uint256 tokenId) internal view returns (uint256) { uint256 percentage = _royaltyPercentages[tokenId]; return salePrice * percentage / 10000; // Royalty percentage is out of 10000 } // To be used in conjunction with marketplace integrations function payRoyalty(uint256 tokenId, uint256 salePrice) external payable { uint256 royaltyAmount = _calculateRoyalty(salePrice, tokenId); require(msg.value == royaltyAmount, "ERC721: incorrect royalty payment"); address recipient = _royaltyRecipients[tokenId]; require(recipient != address(0), "ERC721: no recipient set for royalties"); payable(recipient).transfer(msg.value); } // Events event Transfer(address indexed from, address indexed to, uint256 indexed tokenId); event Approval(address indexed owner, address indexed approved, uint256 indexed tokenId); event ApprovalForAll(address indexed owner, address indexed operator, bool approved); } ERC-1155 (NFT) ContractERC-1155 is a versatile token standard on the Ethereum blockchain that enables the creation and transfer of both fungible and non-fungible tokens within a single transaction. Combining the features of earlier standards like ERC-20 and ERC-721, it enhances efficiency and significantly reduces costs. This standard supports an infinite variety of tokens, including semi-fungible ones, and offers secure transfer mechanisms without the need to approve each token contract individually.ERC-1155 allows multiple assets to be managed within a single smart contract, reducing transaction costs and streamlining operations. It enables the transfer of multiple items to one or more recipients in a single transaction. For example, in blockchain games, ERC-1155 simplifies management by integrating various components—such as shields, swords, and in-game currency—into a single smart contract, eliminating the need for multiple contracts for each asset.Also, check | A Step by Step Tutorial of Building a Cross Chain NFT BridgeImportance of ERC-1155 TokenPrior to ERC-1155, creating a use case that involved both ERC-20 (fungible) and ERC-721 (non-fungible) tokens required separate contracts for each type. Additionally, ERC-1155 allows for the management of multiple NFT collections within a single smart contract, eliminating the need to create a separate contract for each collection. This consolidation reduces the number of transactions, which is crucial for saving blockchain space and enhancing the efficiency of smart contract deployment.Example ERC-1155 TokenConsider an online event ticketing system that uses ERC-1155 tokens to manage access to various events. In this system, different token IDs within the smart contract represent various ticket categories, such as general admission, VIP passes, and early bird specials. When users purchase tickets, they receive ERC-1155 tokens corresponding to their chosen ticket type. These tokens are stored in their digital wallets and can be presented at the event for admission. To validate entry, event organizers simply scan the token's QR code.Also, discover | How to Create a Rentable NFTsDifference Between ERC721 and ERC1155 Smart Contract ERC-721 was the first major NFT standard, created in 2017 by the Ethereum development studio ConsenSys, and remains the most popular protocol for NFTs. ERC-1155, a newer standard introduced in 2018 by Enjin, a gaming company specializing in blockchain technology, brought additional flexibility.ERC-721 tokens are unique and strictly non-fungible, meaning each token is distinct and cannot be interchanged with another. In contrast, ERC-1155 tokens can be fungible, non-fungible, or even semi-fungible. This versatility allows ERC-1155 tokens to represent both collectibles and traditional assets like currencies or commodities.While both ERC-721 and ERC-1155 are valid standards for NFTs, the key difference is that ERC-721 tokens are always non-fungible, whereas ERC-1155 tokens can be either fungible or non-fungible. ERC-721 is typically preferred for collectibles, while ERC-1155 is favored for use cases involving traditional assets and gaming items due to its efficiency and versatility.If you are looking to hire NFT developers, explore our large talent pool, comprising skilled full-stack developers.

Technology: MEAN , PYTHON more Category: Blockchain

Tushar Shrivastava

30 Aug 2024

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