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Skills Blog Posts
How to Deploy a smart Contract using Foundry
Foundry is a Rust-based smart contract development toolset for Ethereum. The creation and implementation of smart contracts are made easier with Foundry. By managing dependencies, executing tests, and assisting with deployment, it simplifies the process. Additionally, Foundry offers you a variety of tools for creating smart contracts, including:Forge: Allows you to test, build, and implement smart contracts.Cast: Cast is Foundry's CLI utility for making RPC calls to Ethereum. Send transactions, call smart contracts, and get any kind of chain data.Anvil: Foundry ships with a local testnet node. It can be used to communicate over RPC or to test your contracts from frontends.Chisel: Included with Foundry is a powerful Solidity REPL called Chisel. It can be used to rapidly evaluate how Solidity snippets behave on a forked or local network.Also, Explore | Top 5 Smart Contract Development CompaniesHow to Deploy a Smart Contract using FoundryInitialize the projectUse forge init to launch a new Foundry project:init foundry_project forging
A new project folder named foundry_project will result from this. The following items will be in the folder:src : Your smart contracts' default directory is called src.tests: the tests' default directoryfoundry.toml : Foundry project configuration file, foundry.tomllib: includes the required libraries.script: files with Solidity ScriptingYou may also like | Code Analysis Tools for Solidity Smart ContractsThe Counter.sol sample smart contract is provided and can be found inside the src folder.// SPDX-License-Identifier: UNLICENSED
pragma solidity ^0.8.13;
contract Counter {
uint256 public number;
function setNumber(uint256 newNumber) public {
number = newNumber;
}
function increment() public {
number++;
}
}
Use the forge build to compile the smart contract: forge buildThe following output will appear in your terminal if your contract compiles successfully:rahul@rahul:~/foundry/hello_foundry$ forge build
[⠰] Compiling...
[⠘] Compiling 24 files with 0.8.23
[⠒] Solc 0.8.23 finished in 6.28sCompiler run successful!
[⠢] Solc 0.8.23 finished in 6.28sThe tests directory is created by Foundry and serves as the default location for all of the smart contract testing. The test file names have a.t.sol extension.You can find a specifically named test file called Counter.t.sol if you open the test folder.// SPDX-License-Identifier: UNLICENSED
pragma solidity ^0.8.13;
import {Test, console2} from "forge-std/Test.sol";
import {Counter} from "../src/Counter.sol";
contract CounterTest is Test {
Counter public counter;
function setUp() public {
counter = new Counter();
counter.setNumber(0);
}
function test_Increment() public {
counter.increment();
assertEq(counter.number(), 1);
}
function testFuzz_SetNumber(uint256 x) public {
counter.setNumber(x);
assertEq(counter.number(), x);
}
}
To test the Couter.sol smart contract utilising forge test, execute the following file: forge testIf all the test are passed then,rahul@rahul:~/foundry/hello_foundry$ forge test
[⠔] Compiling...No files changed, compilation skipped
[⠒] Compiling...
Running 2 tests for test/Counter.t.sol:CounterTest
[PASS] testFuzz_SetNumber(uint256) (runs: 256, μ: 27320, ~: 28409)
[PASS] test_Increment() (gas: 28379)
Test result: ok. 2 passed; 0 failed; 0 skipped; finished in 64.81msAlso, Explore | AI-Driven Smart Contracts: Merging Intelligence with AutomationDeploying the smart contractUse the forge create command to deploy the smart contract to a network:Deploy command : forge create <your_rpc_endpoint> as the --rpc-url. <wallet_private_key>—private-key counter.sol: Counter in src . By following this tutorial, you can obtain the RPC for the network from Infura:Link : https://www.infura.io/blog/post/getting-started-with-infura-28e41844cc89should the smart contract be successfully deployed, your terminal will display the following output:rahul@rahul:~/foundry/hello_foundry$ forge create src/Counter.sol:Counter --rpc-url https://sepolia.infura.io/v3/<your infura key> -
-private-key <wallet private key>
[⠔] Compiling...No files changed, compilation skipped
[⠒] Compiling...
Deployer: 0x2Bc5b75F445cdAa418d32C5FD61A11E53c540Ba2
Deployed to: 0xb88758D730bDd6b07958427321169626A479afBc
Transaction hash: 0x4a6ebeb2d942a3c60648a44d8078ef00cb440f73a22acf2a06ee63f95604ef2fIf you are looking to bring your business idea into reality using the potential of blokchain and smart contracts, connect with our skilled smart contract developers to get started.
Rahul Maurya
30 Apr 2024
Create an Externally Owned Wallet using Web3J and Spring Boot
In this blog, we are going to create an Externally Owned Wallet that is fully controlled by a person having the right private keys for the wallet. To do this we will use Web3J which is a Java API that provides us all the tools to create wallets and Spring Boot which is the most famous framework when it comes to Java. For more about Ethereum blockchain, explore our Ethereum Blockchain development services.Create an Externally Owned Wallet using Web3J and Spring BootStep 1: Create a Spring Boot project with the help of the Spring Initializr website. For this demonstration, I am using Maven as my project management tool. It includes the following dependencies:Spring WebMySQL Driver(choose the database as per your requirement)Spring Data JPALombokWeb3J Core Note: Web3J Core dependency is not provided by Spring. We need to set it up manually in our pom.xml file. To do this simply addYou may also like | Deploying a contract using web3.js
<dependency>
<groupId>org.web3j</groupId>
<artifactId>core</artifactId>
<version>4.11.2</version>
</dependency>Step 2: Create a Wallet entity class to save wallet details in the database. For the sake of simplicity of this demonstrationI am assuming that there is a one-to-one mapping between the Wallet and the User entities.@Setter
@Getter
@NoArgsConstructor
@AllArgsConstructor
@Entity
public class Wallet {
@Id
@GeneratedValue(strategy = GenerationType.IDENTITY)
private Long id;
@OneToOne(optional = false)
@JoinColumn(name = "user_id")
private User user;
private String walletAddress;
private String privateKey;
private BigDecimal balance;
private String currencyName;
private String currencyAbr;
private String walletJsonFilePath;
private String walletPassword;
}Step 3: In this step, we are going to write a logic that allows us to create a wallet for a user. Here we will focusonly on the business logic and not on the controller layer or the repository layer.private void createWalletForUser(User user) {
try {
// use wallet password of your choice
String walletPassword = user.getEmail() + random.nextInt(100, 500); // Use Encrypted form
// you can use any directory of your choice for the walletDirectory
String walletName = WalletUtils.generateNewWalletFile(walletPassword, new File(walletDirectory));
// create credentials object by safely using wallet file with the help of wallet password
Credentials credentials = WalletUtils.loadCredentials(walletPassword, walletDirectory + "/" + walletName);
// wallet address is used to refer to a particular wallet on the Ethereum blockchain
String walletAddress = credentials.getAddress();
// this private key is then used to transactions
String privateKey = credentials.getEcKeyPair().getPrivateKey().toString();
// set these values as per your requirements
BigDecimal balance = new BigDecimal("xxx");
String currencyName = "xxx";
String currencyAbr = "xxx";
String walletJsonFilePath = walletDirectory + File.separator + walletName;
// only persist the encrypted form of your wallet password and private key
String walletPasswordEncrypted = EncryptDecrypt.encrypt(walletPassword);
String privateKeyEncrypted = EncryptDecrypt.encrypt(privateKey);
Wallet wallet = new Wallet();
wallet.setUser(user);
wallet.setWalletAddress(walletAddress);
wallet.setPrivateKey(privateKeyEncrypted);
wallet.setBalance(balance);
wallet.setCurrencyName(currencyName);
wallet.setCurrencyAbr(currencyAbr);
wallet.setWalletJsonFilePath(walletJsonFilePath);
wallet.setWalletPassword(walletPasswordEncrypted);
walletRepository.save(wallet);
} catch (Exception e) {
e.printStackTrace();
throw new CustomException("Error occurred while creating wallet: " + e.getMessage());
}
}Also, Explore | How to Use a Web3js Call Contract FunctionConclusionFollowing the steps mentioned above correctly, we can create an Externally Owned Wallet for a user. All we have used is the Web3J and it provides all the necessary tools that help us to create a wallet with almost a few lines of code.For more about Ethereum or smart contract development-related project development, connect with our skilled Solidity developers.
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MEAN
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Category:
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Vikas Bagri
30 Apr 2024
How to Create an ERC 721C Contract
In the world of blockchain and cryptocurrency, creativity knows no limitations. From decentralized finance (DeFi) to non-fungible tokens (NFTs), the possibilities appear limitless. Among these ground-breaking innovations is the ERC-721 standard, which has transformed the concept of digital ownership and scarcity. Enter ERC-721C, an advancement in token standards for Ethereum blockchain development that aims to empower both creators and collectors.Understanding ERC-721CERC-721C is a modification of the ERC-721 standard, which specifies the rules for establishing non-fungible tokens on the Ethereum network. Non-fungible tokens, as as compared to fungible tokens like bitcoins, are one-of-a-kind assets that cannot be duplicated. ERC-721C adds new functionality and features, giving creators greater flexibility and control over their digital assets.You may also like | Understanding ERC-404 | The Unofficial Token StandardWhy ERC-721C?While the original ERC-721 standard provided the way for the NFT revolution, ERC-721C expands on it by resolving some of its limitations and improving its capabilities. Here's why artists and developers are using ERC-721C:Customizable RoyaltiesERC-721C enables creators to integrate royalty mechanisms directly into their tokens, ensuring that they earn a percentage of the proceeds when their assets are sold on the secondary market. This feature allows creators to generate passive money from their work, resulting in a more sustainable ecology for digital art and collectibles.Fractional OwnershipWith ERC-721C, token holders can divide ownership of a digital asset into numerous shares, letting many people to own fractions of the asset. This creates new opportunities for crowdfunding, investing, and shared ownership models, democratizing access to high-value assets and allowing stakeholders to collaborate.Dynamic MetadataUnlike standard NFTs, which store metadata off-chain and are immutable once created, ERC-721C tokens enable dynamic metadata updates. This means that creators can change the qualities and properties of their tokens even after they've been created, allowing for real-time changes, modification, and interactions.InteroperabilityERC-721C coins are fully able to work with the existing ERC-721 infrastructure, allowing for smooth interaction with NFT marketplaces, wallets, and decentralized apps. This interoperability increases the liquidity and usability of ERC-721C tokens, making them available to a wider range of collectors and enthusiasts.Also, Explore | ERC-721 Non-Fungible Token Standard DevelopmentBuilding an ERC-721C Contract
// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;
import "@openzeppelin/contracts/token/ERC721/extensions/ERC721Enumerable.sol";
import "@openzeppelin/contracts/access/Ownable.sol";
contract MyERC721 is ERC721Enumerable, Ownable {
// Token name and symbol
string private _name;
string private _symbol;
// Base URI for metadata
string private _baseURI;
// Mapping from token ID to metadata URI
mapping(uint256 => string) private _tokenURIs;
// Constructor
constructor(string memory name_, string memory symbol_, string memory baseURI_) ERC721(name_, symbol_) {
_name = name_;
_symbol = symbol_;
_baseURI = baseURI_;
}
// Mint new token
function mint(address to, uint256 tokenId, string memory tokenURI) external onlyOwner {
_mint(to, tokenId);
_setTokenURI(tokenId, tokenURI);
}
// Override base URI
function _baseURI() internal view virtual override returns (string memory) {
return _baseURI;
}
// Set token URI
function _setTokenURI(uint256 tokenId, string memory tokenURI) internal virtual {
require(_exists(tokenId), "ERC721Metadata: URI set of nonexistent token");
_tokenURIs[tokenId] = tokenURI;
}
// Get token URI
function tokenURI(uint256 tokenId) public view virtual override returns (string memory) {
require(_exists(tokenId), "ERC721Metadata: URI query for nonexistent token");
string memory _tokenURI = _tokenURIs[tokenId];
string memory base = _baseURI();
if (bytes(base).length == 0) {
return _tokenURI;
}
if (bytes(_tokenURI).length > 0) {
return string(abi.encodePacked(base, _tokenURI));
}
return super.tokenURI(tokenId);
}
// Burn token
function burn(uint256 tokenId) external {
require(_isApprovedOrOwner(_msgSender(), tokenId), "ERC721Burnable: caller is not owner nor approved");
_burn(tokenId);
}
}Also, Read | ERC-20 vs BRC-20 Token Standards | A Comparative AnalysisConclusionERC-721C is the next level of NFT innovation, giving creators unprecedented control and flexibility over their digital assets. ERC-721C empowers artists by exploiting features such as customizable royalties, fractional ownership, dynamic metadata, and interoperability to open new income opportunities, communicate with their fans, and define the future of digital ownership. If you are interested in developing an ERC 721 C contract for your business idea, connect with our skilled Ethereum Blockchain developers.
Technology:
MEAN
,
PYTHON
more
Category:
Blockchain
Pankaj Kumar Thakur
30 Apr 2024
Everything You Need to Know About Crypto Exchange Marketing
Cryptocurrencies are constantly evolving, meaning that marketing strategies for crypto exchange platforms have undergone a significant shift. This shift is due to the growing trend towards advanced technologies that offer revolutionary possibilities.
In this blog, we will explore the landscape of cryptocurrency marketing in 2024, specifically focusing on effective strategies for crypto exchange platforms. We'll equip you with the knowledge, techniques, and resources necessary to successfully navigate this dynamic and ever-changing field and ensure your crypto exchange developmentthrives in a competitive market.
What is Cryptocurrency Exchange Marketing?
Crypto exchange marketing is all about promoting a platform where people can buy, sell, and trade cryptocurrencies. It's crucial for any crypto exchange because it helps them attract new users and keep the existing ones engaged. The more people using the platform, the more money the exchange makes through trading fees.
There are many crypto marketing strategies that crypto exchanges can use.
Check Out | Layer 2 Solutions for Crypto Exchange Development
Need for Cryptocurrency Exchange Marketing Strategies
Here are some basic strategies you can use for marketing your crypto exchange -
Stand Out From the Crowd
Craft a strategic marketing plan to differentiate your crypto exchange in the competitive market. Highlight your unique features, robust security measures, and user-friendly interface to grab user attention.
Build Trust and Attract Users
Emphasize your exchange's robust security features and reliable infrastructure to build trust and encourage users to choose your platform.
Educate and Expand
Educate potential users about cryptocurrencies, exchange functionalities, and the specific benefits of using your platform. It will broaden your user base and attract potential investors.
Grow and Retain
Implement effective marketing strategies focusing on community building and engagement to retain users and promote platform growth.
Stay Compliant
Develop a well-defined marketing strategy that ensures all activities and materials comply with evolving KYC and AML regulations, saving you from legal issues.
Opportunities for All
Crypto digital marketing offers opportunities for growth and success in the crypto market, benefiting all businesses and individuals, including startups, established exchanges, and influencers.
Also, Check | The Emergence of Hybrid Crypto Exchange Development
Top Cryptocurrency Exchange Marketing Strategies That Drive Results in 2024
These strategies are essential for navigating the competitive landscape of cryptocurrencies in 2024, ensuring your project's success and recognition within the industry.
Utilize Influencer Partnerships
Collaborate with crypto influencers to boost project visibility and reputation, leveraging their reach and credibility for mutual benefits.
Leverage Content Marketing
Create informative content that connects with crypto enthusiasts, educating them about your project and establishing authority in the industry.
Embrace PR Marketing
Build trust and credibility through strategic PR efforts, crafting captivating narratives, and gaining positive media attention.
Build a Strong Community
Foster an engaged and loyal community around your project, creating a sense of belonging and turning users into advocates.
Utilize Email marketing
Email Marketing is highly beneficial. Create good content, segment your list, and optimize email delivery for success. Use email sales funnels, automated responses, and engagement automation to keep customers engaged. In addition to content, it's worth exploring email sales funnels, automated responses, and engagement automation to keep customers engaged throughout their journey with your brand.
Harness the Power of Airdrops
Strategically implement airdrops to generate excitement, attract users, and increase visibility for your project. A crypto airdrop is a marketing method startups employ in cryptocurrency.
Invest time in SEO
Optimize your online presence with SEO techniques tailored for the crypto industry, improving visibility and recognition.
Use Referral Programs
Design effective referral programs to inspire existing users to become enthusiastic advocates, driving organic growth.
Secure Listings on Multiple Exchanges
Achieve listings on multiple exchanges to enhance visibility, liquidity, and accessibility for your project.
You may also like | Unleashing the Potential of Perpetual Futures Contracts
Future Trends in Crypto Marketing
The ever-evolving crypto landscape demands cutting-edge marketing strategies. Crypto marketers must embrace trends like Non-Fungible Tokens (NFTs) to stay ahead of the curve. NFTs that leverage blockchain technology create new avenues for engagement and brand storytelling. Additionally, AI is poised to revolutionize the space by personalizing content and delivering laser-focused audience targeting. Finally, navigating the upcoming regulatory changes will be crucial for ensuring compliant and effective marketing campaigns.
Conclusion
Effective marketing is crucial for crypto exchanges to create a trusted and transparent platform and attract and retain users. It results in a thriving community where crypto investors can confidently buy, sell, and trade.
We understand that every business has unique needs. That's why Oodles, a crypto exchange development company, offers a range of cryptocurrency development solutions to fit your specific requirements. Combining our cryptocurrency exchange development expertise with cutting-edge marketing tactics ensures your crypto exchange thrives in the competitive landscape. Connect with crypto exchange developers today and build a secure, effective, and profitable platform.
Technology:
SMART CONTRACT
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MUI, THREE.JS
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Category:
Blockchain
Mudit Kumar
29 Apr 2024
How to Develop a Crypto Wallet like Trust Wallet
In the fast-evolving landscape of cryptocurrency, the need for secure and user-friendly crypto wallets, developed using crypto wallet development services, has never been greater. With the rise of decentralized finance (DeFi) and the increasing adoption of cryptocurrencies, users are seeking reliable platforms to store, manage, and trade their digital assets. One such popular wallet is Trust Wallet, renowned for its simplicity, security, and extensive features. In this comprehensive guide, explore why you should develop a crypto wallet like Trust Wallet as well as insights into how to embark on this rewarding journey
What are Crypto Wallets?
Crypto wallets serve as digital solutions or virtual tools designed to securely store, send, and receive various cryptocurrencies and tokens. They store pairs of public and private keys, which are cryptographic keys used for transactional purposes and tracking. Among the plethora of crypto wallets available, Trust Wallet and MetaMask stand out as widely accepted options. Trust Wallet, in particular, is globally recognized as one of the safest cryptocurrency wallets. Now, let's delve deeper into the functionalities and development of Trust Wallet.
Also, Read | BRC-20 Wallet Development | What You Need To Know
What is a Trust Wallet
Trust Wallet stands out as the premier multi-coin wallet, offering users a seamless experience for storing, earning, exchanging, and managing cryptocurrencies and tokens all within a single platform. Renowned for its simplicity and security, Trust Wallet supports over one million crypto assets and more than 53 blockchains, including popular ones like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and many others.
Available on both mobile and desktop platforms, the Trust Wallet app boasts an intuitive interface aimed at providing users with an effortless experience. One of its most notable features is its robust security measures, which include biometric authentication, ensuring the utmost protection for cryptocurrencies and digital collectibles. With Trust Wallet, users can build their crypto wallet and safeguard their digital assets with confidence.
You may also like | Global Crypto Wallet Market Report 2023
Why Develop a Crypto Wallet like Trust Wallet?
Security and Trust
Trust Wallet has garnered a reputation for its robust security measures, including end-to-end encryption, private key management, and biometric authentication. By developing a wallet like Trust Wallet, you instill confidence in users regarding the safety of their funds and personal information, fostering trust and loyalty.
Accessibility and User-Friendliness
Trust Wallet prioritizes user experience, offering a seamless and intuitive interface suitable for both novice and experienced crypto enthusiasts. By creating a wallet with similar accessibility and user-friendliness, you cater to a broader audience, encouraging mass adoption of cryptocurrencies.
Multi-Currency Support
Trust Wallet supports a wide range of cryptocurrencies, tokens, and decentralized applications (DApps), providing users with unparalleled flexibility and choice. Developing a multi-currency wallet allows users to manage diverse portfolios within a single platform, enhancing convenience and efficiency.
Decentralization and Freedom
Trust Wallet embodies the principles of decentralization, empowering users with full control over their funds and transactions. By developing a decentralized wallet, you contribute to the democratization of finance, enabling individuals worldwide to access financial services without intermediaries or restrictions.
Integration with DeFi Ecosystem
Trust Wallet seamlessly integrates with various DeFi protocols, enabling users to participate in decentralized lending, borrowing, and trading activities. By developing a wallet compatible with DeFi platforms, you facilitate broader adoption of decentralized finance and empower users to explore innovative financial services.
Also, Explore | AI for Crypto Wallet Development | Exploring Its Advantages
How to Develop a Crypto Wallet Like Trust Wallet
Define Objectives and Target Audience:
Begin by defining the objectives and target audience for your crypto wallet. Identify the specific features, functionalities, and user experience you aim to deliver. Conduct market research to understand the needs and preferences of potential users and tailor your wallet accordingly.
Choose the Right Technology Stack
Choosing the right technology stack is essential for creating a secure and effective crypto wallet. Consider factors such as blockchain integration, programming languages, security protocols, and compatibility with different devices and operating systems.
Focus on Security
Security is paramount in crypto wallet development. Implement robust encryption algorithms, secure key management systems, and multi-factor authentication mechanisms to safeguard users' funds and personal information. Conduct thorough security audits and penetration testing to identify and mitigate vulnerabilities.
Design Intuitive User Interface
Design an intuitive and user-friendly interface that simplifies the process of wallet creation, fund management, and transaction execution. Prioritize clarity, consistency, and accessibility to ensure a seamless user experience across different devices and screen sizes.
Implement Multi-Currency Support
Integrate support for a wide range of cryptocurrencies and tokens to accommodate diverse user preferences. Ensure compatibility with popular blockchain networks such as Bitcoin, Ethereum, Binance Smart Chain, and others. Implement features for easy asset management, transfer, and exchange within the wallet.
Enable DeFi Integration
Facilitate seamless integration with decentralized finance protocols, allowing users to access DeFi services directly from the wallet interface. Enable features such as decentralized exchange (DEX) trading, liquidity provision, yield farming, and staking to empower users with greater financial autonomy.
Conduct Testing and Optimization
Thoroughly test the wallet application across various environments and scenarios to identify and address any bugs, glitches, or performance issues. Gather feedback from beta testers and early adopters to refine the user experience and optimize the wallet's functionality.
Ensure Regulatory Compliance
Ensure compliance with relevant regulatory requirements and guidelines governing cryptocurrency wallets and financial services. Implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures as necessary to enhance security and mitigate risks.
Also, Check | MPC Wallet Development | Enhancing Crypto Asset Security
Different Methods to Develop a Crypto Wallet like Trust Wallet
At Oodles, we offer three options to create your crypto wallet like Trust Wallet.
Create a Crypto Wallet App similar to Trust Wallet starting from scratch
Develop a Crypto Wallet App akin to Trust Wallet using a Trust Wallet Clone Script
Choose a White Label Crypto Wallet solution and tailor it to your business needs
Create a Crypto Wallet App similar to Trust Wallet starting from scratch
At Oodles, we can develop your crypto wallet like the Trust Wallet app from scratch, integrating cutting-edge features to set it apart from the competition. Our team of highly skilled wallet developers customizes your wallets to meet your exact specifications, ensuring exceptional functionality that delivers a seamless user experience while thwarting potential scammers.
Develop a Crypto Wallet App akin to Trust Wallet using a Trust Wallet Clone Script
The Trust Wallet Clone Script is a ready-made solution for launching a crypto wallet similar to Trust Wallet. It comes equipped with essential features tailored for your Trust Wallet App, including robust security measures. Our skilled experts at Oodles deliver a meticulously crafted Trust Wallet Clone Script, thoroughly tested and reviewed to ensure reliability.
Choose a White Label Crypto Wallet solution and tailor it to your business needs
Opt for a White Label Crypto Wallet solution, a pre-built software product developed by a third-party provider. Customize the solution according to your business needs, including branding, features, and functionalities, to create a unique and tailored crypto wallet for your users.
Conclusion
Developing a crypto wallet like Trust Wallet presents a unique opportunity to contribute to the growing ecosystem of decentralized finance and empower users with greater financial freedom and control. By prioritizing security, accessibility, and innovation, you can create a wallet that not only meets the needs of today's users but also anticipates the demands of tomorrow's digital economy. With careful planning, strategic execution, and a commitment to excellence, you can unlock the full potential of crypto wallet development and make a meaningful impact on the future of finance.
Want to develop a crypto wallet like Trust Wallet? Connect with our crypto wallet developers to get started.
Technology:
SMART CONTRACT
,
TYPE SCRIPT
more
Category:
Blockchain
Mudit Kumar
22 Apr 2024
TON Blockchain : A Guide to Telegram's Ambitious Project
The Telegram Open Network (TON), now simply known as The Open Network, represents one of the most ambitious attempts to create a highly scalable, fast, and user-friendly blockchain platform. Originally conceived by the founders of the popular messaging app Telegram, TON aims to bring blockchain app development to the masses by integrating seamlessly with communication tools, financial services, and everyday applications. Although Telegram itself withdrew from direct involvement due to regulatory hurdles, the project has continued under the stewardship of the open-source community and the TON Foundation.In this comprehensive guide, we'll delve into the origins of TON, its core technical architecture, consensus mechanisms, ecosystem components, use cases, and the current state of the project. By the end, you'll have a thorough understanding of why TON is considered one of the most innovative and promising blockchain platforms.Origins and BackgroundThe Vision Behind TONThe idea for TON was first revealed in late 2017 by Telegram's founders, Pavel and Nikolai Durov. Their vision was to leverage Telegram's large, tech-savvy user base to drive the adoption of a next-generation blockchain. Unlike many existing blockchains that struggled with scalability, high fees, and slow transaction speeds, TON aimed to deliver:High Throughput and Low Latency: Support millions of transactions per second (TPS) and achieve near-instant confirmations.Low Fees: Provide microtransactions at minimal cost, enabling use cases like micropayments and in-app purchases.User-Friendly Experience: Integrate with Telegram's user interface and simplify blockchain interactions for non-experts.The Regulatory SetbackTelegram initially raised over $1.7 billion in a private Initial Coin Offering (ICO) for the project's native token, “Gram.” However, in 2020, the U.S. Securities and Exchange Commission (SEC) challenged the legality of this offering. Under legal pressure, Telegram stepped back, returning funds to investors and transferring control of the TON codebase to the community. This transition marked the end of Telegram's direct involvement and the birth of a community-driven project now simply called The Open Network.You may also like | Telegram Mini Apps vs. Telegram Bots : Exploring the Key DifferencesCore Technical ArchitectureTON's architecture is designed from the ground up to support large-scale, decentralized applications (dApps) and services. It adopts a multi-blockchain design featuring multiple sub-chains governed by a masterchain.Multi-Blockchain StructureTON uses a “blockchain of blockchains” model:Masterchain: The main chain overseeing network parameters, validator management, and the global state. It records essential data like smart contract code and configurations.Workchains: Parallel blockchains that handle different types of transactions or host different ecosystems. Each workchain can have its own rules, tokenomics, and virtual machines.Shardchains: Each workchain is further divided into shardchains (shards) to improve throughput. Sharding splits network load, allowing the system to process transactions in parallel and achieve very high TPS.This hierarchical structure is designed to ensure that TON can dynamically scale as demand grows.Instant Hypercube RoutingThe TON Network introduces a unique routing mechanism to achieve efficient cross-shard and cross-workchain communication. Known as Hypercube Routing, it allows messages and data to be transferred quickly between different shards and workchains, minimizing latency and congestion.Virtual Machine and Smart ContractsAt the core of TON's programmability lies the TON Virtual Machine (TVM). The TVM is responsible for executing smart contracts, supporting a flexible and expressive programming environment. Smart contracts on TON can be written in languages that compile down to TVM bytecode, enabling developers to build complex dApps such as decentralized exchanges, lending platforms, and identity solutions.Merkle Proofs and Compact Data StructuresTON employs advanced data structures and cryptographic techniques like Merkle proofs to ensure data integrity, efficient state representation, and fast block validation. Compact proofs and clever use of Merkle trees enable lightweight clients and reduce overhead on validators and users.Also, Read | Top 7 Use Cases of Telegram Mini AppsConsensus Mechanisms and SecurityProof-of-Stake (PoS) with Byzantine Fault Tolerance (BFT)TON's consensus mechanism is based on a Proof-of-Stake model combined with a Byzantine Fault Tolerant (BFT) protocol. Validators stake tokens to secure the network and produce/validate blocks, receiving rewards for honest participation and risking slashing penalties for malicious behavior.The BFT consensus ensures that the network can tolerate a subset of validators acting dishonestly without compromising the overall integrity. This approach achieves finality within seconds, providing fast transaction confirmations and resistance to double-spending attacks.Dynamic Sharding and Load BalancingOne of TON's key innovations is the ability to dynamically split or merge shards based on real-time network load. If a shard becomes too congested, it can be split into two shards, distributing the transaction load. If two shards become under-utilized, they can merge to conserve resources. This flexibility ensures consistent performance and avoids bottlenecks.Also, Explore | Develop Your Own Telegram Mini Apps : A Step-by-Step GuideTON Ecosystem ComponentsTON DNS (Domain Name System)To improve user experience, TON includes a blockchain-based DNS system, allowing human-readable names to be mapped to wallets, services, and smart contracts. Instead of dealing with complex hexadecimal addresses, users can interact with simple, memorable names, making adoption easier.TON Payments and MicropaymentsTON's low transaction fees and high throughput enable seamless micropayments. Businesses and developers can integrate these payments into social media apps, content platforms, and IoT devices, creating monetization models that were previously impractical due to high fees and slow transaction times on legacy blockchains.TON StorageThe TON ecosystem is not limited to transactional data. TON Storage is a distributed file storage layer that can store large amounts of data securely and redundantly. This feature allows dApps to host content, media files, and application logic off-chain while maintaining provable integrity and availability.TON ProxyTON Proxy introduces a built-in privacy layer for the network. By routing traffic through decentralized proxy nodes, users can enjoy enhanced privacy and circumvent censorship, making the network more resilient and accessible.Also, Check | Top 7 Most Popular Telegram Crypto Trading Bots in 2024Use Cases and Potential ApplicationsSocial Messaging and In-App EconomiesTON's original vision was to integrate with Telegram, enabling features like user-friendly crypto wallets, tipping functionalities, and the tokenization of digital assets directly within a messaging platform. While Telegram is no longer directly involved, third-party developers can still build messaging apps, social networks, and communication platforms leveraging TON's scalability and low fees.Decentralized Finance (DeFi)DeFi platforms such as decentralized exchanges (DEXs), lending protocols, stablecoins, and yield optimizers can thrive on TON. Its high-speed, low-cost environment is ideal for financial applications that demand near-instant settlements and predictable fees.Gaming and NFTsTON can support a robust NFT ecosystem, enabling developers to create games and virtual worlds with unique digital assets, collectibles, and tokens representing in-game items. With low latency and scalable throughput, TON can handle the transaction volumes required by popular gaming platforms.Enterprise and Supply Chain SolutionsEnterprises can deploy private or consortium-based workchains within TON, customizing consensus rules and permissions. Supply chain tracking, identity verification, and document notarization are some of the enterprise use cases that can benefit from TON's modular and flexible infrastructure.Also, Read | A Comprehensive Guide to Triangular Arbitrage BotsThe TON Token and EconomicsTON Crystal (TON) TokenOriginally known as “Gram” during Telegram's involvement, the network's primary token now is the TON Crystal, used to pay transaction fees, secure the network through staking, and participate in governance. The token economy is designed to incentivize long-term network stability, encourage validator participation, and facilitate decentralized decision-making.Governance and CommunityWithout Telegram's direct oversight, the TON ecosystem is now governed by the TON Foundation and an open community of developers, validators, and token holders. Governance decisions, such as protocol upgrades, are proposed, discussed, and voted upon transparently, ensuring that the direction of the network aligns with its stakeholders' interests.Current State and Future OutlookPost-Telegram EraDespite the setback with the SEC and Telegram's official withdrawal, the open-source community kept the project alive. The TON Foundation, formed by early supporters and contributors, now steers development, ensuring that TON's original ideals—speed, usability, and scalability—are realized.Ongoing Development and RoadmapDevelopers continue to refine TON's codebase, integrate advanced features like zero-knowledge proofs, and improve tooling for dApp creation. Interoperability solutions are being explored to connect TON with other ecosystems, unlocking cross-chain liquidity and services.Adoption and PartnershipsAs TON matures, more projects are expected to build on it. Partnerships with exchanges, wallets, and infrastructure providers will solidify its position in the blockchain landscape. Over time, user-friendly apps that mask the complexity of blockchain interactions may bring millions of new users into the TON ecosystem.Also, Check | Build a Crypto Payment Gateway Using Solana Pay and ReactChallenges and ConsiderationsRegulatory EnvironmentThe initial legal challenges with Telegram underscore the importance of compliance. TON participants must navigate complex regulatory landscapes as they roll out new services and token offerings, ensuring that the network can grow without constant legal friction.Competition in Layer-1 SpaceTON faces stiff competition from other Layer-1 blockchains optimized for speed and scalability (e.g., Solana, Avalanche, Near). TON's success will depend on its ability to attract developers, build compelling dApps, and maintain a unique value proposition.Security and AuditingAs with any blockchain, rigorous security audits, bug bounties, and a vigilant developer community are essential to maintaining trust. Ensuring that the code and consensus mechanisms remain robust and secure is paramount.ConclusionThe TON blockchain stands as a testament to the ambition of integrating blockchain technology deeply into the fabric of our digital lives. Designed to handle massive throughput, provide user-friendly interfaces, and support a versatile range of applications, TON aims to lower the barriers that have hindered mainstream blockchain adoption.While the regulatory challenges that forced Telegram's exit reshaped the project's trajectory, the community-driven revival has given TON a second life—one driven by open collaboration and decentralized governance. As it continues to evolve, TON has the potential to become a leading platform for global payments, decentralized services, and digital asset management, ultimately fulfilling its early promise to bring secure, scalable blockchain infrastructure to everyday users. If you are looking to develop your project leveraging TON blockchain, connect with our skilled blockchain developers to get started.
Technology:
SMART CONTRACT
,
REDIS
more
Category:
Blockchain
Mudit Kumar
20 Apr 2024
Layer 1 Blockchain : The Foundation of Decentralized Networks
The modern digital economy is increasingly driven by decentralized applications and tokenized assets, demanding infrastructure that can seamlessly handle trust, transparency, and security. In this context, Layer 1 blockchains serve as the foundational protocols that power decentralized networks. They provide the base-level architecture—from consensus and data availability to native asset issuance—upon which higher-level solutions, protocols, and applications are built. For enterprises seeking to capitalize on distributed ledger technology, understanding Layer 1 is pivotal to ensuring scalable, compliant, and reliable operations.Understanding the Core Principles of Layer 1 BlockchainsLayer 1 blockchains, often referred to as “base layer” networks, function as the substrate of an entire blockchain ecosystem. They define the rules for how transactions are verified, how data is stored, and how consensus is achieved across a distributed network of nodes. Their primary attributes include: - Trustlessness: No single entity controls the chain. Consensus mechanisms such as Proof of Work (PoW) or Proof of Stake (PoS) ensure that all participants trust the output of the network without centralized oversight. - Data Immutability: Once transactions are validated and recorded, they become a permanent part of the chain's history, maintaining an auditable and tamper-proof ledger. - Network Sovereignty: Unlike higher-layer protocols, Layer 1 blockchains do not rely on underlying blockchains. This independence ensures that critical functions such as transaction ordering and block creation remain at the core protocol level.Also, Read | How to Develop a Layer 1 BlockchainKey Characteristics of Layer 1 BlockchainsLayer 1 platforms integrate essential features that differentiate them from ancillary layers and application-focused solutions. Consensus Mechanisms and Security The consensus algorithm ensures that the distributed network of nodes reaches agreement on the state of the ledger. PoW, PoS, Delegated Proof of Stake (DPoS), and various hybrid or novel mechanisms determine network characteristics like security, throughput, and energy efficiency. Enterprises often prioritize protocols that align with their operational goals, whether that means maximizing transaction throughput or enhancing sustainability. Smart Contract Integration Next-generation Layer 1 blockchains, such as Ethereum, Polkadot, and Solana, have smart contract functionality embedded at the protocol level. This enables developers to deploy self-executing contracts and build decentralized applications (dApps) directly on the chain, reducing complexity and streamlining the development lifecycle. Programmability and Upgradeability Layer 1 chains increasingly incorporate modular architectures and on-chain governance frameworks. This approach makes it simpler to implement upgrades, integrate new features, or adjust parameters without disrupting existing operations—critical for businesses that require long-term stability and adaptability.Why Layer 1 Matters to the Modern EnterpriseForward-looking organizations recognize that Layer 1 blockchains serve as more than just a technical foundation—they are strategic enablers of digital transformation. Enhanced Trust and Operational Efficiency By eliminating the need for trusted intermediaries and manual verification, enterprises can streamline operations, reduce overhead costs, and improve settlement times. With consensus and transaction validation handled natively, businesses gain confidence in data integrity and network reliability. Seamless Interoperability Open standards and compatibility frameworks at the Layer 1 level facilitate integration with various enterprise systems, trading partners, and industry consortia. This interoperability supports frictionless data sharing, cooperative workflows, and scalable multi-party business models. Compliance, Governance, and Enterprise Readiness Robust governance mechanisms enable enterprises to participate in protocol decision-making. This aligns the network's evolution with corporate values, regulatory requirements, and emerging market conditions. Additionally, customizable privacy and permissioning features at the Layer 1 level can help maintain compliance with industry-specific regulations.Also, Discover | Unveiling the Potential Layer 3 Blockchain DevelopmentAdvanced Features Shaping the Future of Layer 1As enterprise adoption accelerates, Layer 1 blockchains are evolving to meet sophisticated business needs. Modular Architectures and Data Availability Layers Emerging designs separate the consensus, execution, and data availability functions. This modularization allows networks to scale more efficiently, improving transaction throughput without sacrificing security. Enterprises benefit from higher performance, reduced congestion, and predictable network behavior. Privacy-Enhancing Technologies Confidential transactions and zero-knowledge proofs integrated at the base layer allow for secure, private data exchanges. This is crucial for industries handling sensitive information—such as healthcare, finance, or supply chains—enabling them to leverage blockchain's trust benefits without exposing proprietary data. Programmable Governance and Compliance Support On-chain voting, treasury systems, and configurable consensus parameters empower stakeholders to adapt the network's rules over time. This ensures long-term viability, reduces the risk of obsolescence, and accommodates shifting compliance landscapes.Real-World Use CasesLayer 1 blockchains form the bedrock for various industry verticals, fueling a range of transformative applications. Supply Chain and Logistics By recording the entire product lifecycle on a Layer 1 blockchain, manufacturers and logistics providers maintain a single source of truth for provenance, quality control, and regulatory compliance. This fosters traceability, reduces counterfeits, and enhances consumer trust. Financial Services and Asset Management Banks, payment processors, and asset managers leverage Layer 1 infrastructure for instant settlement, reduced counterparty risk, and fractionalized asset tokenization. The transparent, immutable ledger mitigates disputes and streamlines complex financial operations. Healthcare and Pharmaceuticals Electronic health records, clinical trial data, and drug supply chains secured at the base layer reinforce data integrity and patient safety. The granular control over data sharing fosters collaboration among hospitals, insurance companies, and research institutions, ensuring compliance with regulations such as HIPAA or GDPR.Also, Check | Layer 0 Blockchain Development | The Foundation of the FutureChallenges and ConsiderationsWhile the potential of Layer 1 technology is vast, enterprises must navigate certain complexities. Balancing Scalability, Security, and Decentralization Improving throughput often involves trade-offs with decentralization. Identifying a platform that meets performance needs without compromising network security or governance can be challenging. Rapidly Evolving Standards Enterprises must stay informed of protocol upgrades, emerging standards, and evolving consensus models. Partnering with solution providers or participating in industry groups can ensure alignment with market best practices. Regulatory Uncertainty As blockchain regulations vary by region, organizations must ensure that the chosen Layer 1 solution aligns with local compliance requirements. This may involve selecting permissioned variants or chains offering identity frameworks and audit capabilities.FAQWhat is a Layer 1 blockchain? A Layer 1 blockchain is the foundational protocol layer of a decentralized network. It provides core functionalities—such as consensus, transaction validation, and data availability—upon which all other applications and networks are built. How does Layer 1 differ from Layer 2? Layer 1 is the primary chain that handles the bulk of validation and security. Layer 2 solutions are secondary frameworks built atop the base chain to improve scalability, reduce transaction costs, and handle processes off-chain before periodically finalizing data on Layer 1. Why should enterprises focus on Layer 1? A robust Layer 1 foundation ensures a secure, reliable, and transparent environment. By choosing the right base protocol, enterprises can confidently integrate blockchain capabilities into existing workflows, reduce operational friction, lower costs, and enhance compliance. Can Layer 1 blockchains be upgraded? Yes. Modern Layer 1 protocols often include on-chain governance mechanisms and modular architectures that make it possible to upgrade consensus algorithms, integrate new features, or adopt improved cryptographic primitives without disrupting core operations. Is data privacy possible at Layer 1? Advanced cryptographic techniques like zero-knowledge proofs allow for private transactions and data integrity checks without exposing underlying details. This enables sensitive enterprise data to remain confidential while still leveraging blockchain security and auditability.ConclusionLayer 1 blockchains form the unshakable cornerstone of decentralized ecosystems. For forward-thinking enterprises, investing time and resources into understanding and selecting the right Layer 1 solution is a critical step toward building scalable, secure, and efficient digital infrastructures. As these base layers continue to evolve—integrating modular designs, privacy safeguards, and programmable governance—they will remain instrumental in shaping the global landscape of finance, supply chains, and beyond. In case if you are looking for blockchain development services, consider connecting with our skilled blockchain developers to get started.
Technology:
SMART CONTRACT
,
TYPE SCRIPT
more
Category:
Blockchain
Mudit Kumar
18 Apr 2024
Grid Trading Bot Development for Smart Crypto Trading
In recent years, the cryptocurrency market has witnessed exponential growth, attracting both seasoned traders and newcomers alike. With the volatility and round-the-clock nature of crypto trading, many investors seek automated solutions to optimize their strategies and minimize risks. Enter the crypto grid trading bot – a powerful tool developed using crypto trading bot development services revolutionizing the way traders navigate the digital asset landscape. In this comprehensive guide, we delve into the intricacies of crypto grid trading bot development, exploring its mechanics, benefits, and potential for transforming your trading experience.Understanding Crypto Grid TradingGrid trading is a strategy that involves placing buy and sell orders at predefined price intervals or "grid levels" around the current market price. These orders create a grid-like pattern on the trading chart, allowing traders to profit from price fluctuations within a specific range. A crypto grid trading bot automates this strategy by executing buy and sell orders based on predefined parameters set by the trader. The bot continuously monitors market conditions, adjusts grid levels, and executes trades accordingly, all without human intervention. Also, Explore | Top 7 Most Popular Telegram Crypto Trading Bots in 2024Key Components of Crypto Grid Trading Bot DevelopmentAlgorithm DesignThe heart of any trading bot lies in its algorithm. Developers design algorithms that determine when to place buy and sell orders, grid level spacing, order size, and risk management protocols.Technical Analysis IntegrationTo make informed trading decisions, grid trading bots often incorporate technical indicators such as moving averages, RSI (Relative Strength Index), MACD (Moving Average Convergence Divergence), and others.Risk Management FeaturesEffective risk management is crucial in trading bot development. Developers implement features such as stop-loss orders, position-sizing algorithms, and portfolio diversification strategies to mitigate potential losses.Exchange IntegrationCrypto grid trading bots must seamlessly integrate with cryptocurrency exchanges to access market data and execute trades. APIs (Application Programming Interfaces) provided by exchanges facilitate this integration. Also, Check | DCA Bot Development | A Comprehensive ExplorationBenefits of Crypto Grid Trading BotsAutomation: By automating trading strategies, grid trading bots eliminate the need for manual monitoring and execution, allowing traders to capitalize on market opportunities 24/7.DiversificationGrid trading bots enable traders to diversify their portfolios by simultaneously trading multiple cryptocurrency pairs, increasing the potential for profit while spreading risk.Risk ManagementWith built-in risk management features, grid trading bots help traders minimize losses and protect their capital through strategies like stop-loss orders and position sizing algorithms.Backtesting CapabilitiesBefore deploying a grid trading bot in live markets, traders can backtest their strategies using historical data to evaluate performance and optimize parameters.EfficiencyGrid trading bots execute trades with precision and speed, reacting to market movements in real time and capitalizing on price discrepancies more efficiently than manual trading. Also, Read | Telegram Crypto Trading Bot DevelopmentConclusionCrypto grid trading bot development represents a cutting-edge approach to navigating the dynamic cryptocurrency markets. By automating trading strategies, mitigating risks, and optimizing performance, these bots empower traders to capitalize on market opportunities with greater efficiency and precision. However, success in grid trading requires a deep understanding of market dynamics, careful strategy development, and ongoing monitoring and adjustment. As the crypto landscape continues to evolve, grid trading bots are poised to play a pivotal role in shaping the future of digital asset trading. Interested in developing a highly efficient Grid Trading Bot development strategy, connect with our crypto bot developers to get started.
Technology:
SMART CONTRACT
,
NEST JS
more
Category:
Blockchain
Mudit Kumar
12 Apr 2024
How to Fork Ethereum with Hardhat
Why Fork Mainnet?Interact with the already deployed contractsYour smart contract may need to connect with other smart contracts. Forking Mainnet allows you to work with deployed contracts to identify problems and vulnerabilities before deploying to the Mainnet. It also allows your smart contract to access data from the Mainnet that would otherwise be unavailable on a testnet. This could be essential to the way your contract works. For more about smart contracts, visit smart contract development services.Impersonate Other AccountsThe impersonateAccount method in Hardhat lets you copy any Ethereum account on your local blockchain. This is important if you want to see the results of a specific account interacting with your smart contract. As an example, imagine how a specific DAO member would interact as a seller with a deployed secured smart contract.Setting Up a Hardhat Development EnvironmentInstall Node.js.Make sure Node.js is installed on the system you're using. You can check this by typing node -v in your terminal. If you don't already have it, go to https://nodejs.org/en and download it.Create a Hardhat Project:Open your terminal and navigate to your desired project directory. Then, run:npm install -g hardhat
mkdir my-fork-project
cd my-fork-project
npx hardhat init
This will create a new Hardhat project with a basic configuration.npm install --save-dev @nomiclabs/hardhat-ethers ethersForking the MainnetHardhat includes a built-in development network that can be used to fork the main net. To accomplish this, we'll use an Ethereum node provider service, such as Alchemy or Infura. These services provide archive nodes, which hold past blockchain data.hardhat.config.js
require("@nomicfoundation/hardhat-toolbox");
require("dotenv").config();
module.exports = {
solidity: "0.8.17",
networks: {
hardhat: {
forking: {
enabled: true,
url: `${Your api key}`,
},
},
},
};
Replace {your api key} with the URL of your archive node provider (e.g., Infura or Alchemy).scripts/test.js
const { ethers } = require("hardhat");
async function main() {
const deployer = (await ethers.getSigners())[0];
const contractFactory = await ethers.getContractFactory("MyContract");
const contract = await contractFactory.deploy(10);
await contract.deployed();
console.log("Contract deployed to:", contract.address);
const currentValue = await contract.value();
console.log("Current value:", currentValue.toString());
const tx = await contract.increment();
await tx.wait();
const newValue = await contract.value();
console.log("New value:", newValue.toString());
}
main()
.then(() => process.exit(0))
.catch((error) => {
console.error(error);
process.exit(1);
});Running the Script:In your terminal, navigate to your project directory and run:npx hardhat run scripts/test.js
This will deploy the contract to the forked network, perform the operations, and log the results.Conclusion:Forking Ethereum with Hardhat provides a complete toolkit for researching, testing, and customizing blockchain environments. Whether you're an experienced developer searching for additional features or a beginner to Ethereum development, Hardhat simplifies the process and opens you endless chances for innovation in the decentralized ecosystem. To create innovation with blockchain development and get started, utilize the expertise of our blockchain developers.
Technology:
TYPE SCRIPT
,
POSTGRESQL
more
Category:
Blockchain
Pankaj Kumar Thakur
29 Mar 2024
Understanding ERC-404 | The Unofficial Token Standard
The cryptocurrency and NFT industry has been presented with a standard for tokens that promises to add value to their utility through a variety of intriguing new capabilities.ERC-404, which became a popular issue last month, is an experimental token standard created by the Pandora team in early February for creators and developers. It is a combination of ERC-20 and ERC-721, combining the qualities of both fungible and non-fungible tokens (NFTs), allowing them to be interchanged while still providing native liquidity and fractionalization. With its early development, an increasing number of participants have become aware of this new protocol standard for NFT development.
What is ERC-404
ERC-404 is a token standard, an experimental proposal, designed to bridge the gap between fungible tokens (ERC-20) and non-fungible tokens (ERC-721). This is equivalent to combining the attributes of both to create semi-fungible tokens. Let's go deeper:
Understanding ERC-20 And ERC-721 Token Standards
ERC-20 and ERC-721 are Ethereum token standards, with ERC-20 primarily utilized for fungible tokens and ERC-721 for non-fungible tokens (NFTs). ERC-20 tokens are interchangeable and can be used to represent assets comparable to currencies.
However, each ERC-721 token contains distinct attributes and metadata that enable ownership and uniqueness verification on the blockchain. These tokens represent specific digital assets, such as digital real estate or collectibles.
ERC-721 tokens encourage creativity and a range of use cases in decentralized apps (dApps) and the digital economy by allowing the creation and trade of original digital assets, as opposed to ERC-20 tokens, which follow a predefined framework.
Also, Read | ERC-721 Non-Fungible Token Standard Development
Key Points
ERC-404 offers fractional ownership to NFTs by combining features from the ERC-20 and ERC-721 standards, improving liquidity and accessibility in the NFT ecosystem.
ERC-404 enables users to buy and sell fractions of NFTs, broadening access to high-value assets and generating new investment options.
Unlike other techniques, ERC-404 allows fractionalization directly within the token standard, removing the need for extra platforms or intermediaries.
The ERC-404 standard may enable greater usage of NFTs beyond art and collectibles, supporting innovation in industries including real estate, gaming assets, and intellectual property.
It is still in development and has not yet been publicly proposed as an official Ethereum Improvement Proposal (EIP).
Why Choose the ERC-404 Token Standard for Project Development
Fractional Ownership
ERC-404 allows several individuals to own an NFT (ERC-721) using fractions. You can buy and sell individual pieces of an NFT rather than the full thing.
Native Fractionalization
Unlike previous methods, fractionalization occurs directly within the token standard using minting and burning processes. Users do not require additional platforms or intermediaries.
Liquidity Enhancement
Fractionalization expands the audience for NFTs and enhances liquidity, potentially making them more accessible and tractable.
Dynamic Trading
Users can freely exchange fractions of an NFT, just like fungible tokens, resulting in a more dynamic and interesting market.
You may also like | A Comprehensive Guide to ERC-6551 Token Standard
How The ERC-404 Token Standard Works?
ERC-404 introduces a novel concept: each token is inextricably linked to its underlying NFT. When a complete ERC-404 token is purchased, the accompanying NFT is immediately created and delivered to the buyer's wallet, showing ownership of the exclusive digital asset.
When a segment of the connected NFT is sold, the corresponding portion of the ERC-404 token is destroyed, resulting in the loss of ownership rights over that component. On the other side, this action creates a new fraction token, which represents the piece being sold.
When a user collects enough fractions to reassemble a whole token, each fraction is destroyed and a new NFT is created, confirming ownership once more. This technique makes it easy for users to trade and own fractional shares of NFTs, increasing their opportunities to participate in the digital asset market.
Also, Explore | ERC-1155 | An Introduction to Multi-Token Standard Development
ERC-404 | Use Cases and Applications
The most significant benefit of the ERC-404 standard is the potential of its use cases and applications in a variety of sectors. Among the most profitable avenues for its utilization are the following:
Tokenization of Assets
Tokenization of real-world assets, or RWA, is a rapidly expanding trend in the crypto and blockchain markets that might use the new standard to enable fractionalized ownership of assets such as real estate, art, equipment, and luxury products. This would not only cut the entry barrier to these businesses for a large number of ordinary investors, but it would also secure an inflow of liquidity.
DeFi
The ERC-404 standard could assist lending, borrowing, and yield farming by allowing the introduction of new types of assets as collateral. The fractionalization of assets would also allow players to divide the value of portfolios and liquidate them to create additional income through sales or lending.
Gaming and NFTs
Asset ownership, transferability, and interoperability are key drivers of ERC-404 adoption in the gaming and NFT sectors. The new standard would enable developers to fractionalize in-game assets, introducing a completely new layer to gameplay mechanics and streamlining virtual economies. The NFT sector would also benefit from allowing more users to participate in collection ownership and trading.
Supply Chain Management
Transparency, verification, and efficiency in supply chain management applications are critical issues that ERC-404 could address by greatly simplifying the issuance of unique IDs to varied goods. The tying of fractionalized NFTs to a single original could aid in tracing product origins, whereas burn mechanics can be extremely useful in guaranteeing effective perishable storage.
More about ERC Standards | Unexplored ERC Token Standards On Ethereum
Notable Examples of ERC-404 Projects
Pandora
One of the first projects to use ERC-404 to issue 10,000 Replicant NFTs, which are then tied to 10,000 ERC-20 tokens. When customers buy a PANDORA token, they receive a newly minted NFT in their wallets, which sold for up to $32,000 per unit on February 9.
Monkees
Another ERC-404-based PFP collection consisting of only 100 unique NFTs, each having ten specific qualities and a combination of six traits.
You may also explore | ERC-4337: Ethereum's Account Abstraction Proposal
Conclusion
The ERC-404 is a novel token standard that promises to be an evolutionary step in the development of NFTs, accelerating ownership and diversifying use cases. Despite existing obstacles that ongoing development will undoubtedly address, the potential for NFTs to extend liquidity and increase applications in areas such as gaming, real-world asset tokenization, DeFi, and others is clear.
Interested in project development with ERC-404 and looking for a crypto token development company? Connect with our blockchain developers to get started.
Technology:
SMART CONTRACT
,
NEST JS
more
Category:
Blockchain
Mudit Kumar
15 Mar 2024
Don't just hire talent,
But build your dream team
Our experience in providing the best talents in accordance with diverse industry demands sets us apart from the rest. Hire a dedicated team of experts to build & scale your project, achieve delivery excellence, and maximize your returns. Rest assured, we will help you start and launch your project, your way – with full trust and transparency!
