Passa ai contenuti principali

NFT: standards, functional properties and types

The Non-Fungible Token (NFT) is a type of cryptocurrency derived from Ethereum’s de facto NFT smart contracts was first proposed in Ethereum Improvement Proposals (EIP)-721 and recently further developed in EIP-1155


NFT differs from classic cryptocurrencies because it is unique and cannot be similarly traded, making it suitable for uniquely identifying something or someone.

To be specific, using NFT on smart contracts (in Ethereum), a creator can easily prove the existence and ownership of digital assets in the form of videos, images, art, event tickets, etc.

In addition, the creator can also earn royalties every time the NFT changes hands, either on any NFT marketplace or through peer-to-peer exchange.The deep liquidity and convenient interoperability actually allow the NFT to be a promising solution for intellectual property protection, although it represents little more than code.

HOW AN NFT WORKS

The components I will list are the foundations for a fully functioning NFT scheme in which the central structure is the Blockchain, programmable and suitable for Smart Contract implementation, supporting (public key) addresses and transactions on the same chain.

The creation of NFTs thus requires an underlying distributed ledger for records, exchange transactions, and trading (seller-buyer or simple transfer) in the peer-to-peer network.

As can be seen in the functional diagram, the creation of an NFT consists of several steps, concatenated together.

First, a raw element (be it a drawing or a form of “analog” expression) is digitized, converting the data into a format suitable for the blockchain. The owner (of the NFT) then stores the raw data in a database outside the blockchain, leveraging systems such as IPFS, which we discussed in our previous article.

Note that it can also store raw data within a blockchain, as is the case in Takamaka for example, although in most cases no one uploads a digitized format to the blockchain for the simple fact that, apart from Takamaka, this operation in 99.9 percent of cases consumes a lot of gas ( thus costing a lot of money ).

At this point he signs the transaction, that is, the owner of the NFT signs a transaction, including the hash of the NFT data, and then sends the transaction to the Smart Contract. If the person who signs the transaction has performed KYC on Takamaka, the owner of the public key will be able to unequivocally claim ownership over that NFT.

Now through the SC, the “minting” of the NFT is performed and then the exchange between public keys takes place, such as that between a seller and a buyer, or simply the transfer from one wallet to another..

It should be noted that tokens can be of various “structures” and thus be used in different ways and for different purposes.

TYPES OF NFTS.

NFTs can be of the ERC-721 or ERC-1155 type.

Although ERC-20 is not an NFT token, it is the most widely used token standard in the Ethereum Blockchain and in fact enabled the introduction of the ERC-721 contract, a non-fungible token standard (NFT) that differs from the fungible token (ERC-20).

The NFT token is unique and can be distinguished from another token, particularly because each NFT has a variable, uint256 called tokenId.

This contract address pair uint256 tokenId is globally unique.

All NFTs have a uint256 variable called tokenId, in ERC-721s the contract address pair, uint256 tokenId must be globally unique.

So a dApp can have a “converter” that uses the tokenId as input and outputs an image such as zombies, weapons, skills or awesome kittens !

Insights sample code.

Link: https://ethereum.org/it/developers/docs/standards/tokens/erc-721/

A recently introduced standard is ERC-1155 (Multi Token Standard), which extends the representation of fungible and non-fungible tokens.

ERC-1155 can represent different types of configurable tokens.

ERC-1155 extends the functionality of tokenId, where each of them can

independently represent different types of configurable tokens. The field can contain its custom information such as metadata, block time, date, supply,

or any other attribute, as explained in a previous article here

STRENGTHS OF NFTS

NFT schemes are thus essentially decentralized applications that enjoy the benefits/properties from their underlying public ledgers. Among the key properties is Verifiability , precisely because NFTs through Token metadata, can always be publicly verified.

With the Blockchain structure, full and complete transparent execution is always possible, which includes the minting of the NFT, sale, purchase and then transfer.

If the signing of the NFT is done with a certainly verified public key, ownership is always demonstrable, and if metadata and trading records are stored persistently, these can no longer be manipulated once transactions have been confirmed.

NFTs and its corresponding products can always be arbitrarily traded.

®️ SMART CONTRACT IN TAKAMAKA

To program Smart Contract (SC) in Takamaka, we only use the Hotmoka library.

Takamaka has built in a sidechain that executes hotmoka (the smart contracts in the future release of takamaka) with a latency of about 1 second, we can then execute a transaction in very few seconds, here is that if we were to use Takamaka to pay at the Supermarket (for example) the time would be very short.

With Hotmoka, transactions are executed in a simplified environment, with extremely low cost and latency, and with high speed of execution.

Hotmoka is nothing more than a Java framework (a collection of methods and libraries) from Takamaka , which limits the use and replaces nondeterministic methods with deterministic methods.

By connecting to the Hotmoka framework, with a java ide, you can immediately write SC code, and all this is done using only methods already present in java .

Therefore, writing an SC with Hotmoka is like writing a Java Spring microservice or a Hibernate-based service. These are libraries that extend the language and make method lists, which is why Hotmoka is natively compatible with any java ide ( Atom , IntelliJ , NetBeans …).

The way Hotmoka’s transaction system works, it is possible to consider the execution flow as a nonsimultaneous monothread (execution of an entire process without interruption). This is a great advantage from a programming point of view, because it eliminates the problems associated with parallelism and execution synchronization .

G. Antino CTO for the takamaka team

We have reached the last stage of integrating the Hotmoka library on the Takamaka node, testing is yielding comforting results in terms of both processing speed and security.

Stay tuned, we are on the right track.

Links and references for the article

Etichette:

Commenti

Posta un commento

Post popolari in questo blog

Have mymonero some problems ?

Hello, this is user pandher from BTCtalk. I have been a follower and holder of Monero since 2014 when the first bitmonero thread appeared on BTCtalk. Since that thread i knew Monero was the only one worth following. The professionalism and honesty of the dev team was a rare sight in that shitcoin madness. Checking the Monero reddit page and speculation thread had become a morning habit with me. I rarely missed reading both of these in these 2 years. I saw the community grow from a few hundred to a few thousand. It was so good to watch, to witness. Although i was mostly non vocal i felt myself as a part of this community. Reading AP's posts about the new world domination were exciting. But today i bid farewell to this wonderful community. All my Monero have been stolen Since zhalox posted about his lost Monero, i woke up from my slumber and created a cold wallet using GingerAle's paranoid method. Only to find out all my 4 MyMonero accounts were wiped on 3 september 2016. I...
Posta un commento
!--continua a leggere--

Dove le molecole smettono di Ur­tarsi: viaggio nella coerenza Quantistica della Vita

C’era un momento, nella storia della biologia, in cui la vita veniva immaginata come un enorme tavolo da biliardo. Molecole che si urtano. Collisioni casuali. Reazioni che accadono perché, semplicemente, qualcosa colpisce qualcos’altro nel modo giusto. Funzionava. Più o meno. Poi, lentamente, qualcosa ha iniziato a incrinarsi. Non perché quella visione fosse sbagliata, ma perché era incompleta. Troppo rumorosa. Troppo cieca. Troppo… inefficiente per spiegare ciò che osservavamo davvero. Perché dentro le cellule accadevano cose strane. Troppo veloci. Troppo precise. Troppo coordinate. Come se, invece di urtarsi alla cieca, le particelle… sapessero. Immagina di entrare dentro una cellula. Non troverai caos. Non troverai disordine. Troverai elettroni che scorrono come una valuta invisibile, scambiata con una precisione che sfida l’intuizione. Non saltano semplicemente da una molecola all’altra: a volte attraversano barriere che, secondo la fisica classica, non dovrebbero poter...
Posta un commento
!--continua a leggere--

Ingegneria del contesto per l'intelligenza artificiale avanzata

  Quando si parla di IA generativa, il dibattito pubblico si concentra spesso su due aspetti: la potenza del modello e la qualità dei prompt. Tuttavia, tra questi due poli si trova un'area meno discussa ma cruciale:  il contesto  . Non stiamo parlando solo di "informazioni extra" per il modello, ma dell'architettura logica e operativa che determina il modo in cui l'intelligenza artificiale interpreta, collega e utilizza i dati per fornire risultati accurati e coerenti. È qui che entra in gioco  l'ingegneria del contesto  : l'arte (e la scienza) di progettare, organizzare e ottimizzare il contesto di un Large Language Model (LLM) per guidarlo verso risposte più affidabili, precise e utili. Perché l'ingegneria del contesto è importante Un LLM non "capisce" il mondo come gli esseri umani. Elabora modelli statistici in base agli input che riceve e ai dati di training.  Il contesto  è la combinazione di istruzioni, esempi, dati di supporto e rifer...
Posta un commento
!--continua a leggere--