This article originally appeared on the 0xcert website and has been replicated here with express permission from 0xcert.
🚀 It’s been an exciting wait and now it’s official! 🚀
The Ethereum standard ERC-721, the one that 0xcert is employing, has been officially finalized.
ERC-721 standard has been in use since late last year, but without an official confirmation and constantly improving. It’s purpose is enabling one-of-a-kind assets to be deployed on the blockchain, which opens the door to a myriad of options for implementation.
But what does this bring to the ordinary, non-tech people?
“Have you ever tried to do a title search when you buy a house? It is slow and expensive. When you track ownership of things in a standardized way then it is cheap and easy to look up information. And it makes commerce more efficient”, William Entriken, the standard’s lead author, explains.
It was over 2 years before ERC-20, the standard running most of the tokens in blockchain projects, was officially approved and final. Before acquiring its final status, a new standard is usually exposed to developer community feedback, suggestions, and edits.
ERC-721, however, took only 2 weeks of “last call reviews”, and having experienced no major edit of the proposed code, it is now officially final and confirmed.
Still, according to William, there had been always room for improvement: “Absolutely! Even in the last minutes there are more good ideas. But with all the review we found out that this standard works for LOTS of use cases. We really tried hard to find something it wouldn’t work with and then fix those cases. Now that this is final that means everybody thinks we are ready to move forward and start changing the world.”
What is the aim of this standard?
The tokens created through the ERC-721 standard can record and represent any sort of real-world asset, be it real-estate, baseball cards, or your driving licence, on the blockchain. This creates opportunities for creating, owning, and managing data about such assets on the blockchain, and even storing them in an e-wallet. This kind of token is called non-fungible, it has a unique value, and therefore no non-fungible token (NFT) counterpart can replace it.
The implementation of the ERC-721 standard, like 0xcert protocol, brings the blockchain technology closer to real-life use, to represent and secure physical objects, valuables, and important documents. Also, a wider community is invited and encouraged to participate in authorship or originality investigation of an asset. This could bring a significant improvement to the safety standards in industries where fraudulent activity is a frequent and costly issue.
0xcert ICO and ERC-721
0xcert protocol implements the ERC-721 standard for all kinds of real-world industries, providing a simple usage even for non-tech people, and therefore saving time and money for every party involved.
0xcert is launching its ICO shortly! You can still be a part of the non-fungible community and participate in the future of the blockchain — save yourself a seat and Whitelist now.