The ERC-721 standard and its unique tokens
After the success of cryptokitties, what else?
Cryptokitties was only the beginning of a larger adoption of the ERC721 standard to other sector of the real economy. Since, many projects are being prepared.
The standard was launched at the end of 2017 and introduces a new function within smart contracts by making it easy to exchange unique tokens known as “non-fungible”tokens. All ERC20 tokens are identical (fungible) in the sense that one token can replace another. In contrary, an ERC721 token is unique; it corresponds to the possession of a specific asset.
One token, one property
This new standard can represent the property of a physical or digital asset, its first and most famous use case being CryptoKitties. Let’s get back to this phenomenon. It was a great topic of discussion in the cryptocurrency community, this online game has made a splash this winter thanks to its fun concept.
Cryptokitties use case
CryptoKitties uses the ERC-721 standard to provide Internet users with collectible digital cats.
The implemented concept of crypto kitties is to exchange digital cats peer-to-peer using the blockchain. Each cats is represented by one ERC721 token and each token has a specific price that also fluctuate regarding the offer and demand.
Each animal is unique so that its value is its own. The dazzling success of the application showed the ERC721’s interest in the world of gaming and digital collectible assets, but it’s just one of many use cases.
Blockchain models using ERC721 is said to develop strongly, in other sectors such as:
-The art trade
-Loan financing and other financial products
For the 1st time, Agriculture and Real Estate will use this standard with Fieldcoin.
In fact, the ERC721 tokens are perfect for physical assets such as land.
Fieldcoin use of ERC721
The Fieldcoin project combines two types of tokens in its eco-system. On the one hand, unique ERC721 tokens, each corresponding to a land plot, and on the other, enhanced ERC20 tokens used for trading on its platform. The term “enhanced ERC20” refers to conventional Ethereum tokens incorporating ERC223 features.
Whether they are landowners, agricultural professionals or investors. Using the Fieldcoin platform gives them a number of benefits:
- Low transaction and exchange rate: Less intermediation costs
- Simplification of research, acquisition and sale of land properties
- Assistance for management and administrative procedures
- Opportunity to create or participate in agricultural crowdfunding campaigns
- Possibility to trace all the history of farmland, all history of the land from planted crops to ownership will be recorded on the blockchain.
- Better quality/price ratio: Faster transactions, land data traceability and management power enhances the value of the property. Less intermediation costs.
- Community feeling, user-friendly and fun: Empowering people to make decision on their property in a playful manner through IT devices.
Fieldcoin non-fungible ERC721 tokens
Fieldcoin Ltd will ultimately create the 1st decentralized land property management global marketplace that enables the coordination of countries blockchain-based registry systems in order to facilitate transactions between individuals. Fieldcoin will enable you to buy non-fungible ERC721 tokens representing a whole land property ownership.
- Fieldcoin ERC20 token holders will have access to the platform where they can exchange land properties.
- Specific ERC721 land holders will be able to manage their land from IT devices.
- Get crowdfunding and liquidities to develop agribusinesses on their land.
The general video below shows you characters interacting on the platform.