SRC101 Standard Helps Jingtum SWTC Public Chain Step Into Digital Asset Fields

Introduction

SRC101 Non-Fungible Token Standard is independently developed by Jingtum SWTC Public Chain Team. It realizes functions similar to ERC721 standard and solves issues of authentication and transmission of physical assets in Jingtum Public Chain. Integration of SRC standard and IPFS technology helps Jingtum SWTC Public Chain establish blockchain ecosystem which is “to facilitate safe transmission based on asset authentication and tokenization”, and supports ERC20/721 standard of Ethereum.

What is SRC101?

SRC101 (SWTC Request for Comments 101) is developed as native implemented non-fungible standard by Jingtum SWTC Public Chain Team. SRC101 defines the inseparable, unique token interaction and circulation of interface specification. Each SRC101 Token has a unique and independent token number. In addition, SRC101 also provides basic function for tracking and ownership transfer, as well as a cross-functional NFTs management tool created by this standard.

What is Non-Fungible Token?

In the real world, everything from a house, a car to a flight ticket, from a painting, a pen to a certificate, has its own unique logo and attached attributes. So how do people take ownership of physical assets in the real world and put it on the blockchain?

Rights can be authenticated only under the following conditions on the blockchain. Any aggregation has unique and unsubstituted characteristics. Further, the minimum unit of Token is 1 and cannot be further divided. Ownership in the real world can be verified, such that if you buy a cat, it is unique, irreplaceable and indivisible in the world. The cat is only belong to you, not others and the property rights, use rights are yours. This is refer to Non-Fungible Tokens, NFTs. Therefore, NFTs are very suitable for determining the property right of virtual assets or the right authentication after asset virtualization.

What is SRC101 used for?

First of all, SRC101 brings Jingtum SWTC Public Chain a broad market. Different from simple deployment transaction of value assets, SRC101 makes a larger scale of physical assets get rid of the cumbersome right authentication procedures in the real world to circulate freely on the blockchain. Furthermore, smart contract on the blockchain can help people automatically manage the right authentication of physical assets through Non-Fungible Tokens (NFTs) so that to allow circulation of transaction of physical assets. Token issuance, authentication, transaction and deployment by using SRC101 can be implemented in many fields including in the digital asset application scenarios like commercial acceptance bills, bank acceptance bills, letter of credit, deposit receipt, letter of indemnity, depot bill and other negotiable instrument that can be traded, and also in the economic society, some contractual relationship including credit card bills, invoices, contracts, property right certificate, degree, etc..

Moreover, with transparency of blockchain and characteristics of tamper-resistance, better than traditional Internet, physical assets ensures the safety of assets by using SRC101 standard for tokenization. Compared with coin-type blockchain system, SRC101 standard solves the problem of asset transfer, that when enterprises and government customers use it, they do not have to consider the risk of asset value transfer so as to directly connect the business level, enhance business efficiency of partnership and achieve multi-win.

In addition, SRC101 standard is implemented natively on Jingtum SWTC Public Chain, allowing users to operate in a flexible manner according to technical requirements. In this way, some users can use virtual machine environment to run smart contracts to use Coin and Token together. Others can choose the Asset Gate System to directly connect with the existing ERP System, so that to save cost of developing business system.

Finally, SRC101 standard can seamlessly connect with IPFS system which is safe, convenient and fast to use. Jingtum SWTC Public Chain has a 10s block time and the ability to store 2000–10000 transactions per block. The use of IPFS system also significantly improve the transmission speed of information and provide sufficient material preparation for scenarios involving the requirement of massive data storage. At the same time, synergetic use of SRC101 standard and IPFS. separates business logic and transaction logic between enterprises and public blockchain, and achieves sufficient value circulation between each unique asset.

With gradual integration of blockchain and real economy, virtual assets will develop into a trillion-level market. At that time, SRC101 Non-Fungible Token will show its necessity and reliability. Through SRC101 standard and IPFS technology, Jingtum SWTC Public Chain maps value world and physical world on the blockchain, and ensures the storage safety of scale data.

Value of REC20

From the view of the value world, when some else’s value is transferred to you, you will recognize the value. For instance, when someone else’s bitcoin is sent to you, you will recognize its value. In reality, it is more simple that someone else’s 10 dollars is given to you, you will recognize its value no matter the ten dollar note is old or new. So in the world of blockchain, value is replaceable and can be divided into many pieces, such that one bitcoin can be divided into many pieces to make the payment. It is worth noting that the circulation of assets in the value world has been helped by the ERC20 standard (NFTs standard) to confirm rights.