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What is ERC-721?

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What is ERC-721

What is ERC-721 ? ERC-721 is a free, open standard that describes how to build non-fungible or unique tokens on the Ethereum blockchain. While most tokens are fungible (every token is the same as every other token), ERC-721 tokens are all unique and define a minimum interface a smart contract must implement to allow unique tokens to be managed, owned, and traded. It does not mandate a standard for token metadata or restrict adding supplemental functions.

The ERC-721 (Ethereum Request for Comments 721), proposed by William Entriken, Dieter Shirley, Jacob Evans, Nastassia Sachs in January 2018, is a Non-Fungible Token Standard that implements an API for tokens within Smart Contracts.

It provides functionalities like to transfer tokens from one account to another, to get the current token balance of an account, to get the owner of an specific token and also the total supply of the token available on the network. Besides these it also has some other functionalities like to approve that an amount of token from an account can be moved by a third party account.

Ethereum is going to become a decentralized super-computer wherein anyone, anywhere can rent some computational power and create decentralized applications (DApps) which can run on top of the Ethereum platform. The ERC-721 token standard helps create non-fungible tokens. In many ways, it is pretty similar to ERC-20 in functionality. This similarity exists for two reasons:

Firstly, it is easier for developers to make the transition. Since all Ethereum developers are familiar with ERC-20 already, they won’t have to learn a host of new things. It makes life much easier for users who can store these tokens in ordinary wallets and trade them on exchanges.

ERC-721 gains its non-fungible properties by capturing the ownership of that particular token. This is why take Ownership functions are included in the ERC-721 standard. Token Creation in ERC-20 tokens is about the balance of tokens. So, all that you need to do is to set an upper limit and make sure that people cannot create more tokens than the upper limit. When compared to that, ERC-721 token creation is much more complicated. The ERC-721 standard maintains an array of tokens and each and every single token is added to the array separately.

What is ERC-721

Published by : Anti dolos

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