Interpret the difference between Polkadot protocol standards and mainstream protocol standards in the NFT field

The most important reason why Bitcoin is still highly sought after ten years later is the formation of consensus. People generally recognize Bitcoin’s “digital gold” status. So, such a consensus is also of great significance to indulge in a track, especially for the very hot development sector, the faster the consensus spirit is established, the more long-term development motivation will be. Circle of top-down, Ethernet Square smart contract brings its enormous ecological, but more focused that its ERC720, ERC721 agreement is the most basic standards of its development agreement, although this agreement become very standard It is the first choice among many public chains, but this does not prevent the creation of many new protocol standards. Cross-chain networks like Polkadot are looking for diversified cross-chain protocol standards in the integration of cross-chains. Today we will discuss the field of NFT , The difference between Polkadot protocol standards and mainstream protocol standards.

What are Polkadot’s NFT protocol standards?

Polkadot has been actively developing the ecology since last year. So far , there are more than 500 projects in the library , and among them are projects that have been deeply cultivated for many years, such as Acala, Bifrost, and ChainX. They have started to work in popular areas this year. NFT has its own development layout. According to incomplete statistics, the NFT projects on Polkadot already include Bit.Country, Unique Network, RareLink Network, NFTMart, DNFT Protocol, DEGO Finance, Gamepower, Loserchick, etc. Objectively speaking, The NFT on Polkadot is in the stage of pioneering wasteland. As a result, the development of NFT protocol standards has also become tighter, and currently there are roughly the following types.

  • DNFT-NFT cross-chain protocol

DNFT Protocol is a cross-chain decentralized NFT asset network based on Substrate. It is committed to building a new generation of NFT protocol while building a decentralized NFT and game center to provide support for the cross-chain applications of Polkadot and Substrate ecology. The standard is based on big data and AI algorithms to build a tag pool for users and NFT assets to facilitate users to find accurate NFT assets. It specifically mentions that the agreement tends to serve applications of big data and practical NFT assets. It is worth mentioning that this protocol uses Polkadot’s XCMP to realize shared security between Polkadot ecological projects, and plans to integrate ERC721 and ERC1155 standards to achieve a more powerful description of NFT functions.

  • RMRK-powerful and flexible NFT standard

RMRK is a standard for developing NFT encrypted collectibles and digital art and irreplaceable tokens on Kusama, but it does not yet have smart contract functions. The method it uses is similar to Bitcoin Colored Coin. Just in the past October 3rd, Polkadot founder Gavin Wood created his first NFT on the Polkadot ecological NFT trading platform singular.rmrk.app based on this native NFT standard.

Polka

It is understood that the RMRK standard gives NFT unlimited scalability and aims to become a universal NFT standard in the Polkadot and Kusama ecosystems. The protocol standard itself does not require parallel chains and smart contracts. It is even believed by the institutional media that it will eventually surpass ERC721 and ERC1155.

  • Efinity—NFT product developer Enjin leads the development

Once developed ERC1155 and led by the very popular development team Enjin, it is mainly for the establishment of a new blockchain project specifically designed for NFT. The official announcement stated that this is a completely expanded, futuristic, cross-chain NFT high-speed work that will be built as a branch of the Polkadot network. It is expected that the first phase of Efinity will be launched at the end of this year or early 2022. Officials revealed that any NFT on any chain (such as Ethereum) can be transferred to Efinity at that time. The Paratoken new token standard under development will be compatible with the entire Polkadot and Kusama systems. In general, Efinity built on Polkadot can be fully customized and further enhance the NFT performance of any blockchain, which is completely different from the same sharding properties of Ethereum.

Polka

  • Starry Network-a functional and detachable NFT protocol

The Starry protocol now includes batch minting/transfer of NFT, Graph Token, divisible NFT and Moloch DAO with NFT tribute added. The project has multiple “first” tags: it is the first project on Polkadot to support batch minting, the first project to support combinable tokens and shard tokens, and the first project to fully support Moloch DAO .

What are the mainstream NFT protocol standards?

We are familiar with the ERC721 standard, and it is also the most popular standard protocol in the NFT field. The popular crypto cat in 2017 was the first project to adopt ERC721. Through the differences in the crypto cat genes displayed at that time, we saw the internal and external value of non-homogeneous and scarce NFT products, and the boom in the market in turn further promoted the improvement of the ERC721 standard. By the time the NFT broke out this year, the adoption of its issuance Rates have become more popular, as CryptoPunk is a representative of such standards.

There is also ERC1155. This standard was developed by the global game community platform Enjin and became the official standard of Ethereum in 2019. Then, because it is mainly a standard for games, it supports homogenized tokens and non-identical tokens. The qualitative pass standard, so the industry significance is more influential. It can package and trade multiple tokens at one time, saving resources on the chain, and it allows a smart contract to have a custom token standard. This integration capability reduces the work of developers and increases the contract. efficient. Like the chain game The Sandbox is developed based on this standard and has become a benchmark project in the chain game. We guess that if GameFi’s craze ushered in a new stage, then ERC1155 will also be adopted more synchronously.

In addition to the more popular NFT protocol standards above, there are also NFT standards such as rentable NFT standard ER809, batch transferable ERC875, insurance standard EIP1523, royalty EIP2981, etc., and so on. NFT standards applicable to different scenarios and different public chains will be in the future. Become more and more.

Is the Polkadot NFT standard comparable to the popular NFT standard?

It can be said that the momentum of NFT is sweeping across various industries, and at present, Ethereum’s ERC721 is the most dazzling. About 80% of the works on the market are from the ERC721 standard. After all, the earliest NFT was born from this standard and has been developed over the years. China continues to increase, and the audience’s recognition continues to increase. It is easier to use ERC721 to circulate in the market. This does not mean that Polkadot’s NFT standard has no chance to surpass. As Polkadot founder Dr. Gavin said, “No chain can do everything”, it is entirely possible that a team will launch another function that is equally powerful and powerful. Focus on different NFT standards.

Like DNFT, by building DataNFT, DataStorageWithTax, DataSwap, DAO governance, and Al-kit, it provides a full range of infrastructure services such as NFT generation, storage, transaction, transfer, and protocol governance. It has been continuously adding standards based on the direction of future development. . Another example is Efinity, which is built on Polkadot, to solve the problems of “interoperability, scalability, speed, security, privacy, developability, and governance” currently faced by the blockchain. In short, as newer NFT standards for latecomers, they have more room for improvement, which requires latecomers to spend more time observing and practicing, to create one after another explosive applications, to continue to adapt to more complex and fun It’s not just copying and imitating the basic template for manufacturing NFT tokens.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/interpret-the-difference-between-polkadot-protocol-standards-and-mainstream-protocol-standards-in-the-nft-field/
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