Rocket Protocol’s NFT protocol: Inheritance and reuse of data is the focus

Rocket Protocol’s NFT protocol can be used by multiple DApps, allowing data to be inherited and reused.

Rocket Protocol's NFT protocol: Inheritance and reuse of data is the focus

After introducing a series of optimizations of REVM (Rocket Ethereum Virtual Machine) on top of EVM (Ethernet Virtual Machine), readers have already understood that the current blockchain infrastructure has a lot of room for improvement. The Rocket Protocol team will also reduce the difficulty of application development and improve the efficiency of business implementation by adding NFT (Non-Fungible Tokens) related instructions, functions and expanding the standard library. In addition, strengthening the NFT standard protocol will further expand the business application scenarios of NFT, making NFT an asset protocol that can better carry ecological value.

What is the NFT standard protocol?
After Bitcoin, the Ethernet network has attracted a large number of blockchain developers with its outstanding smart contract technology. Smart contracts have pushed blockchain technology from the previous era of asset transactions to the era of blockchain applications. The development of smart contracts has brought unlimited possibilities for the implementation of complex business logic.

The recent explosion of NFTs are also created through smart contracts. nft is an asset protocol that can describe the properties of unique assets. Compared to FTs (Fungible Tokens) such as Bitcoin and Ether, NFTs are irreplaceable and each NFT is a unique pass-through. Developers can describe the unique properties of the pass in the NFT, so that it can be well used in various scenarios of decentralized applications. For example, blockchain game props, game character issuance, land assets, event tickets, and even the currently widely discussed digital artwork are all things that can be taken up by an asset protocol like NFT.

In this context, a standard protocol for NFT was born. As NFT assets are becoming more and more diverse, various platforms have to be able to adapt them efficiently, and there must be a need for a common, standard asset protocol in the industry, so that different applications can quickly read and analyze the data in NFT to understand its use.

Some of the more popular NFT standard protocols on the market today are ERC-721 and ERC1155. They not only regulate how to generate individual NFTs, but also how to mass-produce NFTs, which allows developers to easily generate a batch of similar NFT assets. Currently, these protocols are widely used by developers for various applications. Because of their widespread use, the advantages and stability of these protocols have naturally long been proven in the market, and Rocket Protocol has absorbed these advantages and expanded upon them.

Rocket Protocol’s NFT Standard Protocol
Rocket Protocol is compatible with Ethernet NFT protocols, including ERC-721. By being compatible with the mainstream NFT protocols, Rocket Protocol will be better able to receive high-quality NFT assets in the current Ethernet network and deliver the corresponding value more efficiently. In addition to the value of NFT itself, the Rocket Protocol technical team believes that the most important value of NFT is the inheritance and reuse of data: being reused by multiple decentralized applications, the NFT can more accurately capture the value gain from different applications. To realize more application value of NFT, Rocket Protocol extends the NFT protocol as follows.

Rocket Protocol designs the shuttle mechanism of NFT. Locking an NFT in some specific decentralized application A to which it belongs, a user can make a request to shuttle to decentralized application B. After getting the consent of decentralized application A and decentralized application B to the request, the NFT can shuttle from A to B.

Based on the mainstream NFT protocol, Rocket Protocol will add a space describing the data required by the NFT in different decentralized applications. This data space will describe how the NFT behaves in a particular decentralized application and can only be modified by that application where the NFT is located. The contents of this data space can be easily accessed in a blockchain environment, allowing users to check the functionality and performance of NFTs in unused applications, as well as the scenarios in which they have been used.

In addition, Rocket Protocol has designed a leasing mechanism for NFTs. This mechanism allows NFT to have a similar function in the blockchain network as renting a house in real life, to distinguish the ownership and usage rights of NFT assets, providing more possibilities for commercial applications of NFT.

Overall, Rocket Protocol gives NFT applications more room for value realization and richer business undertaking capabilities. With the support of Rocket Protocol’s NFT protocol and the relay chain technology mentioned in the previous article, NFT’s value capture capability and business capacity give developers and users more room for imagination.

Posted by:CoinYuppie,Reprinted with attribution to:
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