The ERC-6551 Token Standard, Explained

What East ERC-6551?

ERC-6551 adds clever contract features has NFTs, manufacturing them able of possess assets, interact with apps directly, holding tokens And functioning as A in chain identity.

ERC-6551, A token standard introduced on THE Ethereum main network on Can 7, 2023, goals has improve THE Functionality of NFT by add clever contract abilities. Implementation of This token standard assign A Ethereum account has THE NFTs, setting up A linked to the token account (to be determined). THANKS has ERC-6551, non-fungible token (NFT) are able has own assets And interact with apps directly.

With To be determined, developers can build A clever contract wallet For each ERC-721 token, which can facilitate transactions, interact with other decentralized apps (DApps), function as A in chain identify, Or socket tokens. As To be determined are backwards compatible with THE ERC-721 standard, ERC-721 tokens can enact THE ERC-6551 standard without any of them major modifications.

How East ERC-6551 A improvement on ERC-721?

NFT integrated with ERC-6551 improve THE abilities of ERC-721 NFT through several settings, such as metadata flexibility, traceable history, composability And in chain interactivity.

THE aim of THE ERC-721 token standard was has implement A minimum standard interface For NFT. However, NFT created below ERC-721 can't be partner with other in chain assets, manufacturing he difficult has create digital assets representative several real world assets.

THE standard was not compatible with DApps And clever contracts through THE Ethereum ecosystem. THE ERC-6551 standard has has been introduced has enable NFT has execute arbitrary the operations, own other NFT And assets, to use accounts through several Chains, And control several independent accounts.

Metadata flexibility

Static JSON metadata makes ERC-721 tokens inflexible concerning uniform Resource identifiers (URI), efficiency And security. THE standard Also gets around THE issue of rigidity In ERC-721 NFTs, Or THE data, once struck, can't be amended by accommodating additional data And values.

Traceable history

Another area Or THE ERC-6551 token standard sheet music A major advantage on ERC-721 because he provides more detailed information about A assets utility And transaction history, leading has A better understanding of A NFT value And It is pass interactions.

More composability

ERC-6551 supports integrating NFT with related assets, such as other NFT And other tokens, In A Single To be determined. Consolidation NFTs, tokens And assets allow direct active transfers And consistent switching between platforms, resulting In bigger composability.

On chain interactivity

Execution ERC-6551 gives power A has to use THE NFT address as their in chain identify, which ease interaction with in chain clever contracts And DApps.

How TO DO ERC-6551 NFT work with existing ERC-721 tokens?

THE the integration between ERC-6551 NFT And THE existing ERC-721 tokens works via A Proxy contract, imitate THE properties And metadata of THE existing ERC-721 NFT.

THE ERC-6551 standard uses A open registration system In synchronize with existing ERC-721 tokens. For To be determined, This registration works as both A creation hub And A management tool. People are required has throw A function on THE registration And pay A costs has create A To be determined For A ERC-721 token. THE registration NOW sets up A Proxy contract, simulation THE metadata And properties of THE original ERC-721 token.

THE Proxy contract ease THE To be determined has authenticate signature And sign messages on in the name of of THE NFT. THANKS has This functionality...