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Even as bitoin SV (BSV) enjoyed a Craig Wright/Satoshi bump Tuesday, the U.S. Copyright Office was hard at work dispelling notions that it officially “recognized” anyone as the inventor of bitcoin.\n“As a general rule, when the Copyright Office receives an application for registration, the claimant certifies as to the truth of the statements made in the submitted materials. The Copyright Office does not investigate the truth of any statement made,” the Copyright Office wrote in a press release. “In a case in which a work is registered under a pseudonym, the Copyright Office does not investigate whether there is a provable connection between the claimant and the pseudonymous author.”\nAs multiple sources have already noted, all it takes to register a copyright is $55 and a stable internet connection. In short, any claim that the U.S. government has registered Wright as the author of bitcoin are spurious at best.\nWhy did the government go to the trouble of clarifying this point? Wright’s actions required it. On Tuesday, a press representative sent a widely read release that suggested, in short, that the government accepted Wright was Satoshi. From the release:\nImportantly, the registrations issued by the U.S. Copyright Office recognize Wright as the author – under the pseudonym Satoshi Nakamoto – of both the white paper and code. This is the first government agency recognition of Craig Wright as Satoshi Nakamoto, the creator of Bitcoin.\nThe U.S. Copyright Office, on the other hand, doesn’t actually recognize anyone for anything. Ultimately, it is a repository designed for protecting the creators of art and literature.\nBut it’s not an immutable source of truth, like, uhm…ok let’s not go there.\nSatoshi Nakamoto image by Michal Cander\n ","totalUpvotes":6560,"score":6628,"nReplies":338,"html":"\u003cp>Even as bitoin SV (BSV) enjoyed a Craig Wright/Satoshi bump Tuesday, the U.S. Copyright Office was hard at work dispelling notions that it officially “recognized” anyone as the inventor of bitcoin.\u003c/p>\n\u003cp>“As a general rule, when the Copyright Office receives an application for registration, the claimant certifies as to the truth of the statements made in the submitted materials. The Copyright Office does not investigate the truth of any statement made,” the Copyright Office wrote in a press release. “In a case in which a work is registered under a pseudonym, the Copyright Office does not investigate whether there is a provable connection between the claimant and the pseudonymous author.”\u003c/p>\n\u003cp>As \u003ca href=\"https://ftalphaville.ft.com/2019/05/22/1558547272000/Craig-Wright-has-in-no-way-been-officially--recognised--as-Satoshi-Nakamoto/\" target=\"_blank\">multiple\u003c/a> \u003ca href=\"https://decryptmedia.com/7145/copyright-office-craig-wright-bitcoin\" target=\"_blank\">sources\u003c/a> have already noted, all it takes to register a copyright is $55 and a stable internet connection. In short, any claim that the U.S. government has registered Wright as the author of bitcoin are spurious at best.\u003c/p>\n\u003cp>Why did the government go to the trouble of clarifying this point? Wright’s \u003ca href=\"https://www.coindesk.com/craig-wright-attempts-to-copyright-the-satoshi-white-paper-and-original-bitcoin-code\" target=\"_blank\">actions\u003c/a> required it. On Tuesday, a press representative sent a widely read release that suggested, in short, that the government accepted Wright was Satoshi. From the release:\u003c/p>\n\u003cblockquote>\u003cp>Importantly, the registrations issued by the U.S. Copyright Office recognize Wright as the author – under the pseudonym Satoshi Nakamoto – of both the white paper and code. This is the first government agency recognition of Craig Wright as Satoshi Nakamoto, the creator of Bitcoin.\u003c/p>\u003c/blockquote>\n\u003cp>The U.S. Copyright Office, on the other hand, doesn’t actually recognize anyone for anything. Ultimately, it is a repository designed for protecting the creators of art and literature.\u003c/p>\n\u003cp>But it’s not an immutable source of truth, like, uhm…ok let’s not go there.\u003c/p>\n\u003cp>\u003cem>Satoshi Nakamoto image by \u003ca href>Michal Cander\u003c/a>\u003c/em>\u003c/p>\n ","type":"ghost","description":"No, the U.S. government didn’t officially recognize Craig Wright as Satoshi.","image":{"url":"https://external-preview.redd.it/sGn3Ug9DWt5xwpa9QHCSDCkdjYN713MY4p4TDw73dvw.jpg?auto=webp&s=4117fd621562257f73525fea680518dbbdb97167","width":1030,"height":824},"__at":"2025-02-18T09:23:21.614Z","boosted":false,"safeId":"coindeskcomuscopyrightofficesaysitdoesnotrecognizecraigwrightassatoshi","origin":"coindesk.com"},"cointelegraph.com/news/upcoming-supply-cut-will-see-bitcoin-prices-rise-further-brian-kelly-predicts":{"original":{"headers":{"date":["Tue, 28 May 2019 15:06:13 GMT"],"content-type":["text/html; 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upcoming supply cut could help bitcoin (BTC) prices rise further in the coming months, crypto fund manager Brian Kelly told CNBC on May 21.Speaking to the Fast Money program, he explained that “the halvening,” next due to take place in 2020, will see mining rewards cut in half.With many miners now hoarding BTC, Kelly predicted that prices will rise as increased demand — tied to increasing industrial adoption and retail uses — competes with diminished supplies.Describing the four-year cycle that leads up to “the halvening,” Kelly added:“You generally have a rally a year into it, and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.”He recommended investors dedicate between 1% to 5% of their portfolio to cryptocurrency while prices are stuck around the current levels of $8,000.Earlier this month, reports suggested that investment firm Fidelity was planning to roll out BTC trading for institutional clients in the coming weeks.Meanwhile, well-known retailers and brands such as Nike have been beginning to explore how crypto could fit into their business models.Other analysts believe there are other factors behind BTC’s recent surge. On May 20, Digital Currency Group founder Barry Silbert suggested the crypto’s bounce back could be linked to the ongoing United States-China trade war.","html":"\u003cp>An upcoming supply cut could help bitcoin (\u003ca href=\"https://cointelegraph.com/tags/bitcoin\">BTC\u003c/a>) prices rise further in the coming months, \u003ca href=\"https://cointelegraph.com/tags/cryptocurrencies\">crypto\u003c/a> fund manager \u003ca href=\"https://cointelegraph.com/tags/brian-kelly\">Brian Kelly\u003c/a> told \u003ca href=\"https://www.cnbc.com/video/2019/05/21/these-are-the-next-big-catalysts-for-the-bitcoin-rally.html\" target=\"_blank\">CNBC\u003c/a> on May 21.\u003c/p>\u003cp>Speaking to the Fast Money program, he explained that “\u003ca href=\"https://cointelegraph.com/news/why-bitcoin-boomed-in-2016-what-will-happen-in-2017\">the halvening\u003c/a>,” next due to take place in 2020, will see \u003ca href=\"https://cointelegraph.com/tags/mining\">mining\u003c/a> rewards cut in half.\u003c/p>\u003cp>With many miners now hoarding BTC, Kelly predicted that prices will rise as increased demand — tied to increasing industrial \u003ca href=\"https://cointelegraph.com/tags/adoption\">adoption\u003c/a> and \u003ca href=\"https://cointelegraph.com/tags/retail\">retail\u003c/a> uses — competes with diminished supplies.\u003c/p>\u003cp>Describing the four-year cycle that leads up to “the halvening,” Kelly added:\u003c/p>\u003cblockquote>\u003cp>“You generally have a rally a year into it, and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.”\u003c/p>\u003c/blockquote>\u003cp>He recommended investors dedicate between 1% to 5% of their portfolio to cryptocurrency while prices are stuck around the current levels of $8,000.\u003c/p>\u003cp>Earlier this month, reports suggested that investment firm Fidelity was planning to \u003ca href=\"https://cointelegraph.com/news/bloomberg-report-fidelity-will-start-institutional-bitcoin-trading-within-weeks\">roll out BTC trading\u003c/a> for institutional clients in the coming weeks.\u003c/p>\u003cp>Meanwhile, well-known retailers and brands such as \u003ca href=\"https://cointelegraph.com/news/cryptokicks-what-we-know-about-nikes-potential-gateway-into-crypto\">Nike\u003c/a> have been beginning to explore how crypto could fit into their business models.\u003c/p>\u003cp>Other analysts believe there are other factors behind BTC’s recent surge. On May 20, \u003ca href=\"https://cointelegraph.com/news/digital-currency-group-data-reveals-turbulent-crypto-investment-landscape\">Digital Currency Group\u003c/a> founder Barry Silbert suggested the crypto’s bounce back could be linked to the ongoing \u003ca href=\"https://cointelegraph.com/tags/usa\">United States\u003c/a>-\u003ca href=\"https://cointelegraph.com/tags/china\">China\u003c/a> trade war.\u003c/p>","type":"ghost","description":"Crypto analyst Brian Kelly believes bitcoin prices are going to rise as increasing demand competes with diminished supplies.","__at":"2025-02-18T09:23:21.614Z","boosted":false,"safeId":"cointelegraphcomnewsupcomingsupplycutwillseebitcoinpricesrisefurtherbriankellypredicts","origin":"cointelegraph.com"},"forbes.com/sites/billybambrough/2019/05/22/twitters-jack-dorsey-and-square-are-making-mass-bitcoin-adoption-inevitable":{"original":{"headers":{"content-encoding":["gzip"],"content-type":["text/html; charset=utf-8"],"server":["istio-envoy"],"x-envoy-upstream-service-time":["265"],"x-powered-by":["Express"],"backend":["dnsresolver"],"x-backend":["ng-templates-prod"],"x-yourttl":["86400.000"],"accept-ranges":["bytes, bytes, bytes"],"x-frame-options":["SAMEORIGIN"],"x-cicero-cache":["MISS"],"age":["0"],"content-length":["48852"],"date":["Mon, 23 Sep 2019 14:58:10 GMT"],"via":["1.1 varnish"],"connection":["close"],"x-served-by":["cache-ams21020-AMS"],"x-cache":["MISS"],"x-cache-hits":["0"],"x-timer":["S1569250690.175283,VS0,VE366"],"vary":["Accept-Encoding, X-is-EU, X-ABtesting"],"x-country-code":["BE"],"x-postal-code":["2600"],"x-region":["VAN"],"access-control-allow-credentials":["true"],"content-security-policy":["upgrade-insecure-requests"],"set-cookie":["client_id=62eba5c9556e460b0a7c60b12956eac552b; Path=/; Domain=.forbes.com; Expires=Wed, 22 Sep 2021 14:58:10 GMT"]},"status":200,"description":"Jack Dorsey, the chief executive of micro-blogging social network Twitter, is taking further steps toward incorporating bitcoin and cryptocurrencies into his payments business, Square..."},"title":"Twitter’s Jack Dorsey And Square Are Making Mass Bitcoin Adoption ‘Inevitable’","author":"Billy Bambrough","replies":["1131251367383916544","t1_eog0vwa","t1_eofw8rt","t1_eog06mt","t1_eog0qq5","t1_eog0v7z","t1_eofyxlj","t3_brrat6","t1_eog21p1","t1_eog20lo","t1_eog1p8s","1131279830874513410","bit.ly/2WbJt1h","t1_eog7qdu","t1_eogbbyg","t1_eogczdk","t1_eoga3dn","t1_eogaq3k","t1_eogi20m","t1_eogh5c3","t1_eoge43h","t1_eogi7z0","t1_eogoq4f","t1_eogrfn8","t1_eoguexr","t1_eogxk7p","t1_eogw7wv","t1_eogwgn2","t1_eogwe54","t1_eoh9ojd","t1_eoh7pev","t1_eohaklo","t1_eoha1mr","t1_eohapc8","t1_eoheaof","t1_eohje4c","t1_eohguve","t1_eohmdl9","t1_eohozjp","1131294161230077952","on.forbes.com/6011EYhZN","t1_eohqj4h","t1_eohtmlm","1131475465368158208","t1_eohvtz2","t1_eohwiwn","t1_eohw5y8","t1_eoi3mik","t1_eoi3dck","t1_eoi3qq7","t1_eoicazn","1131548246919323648","1131557243743342592","1131552867750502400","on.forbes.com/6010EYC4G","t1_eoid9wo","t1_eoiqnwe","1132848472040718342","1131612989025423364","1131580276235165697","1131401584334651392"],"directReplies":["1131251367383916544","1131548246919323648","on.forbes.com/6010EYC4G","on.forbes.com/6011EYhZN","t3_brrat6"],"upvotes":0,"indicators":[],"topics":[{"topic":"all","activity":1034,"score":1044,"relativeScore":1},{"topic":"crypto","activity":851,"score":860,"relativeScore":1},{"topic":"btc","activity":851,"score":860,"relativeScore":1}],"context":{"all":{"topic":"all","activity":1034,"score":1044,"relativeScore":1},"crypto":{"topic":"crypto","activity":851,"score":860,"relativeScore":1},"btc":{"topic":"btc","activity":851,"score":860,"relativeScore":1}},"gotReplies":false,"pinned":{},"editorializers":{},"parents":[{"_id":"forbes.com/sites/billybambrough/2019/03/08/bitcoin-has-a-surprising-chief-cheerleader","url":"https://www.forbes.com/sites/billybambrough/2019/03/08/bitcoin-has-a-surprising-chief-cheerleader","type":"reference"},{"_id":"forbes.com/sites/billybambrough/2019/02/21/what-elon-musks-and-jack-dorseys-surprising-bitcoin-comments-really-mean","url":"https://www.forbes.com/sites/billybambrough/2019/02/21/what-elon-musks-and-jack-dorseys-surprising-bitcoin-comments-really-mean","type":"reference"},{"_id":"forbes.com/sites/billybambrough/2019/05/17/bitcoin-is-swinging-wildly-heres-why","url":"https://www.forbes.com/sites/billybambrough/2019/05/17/bitcoin-is-swinging-wildly-heres-why","type":"reference"},{"_id":"forbes.com/sites/billybambrough/2019/05/15/ethereum-and-ripples-xrp-soar-as-bitcoin-treads-water-heres-why","url":"https://www.forbes.com/sites/billybambrough/2019/05/15/ethereum-and-ripples-xrp-soar-as-bitcoin-treads-water-heres-why","type":"reference"},{"_id":"1130872897004810241","url":"https://twitter.com/sqcrypto/status/1130872897004810241","type":"reference","score":0.21374680419281095},{"_id":"forbes.com/sites/billybambrough/2019/05/16/a-legendary-investment-guru-just-flipped-on-bitcoin","url":"https://www.forbes.com/sites/billybambrough/2019/05/16/a-legendary-investment-guru-just-flipped-on-bitcoin","type":"reference"},{"_id":"info.forbes.com/Investing-Digest-FDC-Sign-Up.html?k=EM_ID_FDC","url":"http://info.forbes.com/Investing-Digest-FDC-Sign-Up.html?k=EM_ID_FDC","type":"reference"}],"referrals":[],"_id":"forbes.com/sites/billybambrough/2019/05/22/twitters-jack-dorsey-and-square-are-making-mass-bitcoin-adoption-inevitable","updates":17,"time":1558544665000,"first":1558546440031,"url":"https://www.forbes.com/sites/billybambrough/2019/05/22/twitters-jack-dorsey-and-square-are-making-mass-bitcoin-adoption-inevitable","source":"forbes.com","added":"2021-04-15T12:28:13.771Z","timely":true,"channel":["Bitcoin",null],"totalUpvotes":1034,"score":1044,"nReplies":58,"hasGhosts":true,"content":"Jack Dorsey, the chief executive of micro-blogging social network Twitter, is taking further steps toward incorporating bitcoin and cryptocurrencies into his payments business, Square. \nBitcoin, which Dorsey has previously heaped praise upon, has experienced a resurgence recently with the bitcoin price doubling so far in 2019, lifting most other major cryptocurrencies along with it. \nNow, Square has said it plans to \"improve money\" though its bitcoin and crypto development, while Square Crypto is poised to hire its first dedicated employee—with many bitcoin and cryptocurrency investors hoping Square will lead a wave of fresh bitcoin adoption. \n \n \n \n \n \n \n Twitter's Jack Dorsey has previously spoken of his support for bitcoin and cryptocurrencies. \n Getty \n \n \n \n \n \n\"We are close to making our first hire,\" Square's cryptocurrency business said via Twitter. \"So let’s set some expectations. True to @jack’s founding tweets, we are building open source projects that will make mass adoption not just possible but inevitable.\" \nIn March, Dorsey said Square would be hiring three or four bitcoin and cryptocurrency engineers and one designer to work full-time on \"open source contributions to the bitcoin and crypto ecosystem,\" also promising to pay them in bitcoin if they wanted. \n \nDorsey, who's previously said he thinks bitcoin is \"likely\" to become the internet's first native currency, revealed he's been buying a whopping $10,000 worth of bitcoin per week earlier this year and invested in a bitcoin and cryptocurrency hardware wallet to store his swelling bitcoin holdings. \n \n \n \n \n \n \n Square's crypto business account tweeted it plans to make mass bitcoin and cryptocurrency adoption \"inevitable.\" \n Twitter / @Sqcrypto \n \n \n \nEarlier this month Square reported strong growth in bitcoin sales through its Cash app in its first-quarter earnings. \nSquare reported $65.5 million in bitcoin revenue for the first quarter of 2019, while bitcoin costs came in just under revenue at $64.7 million—leaving a bitcoin profit of just shy of $1 million. \nSquare users across the U.S. can buy bitcoin through its Cash app. \nThe bitcoin price has been boosted over the last few months by a raft of positive news for the bitcoin and cryptocurrency industry, including bullish surveys, technical developments, institutional support, and traditional investor endorsements. \n \n \n \n \n \n \n The bitcoin price has surged to year-to-date highs over recent weeks. \n CoinDesk \n \n \n \nThe bitcoin price, following a disastrous 2018, has boomed this year, prompting many to declare the bitter so-called crypto winter to be over. \nForbes Special Offer: Get timely investing news and information from Forbes Investing Digest. Sign up for free now. \n---","html":"\u003cdiv>\n\t\n\t\u003cdiv>\u003cp>Jack Dorsey, the chief executive of micro-blogging social network Twitter, is taking \u003ca href=\"https://www.forbes.com/sites/billybambrough/2019/03/08/bitcoin-has-a-surprising-chief-cheerleader/#19691ef74834\" target=\"_self\">further steps toward incorporating bitcoin and cryptocurrencies into his payments business, Square\u003c/a>.\u003c/p> \n\u003cp>Bitcoin, \u003ca href=\"https://www.forbes.com/sites/billybambrough/2019/02/21/what-elon-musks-and-jack-dorseys-surprising-bitcoin-comments-really-mean/\" target=\"_self\">which Dorsey has previously heaped praise upon\u003c/a>, has experienced \u003ca href=\"https://www.forbes.com/sites/billybambrough/2019/05/17/bitcoin-is-swinging-wildly-heres-why/\" target=\"_self\">a resurgence recently with the bitcoin price doubling so far in 2019\u003c/a>, \u003ca href=\"https://www.forbes.com/sites/billybambrough/2019/05/15/ethereum-and-ripples-xrp-soar-as-bitcoin-treads-water-heres-why/\" target=\"_self\">lifting most other major cryptocurrencies along with it\u003c/a>.\u003c/p> \n\u003cp>Now, Square has said it plans to "improve money" though its bitcoin and crypto development, while Square Crypto is poised to hire its first dedicated employee—with many bitcoin and cryptocurrency investors hoping Square will lead a wave of fresh bitcoin adoption.\u003c/p> \n\u003cdiv> \n \u003cdiv> \n <progressive-image class=\"dam-image getty wp-image-1149362482 size-large\" src=\"https://specials-images.forbesimg.com/dam/imageserve/1149362482/960x0.jpg?fit=scale\" alt=\"bitcoin, bitcoin price, jack dorsey, square, twitter, image\" data-height=\"642\" data-width=\"960\"></progressive-image> \n \u003c/div> \n \u003cdiv> \n \u003cdiv> \n \u003cp>Twitter's Jack Dorsey has previously spoken of his support for bitcoin and cryptocurrencies.\u003c/p> \n \u003csmall>Getty\u003c/small> \n \u003c/div> \n \u003c/div> \n\u003c/div> \n\u003cp> \n \u003c/p> \n\u003cp>"We are close to making our first hire," Square's cryptocurrency business said via \u003ca href=\"https://twitter.com/sqcrypto/status/1130872897004810241\" target=\"_blank\">Twitter\u003c/a>. "So let’s set some expectations. True to \u003cspan class=\"bloat\">@jack\u003c/span>’s founding tweets, we are building open source projects that will make mass adoption not just possible but inevitable."\u003c/p> \n\u003cp>In March, Dorsey said Square would be hiring three or four bitcoin and cryptocurrency engineers and one designer to work full-time on "open source contributions to the bitcoin and crypto ecosystem," also promising to pay them in bitcoin if they wanted.\u003c/p> \n\u003cdiv>\u003c/div> \n\u003cp>Dorsey, \u003ca href=\"https://www.forbes.com/sites/billybambrough/2019/03/08/bitcoin-has-a-surprising-chief-cheerleader/#c3677fe4834d\" target=\"_self\">who's previously said he thinks bitcoin is "likely" to become the internet's first native currency\u003c/a>, revealed he's been buying a whopping $10,000 worth of bitcoin per week earlier this year and invested in a bitcoin and cryptocurrency hardware wallet to store his swelling bitcoin holdings.\u003c/p> \n\u003cdiv> \n \u003cdiv> \n <progressive-image class=\"size-full wp-image-3237\" src=\"https://blogs-images.forbes.com/billybambrough/files/2019/05/Screenshot-2019-05-22-at-10.05.46-1.jpg\" alt=\"bitcoin, bitcoin price, twitter, jack dorsey, square, tweet image\" data-height=\"557\" data-width=\"1018\"></progressive-image> \n \u003c/div> \n \u003cdiv> \n \u003cdiv> \n \u003cp>Square's crypto business account tweeted it plans to make mass bitcoin and cryptocurrency adoption "inevitable."\u003c/p> \n \u003csmall>Twitter / \u003cspan class=\"bloat\">@Sqcrypto\u003c/span>\u003c/small> \n \u003c/div> \n \u003c/div> \n\u003c/div> \n\u003cp>Earlier this month Square reported strong growth in bitcoin sales through its Cash app in its first-quarter earnings.\u003c/p> \n\u003cp>Square reported $65.5 million in bitcoin revenue for the first quarter of 2019, while bitcoin costs came in just under revenue at $64.7 million—leaving a bitcoin profit of just shy of $1 million.\u003c/p> \n\u003cp>Square users across the U.S. can buy bitcoin through its Cash app.\u003c/p> \n\u003cp>The bitcoin price has been boosted over the last few months by a raft of positive news for the bitcoin and cryptocurrency industry, including bullish surveys, technical developments, institutional support, and \u003ca href=\"https://www.forbes.com/sites/billybambrough/2019/05/16/a-legendary-investment-guru-just-flipped-on-bitcoin/\" target=\"_self\">traditional investor endorsements\u003c/a>.\u003c/p> \n\u003cdiv> \n \u003cdiv> \n <progressive-image class=\"size-full wp-image-3235\" src=\"https://blogs-images.forbes.com/billybambrough/files/2019/05/coindesk-BTC-chart-2019-05-22.jpg\" alt=\"bitcoin, bitcoin price, twitter, jack dorsey, square, chart\" data-height=\"761\" data-width=\"958\"></progressive-image> \n \u003c/div> \n \u003cdiv> \n \u003cdiv> \n \u003cp>The bitcoin price has surged to year-to-date highs over recent weeks.\u003c/p> \n \u003csmall>CoinDesk\u003c/small> \n \u003c/div> \n \u003c/div> \n\u003c/div> \n\u003cp>The bitcoin price, following a disastrous 2018, has boomed this year, prompting many to declare the bitter so-called crypto winter to be over.\u003c/p> \n\u003cp>\u003ca href=\"http://info.forbes.com/Investing-Digest-FDC-Sign-Up.html?k=EM_ID_FDC\" target=\"_blank\">\u003cstrong>\u003cem>Forbes Special Offer: Get timely investing news and information from Forbes Investing Digest. Sign up for free now.\u003c/em>\u003c/strong>\u003c/a>\u003c/p> \n\u003cp>---\u003c/p>\u003c/div>\n\u003c/div>","type":"ghost","description":"Jack Dorsey, the chief executive of micro-blogging social network Twitter, is taking further steps toward incorporating bitcoin and cryptocurrencies into his payments business, Square...","image":{"url":"https://pbs.twimg.com/media/D7MqC0_WwAAd8_L.jpg","width":960,"height":642},"__at":"2025-02-18T09:23:21.614Z","boosted":false,"safeId":"forbescomsitesbillybambrough20190522twittersjackdorseyandsquarearemakingmassbitcoinadoptioninevitable","origin":"forbes.com"},"nanogames.io":{"original":{},"title":"http://nanogames.io","author":"","replies":[],"directReplies":[],"upvotes":0,"indicators":[],"topics":[{"topic":"all","activity":3610,"score":3647,"relativeScore":1},{"topic":"crypto","activity":3601,"score":3638,"relativeScore":1},{"topic":"ltc","activity":1206,"score":1218,"relativeScore":0.33},{"topic":"btc","activity":1042,"score":1053,"relativeScore":0.29},{"topic":"eth","activity":529,"score":534,"relativeScore":0.15},{"topic":"nano","activity":470,"score":475,"relativeScore":0.13},{"topic":"doge","activity":352,"score":355,"relativeScore":0.1}],"context":{"all":{"topic":"all","activity":3610,"score":3647,"relativeScore":1},"crypto":{"topic":"crypto","activity":3601,"score":3638,"relativeScore":1},"ltc":{"topic":"ltc","activity":1206,"score":1218,"relativeScore":0.33},"btc":{"topic":"btc","activity":1042,"score":1053,"relativeScore":0.29},"eth":{"topic":"eth","activity":529,"score":534,"relativeScore":0.15},"nano":{"topic":"nano","activity":470,"score":475,"relativeScore":0.13},"doge":{"topic":"doge","activity":352,"score":355,"relativeScore":0.1}},"gotReplies":false,"pinned":{},"editorializers":{},"parents":[],"referrals":[],"_id":"nanogames.io","updates":25,"time":1558530047000,"first":1558530240017,"url":"http://nanogames.io","source":"nanogames.io","added":"2023-01-07T22:41:01.932Z","timely":true,"channel":["worldnews",null],"totalUpvotes":3610,"score":3647,"nReplies":22,"type":"ghost","titleGuessed":true,"__at":"2025-02-18T09:23:21.614Z","boosted":false,"safeId":"nanogamesio","html":"","origin":"nanogames.io"},"on.forbes.com/6011EYhZN":{"original":{},"title":"","author":"","replies":["1131294161230077952","1131475465368158208","1132848472040718342","1131612989025423364","1131580276235165697","1131401584334651392"],"directReplies":["1131294161230077952"],"upvotes":0,"indicators":[],"topics":[{"topic":"all","activity":468,"score":472,"relativeScore":1},{"topic":"crypto","activity":467,"score":471,"relativeScore":1},{"topic":"btc","activity":467,"score":471,"relativeScore":1}],"context":{"all":{"topic":"all","activity":468,"score":472,"relativeScore":1},"crypto":{"topic":"crypto","activity":467,"score":471,"relativeScore":1},"btc":{"topic":"btc","activity":467,"score":471,"relativeScore":1}},"gotReplies":false,"pinned":{},"editorializers":{},"parents":[],"referrals":[],"_id":"on.forbes.com/6011EYhZN","updates":1,"time":1558556521000,"first":1558592940031,"url":"http://on.forbes.com/6011EYhZN","source":"forbes.com","added":"2021-03-20T16:44:34.130Z","timely":true,"channel":[null],"link":"https://www.forbes.com/sites/billybambrough/2019/05/22/twitters-jack-dorsey-and-square-are-making-mass-bitcoin-adoption-inevitable/?ss=crypto-blockchain&utm_source=TWITTER&utm_medium=social&utm_content=2337632131&utm_campaign=sprinklrForbesCrypto#740eb09d3a36","replyTo":"forbes.com/sites/billybambrough/2019/05/22/twitters-jack-dorsey-and-square-are-making-mass-bitcoin-adoption-inevitable","replyType":"redirect","totalUpvotes":468,"score":472,"nReplies":4,"type":"ghost","language":null,"image":{"url":"https://pbs.twimg.com/media/D7MqC0_WwAAd8_L.jpg","width":960,"height":642},"html":"Twitter's 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flair to trade pretend money in \u003ca href=\"https://coinsight.org/flairgame\">the Flair Game\u003c/a>\u003c/li>\n\u003cli>Weekly threads: \u003ca href=\"http://www.reddit.com/r/BitcoinMarkets/search?q=newbie+monday&sort=new&restrict_sr=on&t=all\">Newbie Mondays\u003c/a> and \u003ca href=\"http://www.reddit.com/r/BitcoinMarkets/search?q=fundamentals+friday&sort=new&restrict_sr=on&t=all\">Fundamentals Fridays\u003c/a>\u003c/li>\n\u003cli>Altcoins Discussion: \u003ca href=\"http://www.reddit.com/r/BitcoinMarkets/search?q=altcoin+discussion&sort=new&restrict_sr=on&t=all\">Altcoin Discussion\u003c/a>\u003c/li>\n\u003c/ul>"},"title":"[Daily Discussion] Wednesday, May 22, 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everyone, 7 months ago I sent mistakenly 1 BTC to the Huobi's cold wallet. Yes, I'm retard, I feel terrible.\n\n\n\n**Transaction**:\n\n[https://www.blockchain.com/es/btc/tx/4769c93d8c9e0d5eaf8311ac8af513e23096ae461da0256a77cf70ca73fd4e4b](https://www.blockchain.com/es/btc/tx/4769c93d8c9e0d5eaf8311ac8af513e23096ae461da0256a77cf70ca73fd4e4b)\n\n\n\n**How I send mistakenly 1 BTC to the Huobi Cold Wallet?**\n\nA day I was watching a BTC rich list and exploring the addresses. I'm unsure how exactly it happens because I verified the address, but when I sent 1 BTC I did mistakenly to the wrong address!!! I verified that I was sending to the correct address, but I had to remake the sendship because the wallet crashed, probably there was the problem, the huobi's cold wallet address was in the clipboard. Anyways I don't have certainty how it happens.List: [https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html](https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html)\n\nIt was a mistake, I work often sending and receiving BTC. When you do a certain task all the days copying wrong data could be a **TERRIBLE** but **EASY** mistake to do, because we are humans and we fall in the trust. **As you did a task correctly many many times you earn trust on yourself and try save time.** If it didn't happens to you ever you aren't being honest.\n\n\n\n**7 months talking with Huobi Customer Support (part 1)**\n\nI tried to contact Huobi's customer support. First they first didn't understand me, thinking that I tried to deposit on Huobi and sent to a wrong address. After they understand they told me that the address doesn't belongs to Huobi and they can't help me. That is false, I did an investigation and they have direct relation with this address, they can help me. Read my following analysis please:\n\n\n\n**Huobi Ownership Analysis**\n\nSearching, sites says that the address belongs to Huobi Huobi support says that address doesn't belongs to Huobi\n\nI don't know if belongs to Huobi or not, but I can deduct and track that the address is related with Huobi\n\nWhy? The address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 regulary sent big amounts to 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D\n\nThen, is VERY PROBABLY THAT 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 OWNER KNOWS 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER And the 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER can help me.\n\nSearching, some sites (and sites like USDT Official page [https://web.archive.org/web/20181113185656/https://wallet.tether.to/richlist](https://web.archive.org/web/20181113185656/https://wallet.tether.to/richlist)) says that the address 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D belongs to Huobi\n\nAgain, I don't know really if the address is of Huobi, but I can deduct and track that the address is related with Huobi\n\nWhy? On my Huobi account I made only 2 BTC withdraws from Huobi in the past\n\n2018-05-08 18:36:45 , txid: 0e6bf02323ebc166b6638afcd6170ecb73948748235e687def7e7a3cb1902fca , it has 239 inputs 2018-05-08 20:17:10 , txid: b59b988d642fe3773268e246ef1a0d048bbd3f734a611d00722b39126ed9e20b , it has 239 inputs too\n\nIn both transaction, all inputs are addresses that BELONGS TO HUOBI, because you huobi are sending me BTC\n\nBoth transactions has 39 addresses as inputs in common (all huobi address, maybe deposit addresses of anothers huobi users)\n\nExample: 1M9ndPSQ4fmMKaKW2oX7LtjduDqYUcFKCW\n\nAnalyzing the transactions of this address, we can found many transactions sending BTC to 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER\n\n[https://www.blockchain.com/es/btc/tx/740236113bde5a95cfc168d732762be00eee435556c686b00b74b85b3e6c3f77](https://www.blockchain.com/es/btc/tx/740236113bde5a95cfc168d732762be00eee435556c686b00b74b85b3e6c3f77)[https://www.blockchain.com/es/btc/tx/e2367daa464818d46da93e9a364f23536ef31e767f04cd01ff0a01e2baca6f87](https://www.blockchain.com/es/btc/tx/e2367daa464818d46da93e9a364f23536ef31e767f04cd01ff0a01e2baca6f87)[https://www.blockchain.com/es/btc/tx/5c16244c0efaba9aeb1e141e9ff4c8702f7a34f44bac73121ea6f55eb98adab2](https://www.blockchain.com/es/btc/tx/5c16244c0efaba9aeb1e141e9ff4c8702f7a34f44bac73121ea6f55eb98adab2)[https://www.blockchain.com/es/btc/tx/69e73d1bbcdcb8ffacf0ea555298ee226f1740c02d1131e2db72e7ade32aace1](https://www.blockchain.com/es/btc/tx/69e73d1bbcdcb8ffacf0ea555298ee226f1740c02d1131e2db72e7ade32aace1)[https://www.blockchain.com/es/btc/tx/110eff2733a88b626ca38d63b9f2d8b6d5b3e26574f1d918c99c36c785eb0d56](https://www.blockchain.com/es/btc/tx/110eff2733a88b626ca38d63b9f2d8b6d5b3e26574f1d918c99c36c785eb0d56)\n\nUser withdraw? No BECAUSE the amounts are lower than the quantity required for a Huobi withdraw (0.01 BTC) VERY VERY PROBABLY that 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER is Huobi And seeing all transactions, probably all of them are being used to pay USDT fees (i didn't study this part but isn't relevant)\n\nThen, if 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER is Huobi, you can help me High probably that you know the 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 OWNER , address which I mistakenly sent 1 BTC\n\nPlease, tell him that give me back my 1 BTC\n\nSee my transactions asking the 3CBq.. owner give my BTC back: [https://www.blockchain.com/es/btc/tx/d60eed9b025f9c5d3fe3b168e2f64e0abcb880123c1c0a51290eaeddbd60b8d7](https://www.blockchain.com/es/btc/tx/d60eed9b025f9c5d3fe3b168e2f64e0abcb880123c1c0a51290eaeddbd60b8d7)[https://www.blockchain.com/es/btc/tx/0015646c3df821b035a15837b26c65f458276c05128bbaeae3293284d178d14e](https://www.blockchain.com/es/btc/tx/0015646c3df821b035a15837b26c65f458276c05128bbaeae3293284d178d14e)\n\nsending to 1SentYou1BtcP1sBackToMeP1sNznQ1zH(read the address) and to 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 with the same addresses used to send 1 BTC to 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64\n\n\n\n**7 months talking with Huobi Customer Support (part 2)**\n\nAfter understanding this , they asked me my consent to pay a fee. I agreed. After they asked me sign a message with my privates keys. I did it. And finally they tell me \"Wait\". I'm waiting 7 months ago, all months I ask and they ever reply the same \"We will contact you\". Now they told me \" Hello,sorry for the inconvenience, we feedback your problem to our technology department. After a series of research and development, but it can not be solved. Please understand this. \"\n\nI want to think that the team is failing and Huobi isn't wanting steal my BTC. What they are doing maybe could be illegal. I'm thinking to talk with lawers on Singapore, I don't know what more to do.\n\nI tried to contact the CEO Livio on Twitter ( [https://twitter.com/livio\\_huobi](https://twitter.com/livio_huobi) ) but they don't reply me! I want to think that someone else is administering their account.\n\n\n\n**My ownership evidence**:\n\nMessage:\n\n I sent mistakenly 1 BTC to the address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 on these transaction\n TXID: 4769c93d8c9e0d5eaf8311ac8af513e23096ae461da0256a77cf70ca73fd4e4b\n \n Please send me back to 3J4n1P9qX1nnPHxb8e63B8z7HQs65QXRoz or 1NVvNmfpPrGey4fKRUnDrXbzbbZFDqpXHL or 1K8JEvgg3sketnpExziFupBb2UQaQaCiaE\n\n( Pastebin: [https://pastebin.com/K6bXr6Mz](https://pastebin.com/K6bXr6Mz) )\n\nSignature (1NVvNmfpPrGey4fKRUnDrXbzbbZFDqpXHL)\n\n H/443F0x29qHAQJj8FoizXCX4V+kVzjifKq2LYhsJisjGf5iyBotpF0W7y74lg7vMV9ebsHgaW9FEfzzd8TIA6U= \n\nSignature (1K8JEvgg3sketnpExziFupBb2UQaQaCiaE)\n\n H7GCXHHb+Iy6T9xu8c6867Wd7u6jc9sabbMVvGsUtEvddKqbslwajYBfFe3stQvIVJ7mK3Nuyh2aKOOdnjfU840=\n\n***Huobi CEO contact me please, my UUID is 1995155***\n\n\n\n**UPDATE 16/06/2019**:\n\nAll the balance of **3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64** was sent to **1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D**. That is an address which is PROPERTY OF HUOBI. Read my analysis. Tether saying that this wallet is owned by Huobi: [https://web.archive.org/web/20181113185656/https://wallet.tether.to/richlist](https://web.archive.org/web/20181113185656/https://wallet.tether.to/richlist)\n\n\n\n**Please upvote this and help me , I don't want to start legal actions , please help me**\n\t\t\t\t\t\n\nModeration said that the automoderator removed my post, and they restored it\n\n\n\nThanks\n\t\t\t\t\t\n\nThanks all the support guys!\n\t\t\t\t\t\n\nI edited the post adding how I mistakenly sent the BTC","timely":true,"totalUpvotes":2647,"score":2674,"nReplies":305,"html":"\u003cp>Hi everyone, 7 months ago I sent mistakenly 1 BTC to the Huobi's cold wallet. Yes, I'm retard, I feel terrible.\u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>\u003cstrong>Transaction\u003c/strong>:\u003c/p>\n\n\u003cp>\u003ca href=\"https://www.blockchain.com/es/btc/tx/4769c93d8c9e0d5eaf8311ac8af513e23096ae461da0256a77cf70ca73fd4e4b\">https://www.blockchain.com/es/btc/tx/4769c93d8c9e0d5eaf8311ac8af513e23096ae461da0256a77cf70ca73fd4e4b\u003c/a>\u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>\u003cstrong>How I send mistakenly 1 BTC to the Huobi Cold Wallet?\u003c/strong>\u003c/p>\n\n\u003cp>A day I was watching a BTC rich list and exploring the addresses. I'm unsure how exactly it happens because I verified the address, but when I sent 1 BTC I did mistakenly to the wrong address!!! I verified that I was sending to the correct address, but I had to remake the sendship because the wallet crashed, probably there was the problem, the huobi's cold wallet address was in the clipboard. Anyways I don't have certainty how it happens.List: \u003ca href=\"https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html\">https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html\u003c/a>\u003c/p>\n\n\u003cp>It was a mistake, I work often sending and receiving BTC. When you do a certain task all the days copying wrong data could be a \u003cstrong>TERRIBLE\u003c/strong> but \u003cstrong>EASY\u003c/strong> mistake to do, because we are humans and we fall in the trust. \u003cstrong>As you did a task correctly many many times you earn trust on yourself and try save time.\u003c/strong> If it didn't happens to you ever you aren't being honest.\u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>\u003cstrong>7 months talking with Huobi Customer Support (part 1)\u003c/strong>\u003c/p>\n\n\u003cp>I tried to contact Huobi's customer support. First they first didn't understand me, thinking that I tried to deposit on Huobi and sent to a wrong address. After they understand they told me that the address doesn't belongs to Huobi and they can't help me. That is false, I did an investigation and they have direct relation with this address, they can help me. Read my following analysis please:\u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>\u003cstrong>Huobi Ownership Analysis\u003c/strong>\u003c/p>\n\n\u003cp>Searching, sites says that the address belongs to Huobi Huobi support says that address doesn't belongs to Huobi\u003c/p>\n\n\u003cp>I don't know if belongs to Huobi or not, but I can deduct and track that the address is related with Huobi\u003c/p>\n\n\u003cp>Why? The address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 regulary sent big amounts to 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D\u003c/p>\n\n\u003cp>Then, is VERY PROBABLY THAT 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 OWNER KNOWS 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER And the 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER can help me.\u003c/p>\n\n\u003cp>Searching, some sites (and sites like USDT Official page \u003ca href=\"https://web.archive.org/web/20181113185656/https://wallet.tether.to/richlist\">https://web.archive.org/web/20181113185656/https://wallet.tether.to/richlist\u003c/a>) says that the address 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D belongs to Huobi\u003c/p>\n\n\u003cp>Again, I don't know really if the address is of Huobi, but I can deduct and track that the address is related with Huobi\u003c/p>\n\n\u003cp>Why? On my Huobi account I made only 2 BTC withdraws from Huobi in the past\u003c/p>\n\n\u003cp>2018-05-08 18:36:45 , txid: 0e6bf02323ebc166b6638afcd6170ecb73948748235e687def7e7a3cb1902fca , it has 239 inputs 2018-05-08 20:17:10 , txid: b59b988d642fe3773268e246ef1a0d048bbd3f734a611d00722b39126ed9e20b , it has 239 inputs too\u003c/p>\n\n\u003cp>In both transaction, all inputs are addresses that BELONGS TO HUOBI, because you huobi are sending me BTC\u003c/p>\n\n\u003cp>Both transactions has 39 addresses as inputs in common (all huobi address, maybe deposit addresses of anothers huobi users)\u003c/p>\n\n\u003cp>Example: 1M9ndPSQ4fmMKaKW2oX7LtjduDqYUcFKCW\u003c/p>\n\n\u003cp>Analyzing the transactions of this address, we can found many transactions sending BTC to 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER\u003c/p>\n\n\u003cp>\u003ca href=\"https://www.blockchain.com/es/btc/tx/740236113bde5a95cfc168d732762be00eee435556c686b00b74b85b3e6c3f77\">https://www.blockchain.com/es/btc/tx/740236113bde5a95cfc168d732762be00eee435556c686b00b74b85b3e6c3f77\u003c/a>\u003ca href=\"https://www.blockchain.com/es/btc/tx/e2367daa464818d46da93e9a364f23536ef31e767f04cd01ff0a01e2baca6f87\">https://www.blockchain.com/es/btc/tx/e2367daa464818d46da93e9a364f23536ef31e767f04cd01ff0a01e2baca6f87\u003c/a>\u003ca href=\"https://www.blockchain.com/es/btc/tx/5c16244c0efaba9aeb1e141e9ff4c8702f7a34f44bac73121ea6f55eb98adab2\">https://www.blockchain.com/es/btc/tx/5c16244c0efaba9aeb1e141e9ff4c8702f7a34f44bac73121ea6f55eb98adab2\u003c/a>\u003ca href=\"https://www.blockchain.com/es/btc/tx/69e73d1bbcdcb8ffacf0ea555298ee226f1740c02d1131e2db72e7ade32aace1\">https://www.blockchain.com/es/btc/tx/69e73d1bbcdcb8ffacf0ea555298ee226f1740c02d1131e2db72e7ade32aace1\u003c/a>\u003ca href=\"https://www.blockchain.com/es/btc/tx/110eff2733a88b626ca38d63b9f2d8b6d5b3e26574f1d918c99c36c785eb0d56\">https://www.blockchain.com/es/btc/tx/110eff2733a88b626ca38d63b9f2d8b6d5b3e26574f1d918c99c36c785eb0d56\u003c/a>\u003c/p>\n\n\u003cp>User withdraw? No BECAUSE the amounts are lower than the quantity required for a Huobi withdraw (0.01 BTC) VERY VERY PROBABLY that 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER is Huobi And seeing all transactions, probably all of them are being used to pay USDT fees (i didn't study this part but isn't relevant)\u003c/p>\n\n\u003cp>Then, if 1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D OWNER is Huobi, you can help me High probably that you know the 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 OWNER , address which I mistakenly sent 1 BTC\u003c/p>\n\n\u003cp>Please, tell him that give me back my 1 BTC\u003c/p>\n\n\u003cp>See my transactions asking the 3CBq.. owner give my BTC back: \u003ca href=\"https://www.blockchain.com/es/btc/tx/d60eed9b025f9c5d3fe3b168e2f64e0abcb880123c1c0a51290eaeddbd60b8d7\">https://www.blockchain.com/es/btc/tx/d60eed9b025f9c5d3fe3b168e2f64e0abcb880123c1c0a51290eaeddbd60b8d7\u003c/a>\u003ca href=\"https://www.blockchain.com/es/btc/tx/0015646c3df821b035a15837b26c65f458276c05128bbaeae3293284d178d14e\">https://www.blockchain.com/es/btc/tx/0015646c3df821b035a15837b26c65f458276c05128bbaeae3293284d178d14e\u003c/a>\u003c/p>\n\n\u003cp>sending to 1SentYou1BtcP1sBackToMeP1sNznQ1zH(read the address) and to 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 with the same addresses used to send 1 BTC to 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64\u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>\u003cstrong>7 months talking with Huobi Customer Support (part 2)\u003c/strong>\u003c/p>\n\n\u003cp>After understanding this , they asked me my consent to pay a fee. I agreed. After they asked me sign a message with my privates keys. I did it. And finally they tell me "Wait". I'm waiting 7 months ago, all months I ask and they ever reply the same "We will contact you". Now they told me " Hello,sorry for the inconvenience, we feedback your problem to our technology department. After a series of research and development, but it can not be solved. Please understand this. "\u003c/p>\n\n\u003cp>I want to think that the team is failing and Huobi isn't wanting steal my BTC. What they are doing maybe could be illegal. I'm thinking to talk with lawers on Singapore, I don't know what more to do.\u003c/p>\n\n\u003cp>I tried to contact the CEO Livio on Twitter ( \u003ca href=\"https://twitter.com/livio_huobi\">https://twitter.com/livio_huobi\u003c/a> ) but they don't reply me! I want to think that someone else is administering their account.\u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>\u003cstrong>My ownership evidence\u003c/strong>:\u003c/p>\n\n\u003cp>Message:\u003c/p>\n\n\u003cpre>\u003ccode>I sent mistakenly 1 BTC to the address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 on these transaction\nTXID: 4769c93d8c9e0d5eaf8311ac8af513e23096ae461da0256a77cf70ca73fd4e4b\n\nPlease send me back to 3J4n1P9qX1nnPHxb8e63B8z7HQs65QXRoz or 1NVvNmfpPrGey4fKRUnDrXbzbbZFDqpXHL or 1K8JEvgg3sketnpExziFupBb2UQaQaCiaE\n\u003c/code>\u003c/pre>\n\n\u003cp>( Pastebin: \u003ca href=\"https://pastebin.com/K6bXr6Mz\">https://pastebin.com/K6bXr6Mz\u003c/a> )\u003c/p>\n\n\u003cp>Signature (1NVvNmfpPrGey4fKRUnDrXbzbbZFDqpXHL)\u003c/p>\n\n\u003cpre>\u003ccode>H/443F0x29qHAQJj8FoizXCX4V+kVzjifKq2LYhsJisjGf5iyBotpF0W7y74lg7vMV9ebsHgaW9FEfzzd8TIA6U= \n\u003c/code>\u003c/pre>\n\n\u003cp>Signature (1K8JEvgg3sketnpExziFupBb2UQaQaCiaE)\u003c/p>\n\n\u003cpre>\u003ccode>H7GCXHHb+Iy6T9xu8c6867Wd7u6jc9sabbMVvGsUtEvddKqbslwajYBfFe3stQvIVJ7mK3Nuyh2aKOOdnjfU840=\n\u003c/code>\u003c/pre>\n\n\u003cp>\u003cstrong>\u003cem>Huobi CEO contact me please, my UUID is 1995155\u003c/em>\u003c/strong>\u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>\u003cstrong>UPDATE 16/06/2019\u003c/strong>:\u003c/p>\n\n\u003cp>All the balance of \u003cstrong>3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64\u003c/strong> was sent to \u003cstrong>1LAnF8h3qMGx3TSwNUHVneBZUEpwE4gu3D\u003c/strong>. That is an address which is PROPERTY OF HUOBI. Read my analysis. Tether saying that this wallet is owned by Huobi: \u003ca href=\"https://web.archive.org/web/20181113185656/https://wallet.tether.to/richlist\">https://web.archive.org/web/20181113185656/https://wallet.tether.to/richlist\u003c/a>\u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>\u003cstrong>Please upvote this and help me , I don't want to start legal actions , please help me\u003c/strong>\u003c/p>\n\t\t\t\t\t\u003cbr class=\"merged\">\u003cbr>\u003cp>Moderation said that the automoderator removed my post, and they restored it\u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>Thanks\u003c/p>\n\t\t\t\t\t\u003cbr class=\"merged\">\u003cbr>\u003cp>Thanks all the support guys!\u003c/p>\n\t\t\t\t\t\u003cbr class=\"merged\">\u003cbr>\u003cp>I edited the post adding how I mistakenly sent the BTC\u003c/p>","origin":"in 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Betting on Bitcoin, Holds Over 200,000 BTC in 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$1.38M ETH Burned in Bizarre Protest","author":"Gapkh","replies":["t1_mdal91z","t1_mdaz93n","t1_mdayef4","t1_mdaxkyg","t1_mdax2g3","t1_mdb4p94","t1_mdbr4er"],"directReplies":["t1_mdal91z","t1_mdax2g3"],"upvotes":54,"indicators":[],"topics":[{"topic":"all","activity":87,"score":160,"relativeScore":1},{"topic":"crypto","activity":66,"score":121,"relativeScore":1},{"topic":"eth","activity":62,"score":114,"relativeScore":0.94},{"topic":"nano","activity":4,"score":7,"relativeScore":0.06}],"context":{"all":{"topic":"all","activity":87,"score":160,"relativeScore":1},"crypto":{"topic":"crypto","activity":66,"score":121,"relativeScore":1},"eth":{"topic":"eth","activity":62,"score":114,"relativeScore":0.94},"nano":{"topic":"nano","activity":4,"score":7,"relativeScore":0.06}},"gotReplies":false,"pinned":{},"editorializers":{},"parents":[{"_id":"i.redd.it/8rvhpw2pxqje1.png","url":"https://i.redd.it/8rvhpw2pxqje1.png","type":"reply"},{"_id":"etherscan.io/tx/0x5e8bef5dcb69206fa1bacc8d0b0c0204e12f1e45483d12b9f69dc1829ac74315","url":"https://etherscan.io/tx/0x5e8bef5dcb69206fa1bacc8d0b0c0204e12f1e45483d12b9f69dc1829ac74315","type":"reference","score":0.7040134520119331}],"referrals":[],"_id":"t3_1irrjsw","added":"2025-02-18T09:23:53.059Z","first":1739819105589,"source":"reddit.com","time":1739818518000,"timely":true,"updates":6,"url":"https://www.reddit.com/r/ethtrader/comments/1irrjsw/138m_eth_burned_in_bizarre_protest/","nReplies":7,"type":"rpost","image":{"url":"https://preview.redd.it/8rvhpw2pxqje1.png?auto=webp&s=7aa1804fa7c746b236641f974d903b32b0d8ddb1","width":1181,"height":787,"_id":"67b3ceb1b04d60179294ed44"},"video":false,"replyType":"reply","origin":"in r/ethtrader","delegatedBy":"i.redd.it/8rvhpw2pxqje1.png","content":"An anonymous individual burned 500 ETH ($1.38M), sending it to a burn address with a cryptic message accusing Kuande Investment’s CEOs of using \"brain-computer weapons\" to persecute employees\n\nTransaction hash: https://etherscan.io/tx/0x5e8bef5dcb69206fa1bacc8d0b0c0204e12f1e45483d12b9f69dc1829ac74315","html":"\u003cp>An anonymous individual burned 500 ETH ($1.38M), sending it to a burn address with a cryptic message accusing Kuande Investment’s CEOs of using "brain-computer weapons" to persecute employees\u003c/p>\n\n\u003cp>Transaction hash: \u003ca href=\"https://etherscan.io/tx/0x5e8bef5dcb69206fa1bacc8d0b0c0204e12f1e45483d12b9f69dc1829ac74315\">https://etherscan.io/tx/0x5e8bef5dcb69206fa1bacc8d0b0c0204e12f1e45483d12b9f69dc1829ac74315\u003c/a>\u003c/p>","titleGuessed":true,"contentGuessed":true,"htmlGuessed":true,"__at":"2025-02-18T09:23:53.079Z","boosted":false,"safeId":"t3_1irrjsw","icon":"reddit"},"t3_1iryzav":{"original":{"subreddit_name_prefixed":"r/CryptoCurrency","pwls":6,"downs":0,"upvote_ratio":1,"is_original_content":false,"author_fullname":"t2_nbwlhxde","score":19,"is_created_from_ads_ui":false,"is_self":true,"wls":6,"domain":"self.CryptoCurrency","allow_live_comments":false,"suggested_sort":"new","all_awardings":[],"awarders":[],"treatment_tags":[],"author_is_blocked":false,"is_robot_indexable":true,"num_duplicates":1,"num_comments":321,"send_replies":true,"stickied":true,"subreddit_subscribers":9663957,"content":"**Welcome to the Daily Crypto Discussion thread. Please read the disclaimer and rules before participating.**\n \n***\n \n \n###Disclaimer:\n\nConsider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known \"pump and dump (PnD) groups\" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. \n\n\n**Please be careful about what information you share and the actions you take.** Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.\n \n***\n \n \n###Rules:\n\n - All [sub rules](https://www.reddit.com/r/CryptoCurrency/about/rules/) apply in this thread. The prior exemption for karma and age requirements is no longer in effect. \n - Discussion topics must be related to cryptocurrency.\n - Behave with civility and politeness. Do not use offensive, racist or homophobic language.\n - Comments will be sorted by newest first.\n \n***\n \n\n###Useful Links:\n\n - [**Beginner Resources**](https://www.reddit.com/r/CryptoCurrency/wiki/beginner_resources)\n\n - [**Intro to r/Cryptocurrency MOONs 🌔**](https://www.reddit.com/r/CryptoCurrency/comments/gj96lb/introducing_rcryptocurrency_moons/)\n\n - [**MOONs Wiki Page**](https://www.reddit.com/r/CryptoCurrency/wiki/moons_wiki/)\n\n - [**r/CryptoCurrency Discord**](https://www.reddit.com/r/CryptoCurrency/comments/kth255/join_the_crypto_currency_discord/)\n\n - [**r/CryptoCurrencyMemes**](https://www.reddit.com/r/cryptocurrencymemes)\n\n - [**Prior Daily Discussions**](https://www.reddit.com/r/CryptoCurrency/search?q=title%3A%22Daily+Crypto+Discussion+-+%22+&restrict_sr=on&sort=new&t=all) - (Link fixed.)\n\n - [**r/CryptoCurrencyMeta**](https://www.reddit.com/r/CryptoCurrencyMeta/) - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance.\n\n***\n \n\n### Finding Other Discussion Threads\n\nFollow a mod account below to be notified in your home feed when the latest r/CC discussion thread of your interest is posted.\n\n* u/CryptoDaily- — Posts the Daily Crypto Discussion threads. \n\n* u/CryptoSkeptics — Posts the Monthly Skeptics Discussion threads.\n \n* u/CryptoOptimists- — Posts the Monthly Optimists Discussion threads.\n\n* u/CryptoNewsUpdates — Posts the Monthly News Summary threads.","html":"\u003cp>\u003cstrong>Welcome to the Daily Crypto Discussion thread. Please read the disclaimer and rules before participating.\u003c/strong>\u003c/p>\n\n\u003chr/>\n\n\u003cp> \u003c/p>\n\n\u003ch3>Disclaimer:\u003c/h3>\n\n\u003cp>Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. \u003c/p>\n\n\u003cp>\u003cstrong>Please be careful about what information you share and the actions you take.\u003c/strong> Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.\u003c/p>\n\n\u003chr/>\n\n\u003cp> \u003c/p>\n\n\u003ch3>Rules:\u003c/h3>\n\n\u003cul>\n\u003cli>All \u003ca href=\"https://www.reddit.com/r/CryptoCurrency/about/rules/\">sub rules\u003c/a> apply in this thread. The prior exemption for karma and age requirements is no longer in effect. \u003c/li>\n\u003cli>Discussion topics must be related to cryptocurrency.\u003c/li>\n\u003cli>Behave with civility and politeness. Do not use offensive, racist or homophobic language.\u003c/li>\n\u003cli>Comments will be sorted by newest first.\u003c/li>\n\u003c/ul>\n\n\u003chr/>\n\n\u003cp> \u003c/p>\n\n\u003ch3>Useful Links:\u003c/h3>\n\n\u003cul>\n\u003cli>\u003cp>\u003ca href=\"https://www.reddit.com/r/CryptoCurrency/wiki/beginner_resources\">\u003cstrong>Beginner Resources\u003c/strong>\u003c/a>\u003c/p>\u003c/li>\n\u003cli>\u003cp>\u003ca href=\"https://www.reddit.com/r/CryptoCurrency/comments/gj96lb/introducing_rcryptocurrency_moons/\">\u003cstrong>Intro to r/Cryptocurrency MOONs 🌔\u003c/strong>\u003c/a>\u003c/p>\u003c/li>\n\u003cli>\u003cp>\u003ca href=\"https://www.reddit.com/r/CryptoCurrency/wiki/moons_wiki/\">\u003cstrong>MOONs Wiki Page\u003c/strong>\u003c/a>\u003c/p>\u003c/li>\n\u003cli>\u003cp>\u003ca href=\"https://www.reddit.com/r/CryptoCurrency/comments/kth255/join_the_crypto_currency_discord/\">\u003cstrong>r/CryptoCurrency Discord\u003c/strong>\u003c/a>\u003c/p>\u003c/li>\n\u003cli>\u003cp>\u003ca href=\"https://www.reddit.com/r/cryptocurrencymemes\">\u003cstrong>r/CryptoCurrencyMemes\u003c/strong>\u003c/a>\u003c/p>\u003c/li>\n\u003cli>\u003cp>\u003ca href=\"https://www.reddit.com/r/CryptoCurrency/search?q=title%3A%22Daily+Crypto+Discussion+-+%22+&restrict_sr=on&sort=new&t=all\">\u003cstrong>Prior Daily Discussions\u003c/strong>\u003c/a> - (Link fixed.)\u003c/p>\u003c/li>\n\u003cli>\u003cp>\u003ca href=\"https://www.reddit.com/r/CryptoCurrencyMeta/\">\u003cstrong>r/CryptoCurrencyMeta\u003c/strong>\u003c/a> - Join in on all meta discussions regarding \u003ca href=\"/r/CryptoCurrency\">r/CryptoCurrency\u003c/a> whether it be moon distributions or governance.\u003c/p>\u003c/li>\n\u003c/ul>\n\n\u003chr/>\n\n\u003cp> \u003c/p>\n\n\u003ch3>Finding Other Discussion Threads\u003c/h3>\n\n\u003cp>Follow a mod account below to be notified in your home feed when the latest \u003ca href=\"/r/CC\">r/CC\u003c/a> discussion thread of your interest is posted.\u003c/p>\n\n\u003cul>\n\u003cli>\u003cp>\u003ca href=\"/u/CryptoDaily-\">u/CryptoDaily-\u003c/a> — Posts the Daily Crypto Discussion threads. \u003c/p>\u003c/li>\n\u003cli>\u003cp>\u003ca href=\"/u/CryptoSkeptics\">u/CryptoSkeptics\u003c/a> — Posts the Monthly Skeptics Discussion threads.\u003c/p>\u003c/li>\n\u003cli>\u003cp>\u003ca href=\"/u/CryptoOptimists-\">u/CryptoOptimists-\u003c/a> — Posts the Monthly Optimists Discussion threads.\u003c/p>\u003c/li>\n\u003cli>\u003cp>\u003ca href=\"/u/CryptoNewsUpdates\">u/CryptoNewsUpdates\u003c/a> — Posts the Monthly News Summary threads.\u003c/p>\u003c/li>\n\u003c/ul>"},"title":"Daily Crypto Discussion - February 18, 2025 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name=\"viewport\" content=\"width=device-width,minimum-scale=1,initial-scale=1,maximum-scale=1\">\u003cmeta data-rh=\"true\" name=\"theme-color\" content=\"#000000\">\u003cmeta data-rh=\"true\" name=\"twitter:app:name:iphone\" content=\"Medium\">\u003cmeta data-rh=\"true\" name=\"twitter:app:id:iphone\" content=\"828256236\">\u003cmeta data-rh=\"true\" property=\"al:ios:app_name\" content=\"Medium\">\u003cmeta data-rh=\"true\" property=\"al:ios:app_store_id\" content=\"828256236\">\u003cmeta data-rh=\"true\" property=\"al:android:package\" content=\"com.medium.reader\">\u003cmeta data-rh=\"true\" property=\"fb:app_id\" content=\"542599432471018\">\u003cmeta data-rh=\"true\" property=\"og:site_name\" content=\"Medium\">\u003cmeta data-rh=\"true\" property=\"og:type\" content=\"article\">\u003cmeta data-rh=\"true\" property=\"article:published_time\" content=\"2019-10-02T19:33:37.479Z\">\u003cmeta data-rh=\"true\" name=\"title\" content=\"Introducing RealT: Tokenizing Real Estate on Ethereum | by David Hoffman | Medium\">\u003cmeta data-rh=\"true\" property=\"og:title\" content=\"Introducing RealT: Tokenizing Real Estate on Ethereum\">\u003cmeta data-rh=\"true\" property=\"al:android:url\" content=\"medium://p/9b8a995dc3fe\">\u003cmeta data-rh=\"true\" property=\"al:ios:url\" content=\"medium://p/9b8a995dc3fe\">\u003cmeta data-rh=\"true\" property=\"al:android:app_name\" content=\"Medium\">\u003cmeta data-rh=\"true\" name=\"description\" content=\"In order to tokenize U.S. real estate properties, RealToken LLC, or “RealT” was established. “RealT” is a series LLC, a unique form of an LLC in which allows for unlimited segregation of membership…\">\u003cmeta data-rh=\"true\" property=\"og:description\" content=\"RealT is turning ownership of US homes into digital tokens the Ethereum blockchain.\">\u003cmeta data-rh=\"true\" property=\"og:url\" content=\"https://medium.com/@TrustlessState/introducing-realt-tokenizing-real-estate-on-ethereum-9b8a995dc3fe\">\u003cmeta 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ownership of US homes into digital tokens the Ethereum blockchain.\">\u003cmeta data-rh=\"true\" name=\"twitter:image:src\" content=\"https://miro.medium.com/v2/resize:fit:1200/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg\">\u003cmeta data-rh=\"true\" name=\"twitter:card\" content=\"summary_large_image\">\u003cmeta data-rh=\"true\" name=\"twitter:creator\" content=\"@TrustlessState\">\u003cmeta data-rh=\"true\" name=\"twitter:label1\" content=\"Reading time\">\u003cmeta data-rh=\"true\" name=\"twitter:data1\" content=\"8 min read\">\u003cmeta data-rh=\"true\" name=\"twitter:tile:template:testing\" content=\"2\">\u003cmeta data-rh=\"true\" name=\"twitter:tile:image\" content=\"https://miro.medium.com/v2/resize:fit:1200/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg\">\u003cmeta data-rh=\"true\" name=\"twitter:tile:info1:icon\" content=\"Person\">\u003cmeta data-rh=\"true\" name=\"twitter:tile:info1:text\" content=\"David Hoffman\">\u003cmeta data-rh=\"true\" name=\"twitter:tile:info2:icon\" 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1-1-2.51v-.01h-.02v.02zm5.39-3.43c0-.19.02-.4.07-.63.13-.74.44-1.37.95-1.87l.66-.67.97-.98 1.56-1.56c.68-.69 1.5-1.03 2.47-1.03.97 0 1.8.34 2.48 1.02l1.3 1.32a3.48 3.48 0 0 1 1 2.48c0 .58-.11 1.11-.37 1.6l-.02.02v.02l-.02.04c-.14.27-.35.54-.6.8L16.23 15l-.01.02-.01.02c-.44.42-.92.7-1.43.83a4.55 4.55 0 0 0 1.23-3.52L18 10.38c.18-.21.3-.42.35-.65a2.03 2.03 0 0 0-.01-.9 1.96 1.96 0 0 0-.36-.58l-1.3-1.3a1.49 1.49 0 0 0-1.06-.42c-.42 0-.77.14-1.06.4l-1.2 1.27-.8.8-1.16 1.15c-.08.08-.18.21-.29.4a1.66 1.66 0 0 0-.08 1.12l.02.03v.02l.06.14s.01.03.05.06l.06.13.02.02.01.02.01.02c.05.08.1.13.14.16l.47.5c0 .04-.02.09-.04.15l-.06.12-1.15 1.15-.1.08-.56-.56a2.3 2.3 0 0 0-.18-.19c-.02-.01-.02-.03-.02-.04l-.02-.02a.37.37 0 0 1-.1-.12c-.03-.03-.05-.04-.05-.06l-.1-.15-.02-.02-.02-.04-.08-.17v-.02a5.1 5.1 0 0 1-.28-.69 1.03 1.03 0 0 1-.04-.26c-.06-.23-.1-.46-.1-.7v.01z\" fill=\"#A8A8A8\">\u003c/path>\u003c/svg>\u003c/span>\u003c/button>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"bl 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https://miro.medium.com/v2/resize:fit:786/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 786w, https://miro.medium.com/v2/resize:fit:828/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 828w, https://miro.medium.com/v2/resize:fit:1100/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 1100w, https://miro.medium.com/v2/resize:fit:1400/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"350\" loading=\"eager\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003cdiv class=\"\">\u003ch1 id=\"039b\" class=\"pw-post-title hf hg hh bd hi hj hk hl hm hn ho hp hq hr hs ht hu hv hw hx hy hz ia ib ic id bi\" data-selectable-paragraph=\"\">Introducing RealT: Tokenizing Real Estate on Ethereum\u003c/h1>\u003c/div>\u003cdiv class=\"\">\u003ch2 id=\"f694\" class=\"pw-subtitle-paragraph ie hg hh bd b if ig ih ii ij ik il im in io ip iq ir is it iu iv ft\" data-selectable-paragraph=\"\">RealT is turning ownership of US homes into digital tokens on the Ethereum blockchain.\u003c/h2>\u003c/div>\u003ch2 id=\"a8f9\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">We are live! Check out \u003ca class=\"ae ju\" href=\"https://realt.co/\" rel=\"noopener ugc nofollow\" target=\"_blank\">https://realt.co/\u003c/a>\u003c/h2>\u003ch2 id=\"db48\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">RealT is a system for tokenizing property ownership in the United States, that retains all legal rights and protections that are provided by traditional ownership of real estate.\u003c/h2>\u003cp id=\"c391\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">In order to tokenize U.S. real estate properties, \u003cstrong class=\"jx hi\">RealToken LLC, or “RealT” \u003c/strong>was established. “\u003cstrong class=\"jx hi\">RealT” \u003c/strong>is a \u003cstrong class=\"jx hi\">series LLC, \u003c/strong>a unique form of an LLC in which allows for unlimited segregation of membership interests, assets, and operations into independent series. \u003cstrong class=\"jx hi\">Each series of the series LLC is treated as a separate entity.\u003c/strong>\u003c/p>\u003ch2 id=\"75d3\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Each “series” function as an intermediary entity between a token-owning individual, and a piece of real estate property.\u003c/h2>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz ko\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*C3OXvWn-4J_N2OtQV6-VQQ.png 640w, https://miro.medium.com/v2/resize:fit:720/1*C3OXvWn-4J_N2OtQV6-VQQ.png 720w, https://miro.medium.com/v2/resize:fit:750/1*C3OXvWn-4J_N2OtQV6-VQQ.png 750w, https://miro.medium.com/v2/resize:fit:786/1*C3OXvWn-4J_N2OtQV6-VQQ.png 786w, https://miro.medium.com/v2/resize:fit:828/1*C3OXvWn-4J_N2OtQV6-VQQ.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*C3OXvWn-4J_N2OtQV6-VQQ.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*C3OXvWn-4J_N2OtQV6-VQQ.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"227\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*C3OXvWn-4J_N2OtQV6-VQQ.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003cp id=\"a0ff\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">Ownership of the various Series is tokenized to unique ERC20 tokens, or \u003cstrong class=\"jx hi\">RealTokens,\u003c/strong> on the Ethereum blockchain, each of which represents one share in the Series, and thus in the real estate property owned by the Series. Because the sole purpose of the LLC Series is to own one single property, the LLC can be abstracted away; \u003cstrong class=\"jx hi\">ownership of the RealTokens is effectively ownership of the property.\u003c/strong>\u003c/p>\u003cp id=\"c2f5\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">Through the services of a property management company, each property can be maintained with little-to-no engagement from any token holding individuals, while the individuals themselves retain full legal rights over to the property.\u003c/p>\u003cp id=\"39f9\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">Each RealT property has its own set of RealTokens. These tokens are distinguished by their UIN (Unique Identifying Number).\u003c/p>\u003cp id=\"614c\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">UIN: \u003cem class=\"ky\">RET-[Property Address]\u003c/em>\u003c/strong>\u003c/p>\u003cp id=\"cb7d\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">You can see the first set of RealTokens for \u003ca class=\"ae ju\" href=\"https://etherscan.io/token/0x53Ad8c733a4338e2B8C235ECfDbed0Ef8f79C7Bd\" rel=\"noopener ugc nofollow\" target=\"_blank\">\u003cstrong class=\"jx hi\">9943 Marlowe, Detriot MI here!\u003c/strong>\u003c/a>\u003c/p>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz kz\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*2LPGXY4__wYDKtq8lUeXqg.png 640w, https://miro.medium.com/v2/resize:fit:720/1*2LPGXY4__wYDKtq8lUeXqg.png 720w, https://miro.medium.com/v2/resize:fit:750/1*2LPGXY4__wYDKtq8lUeXqg.png 750w, https://miro.medium.com/v2/resize:fit:786/1*2LPGXY4__wYDKtq8lUeXqg.png 786w, https://miro.medium.com/v2/resize:fit:828/1*2LPGXY4__wYDKtq8lUeXqg.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*2LPGXY4__wYDKtq8lUeXqg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*2LPGXY4__wYDKtq8lUeXqg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"395\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*2LPGXY4__wYDKtq8lUeXqg.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003ch1 id=\"23d6\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Real Estate: The Inefficient Market\u003c/h1>\u003cp id=\"16dc\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">Three significant factors play into the difficulty of the real estate market\u003c/p>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz ll\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*lJtN_AFvv2bZBg2o2BzK9Q.png 640w, https://miro.medium.com/v2/resize:fit:720/1*lJtN_AFvv2bZBg2o2BzK9Q.png 720w, https://miro.medium.com/v2/resize:fit:750/1*lJtN_AFvv2bZBg2o2BzK9Q.png 750w, https://miro.medium.com/v2/resize:fit:786/1*lJtN_AFvv2bZBg2o2BzK9Q.png 786w, https://miro.medium.com/v2/resize:fit:828/1*lJtN_AFvv2bZBg2o2BzK9Q.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*lJtN_AFvv2bZBg2o2BzK9Q.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*lJtN_AFvv2bZBg2o2BzK9Q.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"220\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*lJtN_AFvv2bZBg2o2BzK9Q.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003ch2 id=\"4a9f\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Real Estate is Expensive\u003c/h2>\u003cp id=\"1109\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">The median U.S. home price is $200,000. The typical 30-year, 4.5% APR mortgage, at $200,000 will cost $365,000, after interest. \u003cstrong class=\"jx hi\">For a strong ROI, mortgage-based real estate investments make no sense.\u003c/strong>\u003c/p>\u003cp id=\"1730\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">As a result, investing in real estate has become exclusively available for wealthy individuals, who have access to the significant capital required to make real estate an attractive investment.\u003c/p>\u003cp id=\"8ba7\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">The low-cost alternative for investment into real estate is with REITs. However, a REIT offers no ownership of any property and insufficient exposure to rental revenue.\u003c/p>\u003cp id=\"577e\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">\u003cem class=\"ky\">Expensive Real Estate = Only Wealthy Market Participants\u003c/em>\u003c/strong>\u003c/p>\u003ch2 id=\"c44a\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Real Estate has High Transaction Costs\u003c/h2>\u003cp id=\"cfb8\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">The typical exchange of a U.S. home pays 6% to realtors. Settlement of funds takes 30 days, \u003cem class=\"ky\">minimum. \u003c/em>Every exchange requires a laborious documentation process of agreements, disclosures, insurance policies and deed transfers.\u003c/p>\u003cp id=\"fe2a\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">All of these things contribute to the opportunity costs of capital, as the friction of selling a property increases the barrier one has to overcome in order to access their capital.\u003c/p>\u003cp id=\"e109\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">\u003cem class=\"ky\">High Transaction Costs = Low Market Participation\u003c/em>\u003c/strong>\u003c/p>\u003ch2 id=\"4eb6\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Real Estate is a Siloed Marketplace\u003c/h2>\u003cp id=\"067e\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">Selling a house requires manually finding a buyer. Buyers typically must be in the same region as the property being sold, significantly reducing the number of potential buyers.\u003c/p>\u003cp id=\"b4e4\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">International investments in real estate are difficult. Capital controls by restrictive governments make investing in U.S. properties nearly impossible. Additionally, the complexity and bureaucracy of international capital transfer in the banking system barres the most typical investor in purchasing property abroad.\u003c/p>\u003cp id=\"6500\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">\u003cem class=\"ky\">Siloed Marketplace= Only Local Market Participants\u003c/em>\u003c/strong>\u003c/p>\u003ch1 id=\"2005\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ak\">Illiquidity: Real Estate’s Achilles Heel\u003c/strong>\u003c/h1>\u003cblockquote class=\"lm\">\u003cp id=\"0bd0\" class=\"ln lo hh bd lp lq lr ls lt lu lv kn ft\" data-selectable-paragraph=\"\">Illiquidity: The state of an asset that cannot easily be sold or exchanged for cash, without a substantial loss in value\u003c/p>\u003c/blockquote>\u003cp id=\"56d7\" class=\"pw-post-body-paragraph jv jw hh jx b jy lw ii ka kb lx il kd jh ly kf kg jl lz ki kj jp ma kl km kn gp bi\" data-selectable-paragraph=\"\">Real estate’s illiquidity comes from:\u003c/p>\u003cul class=\"\">\u003cli id=\"185a\" class=\"mb mc hh jx b jy kt kb ku jh md jl me jp mf kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Low number of buyers\u003c/li>\u003cli id=\"8463\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">High costs of exchange\u003c/li>\u003c/ul>\u003cp id=\"9235\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">In order to offload an illiquid asset, asset owners must wait for the right buyer to come along, or to reduce their price in order to attract sufficient interest.\u003c/p>\u003cp id=\"b962\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">This “illiquidity tax” \u003c/strong>\u003ca class=\"ae ju\" href=\"http://people.stern.nyu.edu/adamodar/pdfiles/papers/liquidity.pdf\" rel=\"noopener ugc nofollow\" target=\"_blank\">\u003cstrong class=\"jx hi\">can remove between 20%-30%\u003c/strong>\u003c/a>\u003cstrong class=\"jx hi\"> of the value of illiquid assets.\u003c/strong>\u003c/p>\u003c/div>\u003cdiv class=\"ab cl mp mq gd mr\" role=\"separator\">\u003cspan class=\"ms bw bk mt mu mv\">\u003c/span>\u003cspan class=\"ms bw bk mt mu mv\">\u003c/span>\u003cspan class=\"ms bw bk mt mu\">\u003c/span>\u003c/div>\u003cdiv class=\"gp gq gr gs gt\">\u003ch1 id=\"a583\" class=\"la ix hh bd iy lb mw ld jc le mx lg jg in my io jk iq mz ir jo it na iu js lk bi\" data-selectable-paragraph=\"\">Solving Real Estate Illiquidity with Tokenization\u003c/h1>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz nb\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*91JkloTyaP0vwmfCovUXbg.png 640w, https://miro.medium.com/v2/resize:fit:720/1*91JkloTyaP0vwmfCovUXbg.png 720w, https://miro.medium.com/v2/resize:fit:750/1*91JkloTyaP0vwmfCovUXbg.png 750w, https://miro.medium.com/v2/resize:fit:786/1*91JkloTyaP0vwmfCovUXbg.png 786w, https://miro.medium.com/v2/resize:fit:828/1*91JkloTyaP0vwmfCovUXbg.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*91JkloTyaP0vwmfCovUXbg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*91JkloTyaP0vwmfCovUXbg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"155\" loading=\"eager\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*91JkloTyaP0vwmfCovUXbg.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003ch2 id=\"2998\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ak\">Transactability:\u003c/strong>\u003c/h2>\u003cul class=\"\">\u003cli id=\"96bf\" class=\"mb mc hh jx b jy jz kb kc jh nc jl nd jp ne kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Transferring a token is a push-button experience\u003c/li>\u003cli id=\"3958\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Exchange costs the price of gas\u003c/li>\u003cli id=\"bde7\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Instant settlement\u003c/li>\u003c/ul>\u003ch2 id=\"5fb9\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Public Markets:\u003c/h2>\u003cul class=\"\">\u003cli id=\"ca29\" class=\"mb mc hh jx b jy jz kb kc jh nc jl nd jp ne kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Furthest market reach\u003c/li>\u003cli id=\"5d2f\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Largest market participant pool\u003c/li>\u003c/ul>\u003ch2 id=\"ba99\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Fractionalization\u003c/h2>\u003cul class=\"\">\u003cli id=\"03a6\" class=\"mb mc hh jx b jy jz kb kc jh nc jl nd jp ne kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Minimum costs of ownership\u003c/li>\u003cli id=\"40cf\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Inclusionary to all investor types\u003c/li>\u003cli id=\"f7d1\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Enables new financial tools built using the tokens\u003c/li>\u003c/ul>\u003ch1 id=\"d819\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Receiving Rental Payments\u003c/h1>\u003cp id=\"1b1b\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">For the first phase of RealT, all listed properties will be rented properties. In order to prove the reality of tokenized real estate in its fullest, it is important to illustrate the full rights of RealTokens owners. Receiving rental payments from tenants is one of the most salient mechanisms in which full rights over the property are conveyed. While ownership of property via a token is noteworthy; adding in rights to the cash flows generated by rent from tenants makes things far more interesting.\u003c/p>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz nf\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*tUdr9s-f8OCLwDCNRzM8Xw.png 640w, https://miro.medium.com/v2/resize:fit:720/1*tUdr9s-f8OCLwDCNRzM8Xw.png 720w, https://miro.medium.com/v2/resize:fit:750/1*tUdr9s-f8OCLwDCNRzM8Xw.png 750w, https://miro.medium.com/v2/resize:fit:786/1*tUdr9s-f8OCLwDCNRzM8Xw.png 786w, https://miro.medium.com/v2/resize:fit:828/1*tUdr9s-f8OCLwDCNRzM8Xw.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*tUdr9s-f8OCLwDCNRzM8Xw.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*tUdr9s-f8OCLwDCNRzM8Xw.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"148\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*tUdr9s-f8OCLwDCNRzM8Xw.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003ch2 id=\"3e19\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ak\">Daily Rent Payments\u003c/strong>\u003c/h2>\u003cp id=\"97f0\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">With the advent of smart-contracts, there is no reason to retain the archaic system of payment every 30 days. Instead of one lump sum paid out every month, a RealToken Rent Contract will manage the dispersal of funds to RealToken owners, so that they are able to collect rent on a daily basis.\u003c/p>\u003ch1 id=\"dcbe\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">But, how can RealToken Holders be Landlords?\u003c/h1>\u003cp id=\"ce10\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">It is unrealistic to expect numerous individuals from across the world will be able to coordinate property management decisions. Instead, a property management company is required in order to upkeep the property and manage all landlord responsibilities. Property management companies are paid by the rent collected from the tenant and are responsible for paying converting fiat to DAI (USD Stablecoin) to send to RealToken holders. Using a property management company allows for minimum necessary involvement on behalf of the RealToken owners. In the most ideal scenario, nothing of significance will ever be asked of RealToken owners, and ownership of the property is as simple as owning a RealToken.\u003c/p>\u003cp id=\"dba3\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">The property management service provider will be paid a cash fee equal to 5% of rents collected on the real property asset held by a Series and a cash fee equal to 1.5% of the cost of all repairs to a RealT property while the asset is owned by the Series.\u003c/p>\u003ch1 id=\"5d91\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Stablecoin of Choice: DAI\u003c/h1>\u003cp id=\"4ff9\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">RealT is being designed to be aligned with the values and goals of Ethereum and cryptocurrency at large. We have selected DAI to be the stablecoin used in the RealT system. to distribute rental income streams to the RealToken holders. DAI represents a jurisdiction-agnostic stablecoin on the Ethereum blockchain, and it is also the only decentralized stablecoin. By choosing the only stablecoin without a “Burn and Reissue” function, the selection of DAI removes a potential attack vector from the RealT system. Upon receiving DAI in their Ethereum wallets, RealToken owners are able to exchange DAI for any other currency, including a fiat-backed stablecoin that enables them to receive US Dollars to their bank account.\u003c/p>\u003ch1 id=\"71e2\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Ideation Surrounding Potential Utilities\u003c/h1>\u003cp id=\"6080\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">The tokenization of real estate enables new utility functions for how ownership of a real estate property is managed. We discuss different ways which the tokenization of real estate invents new mechanisms for property ownership and investment strategies.\u003c/p>\u003ch2 id=\"4b98\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Rent-to-Own\u003c/h2>\u003cp id=\"721c\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">If a tenant finds themselves renting a RealT property, they have the option of purchasing the RealTokens for the property. While purchasing all RealTokens might be outside of the means of the tenant, the fractionalization of the property enables them to purchase a more reasonable number. Upon purchasing the RealTokens, the tenant is effectively paying rent to themselves. If they are only able to afford ⅓ of a house, they can purchase the rights to ⅓ of the rent they are paying. Through the purchasing of ⅓ RealTokens, they are effectively reducing their rent by ⅓. The reduction in their cost-of-living can help enable the purchasing of future RealTokens, and can help snowball a tenant into owning the home outright.\u003c/p>\u003ch2 id=\"ce9e\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Accessing Capital\u003c/h2>\u003cp id=\"2c97\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">A homeowner may want to leverage the capital locked up on their house, but without seceding ownership of the property to anyone else. A second mortgage, reverse mortgage, or a collateralized loan are all options available from a bank, but the bank charges high fees or interest. A homeowner could tokenize their house on the RealT platform, and using decentralized finance platforms like Dharma or MakerDAO, can leverage some or all of the RealTokens to secure a collateralized loan. This service requires MakerDAO governance to accept RealTokens as collateral and is purely hypothetical.\u003c/p>\u003ch2 id=\"47bd\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Set Protocol\u003c/h2>\u003cp id=\"ddbf\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">Once RealT has more properties available on its website, we will add RealT “Set” tokens, where we can create a basket of similar RealTokens. For example, a RealT Set could be “Detroit, Single Family”, and have 1 token from each property inside the basket. The Set token would accrue all rent from all RealTokens, and Set token owners would be able to un-basket the RealTokens and DAI.\u003c/p>\u003ch1 id=\"baed\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Digital Identities for Real Estate Properties via IPFS\u003c/h1>\u003cp id=\"6036\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">IPFS provides a mechanism for giving access to documents to anyone that is able to connect to Ethereum. \u003ca class=\"ae ju\" href=\"https://digix.global/\" rel=\"noopener ugc nofollow\" target=\"_blank\">DigixDAO\u003c/a> is a leading example of leveraging the decentralization and immutability of IPFS to prove the solvency of their gold vaults in Singapore.\u003c/p>\u003cp id=\"f93e\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">RealT intends to use the same IPFS mechanisms to provide all RealToken owners with access to their relevant documents. In the future, the phases of the RealT project, the Certificate of Formation, deed, affidavit, and operating agreement will all be made available by ownership of the relevant RealToken, via IPFS. Additional property information such as a home inspection report, title insurance, history of maintenance, and logs of all repair or renovations are also documents that are of interest to property owners, and future development of RealT will enable the appending of documents to the associated properties. This will allow for each property on the RealT system to have a provable and immutable history grow, providing clarity and security for potential real estate purchasers. As RealTokens diffuse throughout the Ethereum ecosystem, the perpetually available documents on Ethereum’s IPFS will always be present and accessible to the RealToken holders.\u003c/p>\u003c/div>\u003cdiv class=\"ab cl mp mq gd mr\" role=\"separator\">\u003cspan class=\"ms bw bk mt mu mv\">\u003c/span>\u003cspan class=\"ms bw bk mt mu mv\">\u003c/span>\u003cspan class=\"ms bw bk mt mu\">\u003c/span>\u003c/div>\u003cdiv class=\"gp gq gr gs gt\">\u003ch1 id=\"ef41\" class=\"la ix hh bd iy lb mw ld jc le mx lg jg in my io jk iq mz ir jo it na iu js lk bi\" data-selectable-paragraph=\"\">Come Join Us!\u003c/h1>\u003cp id=\"05a1\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">Want to find out more about ReaT? Our Whitepaper is available on our website:\u003c/p>\u003ch2 id=\"934d\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">www.Realt.co\u003c/h2>\u003ch2 id=\"74ae\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Twitter: @realtplatform\u003c/h2>\u003ch1 id=\"19bc\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Questions?\u003c/h1>\u003ch2 id=\"de2e\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">email: Help@realt.co\u003c/h2>\u003ch2 id=\"678f\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">DM @trustlessstate on 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href=\"/@TrustlessState?source=post_page-----9b8a995dc3fe--------------------------------\">More from David Hoffman\u003c/a>\u003c/h2>\u003cdiv class=\"qb ab\">\u003cspan>\u003cbutton class=\"bd b be z fd qc ff fg fh fi fj an fk fl fm fn fo fp fq de bk fr\">Follow\u003c/button>\u003c/span>\u003cdiv class=\"qb l\">\u003cdiv>\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"108\" aria-labelledby=\"108\">\u003cdiv class=\"l\">\u003cspan>\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/m/signin?actionUrl=%2F_%2Fapi%2Fsubscriptions%2Fnewsletters%2Fcd5e6c88b8bb&operation=register&redirect=https%3A%2F%2Fmedium.com%2F%40TrustlessState%2Fintroducing-realt-tokenizing-real-estate-on-ethereum-9b8a995dc3fe&newsletterV3=856cb9f985dd&newsletterV3Id=cd5e6c88b8bb&user=David+Hoffman&userId=856cb9f985dd&source=-----9b8a995dc3fe---------------------subscribe_user-----------\">\u003cbutton class=\"bd b be z fd al ff fg fh fi fj an fk fl fm fn fo fp fq de bk fr\" aria-label=\"Subscribe\">\u003csvg width=\"38\" height=\"38\" viewBox=\"0 0 38 38\" fill=\"none\" class=\"uy qe qf\">\u003crect x=\"26.25\" y=\"9.25\" width=\"0.5\" height=\"6.5\" rx=\"0.25\">\u003c/rect>\u003crect x=\"29.75\" y=\"12.25\" width=\"0.5\" height=\"6.5\" rx=\"0.25\" transform=\"rotate(90 29.75 12.25)\">\u003c/rect>\u003cpath d=\"M19.5 12.5h-7a1 1 0 0 0-1 1v11a1 1 0 0 0 1 1h13a1 1 0 0 0 1-1v-5\">\u003c/path>\u003cpath d=\"M11.5 14.5L19 20l4-3\">\u003c/path>\u003c/svg>\u003c/button>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"qp ti l gp\">\u003cp class=\"bd b be z ft\">Chief of Operations @realtplatform. The Ethereum side of @POVCryptopod. Bringing Ethereum to the world through writing and speaking. Read my medium👇🏼\u003c/p>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"qq l\">\u003cspan>\u003carticle>\u003cdiv class=\"dy dz ny l\">\u003cdiv class=\"ab cl\">\u003cdiv class=\"do bf dp dq dr ds\">\u003cdiv class=\"bf dh\">\u003cdiv class=\"l\">\u003cdiv class=\"wh wi wj wk wl ab\">\u003cdiv>\u003c/div>\u003cdiv class=\"bf ab wm\">\u003cdiv class=\"ab\">\u003cdiv style=\"flex: 1 1 0%;\">\u003cspan class=\"bd b be z bi\">\u003ca class=\"\" href=\"https://medium.com/pov-crypto?source=author_recirc-----9b8a995dc3fe----0----------------------------\" rel=\"noopener follow\">\u003cp class=\"bd b be z bi\">Published in \u003cstrong class=\"iy\">POV Crypto\u003c/strong>\u003c/p>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003cdiv class=\"l fy\">\u003cspan class=\"bd b be z ft\">\u003cdiv class=\"ab q\">\u003ca class=\"\" rel=\"noopener follow\" href=\"/pov-crypto/evaluating-mkr-def6d36092bd?source=author_recirc-----9b8a995dc3fe----0----------------------------\">\u003cp class=\"bd b be z ft\">\u003cspan class=\"wn\">·\u003c/span>\u003cspan>Feb 20, 2019\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"sd l\">\u003cdiv class=\"l\">\u003cdiv class=\"l di\">\u003cdiv class=\"pd\">\u003cdiv class=\"l\">\u003cdiv>\u003cdiv class=\"ab\">\u003cdiv class=\"l cj gp\">\u003cdiv class=\"l\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Title\" rel=\"noopener follow\" href=\"/pov-crypto/evaluating-mkr-def6d36092bd?source=author_recirc-----9b8a995dc3fe----0----------------------------\">\u003cdiv class=\"wq wr ws wt wu l\">\u003ch2 class=\"bd hi iz jb wv ww jc jd jf wx wy jg in io wz xa jk iq ir xb xc jo it iu xd xe js pu pv pw py qa bi\">Evaluating MKR’s Tokenomics\u003c/h2>\u003c/div>\u003cdiv class=\"h k xf cx db\">\u003cp class=\"jx b ev ew pu xg pv pw vi py qa hg bi\">The Buyback and Burn model changes EVERYthing — MakerDAO and MKR has been the fascination of the cryptocurrency world for the past 12 months. Deservedly so, as almost 2% of all Ether is currently locked up in MakerDAO, DAI is the only permissionless stablecoin, and MKR is one of the few tokens that is required by it’s system…\u003c/p>\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"xh h xi k xj xf xk cx xl db\">\u003cdiv class=\"ab em\">\u003cdiv class=\"xm xn xo xp xq xr xs xt xu xv xw xx xy xz ya ab q\">\u003cdiv class=\"yb yc yd ye yf yg ab\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/tag/blockchain?source=author_recirc-----9b8a995dc3fe---------------blockchain-----------------\">\u003cdiv class=\"yh di eu nm nn no bd b fc z bi np\">Blockchain\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"ab fy\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Reading Time\" rel=\"noopener follow\" href=\"/pov-crypto/evaluating-mkr-def6d36092bd?source=author_recirc-----9b8a995dc3fe----0----------------------------\">\u003cp class=\"bd b fc z ft\">\u003cspan>7 min read\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"ab q yi yj\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"110\" aria-labelledby=\"110\">\u003cspan>\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fdef6d36092bd&operation=register&redirect=https%3A%2F%2Fmedium.com%2Fpov-crypto%2Fevaluating-mkr-def6d36092bd&source=-----9b8a995dc3fe----0-----------------bookmark_preview-----------\">\u003csvg width=\"25\" height=\"25\" viewBox=\"0 0 25 25\" fill=\"none\" class=\"ud yk\">\u003cpath d=\"M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18V2.5zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .8.4l5.7-4.4 5.7 4.4a.5.5 0 0 0 .8-.4v-8.5a.5.5 0 0 0-1 0v7.48l-5.2-4a.5.5 0 0 0-.6 0l-5.2 4V7z\" fill=\"#292929\">\u003c/path>\u003c/svg>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"yl ym yn yo yp l\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Image\" rel=\"noopener follow\" href=\"/pov-crypto/evaluating-mkr-def6d36092bd?source=author_recirc-----9b8a995dc3fe----0----------------------------\">\u003cdiv class=\"h k xf cx db\">\u003cimg alt=\"Evaluating MKR\" class=\"\" src=\"https://miro.medium.com/v2/resize:fill:112:112/1*Je_TVamiIkpjT_Rt9TOpRA.jpeg\" width=\"112\" height=\"112\" loading=\"lazy\">\u003c/div>\u003cdiv class=\"yq yr j i d\">\u003cimg alt=\"Evaluating MKR\" class=\"\" src=\"https://miro.medium.com/v2/resize:fill:80:56/1*Je_TVamiIkpjT_Rt9TOpRA.jpeg\" width=\"80\" height=\"56\" loading=\"lazy\">\u003c/div>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"l\">\u003cdiv class=\"ys yq yt yr xj j xk i xl d\">\u003cdiv class=\"ab em\">\u003cdiv class=\"xm xn xo xp xq xr xs xt xu xv xw xx xy xz ya ab q\">\u003cdiv class=\"yb yc yd ye yf yg ab\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/tag/blockchain?source=author_recirc-----9b8a995dc3fe---------------blockchain-----------------\">\u003cdiv class=\"yh di eu nm nn no bd b fc z bi np\">Blockchain\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"ab fy\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Reading Time\" rel=\"noopener follow\" href=\"/pov-crypto/evaluating-mkr-def6d36092bd?source=author_recirc-----9b8a995dc3fe----0----------------------------\">\u003cp class=\"bd b fc z ft\">\u003cspan>7 min read\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"ab q yi yj\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"111\" aria-labelledby=\"111\">\u003cspan>\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fdef6d36092bd&operation=register&redirect=https%3A%2F%2Fmedium.com%2Fpov-crypto%2Fevaluating-mkr-def6d36092bd&source=-----9b8a995dc3fe----0-----------------bookmark_preview-----------\">\u003csvg width=\"25\" height=\"25\" viewBox=\"0 0 25 25\" fill=\"none\" class=\"ud yk\">\u003cpath d=\"M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18V2.5zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .8.4l5.7-4.4 5.7 4.4a.5.5 0 0 0 .8-.4v-8.5a.5.5 0 0 0-1 0v7.48l-5.2-4a.5.5 0 0 0-.6 0l-5.2 4V7z\" fill=\"#292929\">\u003c/path>\u003c/svg>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"wo wp sq vl pu\">\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/article>\u003cdiv class=\"ab cl\">\u003cdiv class=\"do bf dp dq dr ds\">\u003chr class=\"oj rm yu am\" aria-hidden=\"true\">\u003c/div>\u003c/div>\u003c/span>\u003cspan>\u003cdiv class=\"yv bn l rv\">\u003cdiv class=\"ab cl\">\u003cdiv class=\"vo vp vq vr vs hd do bf\">\u003cdiv class=\"yq yw yr yx fb yy yz za pb zb\">\u003cp class=\"bd b ev ew bi\">Share your ideas with millions of readers.\u003c/p>\u003c/div>\u003cdiv class=\"zc yq zd yr ze fb zf yz zg pb\">\u003ca class=\"bd b be z fd qc ff zh zi zj wc an fk rw rx ry fo fp fq de bk fr\" href=\"https://medium.com/new-story?source=post_page_footer_cta_write-------------------------------------\" rel=\"noopener follow\">Write on Medium\u003c/a>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003carticle>\u003cdiv class=\"dy dz ny l\">\u003cdiv class=\"ab cl\">\u003cdiv class=\"do bf dp dq dr ds\">\u003chr class=\"oj rm yu am\" aria-hidden=\"true\">\u003cdiv class=\"bf dh\">\u003cdiv class=\"gd l\">\u003cdiv class=\"wh wi wj wk wl ab\">\u003cdiv>\u003c/div>\u003cdiv class=\"bf ab wm\">\u003cdiv class=\"ab\">\u003cdiv style=\"flex: 1 1 0%;\">\u003cspan class=\"bd b be z bi\">\u003ca class=\"\" href=\"https://medium.com/pov-crypto?source=author_recirc-----9b8a995dc3fe----1----------------------------\" rel=\"noopener follow\">\u003cp class=\"bd b be z bi\">Published in \u003cstrong class=\"iy\">POV Crypto\u003c/strong>\u003c/p>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003cdiv class=\"l fy\">\u003cspan class=\"bd b be z ft\">\u003cdiv class=\"ab q\">\u003ca class=\"\" rel=\"noopener follow\" href=\"/pov-crypto/ethereum-the-digital-finance-stack-4ba988c6c14b?source=author_recirc-----9b8a995dc3fe----1----------------------------\">\u003cp class=\"bd b be z ft\">\u003cspan class=\"wn\">·\u003c/span>\u003cspan>Jul 25, 2019\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"sd l\">\u003cdiv class=\"l\">\u003cdiv class=\"l di\">\u003cdiv class=\"pd\">\u003cdiv class=\"l\">\u003cdiv>\u003cdiv class=\"ab\">\u003cdiv class=\"l cj gp\">\u003cdiv class=\"l\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Title\" rel=\"noopener follow\" href=\"/pov-crypto/ethereum-the-digital-finance-stack-4ba988c6c14b?source=author_recirc-----9b8a995dc3fe----1----------------------------\">\u003cdiv class=\"wq wr ws wt wu l\">\u003ch2 class=\"bd hi iz jb wv ww jc jd jf wx wy jg in io wz xa jk iq ir xb xc jo it iu xd xe js pu pv pw py qa bi\">Ethereum: The Digital Finance Stack\u003c/h2>\u003c/div>\u003cdiv class=\"h k xf cx db\">\u003cp class=\"jx b ev ew pu xg pv pw vi py qa hg bi\">Ethereum is a platform, built to support a financial super-structure. User behavior in this super-structure creates forces that push and pull on the assets that run inside it. Metrics found at each layer of the financial stack will illustrate the economic state of Ethereum. — The following article is summarized in this section, and image, below Ethereum is a set of layers that build on top of each-other. Each layer provides the foundation and the stability for the layer on top of it to express itself effectively. Each layer also has its own metric that builds, and responds to, the market forces inside the Ethereum economy.\u003c/p>\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"xh h xi k xj xf xk cx xl db\">\u003cdiv class=\"ab em\">\u003cdiv class=\"xm xn xo xp xq xr xs xt xu xv xw xx xy xz ya ab q\">\u003cdiv class=\"yb yc yd ye yf yg ab\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/tag/blockchain?source=author_recirc-----9b8a995dc3fe---------------blockchain-----------------\">\u003cdiv class=\"yh di eu nm nn no bd b fc z bi np\">Blockchain\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"ab fy\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Reading Time\" rel=\"noopener follow\" href=\"/pov-crypto/ethereum-the-digital-finance-stack-4ba988c6c14b?source=author_recirc-----9b8a995dc3fe----1----------------------------\">\u003cp class=\"bd b fc z ft\">\u003cspan>14 min read\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"ab q yi yj\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"112\" aria-labelledby=\"112\">\u003cspan>\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F4ba988c6c14b&operation=register&redirect=https%3A%2F%2Fmedium.com%2Fpov-crypto%2Fethereum-the-digital-finance-stack-4ba988c6c14b&source=-----9b8a995dc3fe----1-----------------bookmark_preview-----------\">\u003csvg width=\"25\" height=\"25\" viewBox=\"0 0 25 25\" fill=\"none\" class=\"ud yk\">\u003cpath d=\"M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18V2.5zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .8.4l5.7-4.4 5.7 4.4a.5.5 0 0 0 .8-.4v-8.5a.5.5 0 0 0-1 0v7.48l-5.2-4a.5.5 0 0 0-.6 0l-5.2 4V7z\" fill=\"#292929\">\u003c/path>\u003c/svg>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"yl ym yn yo yp l\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Image\" rel=\"noopener follow\" href=\"/pov-crypto/ethereum-the-digital-finance-stack-4ba988c6c14b?source=author_recirc-----9b8a995dc3fe----1----------------------------\">\u003cdiv class=\"h k xf cx db\">\u003cimg alt=\"Ethereum: The Digital Finance Stack\" class=\"\" src=\"https://miro.medium.com/v2/resize:fill:112:112/1*k6gjlgD2EOSqqeKvkjfz5w.png\" width=\"112\" height=\"112\" loading=\"lazy\">\u003c/div>\u003cdiv class=\"yq yr j i d\">\u003cimg alt=\"Ethereum: The Digital Finance Stack\" class=\"\" src=\"https://miro.medium.com/v2/resize:fill:80:56/1*k6gjlgD2EOSqqeKvkjfz5w.png\" width=\"80\" height=\"56\" loading=\"lazy\">\u003c/div>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"l\">\u003cdiv class=\"ys yq yt yr xj j xk i xl d\">\u003cdiv class=\"ab em\">\u003cdiv class=\"xm xn xo xp xq xr xs xt xu xv xw xx xy xz ya ab q\">\u003cdiv class=\"yb yc yd ye yf yg ab\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/tag/blockchain?source=author_recirc-----9b8a995dc3fe---------------blockchain-----------------\">\u003cdiv class=\"yh di eu nm nn no bd b fc z bi np\">Blockchain\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"ab fy\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Reading Time\" rel=\"noopener follow\" href=\"/pov-crypto/ethereum-the-digital-finance-stack-4ba988c6c14b?source=author_recirc-----9b8a995dc3fe----1----------------------------\">\u003cp class=\"bd b fc z ft\">\u003cspan>14 min read\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"ab q yi yj\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"113\" aria-labelledby=\"113\">\u003cspan>\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F4ba988c6c14b&operation=register&redirect=https%3A%2F%2Fmedium.com%2Fpov-crypto%2Fethereum-the-digital-finance-stack-4ba988c6c14b&source=-----9b8a995dc3fe----1-----------------bookmark_preview-----------\">\u003csvg width=\"25\" height=\"25\" viewBox=\"0 0 25 25\" fill=\"none\" class=\"ud yk\">\u003cpath d=\"M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18V2.5zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .8.4l5.7-4.4 5.7 4.4a.5.5 0 0 0 .8-.4v-8.5a.5.5 0 0 0-1 0v7.48l-5.2-4a.5.5 0 0 0-.6 0l-5.2 4V7z\" fill=\"#292929\">\u003c/path>\u003c/svg>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"wo wp sq vl pu\">\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/article>\u003c/span>\u003cspan>\u003carticle>\u003cdiv class=\"dy dz ny l\">\u003cdiv class=\"ab cl\">\u003cdiv class=\"do bf dp dq dr ds\">\u003chr class=\"oj rm yu am\" aria-hidden=\"true\">\u003cdiv class=\"bf dh\">\u003cdiv class=\"gd l\">\u003cdiv class=\"wh wi wj wk wl ab\">\u003cdiv>\u003c/div>\u003cdiv class=\"bf ab wm\">\u003cdiv class=\"ab\">\u003cdiv style=\"flex: 1 1 0%;\">\u003cspan class=\"bd b be z bi\">\u003ca class=\"\" href=\"https://medium.com/pov-crypto?source=author_recirc-----9b8a995dc3fe----2----------------------------\" rel=\"noopener follow\">\u003cp class=\"bd b be z bi\">Published in \u003cstrong class=\"iy\">POV Crypto\u003c/strong>\u003c/p>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003cdiv class=\"l fy\">\u003cspan class=\"bd b be z ft\">\u003cdiv class=\"ab q\">\u003ca class=\"\" rel=\"noopener follow\" href=\"/pov-crypto/dai-is-not-1-dollar-470c5e00abd4?source=author_recirc-----9b8a995dc3fe----2----------------------------\">\u003cp class=\"bd b be z ft\">\u003cspan class=\"wn\">·\u003c/span>\u003cspan>Apr 15, 2019\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"sd l\">\u003cdiv class=\"l\">\u003cdiv class=\"l di\">\u003cdiv class=\"pd\">\u003cdiv class=\"l\">\u003cdiv>\u003cdiv class=\"ab\">\u003cdiv class=\"l cj gp\">\u003cdiv class=\"l\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Title\" rel=\"noopener follow\" href=\"/pov-crypto/dai-is-not-1-dollar-470c5e00abd4?source=author_recirc-----9b8a995dc3fe----2----------------------------\">\u003cdiv class=\"wq wr ws wt wu l\">\u003ch2 class=\"bd hi iz jb wv ww jc jd jf wx wy jg in io wz xa jk iq ir xb xc jo it iu xd xe js pu pv pw py qa bi\">DAI is not 1 Dollar\u003c/h2>\u003c/div>\u003cdiv class=\"h k xf cx db\">\u003cp class=\"jx b ev ew pu xg pv pw vi py qa hg bi\">I present a new perspective for the role DAI has in its relation to Ether. — General Relativity Stability is relative. Something cannot be stable in isolation, it requires an external reference to measure stability against. To humans, the Earth is extremely stable, and there is this big star that spins around us every 24 hours. From an outsiders reference, the Earth is actually zipping around a big…\u003c/p>\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"xh h xi k xj xf xk cx xl db\">\u003cdiv class=\"ab em\">\u003cdiv class=\"xm xn xo xp xq xr xs xt xu xv xw xx xy xz ya ab q\">\u003cdiv class=\"yb yc yd ye yf yg ab\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/tag/ethereum?source=author_recirc-----9b8a995dc3fe---------------ethereum-----------------\">\u003cdiv class=\"yh di eu nm nn no bd b fc z bi np\">Ethereum\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"ab fy\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Reading Time\" rel=\"noopener follow\" href=\"/pov-crypto/dai-is-not-1-dollar-470c5e00abd4?source=author_recirc-----9b8a995dc3fe----2----------------------------\">\u003cp class=\"bd b fc z ft\">\u003cspan>8 min read\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"ab q yi yj\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"114\" aria-labelledby=\"114\">\u003cspan>\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F470c5e00abd4&operation=register&redirect=https%3A%2F%2Fmedium.com%2Fpov-crypto%2Fdai-is-not-1-dollar-470c5e00abd4&source=-----9b8a995dc3fe----2-----------------bookmark_preview-----------\">\u003csvg width=\"25\" height=\"25\" viewBox=\"0 0 25 25\" fill=\"none\" class=\"ud yk\">\u003cpath d=\"M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18V2.5zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .8.4l5.7-4.4 5.7 4.4a.5.5 0 0 0 .8-.4v-8.5a.5.5 0 0 0-1 0v7.48l-5.2-4a.5.5 0 0 0-.6 0l-5.2 4V7z\" fill=\"#292929\">\u003c/path>\u003c/svg>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"yl ym yn yo yp l\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Image\" rel=\"noopener follow\" href=\"/pov-crypto/dai-is-not-1-dollar-470c5e00abd4?source=author_recirc-----9b8a995dc3fe----2----------------------------\">\u003cdiv class=\"h k xf cx db\">\u003cimg alt=\"DAI is not 1 Dollar\" class=\"\" src=\"https://miro.medium.com/v2/resize:fill:112:112/1*CeIphPC6PZ84zSmN64ZCXg.jpeg\" width=\"112\" height=\"112\" loading=\"lazy\">\u003c/div>\u003cdiv class=\"yq yr j i d\">\u003cimg alt=\"DAI is not 1 Dollar\" class=\"\" src=\"https://miro.medium.com/v2/resize:fill:80:56/1*CeIphPC6PZ84zSmN64ZCXg.jpeg\" width=\"80\" height=\"56\" loading=\"lazy\">\u003c/div>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"l\">\u003cdiv class=\"ys yq yt yr xj j xk i xl d\">\u003cdiv class=\"ab em\">\u003cdiv class=\"xm xn xo xp xq xr xs xt xu xv xw xx xy xz ya ab q\">\u003cdiv class=\"yb yc yd ye yf yg ab\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/tag/ethereum?source=author_recirc-----9b8a995dc3fe---------------ethereum-----------------\">\u003cdiv class=\"yh di eu nm nn no bd b fc z bi np\">Ethereum\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"ab fy\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Reading Time\" rel=\"noopener follow\" href=\"/pov-crypto/dai-is-not-1-dollar-470c5e00abd4?source=author_recirc-----9b8a995dc3fe----2----------------------------\">\u003cp class=\"bd b fc z ft\">\u003cspan>8 min read\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"ab q yi yj\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"115\" aria-labelledby=\"115\">\u003cspan>\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F470c5e00abd4&operation=register&redirect=https%3A%2F%2Fmedium.com%2Fpov-crypto%2Fdai-is-not-1-dollar-470c5e00abd4&source=-----9b8a995dc3fe----2-----------------bookmark_preview-----------\">\u003csvg width=\"25\" height=\"25\" viewBox=\"0 0 25 25\" fill=\"none\" class=\"ud yk\">\u003cpath d=\"M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18V2.5zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .8.4l5.7-4.4 5.7 4.4a.5.5 0 0 0 .8-.4v-8.5a.5.5 0 0 0-1 0v7.48l-5.2-4a.5.5 0 0 0-.6 0l-5.2 4V7z\" fill=\"#292929\">\u003c/path>\u003c/svg>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"wo wp sq vl pu\">\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/article>\u003c/span>\u003cspan>\u003carticle>\u003cdiv class=\"dy dz ny l\">\u003cdiv class=\"ab cl\">\u003cdiv class=\"do bf dp dq dr ds\">\u003chr class=\"oj rm yu am\" aria-hidden=\"true\">\u003cdiv class=\"bf dh\">\u003cdiv class=\"gd l\">\u003cdiv class=\"wh wi wj wk wl ab\">\u003cdiv>\u003c/div>\u003cdiv class=\"bf ab wm\">\u003cdiv class=\"ab\">\u003cdiv style=\"flex: 1 1 0%;\">\u003cspan class=\"bd b be z bi\">\u003ca class=\"\" href=\"https://medium.com/pov-crypto?source=author_recirc-----9b8a995dc3fe----3----------------------------\" rel=\"noopener follow\">\u003cp class=\"bd b be z bi\">Published in \u003cstrong class=\"iy\">POV Crypto\u003c/strong>\u003c/p>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003cdiv class=\"l fy\">\u003cspan class=\"bd b be z ft\">\u003cdiv class=\"ab q\">\u003ca class=\"\" rel=\"noopener follow\" href=\"/pov-crypto/ether-a-new-model-for-money-17365b5535ba?source=author_recirc-----9b8a995dc3fe----3----------------------------\">\u003cp class=\"bd b be z ft\">\u003cspan class=\"wn\">·\u003c/span>\u003cspan>Oct 4, 2019\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"sd l\">\u003cdiv class=\"l\">\u003cdiv class=\"l di\">\u003cdiv class=\"pd\">\u003cdiv class=\"l\">\u003cdiv>\u003cdiv class=\"ab\">\u003cdiv class=\"l cj gp\">\u003cdiv class=\"l\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Title\" rel=\"noopener follow\" href=\"/pov-crypto/ether-a-new-model-for-money-17365b5535ba?source=author_recirc-----9b8a995dc3fe----3----------------------------\">\u003cdiv class=\"wq wr ws wt wu l\">\u003ch2 class=\"bd hi iz jb wv ww jc jd jf wx wy jg in io wz xa jk iq ir xb xc jo it iu xd xe js pu pv pw py qa bi\">Ether: A New Model for Money\u003c/h2>\u003c/div>\u003cdiv class=\"h k xf cx db\">\u003cp class=\"jx b ev ew pu xg pv pw vi py qa hg bi\">An Economic Trifecta, Bandwidth for Permissionlessness This article explores Ether’s role as an asset in Ethereum. Using data from the last ~2 years of the Ethereum economy, I propose a novel definition for understanding Ether, the asset: bandwidth for permissionlessness inside of Ethereum. This article, summarized in two paragraphs: Ethereum…\u003c/p>\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"xh h xi k xj xf xk cx xl db\">\u003cdiv class=\"ab em\">\u003cdiv class=\"xm xn xo xp xq xr xs xt xu xv xw xx xy xz ya ab q\">\u003cdiv class=\"yb yc yd ye yf yg ab\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/tag/blockchain?source=author_recirc-----9b8a995dc3fe---------------blockchain-----------------\">\u003cdiv class=\"yh di eu nm nn no bd b fc z bi np\">Blockchain\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"ab fy\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Reading Time\" rel=\"noopener follow\" href=\"/pov-crypto/ether-a-new-model-for-money-17365b5535ba?source=author_recirc-----9b8a995dc3fe----3----------------------------\">\u003cp class=\"bd b fc z ft\">\u003cspan>24 min read\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"ab q yi yj\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"116\" aria-labelledby=\"116\">\u003cspan>\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F17365b5535ba&operation=register&redirect=https%3A%2F%2Fmedium.com%2Fpov-crypto%2Fether-a-new-model-for-money-17365b5535ba&source=-----9b8a995dc3fe----3-----------------bookmark_preview-----------\">\u003csvg width=\"25\" height=\"25\" viewBox=\"0 0 25 25\" fill=\"none\" class=\"ud yk\">\u003cpath d=\"M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18V2.5zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .8.4l5.7-4.4 5.7 4.4a.5.5 0 0 0 .8-.4v-8.5a.5.5 0 0 0-1 0v7.48l-5.2-4a.5.5 0 0 0-.6 0l-5.2 4V7z\" fill=\"#292929\">\u003c/path>\u003c/svg>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"yl ym yn yo yp l\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Image\" rel=\"noopener follow\" href=\"/pov-crypto/ether-a-new-model-for-money-17365b5535ba?source=author_recirc-----9b8a995dc3fe----3----------------------------\">\u003cdiv class=\"h k xf cx db\">\u003cimg alt=\"Ether: A New Model for Money\" class=\"\" src=\"https://miro.medium.com/v2/resize:fill:112:112/1*MFEEDnl-35YpJAMR25C04Q.png\" width=\"112\" height=\"112\" loading=\"lazy\">\u003c/div>\u003cdiv class=\"yq yr j i d\">\u003cimg alt=\"Ether: A New Model for Money\" class=\"\" src=\"https://miro.medium.com/v2/resize:fill:80:56/1*MFEEDnl-35YpJAMR25C04Q.png\" width=\"80\" height=\"56\" loading=\"lazy\">\u003c/div>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"l\">\u003cdiv class=\"ys yq yt yr xj j xk i xl d\">\u003cdiv class=\"ab em\">\u003cdiv class=\"xm xn xo xp xq xr xs xt xu xv xw xx xy xz ya ab q\">\u003cdiv class=\"yb yc yd ye yf yg ab\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/tag/blockchain?source=author_recirc-----9b8a995dc3fe---------------blockchain-----------------\">\u003cdiv class=\"yh di eu nm nn no bd b fc z bi np\">Blockchain\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"ab fy\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Reading Time\" rel=\"noopener follow\" href=\"/pov-crypto/ether-a-new-model-for-money-17365b5535ba?source=author_recirc-----9b8a995dc3fe----3----------------------------\">\u003cp class=\"bd b fc z ft\">\u003cspan>24 min read\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"ab q yi yj\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"117\" aria-labelledby=\"117\">\u003cspan>\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F17365b5535ba&operation=register&redirect=https%3A%2F%2Fmedium.com%2Fpov-crypto%2Fether-a-new-model-for-money-17365b5535ba&source=-----9b8a995dc3fe----3-----------------bookmark_preview-----------\">\u003csvg width=\"25\" height=\"25\" viewBox=\"0 0 25 25\" fill=\"none\" class=\"ud yk\">\u003cpath d=\"M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18V2.5zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .8.4l5.7-4.4 5.7 4.4a.5.5 0 0 0 .8-.4v-8.5a.5.5 0 0 0-1 0v7.48l-5.2-4a.5.5 0 0 0-.6 0l-5.2 4V7z\" fill=\"#292929\">\u003c/path>\u003c/svg>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"wo wp sq vl pu\">\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/article>\u003c/span>\u003cspan>\u003carticle>\u003cdiv class=\"dy dz ny l\">\u003cdiv class=\"ab cl\">\u003cdiv class=\"do bf dp dq dr ds\">\u003chr class=\"oj rm yu am\" aria-hidden=\"true\">\u003cdiv class=\"bf dh\">\u003cdiv class=\"gd l\">\u003cdiv class=\"wh wi wj wk wl ab\">\u003cdiv>\u003c/div>\u003cdiv class=\"bf ab wm\">\u003cdiv class=\"ab\">\u003cdiv style=\"flex: 1 1 0%;\">\u003cspan class=\"bd b be z bi\">\u003ca class=\"\" href=\"https://medium.com/pov-crypto?source=author_recirc-----9b8a995dc3fe----4----------------------------\" rel=\"noopener follow\">\u003cp class=\"bd b be z bi\">Published in \u003cstrong class=\"iy\">POV Crypto\u003c/strong>\u003c/p>\u003c/a>\u003c/span>\u003c/div>\u003c/div>\u003cdiv class=\"l fy\">\u003cspan class=\"bd b be z ft\">\u003cdiv class=\"ab q\">\u003ca class=\"\" rel=\"noopener follow\" href=\"/pov-crypto/bitcoin-prosecutor-of-the-prisoners-dilemma-d430a689ebf2?source=author_recirc-----9b8a995dc3fe----4----------------------------\">\u003cp class=\"bd b be z ft\">\u003cspan class=\"wn\">·\u003c/span>\u003cspan>Dec 18, 2018\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"sd l\">\u003cdiv class=\"l\">\u003cdiv class=\"l di\">\u003cdiv class=\"pd\">\u003cdiv class=\"l\">\u003cdiv>\u003cdiv class=\"ab\">\u003cdiv class=\"l cj gp\">\u003cdiv class=\"l\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Title\" rel=\"noopener follow\" href=\"/pov-crypto/bitcoin-prosecutor-of-the-prisoners-dilemma-d430a689ebf2?source=author_recirc-----9b8a995dc3fe----4----------------------------\">\u003cdiv class=\"wq wr ws wt wu l\">\u003ch2 class=\"bd hi iz jb wv ww jc jd jf wx wy jg in io wz xa jk iq ir xb xc jo it iu xd xe js pu pv pw py qa bi\">Bitcoin: Prosecutor of the Prisoners Dilemma\u003c/h2>\u003c/div>\u003cdiv class=\"h k xf cx db\">\u003cp class=\"jx b ev ew pu xg pv pw vi py qa hg bi\">Who will defect first? — Monetary Musical Chairs Bitcoin has been described as a game of “Monetary Musical Chairs”. The 21 million limit of Bitcoins creates a game-theoretic stand-off between those that do and do-not buy Bitcoin. The purpose of this article describes the game, and illustrates how game-theory forces rational actors to choose Bitcoin every time. In…\u003c/p>\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"xh h xi k xj xf xk cx xl db\">\u003cdiv class=\"ab em\">\u003cdiv class=\"xm xn xo xp xq xr xs xt xu xv xw xx xy xz ya ab q\">\u003cdiv class=\"yb yc yd ye yf yg ab\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/tag/bitcoin?source=author_recirc-----9b8a995dc3fe---------------bitcoin-----------------\">\u003cdiv class=\"yh di eu nm nn no bd b fc z bi np\">Bitcoin\u003c/div>\u003c/a>\u003c/div>\u003cdiv class=\"ab fy\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Post Preview Reading Time\" rel=\"noopener follow\" href=\"/pov-crypto/bitcoin-prosecutor-of-the-prisoners-dilemma-d430a689ebf2?source=author_recirc-----9b8a995dc3fe----4----------------------------\">\u003cp class=\"bd b fc z ft\">\u003cspan>6 min read\u003c/span>\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003cdiv class=\"ab q yi yj\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" 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ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/@jcarlos29p?source=read_next_recirc---two_column_layout_sidebar------2---------------------46d66e28_ca45_4c91_a1ff_91279a87d906-------\">\u003cdiv class=\"l di\">\u003cimg alt=\"José Paiva\" class=\"l de bw vd ve eu\" src=\"https://miro.medium.com/v2/resize:fill:20:20/1*Wox5_BLPmTjbUu6ezWCkeQ.jpeg\" width=\"20\" height=\"20\" loading=\"lazy\">\u003cdiv class=\"ep bw l vd ve es n aw vf\">\u003c/div>\u003c/div>\u003c/a>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"fx l\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"86\" aria-labelledby=\"86\">\u003ca class=\"ae af ag ah ai aj ak al am an rl aq ar as ab q\" rel=\"noopener follow\" href=\"/@jcarlos29p?source=read_next_recirc---two_column_layout_sidebar------2---------------------46d66e28_ca45_4c91_a1ff_91279a87d906-------\">\u003cp class=\"bd b fc z pu vg pv pw px py pz qa bi\">José 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role=\"presentation\">\u003c/div>\u003c/div>\u003c/div>\u003c/a>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"bf dh\">\u003cdiv class=\"uz ab rr cl\">\u003cdiv class=\"ab cb em\">\u003cdiv class=\"va ab rr vb\">\u003cdiv class=\"vc ab q\">\u003cdiv class=\"nj l\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"87\" aria-labelledby=\"87\">\u003ca class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" rel=\"noopener follow\" href=\"/@polymathsomnath?source=read_next_recirc---two_column_layout_sidebar------3---------------------46d66e28_ca45_4c91_a1ff_91279a87d906-------\">\u003cdiv class=\"l di\">\u003cimg alt=\"Somnath Singh\" class=\"l de bw vd ve eu\" src=\"https://miro.medium.com/v2/resize:fill:20:20/2*ey0nySsx1sKFTFc-TvZV0A.jpeg\" width=\"20\" height=\"20\" loading=\"lazy\">\u003cdiv class=\"ep bw l vd ve es n aw vf\">\u003c/div>\u003c/div>\u003c/a>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"fx l\">\u003cdiv>\u003cdiv class=\"bk\" 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English\u003c/p>\u003c/a>\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003ca rel=\"noopener follow\" href=\"/javascript-in-plain-english/coding-wont-exist-in-5-years-this-is-why-6da748ba676c?source=read_next_recirc---two_column_layout_sidebar------3---------------------46d66e28_ca45_4c91_a1ff_91279a87d906-------\">\u003ch2 class=\"bd hi ev z pu vh pv pw vi py qa hg bi\">\u003cdiv>Coding Won’t Exist In 5 Years. 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The typical 30-year, 4.5% APR mortgage, at $200,000 will cost $365,000, after interest. For a strong ROI, mortgage-based real estate investments make no sense.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":128,\"end\":199,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_19\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_19\",\"name\":\"1730\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"As a result, investing in real estate has become exclusively available for wealthy individuals, who have access to the significant capital required to make real estate an attractive investment.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_20\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_20\",\"name\":\"8ba7\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The low-cost alternative for investment into real estate is with REITs. However, a REIT offers no ownership of any property and insufficient exposure to rental revenue.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_21\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_21\",\"name\":\"577e\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Expensive Real Estate = Only Wealthy Market Participants\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":56,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":0,\"end\":56,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_22\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_22\",\"name\":\"c44a\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Real Estate has High Transaction Costs\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_23\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_23\",\"name\":\"cfb8\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The typical exchange of a U.S. home pays 6% to realtors. Settlement of funds takes 30 days, minimum. Every exchange requires a laborious documentation process of agreements, disclosures, insurance policies and deed transfers.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":92,\"end\":101,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_24\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_24\",\"name\":\"fe2a\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"All of these things contribute to the opportunity costs of capital, as the friction of selling a property increases the barrier one has to overcome in order to access their capital.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_25\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_25\",\"name\":\"e109\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"High Transaction Costs = Low Market Participation\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":49,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":0,\"end\":49,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_26\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_26\",\"name\":\"4eb6\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Real Estate is a Siloed Marketplace\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_27\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_27\",\"name\":\"067e\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Selling a house requires manually finding a buyer. Buyers typically must be in the same region as the property being sold, significantly reducing the number of potential buyers.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_28\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_28\",\"name\":\"b4e4\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"International investments in real estate are difficult. Capital controls by restrictive governments make investing in U.S. properties nearly impossible. Additionally, the complexity and bureaucracy of international capital transfer in the banking system barres the most typical investor in purchasing property abroad.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_29\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_29\",\"name\":\"6500\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Siloed Marketplace= Only Local Market Participants\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":50,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":0,\"end\":50,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_30\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_30\",\"name\":\"2005\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Illiquidity: Real Estate’s Achilles Heel\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":40,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_31\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_31\",\"name\":\"0bd0\",\"type\":\"PQ\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Illiquidity: The state of an asset that cannot easily be sold or exchanged for cash, without a substantial loss in value\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_32\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_32\",\"name\":\"56d7\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Real estate’s illiquidity comes from:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_33\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_33\",\"name\":\"185a\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Low number of buyers\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_34\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_34\",\"name\":\"8463\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"High costs of exchange\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_35\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_35\",\"name\":\"9235\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"In order to offload an illiquid asset, asset owners must wait for the right buyer to come along, or to reduce their price in order to attract sufficient interest.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_36\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_36\",\"name\":\"b962\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"This “illiquidity tax” can remove between 20%-30% of the value of illiquid assets.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":23,\"end\":49,\"href\":\"http:\\u002F\\u002Fpeople.stern.nyu.edu\\u002Fadamodar\\u002Fpdfiles\\u002Fpapers\\u002Fliquidity.pdf\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":82,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_37\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_37\",\"name\":\"a583\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Solving Real Estate Illiquidity with Tokenization\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*91JkloTyaP0vwmfCovUXbg.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*91JkloTyaP0vwmfCovUXbg.png\",\"originalHeight\":542,\"originalWidth\":2454,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:4c4e29d76a9c_38\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_38\",\"name\":\"0e61\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*91JkloTyaP0vwmfCovUXbg.png\"},\"text\":\"\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_39\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_39\",\"name\":\"2998\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Transactability:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":16,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_40\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_40\",\"name\":\"96bf\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Transferring a token is a push-button experience\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_41\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_41\",\"name\":\"3958\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Exchange costs the price of gas\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_42\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_42\",\"name\":\"bde7\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Instant settlement\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_43\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_43\",\"name\":\"5fb9\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Public Markets:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_44\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_44\",\"name\":\"ca29\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Furthest market reach\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_45\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_45\",\"name\":\"5d2f\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Largest market participant pool\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_46\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_46\",\"name\":\"ba99\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Fractionalization\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_47\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_47\",\"name\":\"03a6\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Minimum costs of ownership\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_48\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_48\",\"name\":\"40cf\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Inclusionary to all investor types\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_49\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_49\",\"name\":\"f7d1\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Enables new financial tools built using the tokens\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_50\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_50\",\"name\":\"d819\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Receiving Rental Payments\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_51\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_51\",\"name\":\"1b1b\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"For the first phase of RealT, all listed properties will be rented properties. In order to prove the reality of tokenized real estate in its fullest, it is important to illustrate the full rights of RealTokens owners. Receiving rental payments from tenants is one of the most salient mechanisms in which full rights over the property are conveyed. While ownership of property via a token is noteworthy; adding in rights to the cash flows generated by rent from tenants makes things far more interesting.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*tUdr9s-f8OCLwDCNRzM8Xw.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*tUdr9s-f8OCLwDCNRzM8Xw.png\",\"originalHeight\":324,\"originalWidth\":1535,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:4c4e29d76a9c_52\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_52\",\"name\":\"8953\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*tUdr9s-f8OCLwDCNRzM8Xw.png\"},\"text\":\"\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_53\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_53\",\"name\":\"3e19\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Daily Rent Payments\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":19,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_54\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_54\",\"name\":\"97f0\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"With the advent of smart-contracts, there is no reason to retain the archaic system of payment every 30 days. Instead of one lump sum paid out every month, a RealToken Rent Contract will manage the dispersal of funds to RealToken owners, so that they are able to collect rent on a daily basis.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_55\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_55\",\"name\":\"dcbe\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"But, how can RealToken Holders be Landlords?\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_56\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_56\",\"name\":\"ce10\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"It is unrealistic to expect numerous individuals from across the world will be able to coordinate property management decisions. Instead, a property management company is required in order to upkeep the property and manage all landlord responsibilities. Property management companies are paid by the rent collected from the tenant and are responsible for paying converting fiat to DAI (USD Stablecoin) to send to RealToken holders. Using a property management company allows for minimum necessary involvement on behalf of the RealToken owners. In the most ideal scenario, nothing of significance will ever be asked of RealToken owners, and ownership of the property is as simple as owning a RealToken.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_57\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_57\",\"name\":\"dba3\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The property management service provider will be paid a cash fee equal to 5% of rents collected on the real property asset held by a Series and a cash fee equal to 1.5% of the cost of all repairs to a RealT property while the asset is owned by the Series.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_58\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_58\",\"name\":\"5d91\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Stablecoin of Choice: DAI\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_59\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_59\",\"name\":\"4ff9\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"RealT is being designed to be aligned with the values and goals of Ethereum and cryptocurrency at large. We have selected DAI to be the stablecoin used in the RealT system. to distribute rental income streams to the RealToken holders. DAI represents a jurisdiction-agnostic stablecoin on the Ethereum blockchain, and it is also the only decentralized stablecoin. By choosing the only stablecoin without a “Burn and Reissue” function, the selection of DAI removes a potential attack vector from the RealT system. Upon receiving DAI in their Ethereum wallets, RealToken owners are able to exchange DAI for any other currency, including a fiat-backed stablecoin that enables them to receive US Dollars to their bank account.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_60\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_60\",\"name\":\"71e2\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Ideation Surrounding Potential Utilities\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_61\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_61\",\"name\":\"6080\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The tokenization of real estate enables new utility functions for how ownership of a real estate property is managed. We discuss different ways which the tokenization of real estate invents new mechanisms for property ownership and investment strategies.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_62\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_62\",\"name\":\"4b98\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Rent-to-Own\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_63\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_63\",\"name\":\"721c\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"If a tenant finds themselves renting a RealT property, they have the option of purchasing the RealTokens for the property. While purchasing all RealTokens might be outside of the means of the tenant, the fractionalization of the property enables them to purchase a more reasonable number. Upon purchasing the RealTokens, the tenant is effectively paying rent to themselves. If they are only able to afford ⅓ of a house, they can purchase the rights to ⅓ of the rent they are paying. Through the purchasing of ⅓ RealTokens, they are effectively reducing their rent by ⅓. The reduction in their cost-of-living can help enable the purchasing of future RealTokens, and can help snowball a tenant into owning the home outright.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_64\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_64\",\"name\":\"ce9e\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Accessing Capital\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_65\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_65\",\"name\":\"2c97\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"A homeowner may want to leverage the capital locked up on their house, but without seceding ownership of the property to anyone else. A second mortgage, reverse mortgage, or a collateralized loan are all options available from a bank, but the bank charges high fees or interest. A homeowner could tokenize their house on the RealT platform, and using decentralized finance platforms like Dharma or MakerDAO, can leverage some or all of the RealTokens to secure a collateralized loan. This service requires MakerDAO governance to accept RealTokens as collateral and is purely hypothetical.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_66\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_66\",\"name\":\"47bd\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Set Protocol\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_67\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_67\",\"name\":\"ddbf\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Once RealT has more properties available on its website, we will add RealT “Set” tokens, where we can create a basket of similar RealTokens. For example, a RealT Set could be “Detroit, Single Family”, and have 1 token from each property inside the basket. The Set token would accrue all rent from all RealTokens, and Set token owners would be able to un-basket the RealTokens and DAI.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_68\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_68\",\"name\":\"baed\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Digital Identities for Real Estate Properties via IPFS\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_69\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_69\",\"name\":\"6036\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"IPFS provides a mechanism for giving access to documents to anyone that is able to connect to Ethereum. DigixDAO is a leading example of leveraging the decentralization and immutability of IPFS to prove the solvency of their gold vaults in Singapore.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":104,\"end\":112,\"href\":\"https:\\u002F\\u002Fdigix.global\\u002F\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_70\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_70\",\"name\":\"f93e\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"RealT intends to use the same IPFS mechanisms to provide all RealToken owners with access to their relevant documents. In the future, the phases of the RealT project, the Certificate of Formation, deed, affidavit, and operating agreement will all be made available by ownership of the relevant RealToken, via IPFS. Additional property information such as a home inspection report, title insurance, history of maintenance, and logs of all repair or renovations are also documents that are of interest to property owners, and future development of RealT will enable the appending of documents to the associated properties. This will allow for each property on the RealT system to have a provable and immutable history grow, providing clarity and security for potential real estate purchasers. As RealTokens diffuse throughout the Ethereum ecosystem, the perpetually available documents on Ethereum’s IPFS will always be present and accessible to the RealToken holders.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_71\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_71\",\"name\":\"ef41\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Come Join Us!\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_72\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_72\",\"name\":\"05a1\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Want to find out more about ReaT? Our Whitepaper is available on our website:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_73\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_73\",\"name\":\"934d\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"www.Realt.co\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_74\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_74\",\"name\":\"74ae\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Twitter: @realtplatform\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_75\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_75\",\"name\":\"19bc\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Questions?\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_76\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_76\",\"name\":\"de2e\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"email: Help@realt.co\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:4c4e29d76a9c_77\":{\"__typename\":\"Paragraph\",\"id\":\"4c4e29d76a9c_77\",\"name\":\"678f\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"DM @trustlessstate on 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RealT: Tokenizing Real Estate on EthereumRealT is turning ownership of US homes into digital tokens on the Ethereum blockchain.We are live! Check out https://realt.co/RealT is a system for tokenizing property ownership in the United States, that retains all legal rights and protections that are provided by traditional ownership of real estate.In order to tokenize U.S. real estate properties, RealToken LLC, or “RealT” was established. “RealT” is a series LLC, a unique form of an LLC in which allows for unlimited segregation of membership interests, assets, and operations into independent series. Each series of the series LLC is treated as a separate entity.Each “series” function as an intermediary entity between a token-owning individual, and a piece of real estate property.Ownership of the various Series is tokenized to unique ERC20 tokens, or RealTokens, on the Ethereum blockchain, each of which represents one share in the Series, and thus in the real estate property owned by the Series. Because the sole purpose of the LLC Series is to own one single property, the LLC can be abstracted away; ownership of the RealTokens is effectively ownership of the property.Through the services of a property management company, each property can be maintained with little-to-no engagement from any token holding individuals, while the individuals themselves retain full legal rights over to the property.Each RealT property has its own set of RealTokens. These tokens are distinguished by their UIN (Unique Identifying Number).UIN: RET-[Property Address]You can see the first set of RealTokens for 9943 Marlowe, Detriot MI here!Real Estate: The Inefficient MarketThree significant factors play into the difficulty of the real estate marketReal Estate is ExpensiveThe median U.S. home price is $200,000. The typical 30-year, 4.5% APR mortgage, at $200,000 will cost $365,000, after interest. For a strong ROI, mortgage-based real estate investments make no sense.As a result, investing in real estate has become exclusively available for wealthy individuals, who have access to the significant capital required to make real estate an attractive investment.The low-cost alternative for investment into real estate is with REITs. However, a REIT offers no ownership of any property and insufficient exposure to rental revenue.Expensive Real Estate = Only Wealthy Market ParticipantsReal Estate has High Transaction CostsThe typical exchange of a U.S. home pays 6% to realtors. Settlement of funds takes 30 days, minimum. Every exchange requires a laborious documentation process of agreements, disclosures, insurance policies and deed transfers.All of these things contribute to the opportunity costs of capital, as the friction of selling a property increases the barrier one has to overcome in order to access their capital.High Transaction Costs = Low Market ParticipationReal Estate is a Siloed MarketplaceSelling a house requires manually finding a buyer. Buyers typically must be in the same region as the property being sold, significantly reducing the number of potential buyers.International investments in real estate are difficult. Capital controls by restrictive governments make investing in U.S. properties nearly impossible. Additionally, the complexity and bureaucracy of international capital transfer in the banking system barres the most typical investor in purchasing property abroad.Siloed Marketplace= Only Local Market ParticipantsIlliquidity: Real Estate’s Achilles HeelIlliquidity: The state of an asset that cannot easily be sold or exchanged for cash, without a substantial loss in valueReal estate’s illiquidity comes from:Low number of buyersHigh costs of exchangeIn order to offload an illiquid asset, asset owners must wait for the right buyer to come along, or to reduce their price in order to attract sufficient interest.This “illiquidity tax” can remove between 20%-30% of the value of illiquid assets.Solving Real Estate Illiquidity with TokenizationTransactability:Transferring a token is a push-button experienceExchange costs the price of gasInstant settlementPublic Markets:Furthest market reachLargest market participant poolFractionalizationMinimum costs of ownershipInclusionary to all investor typesEnables new financial tools built using the tokensReceiving Rental PaymentsFor the first phase of RealT, all listed properties will be rented properties. In order to prove the reality of tokenized real estate in its fullest, it is important to illustrate the full rights of RealTokens owners. Receiving rental payments from tenants is one of the most salient mechanisms in which full rights over the property are conveyed. While ownership of property via a token is noteworthy; adding in rights to the cash flows generated by rent from tenants makes things far more interesting.Daily Rent PaymentsWith the advent of smart-contracts, there is no reason to retain the archaic system of payment every 30 days. Instead of one lump sum paid out every month, a RealToken Rent Contract will manage the dispersal of funds to RealToken owners, so that they are able to collect rent on a daily basis.But, how can RealToken Holders be Landlords?It is unrealistic to expect numerous individuals from across the world will be able to coordinate property management decisions. Instead, a property management company is required in order to upkeep the property and manage all landlord responsibilities. Property management companies are paid by the rent collected from the tenant and are responsible for paying converting fiat to DAI (USD Stablecoin) to send to RealToken holders. Using a property management company allows for minimum necessary involvement on behalf of the RealToken owners. In the most ideal scenario, nothing of significance will ever be asked of RealToken owners, and ownership of the property is as simple as owning a RealToken.The property management service provider will be paid a cash fee equal to 5% of rents collected on the real property asset held by a Series and a cash fee equal to 1.5% of the cost of all repairs to a RealT property while the asset is owned by the Series.Stablecoin of Choice: DAIRealT is being designed to be aligned with the values and goals of Ethereum and cryptocurrency at large. We have selected DAI to be the stablecoin used in the RealT system. to distribute rental income streams to the RealToken holders. DAI represents a jurisdiction-agnostic stablecoin on the Ethereum blockchain, and it is also the only decentralized stablecoin. By choosing the only stablecoin without a “Burn and Reissue” function, the selection of DAI removes a potential attack vector from the RealT system. Upon receiving DAI in their Ethereum wallets, RealToken owners are able to exchange DAI for any other currency, including a fiat-backed stablecoin that enables them to receive US Dollars to their bank account.Ideation Surrounding Potential UtilitiesThe tokenization of real estate enables new utility functions for how ownership of a real estate property is managed. We discuss different ways which the tokenization of real estate invents new mechanisms for property ownership and investment strategies.Rent-to-OwnIf a tenant finds themselves renting a RealT property, they have the option of purchasing the RealTokens for the property. While purchasing all RealTokens might be outside of the means of the tenant, the fractionalization of the property enables them to purchase a more reasonable number. Upon purchasing the RealTokens, the tenant is effectively paying rent to themselves. If they are only able to afford ⅓ of a house, they can purchase the rights to ⅓ of the rent they are paying. Through the purchasing of ⅓ RealTokens, they are effectively reducing their rent by ⅓. The reduction in their cost-of-living can help enable the purchasing of future RealTokens, and can help snowball a tenant into owning the home outright.Accessing CapitalA homeowner may want to leverage the capital locked up on their house, but without seceding ownership of the property to anyone else. A second mortgage, reverse mortgage, or a collateralized loan are all options available from a bank, but the bank charges high fees or interest. A homeowner could tokenize their house on the RealT platform, and using decentralized finance platforms like Dharma or MakerDAO, can leverage some or all of the RealTokens to secure a collateralized loan. This service requires MakerDAO governance to accept RealTokens as collateral and is purely hypothetical.Set ProtocolOnce RealT has more properties available on its website, we will add RealT “Set” tokens, where we can create a basket of similar RealTokens. For example, a RealT Set could be “Detroit, Single Family”, and have 1 token from each property inside the basket. The Set token would accrue all rent from all RealTokens, and Set token owners would be able to un-basket the RealTokens and DAI.Digital Identities for Real Estate Properties via IPFSIPFS provides a mechanism for giving access to documents to anyone that is able to connect to Ethereum. DigixDAO is a leading example of leveraging the decentralization and immutability of IPFS to prove the solvency of their gold vaults in Singapore.RealT intends to use the same IPFS mechanisms to provide all RealToken owners with access to their relevant documents. In the future, the phases of the RealT project, the Certificate of Formation, deed, affidavit, and operating agreement will all be made available by ownership of the relevant RealToken, via IPFS. Additional property information such as a home inspection report, title insurance, history of maintenance, and logs of all repair or renovations are also documents that are of interest to property owners, and future development of RealT will enable the appending of documents to the associated properties. This will allow for each property on the RealT system to have a provable and immutable history grow, providing clarity and security for potential real estate purchasers. As RealTokens diffuse throughout the Ethereum ecosystem, the perpetually available documents on Ethereum’s IPFS will always be present and accessible to the RealToken holders.Come Join Us!Want to find out more about ReaT? Our Whitepaper is available on our website:www.Realt.coTwitter: @realtplatformQuestions?email: Help@realt.coDM @trustlessstate on Twitter,","first":1680105421613,"html":"\u003cdiv>\u003cdiv class=\"es gk gl gm gn go\">\u003c/div>\u003cdiv class=\"gp gq gr gs gt\">\u003cfigure class=\"gv gw eg ei gx gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz gu\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 640w, https://miro.medium.com/v2/resize:fit:720/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 720w, https://miro.medium.com/v2/resize:fit:750/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 750w, https://miro.medium.com/v2/resize:fit:786/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 786w, https://miro.medium.com/v2/resize:fit:828/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 828w, https://miro.medium.com/v2/resize:fit:1100/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 1100w, https://miro.medium.com/v2/resize:fit:1400/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"350\" loading=\"eager\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003cdiv class=\"\">\u003ch1 id=\"039b\" class=\"pw-post-title hf hg hh bd hi hj hk hl hm hn ho hp hq hr hs ht hu hv hw hx hy hz ia ib ic id bi\" data-selectable-paragraph=\"\">Introducing RealT: Tokenizing Real Estate on Ethereum\u003c/h1>\u003c/div>\u003cdiv class=\"\">\u003ch2 id=\"f694\" class=\"pw-subtitle-paragraph ie hg hh bd b if ig ih ii ij ik il im in io ip iq ir is it iu iv ft\" data-selectable-paragraph=\"\">RealT is turning ownership of US homes into digital tokens on the Ethereum blockchain.\u003c/h2>\u003c/div>\u003ch2 id=\"a8f9\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">We are live! Check out \u003ca class=\"ae ju\" href=\"https://realt.co/\" rel=\"noopener ugc nofollow\" target=\"_blank\">https://realt.co/\u003c/a>\u003c/h2>\u003ch2 id=\"db48\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">RealT is a system for tokenizing property ownership in the United States, that retains all legal rights and protections that are provided by traditional ownership of real estate.\u003c/h2>\u003cp id=\"c391\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">In order to tokenize U.S. real estate properties, \u003cstrong class=\"jx hi\">RealToken LLC, or “RealT” \u003c/strong>was established. “\u003cstrong class=\"jx hi\">RealT” \u003c/strong>is a \u003cstrong class=\"jx hi\">series LLC, \u003c/strong>a unique form of an LLC in which allows for unlimited segregation of membership interests, assets, and operations into independent series. \u003cstrong class=\"jx hi\">Each series of the series LLC is treated as a separate entity.\u003c/strong>\u003c/p>\u003ch2 id=\"75d3\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Each “series” function as an intermediary entity between a token-owning individual, and a piece of real estate property.\u003c/h2>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz ko\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*C3OXvWn-4J_N2OtQV6-VQQ.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*C3OXvWn-4J_N2OtQV6-VQQ.png 640w, https://miro.medium.com/v2/resize:fit:720/1*C3OXvWn-4J_N2OtQV6-VQQ.png 720w, https://miro.medium.com/v2/resize:fit:750/1*C3OXvWn-4J_N2OtQV6-VQQ.png 750w, https://miro.medium.com/v2/resize:fit:786/1*C3OXvWn-4J_N2OtQV6-VQQ.png 786w, https://miro.medium.com/v2/resize:fit:828/1*C3OXvWn-4J_N2OtQV6-VQQ.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*C3OXvWn-4J_N2OtQV6-VQQ.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*C3OXvWn-4J_N2OtQV6-VQQ.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"227\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*C3OXvWn-4J_N2OtQV6-VQQ.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003cp id=\"a0ff\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">Ownership of the various Series is tokenized to unique ERC20 tokens, or \u003cstrong class=\"jx hi\">RealTokens,\u003c/strong> on the Ethereum blockchain, each of which represents one share in the Series, and thus in the real estate property owned by the Series. Because the sole purpose of the LLC Series is to own one single property, the LLC can be abstracted away; \u003cstrong class=\"jx hi\">ownership of the RealTokens is effectively ownership of the property.\u003c/strong>\u003c/p>\u003cp id=\"c2f5\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">Through the services of a property management company, each property can be maintained with little-to-no engagement from any token holding individuals, while the individuals themselves retain full legal rights over to the property.\u003c/p>\u003cp id=\"39f9\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">Each RealT property has its own set of RealTokens. These tokens are distinguished by their UIN (Unique Identifying Number).\u003c/p>\u003cp id=\"614c\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">UIN: \u003cem class=\"ky\">RET-[Property Address]\u003c/em>\u003c/strong>\u003c/p>\u003cp id=\"cb7d\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">You can see the first set of RealTokens for \u003ca class=\"ae ju\" href=\"https://etherscan.io/token/0x53Ad8c733a4338e2B8C235ECfDbed0Ef8f79C7Bd\" rel=\"noopener ugc nofollow\" target=\"_blank\">\u003cstrong class=\"jx hi\">9943 Marlowe, Detriot MI here!\u003c/strong>\u003c/a>\u003c/p>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz kz\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*2LPGXY4__wYDKtq8lUeXqg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*2LPGXY4__wYDKtq8lUeXqg.png 640w, https://miro.medium.com/v2/resize:fit:720/1*2LPGXY4__wYDKtq8lUeXqg.png 720w, https://miro.medium.com/v2/resize:fit:750/1*2LPGXY4__wYDKtq8lUeXqg.png 750w, https://miro.medium.com/v2/resize:fit:786/1*2LPGXY4__wYDKtq8lUeXqg.png 786w, https://miro.medium.com/v2/resize:fit:828/1*2LPGXY4__wYDKtq8lUeXqg.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*2LPGXY4__wYDKtq8lUeXqg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*2LPGXY4__wYDKtq8lUeXqg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"395\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*2LPGXY4__wYDKtq8lUeXqg.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003ch1 id=\"23d6\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Real Estate: The Inefficient Market\u003c/h1>\u003cp id=\"16dc\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">Three significant factors play into the difficulty of the real estate market\u003c/p>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz ll\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*lJtN_AFvv2bZBg2o2BzK9Q.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*lJtN_AFvv2bZBg2o2BzK9Q.png 640w, https://miro.medium.com/v2/resize:fit:720/1*lJtN_AFvv2bZBg2o2BzK9Q.png 720w, https://miro.medium.com/v2/resize:fit:750/1*lJtN_AFvv2bZBg2o2BzK9Q.png 750w, https://miro.medium.com/v2/resize:fit:786/1*lJtN_AFvv2bZBg2o2BzK9Q.png 786w, https://miro.medium.com/v2/resize:fit:828/1*lJtN_AFvv2bZBg2o2BzK9Q.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*lJtN_AFvv2bZBg2o2BzK9Q.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*lJtN_AFvv2bZBg2o2BzK9Q.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"220\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*lJtN_AFvv2bZBg2o2BzK9Q.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003ch2 id=\"4a9f\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Real Estate is Expensive\u003c/h2>\u003cp id=\"1109\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">The median U.S. home price is $200,000. The typical 30-year, 4.5% APR mortgage, at $200,000 will cost $365,000, after interest. \u003cstrong class=\"jx hi\">For a strong ROI, mortgage-based real estate investments make no sense.\u003c/strong>\u003c/p>\u003cp id=\"1730\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">As a result, investing in real estate has become exclusively available for wealthy individuals, who have access to the significant capital required to make real estate an attractive investment.\u003c/p>\u003cp id=\"8ba7\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">The low-cost alternative for investment into real estate is with REITs. However, a REIT offers no ownership of any property and insufficient exposure to rental revenue.\u003c/p>\u003cp id=\"577e\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">\u003cem class=\"ky\">Expensive Real Estate = Only Wealthy Market Participants\u003c/em>\u003c/strong>\u003c/p>\u003ch2 id=\"c44a\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Real Estate has High Transaction Costs\u003c/h2>\u003cp id=\"cfb8\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">The typical exchange of a U.S. home pays 6% to realtors. Settlement of funds takes 30 days, \u003cem class=\"ky\">minimum. \u003c/em>Every exchange requires a laborious documentation process of agreements, disclosures, insurance policies and deed transfers.\u003c/p>\u003cp id=\"fe2a\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">All of these things contribute to the opportunity costs of capital, as the friction of selling a property increases the barrier one has to overcome in order to access their capital.\u003c/p>\u003cp id=\"e109\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">\u003cem class=\"ky\">High Transaction Costs = Low Market Participation\u003c/em>\u003c/strong>\u003c/p>\u003ch2 id=\"4eb6\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Real Estate is a Siloed Marketplace\u003c/h2>\u003cp id=\"067e\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">Selling a house requires manually finding a buyer. Buyers typically must be in the same region as the property being sold, significantly reducing the number of potential buyers.\u003c/p>\u003cp id=\"b4e4\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">International investments in real estate are difficult. Capital controls by restrictive governments make investing in U.S. properties nearly impossible. Additionally, the complexity and bureaucracy of international capital transfer in the banking system barres the most typical investor in purchasing property abroad.\u003c/p>\u003cp id=\"6500\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">\u003cem class=\"ky\">Siloed Marketplace= Only Local Market Participants\u003c/em>\u003c/strong>\u003c/p>\u003ch1 id=\"2005\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ak\">Illiquidity: Real Estate’s Achilles Heel\u003c/strong>\u003c/h1>\u003cblockquote class=\"lm\">\u003cp id=\"0bd0\" class=\"ln lo hh bd lp lq lr ls lt lu lv kn ft\" data-selectable-paragraph=\"\">Illiquidity: The state of an asset that cannot easily be sold or exchanged for cash, without a substantial loss in value\u003c/p>\u003c/blockquote>\u003cp id=\"56d7\" class=\"pw-post-body-paragraph jv jw hh jx b jy lw ii ka kb lx il kd jh ly kf kg jl lz ki kj jp ma kl km kn gp bi\" data-selectable-paragraph=\"\">Real estate’s illiquidity comes from:\u003c/p>\u003cul class=\"\">\u003cli id=\"185a\" class=\"mb mc hh jx b jy kt kb ku jh md jl me jp mf kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Low number of buyers\u003c/li>\u003cli id=\"8463\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">High costs of exchange\u003c/li>\u003c/ul>\u003cp id=\"9235\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">In order to offload an illiquid asset, asset owners must wait for the right buyer to come along, or to reduce their price in order to attract sufficient interest.\u003c/p>\u003cp id=\"b962\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"jx hi\">This “illiquidity tax” \u003c/strong>\u003ca class=\"ae ju\" href=\"http://people.stern.nyu.edu/adamodar/pdfiles/papers/liquidity.pdf\" rel=\"noopener ugc nofollow\" target=\"_blank\">\u003cstrong class=\"jx hi\">can remove between 20%-30%\u003c/strong>\u003c/a>\u003cstrong class=\"jx hi\"> of the value of illiquid assets.\u003c/strong>\u003c/p>\u003c/div>\u003cdiv class=\"ab cl mp mq gd mr\" role=\"separator\">\u003cspan class=\"ms bw bk mt mu mv\">\u003c/span>\u003cspan class=\"ms bw bk mt mu mv\">\u003c/span>\u003cspan class=\"ms bw bk mt mu\">\u003c/span>\u003c/div>\u003cdiv class=\"gp gq gr gs gt\">\u003ch1 id=\"a583\" class=\"la ix hh bd iy lb mw ld jc le mx lg jg in my io jk iq mz ir jo it na iu js lk bi\" data-selectable-paragraph=\"\">Solving Real Estate Illiquidity with Tokenization\u003c/h1>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz nb\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*91JkloTyaP0vwmfCovUXbg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*91JkloTyaP0vwmfCovUXbg.png 640w, https://miro.medium.com/v2/resize:fit:720/1*91JkloTyaP0vwmfCovUXbg.png 720w, https://miro.medium.com/v2/resize:fit:750/1*91JkloTyaP0vwmfCovUXbg.png 750w, https://miro.medium.com/v2/resize:fit:786/1*91JkloTyaP0vwmfCovUXbg.png 786w, https://miro.medium.com/v2/resize:fit:828/1*91JkloTyaP0vwmfCovUXbg.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*91JkloTyaP0vwmfCovUXbg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*91JkloTyaP0vwmfCovUXbg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"155\" loading=\"eager\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*91JkloTyaP0vwmfCovUXbg.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003ch2 id=\"2998\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ak\">Transactability:\u003c/strong>\u003c/h2>\u003cul class=\"\">\u003cli id=\"96bf\" class=\"mb mc hh jx b jy jz kb kc jh nc jl nd jp ne kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Transferring a token is a push-button experience\u003c/li>\u003cli id=\"3958\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Exchange costs the price of gas\u003c/li>\u003cli id=\"bde7\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Instant settlement\u003c/li>\u003c/ul>\u003ch2 id=\"5fb9\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Public Markets:\u003c/h2>\u003cul class=\"\">\u003cli id=\"ca29\" class=\"mb mc hh jx b jy jz kb kc jh nc jl nd jp ne kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Furthest market reach\u003c/li>\u003cli id=\"5d2f\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Largest market participant pool\u003c/li>\u003c/ul>\u003ch2 id=\"ba99\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Fractionalization\u003c/h2>\u003cul class=\"\">\u003cli id=\"03a6\" class=\"mb mc hh jx b jy jz kb kc jh nc jl nd jp ne kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Minimum costs of ownership\u003c/li>\u003cli id=\"40cf\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Inclusionary to all investor types\u003c/li>\u003cli id=\"f7d1\" class=\"mb mc hh jx b jy mk kb ml jh mm jl mn jp mo kn mg mh mi mj bi\" data-selectable-paragraph=\"\">Enables new financial tools built using the tokens\u003c/li>\u003c/ul>\u003ch1 id=\"d819\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Receiving Rental Payments\u003c/h1>\u003cp id=\"1b1b\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">For the first phase of RealT, all listed properties will be rented properties. In order to prove the reality of tokenized real estate in its fullest, it is important to illustrate the full rights of RealTokens owners. Receiving rental payments from tenants is one of the most salient mechanisms in which full rights over the property are conveyed. While ownership of property via a token is noteworthy; adding in rights to the cash flows generated by rent from tenants makes things far more interesting.\u003c/p>\u003cfigure class=\"kp kq kr ks ek gy dy dz paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"gz ha di hb bf hc\">\u003cdiv class=\"dy dz nf\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*tUdr9s-f8OCLwDCNRzM8Xw.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*tUdr9s-f8OCLwDCNRzM8Xw.png 640w, https://miro.medium.com/v2/resize:fit:720/1*tUdr9s-f8OCLwDCNRzM8Xw.png 720w, https://miro.medium.com/v2/resize:fit:750/1*tUdr9s-f8OCLwDCNRzM8Xw.png 750w, https://miro.medium.com/v2/resize:fit:786/1*tUdr9s-f8OCLwDCNRzM8Xw.png 786w, https://miro.medium.com/v2/resize:fit:828/1*tUdr9s-f8OCLwDCNRzM8Xw.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*tUdr9s-f8OCLwDCNRzM8Xw.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*tUdr9s-f8OCLwDCNRzM8Xw.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf hd he c\" width=\"700\" height=\"148\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*tUdr9s-f8OCLwDCNRzM8Xw.png\">\u003c/picture>\u003c/div>\u003c/div>\u003c/figure>\u003ch2 id=\"3e19\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ak\">Daily Rent Payments\u003c/strong>\u003c/h2>\u003cp id=\"97f0\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">With the advent of smart-contracts, there is no reason to retain the archaic system of payment every 30 days. Instead of one lump sum paid out every month, a RealToken Rent Contract will manage the dispersal of funds to RealToken owners, so that they are able to collect rent on a daily basis.\u003c/p>\u003ch1 id=\"dcbe\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">But, how can RealToken Holders be Landlords?\u003c/h1>\u003cp id=\"ce10\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">It is unrealistic to expect numerous individuals from across the world will be able to coordinate property management decisions. Instead, a property management company is required in order to upkeep the property and manage all landlord responsibilities. Property management companies are paid by the rent collected from the tenant and are responsible for paying converting fiat to DAI (USD Stablecoin) to send to RealToken holders. Using a property management company allows for minimum necessary involvement on behalf of the RealToken owners. In the most ideal scenario, nothing of significance will ever be asked of RealToken owners, and ownership of the property is as simple as owning a RealToken.\u003c/p>\u003cp id=\"dba3\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">The property management service provider will be paid a cash fee equal to 5% of rents collected on the real property asset held by a Series and a cash fee equal to 1.5% of the cost of all repairs to a RealT property while the asset is owned by the Series.\u003c/p>\u003ch1 id=\"5d91\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Stablecoin of Choice: DAI\u003c/h1>\u003cp id=\"4ff9\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">RealT is being designed to be aligned with the values and goals of Ethereum and cryptocurrency at large. We have selected DAI to be the stablecoin used in the RealT system. to distribute rental income streams to the RealToken holders. DAI represents a jurisdiction-agnostic stablecoin on the Ethereum blockchain, and it is also the only decentralized stablecoin. By choosing the only stablecoin without a “Burn and Reissue” function, the selection of DAI removes a potential attack vector from the RealT system. Upon receiving DAI in their Ethereum wallets, RealToken owners are able to exchange DAI for any other currency, including a fiat-backed stablecoin that enables them to receive US Dollars to their bank account.\u003c/p>\u003ch1 id=\"71e2\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Ideation Surrounding Potential Utilities\u003c/h1>\u003cp id=\"6080\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">The tokenization of real estate enables new utility functions for how ownership of a real estate property is managed. We discuss different ways which the tokenization of real estate invents new mechanisms for property ownership and investment strategies.\u003c/p>\u003ch2 id=\"4b98\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Rent-to-Own\u003c/h2>\u003cp id=\"721c\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">If a tenant finds themselves renting a RealT property, they have the option of purchasing the RealTokens for the property. While purchasing all RealTokens might be outside of the means of the tenant, the fractionalization of the property enables them to purchase a more reasonable number. Upon purchasing the RealTokens, the tenant is effectively paying rent to themselves. If they are only able to afford ⅓ of a house, they can purchase the rights to ⅓ of the rent they are paying. Through the purchasing of ⅓ RealTokens, they are effectively reducing their rent by ⅓. The reduction in their cost-of-living can help enable the purchasing of future RealTokens, and can help snowball a tenant into owning the home outright.\u003c/p>\u003ch2 id=\"ce9e\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Accessing Capital\u003c/h2>\u003cp id=\"2c97\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">A homeowner may want to leverage the capital locked up on their house, but without seceding ownership of the property to anyone else. A second mortgage, reverse mortgage, or a collateralized loan are all options available from a bank, but the bank charges high fees or interest. A homeowner could tokenize their house on the RealT platform, and using decentralized finance platforms like Dharma or MakerDAO, can leverage some or all of the RealTokens to secure a collateralized loan. This service requires MakerDAO governance to accept RealTokens as collateral and is purely hypothetical.\u003c/p>\u003ch2 id=\"47bd\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Set Protocol\u003c/h2>\u003cp id=\"ddbf\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">Once RealT has more properties available on its website, we will add RealT “Set” tokens, where we can create a basket of similar RealTokens. For example, a RealT Set could be “Detroit, Single Family”, and have 1 token from each property inside the basket. The Set token would accrue all rent from all RealTokens, and Set token owners would be able to un-basket the RealTokens and DAI.\u003c/p>\u003ch1 id=\"baed\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Digital Identities for Real Estate Properties via IPFS\u003c/h1>\u003cp id=\"6036\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">IPFS provides a mechanism for giving access to documents to anyone that is able to connect to Ethereum. \u003ca class=\"ae ju\" href=\"https://digix.global/\" rel=\"noopener ugc nofollow\" target=\"_blank\">DigixDAO\u003c/a> is a leading example of leveraging the decentralization and immutability of IPFS to prove the solvency of their gold vaults in Singapore.\u003c/p>\u003cp id=\"f93e\" class=\"pw-post-body-paragraph jv jw hh jx b jy kt ii ka kb ku il kd jh kv kf kg jl kw ki kj jp kx kl km kn gp bi\" data-selectable-paragraph=\"\">RealT intends to use the same IPFS mechanisms to provide all RealToken owners with access to their relevant documents. In the future, the phases of the RealT project, the Certificate of Formation, deed, affidavit, and operating agreement will all be made available by ownership of the relevant RealToken, via IPFS. Additional property information such as a home inspection report, title insurance, history of maintenance, and logs of all repair or renovations are also documents that are of interest to property owners, and future development of RealT will enable the appending of documents to the associated properties. This will allow for each property on the RealT system to have a provable and immutable history grow, providing clarity and security for potential real estate purchasers. As RealTokens diffuse throughout the Ethereum ecosystem, the perpetually available documents on Ethereum’s IPFS will always be present and accessible to the RealToken holders.\u003c/p>\u003c/div>\u003cdiv class=\"ab cl mp mq gd mr\" role=\"separator\">\u003cspan class=\"ms bw bk mt mu mv\">\u003c/span>\u003cspan class=\"ms bw bk mt mu mv\">\u003c/span>\u003cspan class=\"ms bw bk mt mu\">\u003c/span>\u003c/div>\u003cdiv class=\"gp gq gr gs gt\">\u003ch1 id=\"ef41\" class=\"la ix hh bd iy lb mw ld jc le mx lg jg in my io jk iq mz ir jo it na iu js lk bi\" data-selectable-paragraph=\"\">Come Join Us!\u003c/h1>\u003cp id=\"05a1\" class=\"pw-post-body-paragraph jv jw hh jx b jy jz ii ka kb kc il kd jh ke kf kg jl kh ki kj jp kk kl km kn gp bi\" data-selectable-paragraph=\"\">Want to find out more about ReaT? Our Whitepaper is available on our website:\u003c/p>\u003ch2 id=\"934d\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">www.Realt.co\u003c/h2>\u003ch2 id=\"74ae\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">Twitter: \u003cspan class=\"bloat\">@realtplatform\u003c/span>\u003c/h2>\u003ch1 id=\"19bc\" class=\"la ix hh bd iy lb lc ld jc le lf lg jg in lh io jk iq li ir jo it lj iu js lk bi\" data-selectable-paragraph=\"\">Questions?\u003c/h1>\u003ch2 id=\"de2e\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">email: Help@realt.co\u003c/h2>\u003ch2 id=\"678f\" class=\"iw ix hh bd iy iz ja jb jc jd je jf jg jh ji jj jk jl jm jn jo jp jq jr js jt bi\" data-selectable-paragraph=\"\">DM \u003cspan class=\"bloat\">@trustlessstate\u003c/span> on Twitter,\u003c/h2>\u003c/div>\u003c/div>","image":{"url":"https://miro.medium.com/v2/resize:fit:1200/1*ZSddo7RiWk1xJ79dVetLWQ.jpeg","_id":"642597d42e4847fb2b9f92c4"},"source":"medium.com","time":1557422399000,"updates":3,"url":"https://medium.com/@TrustlessState/introducing-realt-tokenizing-real-estate-on-ethereum-9b8a995dc3fe","nReplies":102,"hasGhosts":true,"myContext":[{"topic":"eth","activity":527,"score":533}],"type":"ghost","description":"RealT is turning ownership of US homes into digital tokens the Ethereum blockchain.","__at":"2025-02-18T09:26:57.641Z","boosted":false,"safeId":"mediumcomTrustlessStateintroducingrealttokenizingrealestateonethereum9b8a995dc3fe","origin":"medium.com"},"t3_bmlp2u":{"original":{"subreddit_name_prefixed":"r/ethereum","pwls":6,"downs":0,"parent_whitelist_status":"all_ads","upvote_ratio":0.96,"media_embed":{},"is_original_content":false,"author_fullname":"t2_142vns","secure_media_embed":{},"score":98,"gildings":{},"post_hint":"self","is_self":true,"wls":6,"domain":"self.ethereum","suggested_sort":"top","preview":{"images":[{"source":{"url":"https://external-preview.redd.it/Z98fOcJGyoGpqeSD_KgZ2tul-fvKBIBhE5vz69npyaU.jpg?auto=webp&s=e9b76488a6b2082151b09f3ec023e25251cdcdf7","width":400,"height":400},"resolutions":[{"url":"https://external-preview.redd.it/Z98fOcJGyoGpqeSD_KgZ2tul-fvKBIBhE5vz69npyaU.jpg?width=108&crop=smart&auto=webp&s=c894a9fbf9703723024e96a31862b4b23204bac2","width":108,"height":108},{"url":"https://external-preview.redd.it/Z98fOcJGyoGpqeSD_KgZ2tul-fvKBIBhE5vz69npyaU.jpg?width=216&crop=smart&auto=webp&s=138f609eab722964bcde7368577109690679d131","width":216,"height":216},{"url":"https://external-preview.redd.it/Z98fOcJGyoGpqeSD_KgZ2tul-fvKBIBhE5vz69npyaU.jpg?width=320&crop=smart&auto=webp&s=bc974d4fd87e71433d430da88adfd7a6920e909b","width":320,"height":320}],"variants":{},"id":"aCot85AJXM1CqhmgYoZrhRXjDvbe3dUVgg9cAZ53-MY"}],"enabled":false},"all_awardings":[],"is_robot_indexable":true,"num_comments":62,"send_replies":true,"whitelist_status":"all_ads","subreddit_subscribers":436406},"title":"Nethermind 0.9.9 - 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fast sync.\n\n[https://github.com/NethermindEth/nethermind](https://github.com/NethermindEth/nethermind) \n\n\n\nNethermind fast sync allows you to sync Ethereum mainnet in around 5 hours on standard VMs (for example $40 a month Digital Ocean or UpCloud VMs).\n\nIn our own tests (and of some of our friends) running Geth and Nethermind side by side on exactly same configurations shows Nethermind to be \\~4x faster and require \\~4x less disk space to store Ethereum mainnet state than Geth.\n\n(bear in mind that we do not download tx receipts and that we are waiting for more performance tests coming from you)\n\nGoerli testnet support is equally great with \\~3 minutes fast sync and under 200MB of data stored at the current chain height.\n\nYou can download version 0.9.9 from [https://github.com/NethermindEth/nethermind/releases/tag/0.9.9](https://github.com/NethermindEth/nethermind/releases/tag/0.9.9)\n\nNethermind is already stable, supporting JSON RPC calls with both Geth and Parity style EVM tracing. It can also run POA based private networks with your chainspec files.\n\nLatest documentation at: \n[https://nethermind.readthedocs.io/en/latest/](https://nethermind.readthedocs.io/en/latest/)","timely":true,"totalUpvotes":247,"score":250,"nReplies":58,"hasGhosts":true,"html":"\u003cp>Version 1.0 of Nethermind (full Ethereum client) is just around the corner and with 0.9.9 comes one of the most critical features - fast sync.\u003c/p>\n\n\u003cp>\u003ca href=\"https://github.com/NethermindEth/nethermind\">https://github.com/NethermindEth/nethermind\u003c/a> \u003c/p>\n\n\u003cp>\u003c/p>\n\n\u003cp>Nethermind fast sync allows you to sync Ethereum mainnet in around 5 hours on standard VMs (for example $40 a month Digital Ocean or UpCloud VMs).\u003c/p>\n\n\u003cp>In our own tests (and of some of our friends) running Geth and Nethermind side by side on exactly same configurations shows Nethermind to be ~4x faster and require ~4x less disk space to store Ethereum mainnet state than Geth.\u003c/p>\n\n\u003cp>(bear in mind that we do not download tx receipts and that we are waiting for more performance tests coming from you)\u003c/p>\n\n\u003cp>Goerli testnet support is equally great with ~3 minutes fast sync and under 200MB of data stored at the current chain height.\u003c/p>\n\n\u003cp>You can download version 0.9.9 from \u003ca href=\"https://github.com/NethermindEth/nethermind/releases/tag/0.9.9\">https://github.com/NethermindEth/nethermind/releases/tag/0.9.9\u003c/a>\u003c/p>\n\n\u003cp>Nethermind is already stable, supporting JSON RPC calls with both Geth and Parity style EVM tracing. 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months.","parentScores":[{"_id":"github.com/jpmorganchase/tessera","count":1,"position":1388,"relPostion":0.12265818310357017,"positionScore":0.7697286636751287,"length":11316,"i":1,"timeDiff":0,"newParent":1,"parentUpdates":2,"isReplyTo":null,"type":"reference","nParents":5,"share":0.2},{"_id":"cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html","count":1,"position":1719,"relPostion":0.15190880169671261,"positionScore":0.7192586806395059,"length":11316,"i":2,"timeDiff":7249906000,"newParent":0,"parentUpdates":17,"isReplyTo":null,"type":"reference","nParents":5,"share":0.2},{"_id":"nsd.ru/en/services/cash_set/pvp","count":1,"position":8257,"relPostion":0.7296747967479674,"positionScore":0.07307571551325272,"length":11316,"i":3,"timeDiff":0,"newParent":1,"parentUpdates":1,"isReplyTo":null,"type":"reference","nParents":5,"share":0.2},{"_id":"en.wikipedia.org/wiki/On-premises_software","count":1,"position":9261,"relPostion":0.8183987274655355,"positionScore":0.03297902218613683,"length":11316,"i":4,"timeDiff":0,"newParent":1,"parentUpdates":1,"isReplyTo":null,"type":"reference","nParents":5,"share":0.2},{"_id":"shutterstock.com/pic-444997102/stock-photo-new-york-june-jp-morgan-chase-corporate-lettering-in-front-of-one-of-their-office.html","count":1,"position":11089,"relPostion":0.9799399080947331,"positionScore":0.0004024072872477554,"length":11316,"i":5,"timeDiff":0,"newParent":1,"parentUpdates":1,"isReplyTo":null,"type":"reference","nParents":5,"share":0.2}]},"title":"JPMorgan Quietly Reboots the Blockchain Behind Its JPM Coin Cryptocurrency","author":"Ian 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The Takeaway\n\nJPMorgan’s technology teams spread across three continents have been busy updating the bank’s Quorum blockchain platform over the past six months, replacing key parts of its privacy-enhancing components.\nLike JPMorgan’s recently announced partnership with Microsoft Azure, the updates were meant to make Quorum usable by a larger universe of firms.\nAccording to JPMorgan Quorum lead Oli Harris, the Microsoft partnership is also a potential stepping stone to a long-contemplated spin-out of the open source software project.\nHarris also talked about some possible applications of the bank’s prototype cryptocurrency, JPM Coin, in an interview with CoinDesk.\n\n\nJPMorgan Chase has quietly replaced the guts of its blockchain.\nOver the last six months, technologists spread across London, Singapore and the U.S. have “rebooted” Quorum, the megabank’s private version of the ethereum blockchain, said Oli Harris, JPM’s head of Quorum and crypto-assets strategy.\nSpecifically, the team replaced Constellation, Quorum’s privacy layer written in the Haskell computer language, with Tessera, which has a similar design, but is built in Java to make it easier for businesses to use and deploy.\nThis nitty-gritty effort was happening behind the scenes while the bank was out grabbing headlines with JPM Coin. But the work on Quorum’s privacy architecture is arguably as important as that internal prototype of a private cryptocurrency for clients.\nFor, like JPMorgan’s partnership with the Microsoft Azure Blockchain service announced last week, the reboot was designed to make Quorum usable by a larger universe of firms. And that broadening of the platform’s appeal, in turn, is helping to get Quorum ready for a possible life beyond the bank, which has been considering a spin-off of the project since early 2018.\nReferring specifically to the Microsoft tie-up, Harris told CoinDesk:\n“I would think of this as a stepping stone to a potential spin-out.” \n“It’s open source software, available on Github and maintained by JPMorgan on behalf of everyone using Quorum,” Harris went on to explain. “The more users of Quorum, the better it is for everyone, because we can help with standardization and creating even more robust tech suite.”\nHeavy lifting \nStepping back, Quorum was launched in early 2017, whereby the tech created an instant frisson of excitement by officially connecting the bank with ethereum (albeit a private version) and also adding an ambitious dose of blockchain privacy via zero-knowledge proofs (ZKPs). \nFollowing blockchain program lead Amber Baldet’s departure from the bank in April 2018, there was a brief period when Quorum’s future looked uncertain. A victim of its own success to some degree, questions arose over how the bank was going to carry out its new and unplanned role as maintainer of a growing open source project running nascent technology. \nWhile Harris and two other sources at JPMorgan said the bank continues to mull a spin-out, it seems these concerns are now being addressed regardless.\nIn addition to “all the go-to-market support, which is about getting new customers using Quorum” that JPMorgan and Microsoft are working on together, Harris said the two firms’ engineers are now collaborating, streamlining node deployment and abstracting away raw complexity. \nThis is being done “so that companies like JPMorgan can actually focus on the business applications and unlocking value from the technology, whereas Quorum powered by Microsoft will be dealing with a lot of the heavy lifting,” he said.\nFurther to that end, Harris said that in the same way a user can currently pick and choose which consensus mechanism to deploy with Quorum (Istanbul, Raft etc), an easy to apply, modular “menu” of privacy solutions will be available.\nAs such, JPMorgan is looking at a wide range of privacy tech with different use cases in mind, noted Harris, mentioning the likes of ZKP specialists U.K.-based Aztec, which uses a more efficient variety of zero-knowledge proofs called range proofs and has a focus on bridging the gap between public and private blockchains.\nJPM Coin and beyond\nA number of interesting projects are running on Quorum today, such as energy commodity trading platform Vakt; trade finance blockchain Komgo; and the super-cool provenance tracking system Aura for luxury brand conglomerate LVMH.\nHowever, the news of late has all been about stuff inside the bank. Foremost among them is JPM Coin, which is essentially tokenized cash on the Quorum ledger. \nIn addition to that, JPMorgan has also attracted some 220 banks to join its Interbank Information Network, which also uses Quorum to eradicate pain points in the way information circulates within foreign correspondent banking. \nAn obvious question concerns potential cross-pollination between the bank’s internal projects and other applications on Quorum. For example, where and when might JPM Coin begin to settle the cash part of securities transactions, or potentially be used for interbank payments and so on. \nHarris, a former Accenture consultant who previously ran JPMorgan’s fintech and InResidence incubator program, said part of his job is “to look at this whole ecosystem holistically” and identify where projects within the bank that run on Quorum can intermingle. \n“If you think through JPM Coin as the ability to tokenize fiat currency, with the support and all the discipline and rigor and legal and compliance behind one of the world’s largest banks, I think you can see us using JPM Coin in certain use cases,” he said.\nHarris pointed to Dromaius, a debt issuance platform on Quorum, launched by Christine Moy, head of JPMorgan’s Blockchain Centre of Excellence at Consensus last year. \n“I think Dromaius is a good one,” said Harris. “So if you are doing delivery versus payment, ie you issue the debt on the blockchain and then you also exchange the cash on the same chain, then you are just getting further benefits of the blockchain technology, because you can actually do things on the same chain, and you don’t need to settle the asset in the traditional rails.” \nThe same applies where you can exchange one currency for another simultaneously on the same chain, said Harris, “or anywhere you need to have tokenized fiat, like a dollar on the blockchain.” \nAhead in the cloud\nThe combination of blockchain and cloud computing, known as blockchain-as-a-service (BaaS), has become a competitive space, with Amazon Web Service recently announcing its Managed Blockchain service, IBM pushing its Bluemix cloud platform alongside its Hyperledger Fabric blockchain. \nHarris said Quorum will naturally be multi-cloud, meaning not Azure-exclusive, though obviously the expectation is Quorum customers will opt for Azure given all the integration work that’s been done. Still, the tech can be supported on-premises in banks as well as on every public cloud provider and in hybrid situations. \nIndeed, he said cloud computing provides a good analogy with blockchain. The way cloud in general is playing out, is how Harris envisages the evolution of permissioned ledgers versus public blockchains and interoperability between them. \nHis prediction is that “mesh of blockchains” will co-exist together for different use cases and companies will then be able to decide what they want to use for the specific problem they are trying to solve. \n“I don’t feel it’s going to be a binary outcome where we are just waiting for people to solve certain technical issues, whether that’s performance in public ethereum, and then everyone is going to move over to the public space.”\nIn the meantime, being a pillar of enterprise ethereum comes with some responsibility to help in establishing standards, specifications and interoperability further down the road. This is shown in Quorum’s commitment to the Enterprise Ethereum Alliance and, in a recent example, the Microsoft-led token taxonomy initiative, Harris pointed out.\nHe concluded:\n“This is all about network effects. We see Quorum as this evolving technology suite and are extremely lucky to have one leg in public ethereum and also one leg in large enterprises, now powered by JPMorgan and Microsoft in a coherent way.”\nJPMorgan Chase pic via Shutterstock\n ","html":"\u003cp>\u003cb>The Takeaway\u003c/b>\u003c/p>\n\u003cul>\n\u003cli>\u003cspan>JPMorgan’s technology teams spread across three continents have been busy updating the bank’s Quorum blockchain platform over the past six months, replacing key parts of its privacy-enhancing components.\u003c/span>\u003c/li>\n\u003cli>\u003cspan>Like JPMorgan’s recently announced partnership with Microsoft Azure, the updates were meant to make Quorum usable by a larger universe of firms.\u003c/span>\u003c/li>\n\u003cli>\u003cspan>According to JPMorgan Quorum lead Oli Harris, the Microsoft partnership is also a potential stepping stone to a long-contemplated spin-out of the open source software project.\u003c/span>\u003c/li>\n\u003cli>\u003cspan>Harris also talked about some possible applications of the bank’s prototype cryptocurrency, JPM Coin, in an interview with CoinDesk.\u003c/span>\u003c/li>\n\u003c/ul>\n\u003chr>\n\u003cp>\u003cspan>JPMorgan Chase has quietly replaced the guts of its blockchain.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>Over the last six months, technologists spread across London, Singapore and the U.S. have “rebooted” Quorum, the megabank’s private version of the ethereum blockchain, said Oli Harris, JPM’s head of Quorum and crypto-assets strategy.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>Specifically, the team replaced Constellation, \u003ca href=\"https://www.goquorum.com/\" target=\"_blank\">Quorum’s\u003c/a> privacy layer written in the Haskell computer language, with \u003c/span>\u003ca href=\"https://github.com/jpmorganchase/tessera\" target=\"_blank\">\u003cspan>Tessera\u003c/span>\u003c/a>\u003cspan>, which has a similar design, but is built in Java to make it easier for businesses to use and deploy.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>This nitty-gritty effort was happening behind the scenes while the bank was out grabbing headlines with \u003c/span>\u003ca href=\"https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html\" target=\"_blank\">\u003cspan>JPM Coin\u003c/span>\u003c/a>\u003cspan>. But the work on Quorum’s privacy architecture is arguably as important as that internal prototype of a private cryptocurrency for clients.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>For, like JPMorgan’s partnership with the \u003c/span>\u003ca href=\"https://www.coindesk.com/microsoft-makes-jpmorgans-quorum-the-preferred-blockchain-for-azure-cloud\">\u003cspan>Microsoft Azure Blockchain service\u003c/span>\u003c/a>\u003cspan> announced last week, the reboot was designed to make Quorum usable by a larger universe of firms. And that broadening of the platform’s appeal, in turn, is helping to get Quorum ready for a possible life beyond the bank, which has been \u003c/span>\u003ca href=\"https://www.coindesk.com/report-jpmorgan-considers-spinoff-quorum-blockchain-division\">\u003cspan>considering a spin-off\u003c/span>\u003c/a>\u003cspan> of the project since early 2018.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>Referring specifically to the Microsoft tie-up, Harris told CoinDesk:\u003c/span>\u003c/p>\n\u003cblockquote>\u003cp>\u003cspan>“I would think of this as a stepping stone to a potential spin-out.” \u003c/span>\u003c/p>\u003c/blockquote>\n\u003cp>\u003cspan>“It’s open source software, available on Github and maintained by JPMorgan on behalf of everyone using Quorum,” Harris went on to explain. “The more users of Quorum, the better it is for everyone, because we can help with standardization and creating even more robust tech suite.”\u003c/span>\u003c/p>\n\u003ch2>\u003cb>Heavy lifting \u003c/b>\u003c/h2>\n\u003cp>\u003cspan>Stepping back, Quorum was launched in early 2017, whereby the tech created an instant frisson of excitement by officially connecting the bank with ethereum (albeit a private version) and also adding an ambitious dose of blockchain privacy via zero-knowledge proofs (ZKPs). \u003c/span>\u003c/p>\n\u003cp>\u003cspan>Following blockchain program lead Amber Baldet’s departure from the bank in April 2018, there was a brief period when Quorum’s future looked uncertain. A victim of its own success to some degree, questions arose over how the bank was going to carry out its new and unplanned role as maintainer of a growing open source project running nascent technology. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>While Harris and two other sources at JPMorgan said the bank continues to mull a spin-out, it seems these concerns are now being addressed regardless.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>In addition to “all the go-to-market support, which is about getting new customers using Quorum” that JPMorgan and Microsoft are working on together, Harris said the two firms’ engineers are now collaborating, streamlining node deployment and abstracting away raw complexity. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>This is being done “so that companies like JPMorgan can actually focus on the business applications and unlocking value from the technology, whereas Quorum powered by Microsoft will be dealing with a lot of the heavy lifting,” he said.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>Further to that end, Harris said that in the same way a user can currently pick and choose which consensus mechanism to deploy with Quorum (Istanbul, Raft etc), an easy to apply, modular “menu” of privacy solutions will be available.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>As such, JPMorgan is looking at a wide range of privacy tech with different use cases in mind, noted Harris, mentioning the likes of ZKP specialists \u003c/span>\u003ca href=\"https://www.coindesk.com/jp-morgan-is-quietly-testing-cutting-edge-ethereum-privacy-tech\">\u003cspan>U.K.-based Aztec\u003c/span>\u003c/a>\u003cspan>, which uses a more efficient variety of zero-knowledge proofs called range proofs and has a focus on bridging the gap between public and private blockchains.\u003c/span>\u003c/p>\n\u003ch2>\u003cb>JPM Coin and beyond\u003c/b>\u003c/h2>\n\u003cp>\u003cspan>A number of interesting projects are running on Quorum today, such as energy commodity trading platform Vakt; trade finance blockchain Komgo; and the super-cool \u003c/span>\u003ca href=\"https://www.coindesk.com/louis-vuitton-owner-lvmh-is-launching-a-blockchain-to-track-luxury-goods\">\u003cspan>provenance tracking system Aura\u003c/span>\u003c/a>\u003cspan> for luxury brand conglomerate LVMH.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>However, the news of late has all been about stuff inside the bank. Foremost among them is JPM Coin, which is essentially tokenized cash on the Quorum ledger. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>In addition to that, JPMorgan has also attracted some 220 banks to join its\u003c/span> \u003ca href=\"https://www.coindesk.com/jpmorgan-expanding-blockchain-project-with-220-banks-to-include-payments\">\u003cspan>Interbank Information Network\u003c/span>\u003c/a>\u003cspan>, which also uses Quorum to eradicate pain points in the way information circulates within foreign correspondent banking. \u003c/span>\u003cspan> \u003c/span>\u003c/p>\n\u003cp>\u003cspan>An obvious question concerns potential cross-pollination between the bank’s internal projects and other applications on Quorum. For example, where and when might JPM Coin begin to settle the cash part of securities transactions, or potentially be used for interbank payments and so on. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>Harris, a former Accenture consultant who previously ran JPMorgan’s fintech and InResidence incubator program, said part of his job is “to look at this whole ecosystem holistically” and identify where projects within the bank that run on Quorum can intermingle. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>“I\u003c/span>\u003cspan>f you think through JPM Coin as the ability to tokenize fiat currency, with the support and all the discipline and rigor and legal and compliance behind one of the world’s largest banks, I think you can see us using JPM Coin in certain use cases,” he said.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>Harris pointed to Dromaius, a debt issuance platform on Quorum, l\u003c/span>\u003ca href=\"https://www.coindesk.com/jp-morgans-new-dlt-lead-not-done-blockchain-innovation\">\u003cspan>aunched by Christine Moy\u003c/span>\u003c/a>\u003cspan>, head of JPMorgan’s Blockchain Centre of Excellence at Consensus last year. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>“I think Dromaius is a good one,” said Harris. “So if you are doing delivery versus payment, ie you issue the debt on the blockchain and then you also exchange the cash on the same chain, then you are just getting further benefits of the blockchain technology, because you can actually do things on the same chain, and you don’t need to settle the asset in the traditional rails.” \u003c/span>\u003c/p>\n\u003cp>\u003cspan>The same applies where you can exchange \u003c/span>\u003ca href=\"https://www.nsd.ru/en/services/cash_set/pvp/\" target=\"_blank\">\u003cspan>one currency for another simultaneously\u003c/span>\u003c/a>\u003cspan> on the same chain, said Harris, “or anywhere you need to have tokenized fiat, like a dollar on the blockchain.” \u003c/span>\u003c/p>\n\u003ch2>\u003cb>Ahead in the cloud\u003c/b>\u003c/h2>\n\u003cp>\u003cspan>The combination of blockchain and cloud computing, known as blockchain-as-a-service (BaaS), has become a competitive space, with Amazon Web Service \u003c/span>\u003ca href=\"https://www.coindesk.com/amazon-web-services-opens-blockchain-building-service-up-for-wider-use\">\u003cspan>recently announcing\u003c/span>\u003c/a>\u003cspan> its Managed Blockchain service, IBM pushing its Bluemix cloud platform alongside its Hyperledger Fabric blockchain. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>Harris said Quorum will naturally be multi-cloud, meaning not Azure-exclusive, though obviously the expectation is Quorum customers will opt for Azure given all the integration work that’s been done. Still, the tech can be supported \u003c/span>\u003ca href=\"https://en.wikipedia.org/wiki/On-premises_software\" target=\"_blank\">\u003cspan>on-premises\u003c/span>\u003c/a>\u003cspan> in banks as well as on every public cloud provider and in hybrid situations. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>Indeed, he said cloud computing provides a good analogy with blockchain. The way cloud in general is playing out, is how Harris envisages the evolution of permissioned ledgers versus public blockchains and interoperability between them. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>His prediction is that “mesh of blockchains” will co-exist together for different use cases and companies will then be able to decide what they want to use for the specific problem they are trying to solve. \u003c/span>\u003c/p>\n\u003cp>\u003cspan>“I don’t feel it’s going to be a binary outcome where we are just waiting for people to solve certain technical issues, whether that’s performance in public ethereum, and then everyone is going to move over to the public space.”\u003c/span>\u003c/p>\n\u003cp>\u003cspan>In the meantime, being a pillar of enterprise ethereum comes with some responsibility to help in establishing standards, specifications and interoperability further down the road. This is shown in Quorum’s commitment to the Enterprise Ethereum Alliance and, in a recent example, the Microsoft-led \u003c/span>\u003ca href=\"https://www.coindesk.com/microsoft-ethereum-group-launch-token-building-kit-for-enterprises\">\u003cspan>token taxonomy\u003c/span>\u003c/a>\u003cspan> initiative, Harris pointed out.\u003c/span>\u003c/p>\n\u003cp>\u003cspan>He concluded:\u003c/span>\u003c/p>\n\u003cblockquote>\u003cp>\u003cspan>“This is all about network effects. We see Quorum as this evolving technology suite and are extremely lucky to have one leg in public ethereum and also one leg in large enterprises, now powered by JPMorgan and Microsoft in a coherent way.”\u003c/span>\u003c/p>\u003c/blockquote>\n\u003cp>\u003cem>\u003ca href=\"http://www.shutterstock.com/pic-444997102/stock-photo-new-york-june-jp-morgan-chase-corporate-lettering-in-front-of-one-of-their-office.html\" target=\"_blank\">JPMorgan Chase\u003c/a> pic via Shutterstock\u003c/em>\u003c/p>\n ","replyTo":"github.com/jpmorganchase/tessera","replyType":"reference","hasGhosts":true,"myContext":[{"topic":"eth","activity":142,"score":143}],"type":"ghost","description":"JPMorgan has been replacing key privacy components of its Quorum blockchain platform over the past six months.","image":{"url":"https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82NThlYmRhZTM2MzNiM2RjYjFjMDhkOTkzNTg0MDMwNy5qcGc=.jpg","_id":"64afd1991ecce2e210f7855e"},"__at":"2025-02-18T09:26:57.641Z","boosted":false,"safeId":"coindeskcomjpmorganhasquietlyrebootedtheblockchaintechbehinditsjpmcoin","origin":"coindesk.com"},"coindesk.com/cryptokitty-creators-release-new-easy-to-use-ethereum-wallet":{"original":{"headers":{"content-type":["text/html; charset=UTF-8"],"content-length":["17450"],"connection":["close"],"date":["Thu, 16 May 2019 11:43:34 GMT"],"server":["Apache/2.4.39 ()"],"x-powered-by":["PHP/7.2.16"],"x-gdpr":["1"],"link":["\u003chttps://www.coindesk.com/wp-json/>; rel=\"https://api.w.org/\", \u003chttps://www.coindesk.com/?p=397567>; rel=shortlink"],"content-encoding":["gzip"],"vary":["Accept-Encoding"],"x-cache":["Miss from cloudfront"],"via":["1.1 f308e6aef20e2f734d29d25a714c59c7.cloudfront.net (CloudFront)"],"x-amz-cf-id":["oZYwggh6mi_acmM3zwxKF4ZavXwdEZtMRI9GU6cudThC2Wx4qc1jQw=="]},"status":200,"description":"The creators of CryptoKitties have come out with a new wallet called Dapper.","parentScores":[]},"title":"CryptoKitty Creators Release New ‘Easy-To-Use’ Ethereum Wallet","author":"John Biggs","replies":["1126479738078363648","1126479139509157893","1126479101039120384","1126485930381017090","1126518387667083265","1126529389988990976","t1_emxo99d","t3_bmk1f1","1126553886528090112","t1_emxvlmx","1126481690740838401","twib.in/l/eErrEkB6XKdA","1126478919652315136","ow.ly/MjvE50u4XZa","1126480596883116035","bit.ly/3077IN9","t1_emz810r","1126896685802819586","1126931460957491200","1127380624245964800","buff.ly/2H8Z4VD","t1_exwyq39","t3_cupv18","t1_exxktui","pwr_1588800057990"],"directReplies":["1126479101039120384","1126485930381017090","1126896685802819586","1126931460957491200","bit.ly/3077IN9","buff.ly/2H8Z4VD","ow.ly/MjvE50u4XZa","pwr_1588800057990","t3_bmk1f1","t3_cupv18","twib.in/l/eErrEkB6XKdA"],"upvotes":0,"indicators":[],"topics":[{"topic":"all","activity":109,"score":110,"relativeScore":1},{"topic":"crypto","activity":90,"score":91,"relativeScore":1},{"topic":"eth","activity":73,"score":74,"relativeScore":0.81}],"context":{"all":{"topic":"all","activity":109,"score":110,"relativeScore":1},"crypto":{"topic":"crypto","activity":90,"score":91,"relativeScore":1},"eth":{"topic":"eth","activity":73,"score":74,"relativeScore":0.81}},"gotReplies":false,"pinned":{"ZeroTricks":true},"editorializers":{"ZeroTricks":"pwr_1588800057990"},"parents":[],"referrals":[],"_id":"coindesk.com/cryptokitty-creators-release-new-easy-to-use-ethereum-wallet","updates":24,"time":1557408354000,"first":1557408840014,"url":"https://www.coindesk.com/cryptokitty-creators-release-new-easy-to-use-ethereum-wallet","source":"coindesk.com","added":"2022-05-09T05:02:12.626Z","timely":true,"channel":["ethtrader",null,"CryptoCurrency"],"totalUpvotes":109,"score":110,"nReplies":17,"content":"\n Dapper Labs, the creator of CryptoKitty, has released a new Ethereum “smart wallet” called Dapper. The goal? To make crypto and cryptocollectables far easier to use.\n“Dapper is the first publicly available ‘smart wallet’ for the Ethereum blockchain,” claims Dapper CEO Roham Gharegozlou. “We’re building Dapper because blockchain is still too hard to access, use, and understand. Dapper’s goal is to make it easy and safe, starting with the technical and design breakthrough of the smart contract wallet itself.” \n“Most people today store their cryptocurrency in centralized exchanges (where they can get stolen) or on individual devices (where they can be lost). This prevents them from having a good experience on applications like CryptoKitties. But Dapper solves for this problem. Dapper secures assets in an open source smart contract and gives the user the master keys, optionally staying on as a co-signer to provide features like prepaid transaction fees and fraud monitoring.”\n\nThe wallet runs as a Chrome plugin and connects to crypto sites for payments and storage.\nDapper co-founders Roham Gharegozlou, Mack Flavelle, and Dieter Shirley see their wallet as an easy-to-use alterative to difficult crypto software. Just as their CryptoKitties popularized the idea of crypto collectables and nearly brought the concept to the mainstream, Dapper’s goal is to “build a consumer-friendly gateway that offers decentralization without compromise.”\nThe wallet will work with popular ethereum-based products like Decentraland, MixMarvel, and Etheremon, allowing you to keep your crypto and collectables in a secure place.\n“Our team is unsatisfied with current solutions: Blockchain’s barrier to entry is still too high, and too many approaches to accessing blockchain compromise the value of the underlying technology,” said Gharegozlou. ” And that’s what Dapper is today: the first step toward making accessing the blockchain as safe and predictable as surfing the internet.”\nImage courtesy of Dapper Labs\n ","html":"\u003cp>Dapper Labs, the creator of CryptoKitty, has released a new Ethereum “smart wallet” called Dapper. The goal? To make crypto and cryptocollectables far easier to use.\u003c/p>\n\u003cp>“Dapper is the first publicly available ‘smart wallet’ for the Ethereum blockchain,” claims \u003ca href>Dapper\u003c/a> CEO Roham Gharegozlou. “We’re building Dapper because blockchain is still too hard to access, use, and understand. Dapper’s goal is to make it easy and safe, starting with the technical and design breakthrough of the smart contract wallet itself.” \u003c/p>\n\u003cblockquote>\u003cp>“Most people today store their cryptocurrency in centralized exchanges (where they can get stolen) or on individual devices (where they can be lost). This prevents them from having a good experience on applications like CryptoKitties. But Dapper solves for this problem. Dapper secures assets in an open source smart contract and gives the user the master keys, optionally staying on as a co-signer to provide features like prepaid transaction fees and fraud monitoring.”\n\u003c/p>\u003c/blockquote>\n\u003cp>The wallet runs as a Chrome plugin and connects to crypto sites for payments and storage.\u003c/p>\n\u003cp>Dapper co-founders Roham Gharegozlou, Mack Flavelle, and Dieter Shirley see their wallet as an easy-to-use alterative to difficult crypto software. Just as their \u003ca href>CryptoKitties\u003c/a> popularized the idea of crypto collectables and nearly brought the concept to the mainstream, Dapper’s goal is to “build a consumer-friendly gateway that offers decentralization without compromise.”\u003c/p>\n\u003cp>The wallet will work with popular ethereum-based products like \u003ca href=\"https://decentraland.org\">Decentraland\u003c/a>, \u003ca href=\"https://www.mixmarvel.com\">MixMarvel\u003c/a>, and \u003ca href=\"https://www.etheremon.com\">Etheremon\u003c/a>, allowing you to keep your crypto and collectables in a secure place.\u003c/p>\n\u003cp>“Our team is unsatisfied with current solutions: Blockchain’s barrier to entry is still too high, and too many approaches to accessing blockchain compromise the value of the underlying technology,” said Gharegozlou. ” And that’s what Dapper is today: the first step toward making accessing the blockchain as safe and predictable as surfing the internet.”\u003c/p>\n\u003cp>\u003cem>Image courtesy of Dapper Labs\u003c/em>\u003c/p>\n ","myContext":[{"topic":"eth","activity":73,"score":74}],"type":"ghost","description":"The creators of CryptoKitties have come out with a new wallet called Dapper.","image":{"url":"https://external-preview.redd.it/hoLUfAUeW5la1MkFmlcd2oOe75EcCX9qXhwoxoPnemU.jpg?auto=webp&s=2797cf48569681a2fb522a6df02ae358a43dd59b","width":1390,"height":1196},"__at":"2025-02-18T09:26:57.641Z","boosted":false,"safeId":"coindeskcomcryptokittycreatorsreleaseneweasytouseethereumwallet","origin":"coindesk.com"},"medium.com/mycrypto/the-technology-behind-ethereum-tokens-5615527e1af8":{"original":{"data":"\u003chtml lang=\"en\" data-rh=\"lang\">\u003cscript type=\"text/javascript\">(()=>{\"use strict\";var e={269:function(e,t,n){var i=this&&this.__importDefault||function(e){return e&&e.__esModule?e:{default:e}};Object.defineProperty(t,\"__esModule\",{value:!0});const r=i(n(187)),s=n(987);class Provider extends 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Most of the time when interacting with a token, you don’t even notice any difference, even though the technology behind…\">\u003cmeta data-rh=\"true\" property=\"og:description\" content=\"A technical explanation of Ethereum token standards like ERC-20, ERC-721, and ERC-777.\">\u003cmeta data-rh=\"true\" property=\"og:url\" content=\"https://medium.com/mycrypto/the-technology-behind-ethereum-tokens-5615527e1af8\">\u003cmeta data-rh=\"true\" property=\"al:web:url\" content=\"https://medium.com/mycrypto/the-technology-behind-ethereum-tokens-5615527e1af8\">\u003cmeta data-rh=\"true\" property=\"og:image\" content=\"https://miro.medium.com/v2/resize:fit:1200/1*CcmKKPrLJ5WBhajckBP_5w.png\">\u003cmeta data-rh=\"true\" property=\"article:author\" content=\"https://medium.com/@maartenz\">\u003cmeta data-rh=\"true\" name=\"author\" content=\"Maarten Zuidhoorn\">\u003cmeta data-rh=\"true\" name=\"robots\" content=\"index,follow,max-image-preview:large\">\u003cmeta data-rh=\"true\" 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ge\">Follow\u003c/button>\u003c/span>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"ab q gf\">\u003cp class=\"pw-published-date bd b be z dx\">\u003cspan>May 9, 2019\u003c/span>\u003c/p>\u003cdiv class=\"gg bk\" aria-hidden=\"true\">\u003cspan class=\"l\" aria-hidden=\"true\">\u003cspan class=\"bd b be z dx\">·\u003c/span>\u003c/span>\u003c/div>\u003cdiv class=\"pw-reading-time bd b be z dx\">18 min read\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"h k w gh gi q\">\u003cdiv class=\"gj l dw\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"2\" aria-labelledby=\"2\">\u003cbutton class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Share on twitter\">\u003cspan class=\"bk gk gl gm\">\u003csvg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\">\u003cpath d=\"M20 5.34c-.67.41-1.4.7-2.18.87a3.45 3.45 0 0 0-5.02-.1 3.49 3.49 0 0 0-1.02 2.47c0 .28.03.54.07.8a9.91 9.91 0 0 1-7.17-3.66 3.9 3.9 0 0 0-.5 1.74 3.6 3.6 0 0 0 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3.2 0 0 1 .02 1.33 3.49 3.49 0 0 1-.95 1.87l-.66.67-.97.97-1.56 1.57a3.4 3.4 0 0 1-2.47 1.02c-.97 0-1.8-.34-2.49-1.03l-1.3-1.3a3.55 3.55 0 0 1-1-2.51v-.01h-.02v.02zm5.39-3.43c0-.19.02-.4.07-.63.13-.74.44-1.37.95-1.87l.66-.67.97-.98 1.56-1.56c.68-.69 1.5-1.03 2.47-1.03.97 0 1.8.34 2.48 1.02l1.3 1.32a3.48 3.48 0 0 1 1 2.48c0 .58-.11 1.11-.37 1.6l-.02.02v.02l-.02.04c-.14.27-.35.54-.6.8L16.23 15l-.01.02-.01.02c-.44.42-.92.7-1.43.83a4.55 4.55 0 0 0 1.23-3.52L18 10.38c.18-.21.3-.42.35-.65a2.03 2.03 0 0 0-.01-.9 1.96 1.96 0 0 0-.36-.58l-1.3-1.3a1.49 1.49 0 0 0-1.06-.42c-.42 0-.77.14-1.06.4l-1.2 1.27-.8.8-1.16 1.15c-.08.08-.18.21-.29.4a1.66 1.66 0 0 0-.08 1.12l.02.03v.02l.06.14s.01.03.05.06l.06.13.02.02.01.02.01.02c.05.08.1.13.14.16l.47.5c0 .04-.02.09-.04.15l-.06.12-1.15 1.15-.1.08-.56-.56a2.3 2.3 0 0 0-.18-.19c-.02-.01-.02-.03-.02-.04l-.02-.02a.37.37 0 0 1-.1-.12c-.03-.03-.05-.04-.05-.06l-.1-.15-.02-.02-.02-.04-.08-.17v-.02a5.1 5.1 0 0 1-.28-.69 1.03 1.03 0 0 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0 3.24 2.43 7.34 7.34 0 0 1-4.36 1.49l-.81-.05a9.96 9.96 0 0 0 5.36 1.56c6.4 0 9.91-5.32 9.9-9.9v-.5c.69-.49 1.28-1.1 1.74-1.81-.63.3-1.3.48-2 .56A3.33 3.33 0 0 0 20 5.33\" fill=\"#A8A8A8\">\u003c/path>\u003c/svg>\u003c/span>\u003c/button>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"gp l dw\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"8\" aria-labelledby=\"8\">\u003cbutton class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Share on facebook\">\u003cspan class=\"bk gk gl gm\">\u003csvg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\">\u003cpath d=\"M19.75 12.04c0-4.3-3.47-7.79-7.75-7.79a7.77 7.77 0 0 0-5.9 12.84 7.77 7.77 0 0 0 4.69 2.63v-5.49h-1.9v-2.2h1.9v-1.62c0-1.88 1.14-2.9 2.8-2.9.8 0 1.49.06 1.69.08v1.97h-1.15c-.91 0-1.1.43-1.1 1.07v1.4h2.17l-.28 2.2h-1.88v5.52a7.77 7.77 0 0 0 6.7-7.71\" fill=\"#A8A8A8\">\u003c/path>\u003c/svg>\u003c/span>\u003c/button>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"gp l dw\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"9\" aria-labelledby=\"9\">\u003cbutton class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\" aria-label=\"Share on linkedin\">\u003cspan class=\"bk gk gl gm\">\u003csvg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\">\u003cpath d=\"M19.75 5.39v13.22a1.14 1.14 0 0 1-1.14 1.14H5.39a1.14 1.14 0 0 1-1.14-1.14V5.39a1.14 1.14 0 0 1 1.14-1.14h13.22a1.14 1.14 0 0 1 1.14 1.14zM8.81 10.18H6.53v7.3H8.8v-7.3zM9 7.67a1.31 1.31 0 0 0-1.3-1.32h-.04a1.32 1.32 0 0 0 0 2.64A1.31 1.31 0 0 0 9 7.71v-.04zm8.46 5.37c0-2.2-1.4-3.05-2.78-3.05a2.6 2.6 0 0 0-2.3 1.18h-.07v-1h-2.14v7.3h2.28V13.6a1.51 1.51 0 0 1 1.36-1.63h.09c.72 0 1.26.45 1.26 1.6v3.91h2.28l.02-4.43z\" fill=\"#A8A8A8\">\u003c/path>\u003c/svg>\u003c/span>\u003c/button>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"l dw\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"10\" aria-labelledby=\"10\">\u003cbutton class=\"ae af ag ah ai aj ak al am an ao ap aq ar as\">\u003cspan class=\"bk gk gl gm\">\u003csvg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\">\u003cpath fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M3.57 14.67c0-.57.13-1.11.38-1.6l.02-.02v-.02l.02-.02c0-.02 0-.02.02-.02.12-.26.3-.52.57-.8L7.78 9v-.02l.01-.02c.44-.41.91-.7 1.44-.85a4.87 4.87 0 0 0-1.19 2.36A5.04 5.04 0 0 0 8 11.6L6.04 13.6c-.19.19-.32.4-.38.65a2 2 0 0 0 0 .9c.08.2.2.4.38.57l1.29 1.31c.27.28.62.42 1.03.42.42 0 .78-.14 1.06-.42l1.23-1.25.79-.78 1.15-1.16c.08-.09.19-.22.28-.4.1-.2.15-.42.15-.67 0-.16-.02-.3-.06-.45l-.02-.02v-.02l-.07-.14s0-.03-.04-.06l-.06-.13-.02-.02c0-.02 0-.03-.02-.05a.6.6 0 0 0-.14-.16l-.48-.5c0-.04.02-.1.04-.15l.06-.12 1.17-1.14.09-.09.56.57c.02.04.08.1.16.18l.05.04.03.06.04.05.03.04.04.06.1.14.02.02c0 .02.01.03.03.04l.1.2v.02c.1.16.2.38.3.68a1 1 0 0 1 .04.25 3.2 3.2 0 0 1 .02 1.33 3.49 3.49 0 0 1-.95 1.87l-.66.67-.97.97-1.56 1.57a3.4 3.4 0 0 1-2.47 1.02c-.97 0-1.8-.34-2.49-1.03l-1.3-1.3a3.55 3.55 0 0 1-1-2.51v-.01h-.02v.02zm5.39-3.43c0-.19.02-.4.07-.63.13-.74.44-1.37.95-1.87l.66-.67.97-.98 1.56-1.56c.68-.69 1.5-1.03 2.47-1.03.97 0 1.8.34 2.48 1.02l1.3 1.32a3.48 3.48 0 0 1 1 2.48c0 .58-.11 1.11-.37 1.6l-.02.02v.02l-.02.04c-.14.27-.35.54-.6.8L16.23 15l-.01.02-.01.02c-.44.42-.92.7-1.43.83a4.55 4.55 0 0 0 1.23-3.52L18 10.38c.18-.21.3-.42.35-.65a2.03 2.03 0 0 0-.01-.9 1.96 1.96 0 0 0-.36-.58l-1.3-1.3a1.49 1.49 0 0 0-1.06-.42c-.42 0-.77.14-1.06.4l-1.2 1.27-.8.8-1.16 1.15c-.08.08-.18.21-.29.4a1.66 1.66 0 0 0-.08 1.12l.02.03v.02l.06.14s.01.03.05.06l.06.13.02.02.01.02.01.02c.05.08.1.13.14.16l.47.5c0 .04-.02.09-.04.15l-.06.12-1.15 1.15-.1.08-.56-.56a2.3 2.3 0 0 0-.18-.19c-.02-.01-.02-.03-.02-.04l-.02-.02a.37.37 0 0 1-.1-.12c-.03-.03-.05-.04-.05-.06l-.1-.15-.02-.02-.02-.04-.08-.17v-.02a5.1 5.1 0 0 1-.28-.69 1.03 1.03 0 0 1-.04-.26c-.06-.23-.1-.46-.1-.7v.01z\" fill=\"#A8A8A8\">\u003c/path>\u003c/svg>\u003c/span>\u003c/button>\u003c/div>\u003c/div>\u003c/div>\u003cdiv class=\"bl l\">\u003cdiv>\u003cdiv class=\"bk\" aria-hidden=\"false\" aria-describedby=\"11\" aria-labelledby=\"11\">\u003c/div>\u003c/div>\u003c/div>\u003c/div>\u003c/header>\u003cspan class=\"l\">\u003c/span>\u003csection>\u003cdiv>\u003cdiv class=\"ds gv gw gx gy gz\">\u003c/div>\u003cdiv class=\"ha hb hc hd he\">\u003cdiv class=\"\">\u003ch1 id=\"d4a2\" class=\"pw-post-title hf hg hh bd hi hj hk hl hm hn ho hp hq hr hs ht hu hv hw hx hy hz ia ib ic id bi\" data-selectable-paragraph=\"\">The Technology Behind Ethereum Tokens\u003c/h1>\u003c/div>\u003cp id=\"c159\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">User experience in the Ethereum ecosystem is becoming better and better. Most of the time when interacting with a token, you don’t even notice any difference, even though the technology behind Ethereum tokens is very different from Ether itself.\u003c/p>\u003cp id=\"181e\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ig hi\">But what are tokens and how do they work?\u003c/strong>\u003c/p>\u003cp id=\"1a8b\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">In this article, you’ll find a comprehensive, technical comparison of common token standards like ERC-20 and ERC-721, but also some of the lesser-known standards like ERC-777.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"ji jj di jk bf jl\">\u003cdiv class=\"er es jc\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*CcmKKPrLJ5WBhajckBP_5w.png 640w, https://miro.medium.com/v2/resize:fit:720/1*CcmKKPrLJ5WBhajckBP_5w.png 720w, https://miro.medium.com/v2/resize:fit:750/1*CcmKKPrLJ5WBhajckBP_5w.png 750w, https://miro.medium.com/v2/resize:fit:786/1*CcmKKPrLJ5WBhajckBP_5w.png 786w, https://miro.medium.com/v2/resize:fit:828/1*CcmKKPrLJ5WBhajckBP_5w.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*CcmKKPrLJ5WBhajckBP_5w.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*CcmKKPrLJ5WBhajckBP_5w.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"700\" height=\"467\" loading=\"eager\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*CcmKKPrLJ5WBhajckBP_5w.png\">\u003c/picture>\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">Ethereum and some of the tokens available on the Ethereum network.\u003c/figcaption>\u003c/figure>\u003ch1 id=\"7fe5\" class=\"js jt hh bd ju jv jw jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp bi\" data-selectable-paragraph=\"\">What is a token?\u003c/h1>\u003cblockquote class=\"kq kr ks\">\u003cp id=\"2078\" class=\"ie if kt ig b ih ii ij ik il im in io ku iq ir is kv iu iv iw kw iy iz ja jb ha bi\" data-selectable-paragraph=\"\">A token is a digital asset that exists on a blockchain but is not the main cryptocurrency of that blockchain.\u003c/p>\u003c/blockquote>\u003cp id=\"df0d\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Tokens work similarly to Ether — you can store them in your wallet, send them to other addresses, etc. — but the difference is that a token doesn’t have its own blockchain. Tokens make use of existing blockchains and are usually developed for a specific application. Coins like Ether and Bitcoin, on the other hand, can be used for a wide range of applications.\u003c/p>\u003cp id=\"1049\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">We can distinguish between two types of tokens:\u003c/p>\u003cul class=\"\">\u003cli id=\"771c\" class=\"kx ky hh ig b ih ii il im ip kz it la ix lb jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ig hi\">Security tokens\u003c/strong>: tokens that represent a level of investment in a project. When you invest in a security token, you expect to make a profit out of it.\u003c/li>\u003cli id=\"5539\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ig hi\">Utility tokens\u003c/strong>: tokens that are used to interact with a product or service.\u003c/li>\u003c/ul>\u003cp id=\"e29e\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">A good example of a utility token is \u003ca class=\"ae ll\" href=\"https://golem.network/\" rel=\"noopener ugc nofollow\" target=\"_blank\">Golem\u003c/a>. Golem lets you share unused computing power in exchange for Golem Network Tokens (GNT).\u003c/p>\u003ch2 id=\"eb7e\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">Tokens Under the Hood\u003c/h2>\u003cp id=\"fb05\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">Since tokens don’t have their own blockchains, they make use of smart contracts under the hood. Smart contracts allow you to execute any arbitrary code on the Ethereum Virtual Machine (EVM). If you’re interested in learning more about smart contracts and the EVM, check out this article:\u003c/p>\u003cdiv class=\"mf mg ez fb mh mi\">\u003ca rel=\"noopener follow\" target=\"_blank\" href=\"/mycrypto/the-ethereum-virtual-machine-how-does-it-work-9abac2b7c9e\">\u003cdiv class=\"mj ab dw\">\u003cdiv class=\"mk ab ml cl cj mm\">\u003ch2 class=\"bd hi fi z dy mn ea eb mo ed ef hg bi\">The Ethereum Virtual Machine — How does it work?\u003c/h2>\u003cdiv class=\"mp l\">\u003ch3 class=\"bd b fi z dy mn ea eb mo ed ef dx\">Diving into Ethereum’s decentralized ecosystem for building.\u003c/h3>\u003c/div>\u003cdiv class=\"mq l\">\u003cp class=\"bd b fp z dy mn ea eb mo ed ef dx\">medium.com\u003c/p>\u003c/div>\u003c/div>\u003cdiv class=\"mr l\">\u003cdiv class=\"ms l mt mu mv mr mw jm mi\">\u003c/div>\u003c/div>\u003c/div>\u003c/a>\u003c/div>\u003cp id=\"cd39\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Every token available on the Ethereum blockchain has its own smart contract. Each smart contract keeps track of the token owners for that specific token. Since the EVM itself doesn’t know what tokens are, token transactions have a value of 0 ETH. Instead, the destination address and amount of tokens are specified in the \u003cem class=\"kt\">input data\u003c/em>, which you can read more about \u003ca class=\"ae ll\" rel=\"noopener\" href=\"/mycrypto/why-do-we-need-transaction-data-39c922930e92\">here\u003c/a>. The transaction itself is sent to the token contract.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"ji jj di jk bf jl\">\u003cdiv class=\"er es mx\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*oQ06qXhXFiGGEvaWvnN1-g.png 640w, https://miro.medium.com/v2/resize:fit:720/1*oQ06qXhXFiGGEvaWvnN1-g.png 720w, https://miro.medium.com/v2/resize:fit:750/1*oQ06qXhXFiGGEvaWvnN1-g.png 750w, https://miro.medium.com/v2/resize:fit:786/1*oQ06qXhXFiGGEvaWvnN1-g.png 786w, https://miro.medium.com/v2/resize:fit:828/1*oQ06qXhXFiGGEvaWvnN1-g.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*oQ06qXhXFiGGEvaWvnN1-g.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*oQ06qXhXFiGGEvaWvnN1-g.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"700\" height=\"343\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*oQ06qXhXFiGGEvaWvnN1-g.png\">\u003c/picture>\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://etherscan.io/tx/0xa3e2fc7ca6a3fd8071f6b23c6a4f70eb87eaa0dbb278cff722707e9fe2d63c16\" rel=\"noopener ugc nofollow\" target=\"_blank\">An example ERC-20 token (DAI) transaction.\u003c/a>\u003c/figcaption>\u003c/figure>\u003cp id=\"8023\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Notice how the destination address is the DAI contract, but the tokens were actually transferred to 0x66aa…1621. The actual address the tokens were sent to was specified in the \u003ca class=\"ae ll\" rel=\"noopener\" href=\"/mycrypto/why-do-we-need-transaction-data-39c922930e92\">transaction input data\u003c/a>. The \u003ccode class=\"du my mz na nb b\">transfer\u003c/code> function for the contract was called, specifying the target address and the number of tokens to send. The balance for each address is stored in the contract itself and updated when a function like \u003ccode class=\"du my mz na nb b\">transfer\u003c/code> is called, and the contract \u003cem class=\"kt\">state\u003c/em> is updated and stored in the next block.\u003c/p>\u003cp id=\"681b\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Let’s imagine the first address (A) has a balance of 25 tokens and the second address (B) doesn’t have any tokens yet. The owner of address A wants to send all his tokens to address B, which he does by sending a transaction to the contract with \u003ccode class=\"du my mz na nb b\">transfer(address B, 25)\u003c/code> as input data.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv class=\"er es nc\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*3ohvunuPNDgEwZxXatA74w.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*3ohvunuPNDgEwZxXatA74w.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*3ohvunuPNDgEwZxXatA74w.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*3ohvunuPNDgEwZxXatA74w.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*3ohvunuPNDgEwZxXatA74w.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*3ohvunuPNDgEwZxXatA74w.png 1100w, https://miro.medium.com/v2/resize:fit:1162/format:webp/1*3ohvunuPNDgEwZxXatA74w.png 1162w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 581px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*3ohvunuPNDgEwZxXatA74w.png 640w, https://miro.medium.com/v2/resize:fit:720/1*3ohvunuPNDgEwZxXatA74w.png 720w, https://miro.medium.com/v2/resize:fit:750/1*3ohvunuPNDgEwZxXatA74w.png 750w, https://miro.medium.com/v2/resize:fit:786/1*3ohvunuPNDgEwZxXatA74w.png 786w, https://miro.medium.com/v2/resize:fit:828/1*3ohvunuPNDgEwZxXatA74w.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*3ohvunuPNDgEwZxXatA74w.png 1100w, https://miro.medium.com/v2/resize:fit:1162/1*3ohvunuPNDgEwZxXatA74w.png 1162w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 581px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"581\" height=\"212\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:581/1*3ohvunuPNDgEwZxXatA74w.png\">\u003c/picture>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">An example token transaction.\u003c/figcaption>\u003c/figure>\u003cp id=\"f259\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">The transaction is included in the next block (7593651). Address A now has a balance of 0 DAI and address B, which was previously not present in the contract, now has a balance of 25 DAI. The new contract state is stored in the block and you can query the contract directly to get the balance for an address. Etherscan has a nice feature for this, called “Read Contract.”\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv class=\"er es nd\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*GqIZRa2caNh9GH413GgXag.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*GqIZRa2caNh9GH413GgXag.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*GqIZRa2caNh9GH413GgXag.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*GqIZRa2caNh9GH413GgXag.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*GqIZRa2caNh9GH413GgXag.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*GqIZRa2caNh9GH413GgXag.png 1100w, https://miro.medium.com/v2/resize:fit:1302/format:webp/1*GqIZRa2caNh9GH413GgXag.png 1302w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 651px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*GqIZRa2caNh9GH413GgXag.png 640w, https://miro.medium.com/v2/resize:fit:720/1*GqIZRa2caNh9GH413GgXag.png 720w, https://miro.medium.com/v2/resize:fit:750/1*GqIZRa2caNh9GH413GgXag.png 750w, https://miro.medium.com/v2/resize:fit:786/1*GqIZRa2caNh9GH413GgXag.png 786w, https://miro.medium.com/v2/resize:fit:828/1*GqIZRa2caNh9GH413GgXag.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*GqIZRa2caNh9GH413GgXag.png 1100w, https://miro.medium.com/v2/resize:fit:1302/1*GqIZRa2caNh9GH413GgXag.png 1302w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 651px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"651\" height=\"298\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:651/1*GqIZRa2caNh9GH413GgXag.png\">\u003c/picture>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">Querying for token balance using Etherscan’s “Read Contract” feature\u003c/figcaption>\u003c/figure>\u003cp id=\"815f\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">The response is the number of tokens including its decimals. To get the actual balance, you can multiply this number by 10⁻ⁿ where \u003cem class=\"kt\">n\u003c/em> is the number of decimals used by the token: 1000000000000000036 x 10⁻¹⁸ ≈ 1 DAI. Most tokens use 18 decimals. We’ll go into detail about tokens and decimals later in this article.\u003c/p>\u003ch2 id=\"1281\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">How are tokens created?\u003c/h2>\u003cp id=\"60f1\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">Token creation, also called \u003cem class=\"kt\">minting\u003c/em>, is done by deploying a new smart contract to the Ethereum blockchain. Tokens can be distributed in multiple ways, but a common method is to do a token sale, also known as an Initial Coin Offering (ICO). Basically, it’s crowdfunding for coins or tokens.\u003c/p>\u003cp id=\"f751\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Some contracts have a \u003ccode class=\"du my mz na nb b\">mint\u003c/code> function that allows the owner of the contract to create new tokens. Here’s a very simple implementation:\u003c/p>\u003cpre class=\"jd je jf jg fd ne nb nf ng aw nh bi\">\u003cspan id=\"2a02\" class=\"lm jt hh nb b fi ni nj l nk nl\" data-selectable-paragraph=\"\">function mint(address _to, uint256 _amount) public {\u003cbr> require(msg.sender == owner);\u003cbr> balances[_to] += amount;\u003cbr> supply += amount;\u003cbr> \u003cbr> emit Transfer(address(0), _to, _amount);\u003cbr>}\u003c/span>\u003c/pre>\u003cp id=\"9d3b\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">When \u003ccode class=\"du my mz na nb b\">msg.sender\u003c/code> (the address that calls the function) is equal to the owner of the contract, the set number of tokens will be sent to the address specified. In the case of an ICO, a similar \u003ccode class=\"du my mz na nb b\">mint\u003c/code> function could be used, but instead of manually having to specify the amount, \u003ccode class=\"du my mz na nb b\">msg.value\u003c/code> (the amount of ETH sent in the transaction) is used to calculate how many tokens someone gets.\u003c/p>\u003cp id=\"6d67\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Tokens can also be destroyed. This process is called \u003cem class=\"kt\">burning\u003c/em> and can be done in multiple ways as well, including:\u003c/p>\u003cul class=\"\">\u003cli id=\"233d\" class=\"kx ky hh ig b ih ii il im ip kz it la ix lb jb lc ld le lf bi\" data-selectable-paragraph=\"\">Reducing the actual number of tokens in circulation (thus reducing the \u003ccode class=\"du my mz na nb b\">totalSupply\u003c/code> of the token). Some tokens have a \u003ccode class=\"du my mz na nb b\">burn\u003c/code> function built in to do this.\u003c/li>\u003cli id=\"495f\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">Sending the tokens to an address like \u003ca class=\"ae ll\" href=\"https://etherscan.io/address/0x0000000000000000000000000000000000000000\" rel=\"noopener ugc nofollow\" target=\"_blank\">0x0000000000000000000000000000000000000000\u003c/a>. While it’s theoretically possible that someone generates the private key for this address, the chance is extremely small (1 in 16⁴⁰). Many tokens prevent sending from and/or to this address, however.\u003c/li>\u003c/ul>\u003cp id=\"d5c0\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">If you are a developer looking to build your own token on the Ethereum blockchain, I recommend you check out \u003ca class=\"ae ll\" href=\"https://github.com/OpenZeppelin/openzeppelin-solidity\" rel=\"noopener ugc nofollow\" target=\"_blank\">OpenZeppelin’s ERC-20 or ERC-721 implementations\u003c/a>, or \u003ca class=\"ae ll\" href=\"https://github.com/0xjac/ERC777\" rel=\"noopener ugc nofollow\" target=\"_blank\">0xjac’s ERC-777 implementation\u003c/a> as reference. Even though I try to explain everything about these standards in detail as best as I can, some things in this article may be incorrect, incomplete, or outdated. This article exists purely for educational reasons. \u003cstrong class=\"ig hi\">You shouldn’t use anything in this article as a reference for your own token implementation.\u003c/strong>\u003c/p>\u003c/div>\u003cdiv class=\"ab cl nm nn go no\" role=\"separator\">\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr\">\u003c/span>\u003c/div>\u003cdiv class=\"ha hb hc hd he\">\u003ch1 id=\"ca17\" class=\"js jt hh bd ju jv nt jx jy jz nu kb kc kd nv kf kg kh nw kj kk kl nx kn ko kp bi\" data-selectable-paragraph=\"\">The ERC-20 Standard\u003c/h1>\u003cp id=\"7678\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">When we talk about a token in the context of Ethereum, we usually mean an ERC-20 token. ERC-20 is currently the most used token standard. There are over 100,000 ERC-20-based tokens on the Ethereum network currently, and almost all Ethereum wallets and wallet interfaces support them. Thanks to standards like ERC-20, wallet (interface) developers only need to implement support once, and all the ERC-20-based tokens will work.\u003c/p>\u003cp id=\"28f6\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">To understand what ERC-20 is, it’s important to know what an ERC is first. ERC stands for Ethereum Request for Comment. An ERC starts off as an EIP, Ethereum Improvement Proposal. When an EIP is approved, it will become a new ERC. The ERC-20 standard can be found \u003ca class=\"ae ll\" href=\"https://eips.ethereum.org/EIPS/eip-20\" rel=\"noopener ugc nofollow\" target=\"_blank\">here\u003c/a>.\u003c/p>\u003cp id=\"709e\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Below you’ll find the ERC-20 \u003cem class=\"kt\">interface\u003c/em>, a set of functions and events that an ERC-20 smart contract must implement.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh\">\u003cdiv class=\"bz dy l di\">\u003cdiv class=\"ny nz l\">\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\">The ERC-20 interface written in Solidity.\u003c/figcaption>\u003c/figure>\u003cp id=\"ff53\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Wallet interfaces, exchanges, or other dApps (decentralized applications) using tokens can use these functions to provide support for all ERC-20-compliant tokens.\u003c/p>\u003cp id=\"ba6b\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-20 has some optional functions as well, such as to get the name, symbol, and number of decimals the token uses.\u003c/p>\u003cpre class=\"jd je jf jg fd ne nb nf ng aw nh bi\">\u003cspan id=\"1af4\" class=\"lm jt hh nb b fi ni nj l nk nl\" data-selectable-paragraph=\"\">\u003cstrong class=\"nb hi\">function\u003c/strong> name() \u003cstrong class=\"nb hi\">public\u003c/strong> view returns (string)\u003c/span>\u003cspan id=\"ab9c\" class=\"lm jt hh nb b fi oa nj l nk nl\" data-selectable-paragraph=\"\">\u003cstrong class=\"nb hi\">function\u003c/strong> symbol() \u003cstrong class=\"nb hi\">public\u003c/strong> view returns (string)\u003c/span>\u003cspan id=\"fbcc\" class=\"lm jt hh nb b fi oa nj l nk nl\" data-selectable-paragraph=\"\">\u003cstrong class=\"nb hi\">function\u003c/strong> decimals() \u003cstrong class=\"nb hi\">public\u003c/strong> view returns (uint8)\u003c/span>\u003c/pre>\u003cp id=\"acb5\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://mycrypto.com\" rel=\"noopener ugc nofollow\" target=\"_blank\">MyCrypto\u003c/a> and other applications like \u003ca class=\"ae ll\" href=\"https://metamask.io\" rel=\"noopener ugc nofollow\" target=\"_blank\">MetaMask\u003c/a> and \u003ca class=\"ae ll\" href=\"https://etherscan.io\" rel=\"noopener ugc nofollow\" target=\"_blank\">Etherscan\u003c/a> use these functions to get the metadata for a token.\u003c/p>\u003cp id=\"d916\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">As explained earlier in this article, ERC-20 transfers are relatively simple. The transfer function is called and the tokens are moved to the receiving address. ERC-20 has two ways to transfer tokens:\u003c/p>\u003cul class=\"\">\u003cli id=\"3bd2\" class=\"kx ky hh ig b ih ii il im ip kz it la ix lb jb lc ld le lf bi\" data-selectable-paragraph=\"\">You can use the \u003ccode class=\"du my mz na nb b\">transfer\u003c/code> function to send tokens from your address to another address.\u003c/li>\u003cli id=\"2209\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">You can use the \u003ccode class=\"du my mz na nb b\">transferFrom\u003c/code> function to send tokens from a different address to another address when you’re authorized to do so. We’ll get back to that in a bit.\u003c/li>\u003c/ul>\u003ch2 id=\"423b\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">Decimals\u003c/h2>\u003cp id=\"065e\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">In one of the earlier versions of MyCrypto, when you added a token, you had to manually specify the number of decimals the token uses. When you look up a token contract on Etherscan, you’ll see the number of decimals as well:\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv class=\"er es ob\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*GktevQejLO8cbr-iLukM-w.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*GktevQejLO8cbr-iLukM-w.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*GktevQejLO8cbr-iLukM-w.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*GktevQejLO8cbr-iLukM-w.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*GktevQejLO8cbr-iLukM-w.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*GktevQejLO8cbr-iLukM-w.png 1100w, https://miro.medium.com/v2/resize:fit:1152/format:webp/1*GktevQejLO8cbr-iLukM-w.png 1152w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 576px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*GktevQejLO8cbr-iLukM-w.png 640w, https://miro.medium.com/v2/resize:fit:720/1*GktevQejLO8cbr-iLukM-w.png 720w, https://miro.medium.com/v2/resize:fit:750/1*GktevQejLO8cbr-iLukM-w.png 750w, https://miro.medium.com/v2/resize:fit:786/1*GktevQejLO8cbr-iLukM-w.png 786w, https://miro.medium.com/v2/resize:fit:828/1*GktevQejLO8cbr-iLukM-w.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*GktevQejLO8cbr-iLukM-w.png 1100w, https://miro.medium.com/v2/resize:fit:1152/1*GktevQejLO8cbr-iLukM-w.png 1152w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 576px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"576\" height=\"253\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:576/1*GktevQejLO8cbr-iLukM-w.png\">\u003c/picture>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">Number of decimals used by the \u003ca class=\"ae ll\" href=\"https://etherscan.io/token/0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359\" rel=\"noopener ugc nofollow\" target=\"_blank\">DAI token contract\u003c/a>.\u003c/figcaption>\u003c/figure>\u003cp id=\"8bcc\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">This number is important because the EVM does not know how to deal with decimal numbers: only full numbers are used. This includes regular transactions and token transactions. Instead, a full number with all the decimal numbers behind it is used. For example, if you have 3.14159 DAI and we assume DAI has 5 decimals (to make it easier), the balance stored in the smart contract is 314159. Multiply this with 10⁻⁵ and you get your actual balance again.\u003c/p>\u003cp id=\"32c3\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">This doesn’t just apply to tokens; Ether is stored in the same way, with the smallest unit being 1 Wei. Since Ether has a maximum of 18 decimals (1 Wei = 0.000000000000000001 ETH), most tokens use this number as well.\u003c/p>\u003ch2 id=\"5c74\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">Approving Transactions and Allowance\u003c/h2>\u003cp id=\"3a7f\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">You may have noticed that when you interact with dApps like \u003ca class=\"ae ll\" rel=\"noopener\" href=\"/mycrypto/learning-about-supplying-borrowing-with-compound-a2ca4eef7d6c\">Compound\u003c/a> or most decentralized exchanges, you have to send a transaction to approve spending a specific token first. When you do this, you \u003cem class=\"kt\">allow\u003c/em> the contract of the dApp to send tokens on your behalf. Without it, it would be significantly harder or even impossible to interact with ERC-20 tokens for dApps.\u003c/p>\u003cp id=\"a2d7\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">This is done by calling the \u003ccode class=\"du my mz na nb b\">approve\u003c/code> method of the token. You specify the address of the spender (the dApp contract) and the value the spender can spend. Most dApps specify the maximum 256-bit number value (2²⁵⁶ -1), basically allowing them to spend an infinite number of tokens on your behalf.\u003c/p>\u003cp id=\"3c76\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Most (or all) token implementations use a simple mapping to store the allowance.\u003c/p>\u003cpre class=\"jd je jf jg fd ne nb nf ng aw nh bi\">\u003cspan id=\"53e4\" class=\"lm jt hh nb b fi ni nj l nk nl\" data-selectable-paragraph=\"\">\u003cstrong class=\"nb hi\">mapping\u003c/strong> (address => \u003cstrong class=\"nb hi\">mapping\u003c/strong> (address => uint256)) \u003cstrong class=\"nb hi\">private\u003c/strong> _allowed;\u003c/span>\u003c/pre>\u003cp id=\"5288\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">You can see this as a list of lists. A similar \u003ca class=\"ae ll\" href=\"https://en.wikipedia.org/wiki/JSON\" rel=\"noopener ugc nofollow\" target=\"_blank\">JSON\u003c/a> notation would be:\u003c/p>\u003cpre class=\"jd je jf jg fd ne nb nf ng aw nh bi\">\u003cspan id=\"a733\" class=\"lm jt hh nb b fi ni nj l nk nl\" data-selectable-paragraph=\"\">{\u003cbr> \"allowed\": {\u003cbr> \"0x4bbeEB066eD09B7AEd07bF39EEe0460DFa261520\": {\u003cbr> \"0x3FDA67f7583380E67ef93072294a7fAc882FD7E7\": 100000\u003cbr> }\u003cbr> }\u003cbr>}\u003c/span>\u003c/pre>\u003cp id=\"2504\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Here 0x4bbe…1520 allows 0x3FDA…D7E7 (Compound) to spend 100.000 of this specific token. Compound (or any other allowed smart contract) can then use ERC-20’s \u003ccode class=\"du my mz na nb b\">transferFrom\u003c/code> method to transfer tokens from 0x4bbe…1520.\u003c/p>\u003ch2 id=\"0fcd\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">ETH as an ERC-20 Token\u003c/h2>\u003cp id=\"b937\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-20 was developed after the creation of Ethereum (obviously), so ETH itself is not ERC-20 compliant. This can make it harder for smart contracts to interact with ETH and tokens at the same time, for example, when trading a token for Ether on a decentralized exchange (DEX). That’s why we have \u003ca class=\"ae ll\" href=\"https://weth.io/\" rel=\"noopener ugc nofollow\" target=\"_blank\">Wrapper Ether\u003c/a> (wETH), developed by \u003ca class=\"ae ll\" href=\"https://radarrelay.com/\" rel=\"noopener ugc nofollow\" target=\"_blank\">Radar Relay\u003c/a>. WETH is an ERC-20 compliant token, with a value of exactly 1 ETH per token. You can always deposit or withdraw your ETH for wETH and vice-versa. It always maintains a one-to-one peg with ETH.\u003c/p>\u003cp id=\"5f34\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">To wrap your ETH, you can simply send it to the \u003ca class=\"ae ll\" href=\"https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2\" rel=\"noopener ugc nofollow\" target=\"_blank\">contract address\u003c/a>, and to withdraw it, you can call the \u003ccode class=\"du my mz na nb b\">withdraw\u003c/code> method of the contract. Usually, dApps have a way to wrap and unwrap your ETH built in to the interface to make it easier.\u003c/p>\u003ch2 id=\"446c\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">The Problems of ERC-20\u003c/h2>\u003cp id=\"7c63\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">While ERC-20 has helped the adoption of Ethereum and Ethereum-based tokens massively, it does have some problems.\u003c/p>\u003cp id=\"81cb\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">First off, it’s possible to send tokens to a contract that doesn’t support tokens. Since sending tokens involves sending a call to the token contract, most (non-token) contracts are not made to send or receive tokens, meaning that the tokens simply get stuck in the contract forever. Currently, \u003ca class=\"ae ll\" href=\"https://etherscan.io/token/0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359?a=0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359\" rel=\"noopener ugc nofollow\" target=\"_blank\">there’s about 28,000 DAI in the DAI token contract\u003c/a> that cannot be moved.\u003c/p>\u003cp id=\"74b0\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Secondly, contracts are not notified of a token transaction when using \u003ccode class=\"du my mz na nb b\">transfer\u003c/code>. Since the balance is updated in a contract internally, there’s no way for a third-party contract to tell if a transaction happened. There is a workaround for this, but it involves using \u003ccode class=\"du my mz na nb b\">approve\u003c/code> to authorize the third-party contract and using \u003ccode class=\"du my mz na nb b\">transferFrom\u003c/code> in that contract. This means you need to send two transactions for a single token transfer.\u003c/p>\u003cp id=\"4ba8\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Lastly, there is an issue where an authorized address could potentially transfer tokens from the owner’s address twice, as described \u003ca class=\"ae ll\" href=\"https://docs.google.com/document/d/1YLPtQxZu1UAvO9cZ1O2RPXBbT0mooh4DYKjA_jp-RLM\" rel=\"noopener ugc nofollow\" target=\"_blank\">here\u003c/a>. This is caused by a possible race condition, where the authorized address could transfer tokens \u003cem class=\"kt\">just\u003c/em> before the owner changes the allowance.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv class=\"er es oc\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*MCNS2w6TNrQ5I3_UKpUvvA.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*MCNS2w6TNrQ5I3_UKpUvvA.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*MCNS2w6TNrQ5I3_UKpUvvA.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*MCNS2w6TNrQ5I3_UKpUvvA.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*MCNS2w6TNrQ5I3_UKpUvvA.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*MCNS2w6TNrQ5I3_UKpUvvA.png 1100w, https://miro.medium.com/v2/resize:fit:1122/format:webp/1*MCNS2w6TNrQ5I3_UKpUvvA.png 1122w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 561px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*MCNS2w6TNrQ5I3_UKpUvvA.png 640w, https://miro.medium.com/v2/resize:fit:720/1*MCNS2w6TNrQ5I3_UKpUvvA.png 720w, https://miro.medium.com/v2/resize:fit:750/1*MCNS2w6TNrQ5I3_UKpUvvA.png 750w, https://miro.medium.com/v2/resize:fit:786/1*MCNS2w6TNrQ5I3_UKpUvvA.png 786w, https://miro.medium.com/v2/resize:fit:828/1*MCNS2w6TNrQ5I3_UKpUvvA.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*MCNS2w6TNrQ5I3_UKpUvvA.png 1100w, https://miro.medium.com/v2/resize:fit:1122/1*MCNS2w6TNrQ5I3_UKpUvvA.png 1122w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 561px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"561\" height=\"242\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:561/1*MCNS2w6TNrQ5I3_UKpUvvA.png\">\u003c/picture>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">A race condition could allow address B to transfer more tokens.\u003c/figcaption>\u003c/figure>\u003col class=\"\">\u003cli id=\"ab40\" class=\"kx ky hh ig b ih ii il im ip kz it la ix lb jb od ld le lf bi\" data-selectable-paragraph=\"\">Address A authorized address B to spend 100 tokens.\u003c/li>\u003cli id=\"80fd\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb od ld le lf bi\" data-selectable-paragraph=\"\">Address B sends 50 tokens from address A to another address.\u003c/li>\u003cli id=\"3bee\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb od ld le lf bi\" data-selectable-paragraph=\"\">Address A decides to lower the maximum limit for Address B to 25.\u003c/li>\u003cli id=\"b2b4\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb od ld le lf bi\" data-selectable-paragraph=\"\">Address B notices this, and tries to send a transaction to spend 50 tokens (1). If this transaction is completed before the transaction of Address A, Address B can spend another 25 tokens (2) for a total of 125.\u003c/li>\u003c/ol>\u003cp id=\"ef64\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">You could say that this isn’t really a problem with ERC-20 since most dApps ask you to authorize spending an infinite number of tokens anyway, but it’s still something to be aware of.\u003c/p>\u003cp id=\"3389\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">There are some other token standards like ERC-223 and ERC-777 that try to solve these problems. We’ll go into detail about these standards later in this article.\u003c/p>\u003c/div>\u003cdiv class=\"ab cl nm nn go no\" role=\"separator\">\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr\">\u003c/span>\u003c/div>\u003cdiv class=\"ha hb hc hd he\">\u003ch1 id=\"be54\" class=\"js jt hh bd ju jv nt jx jy jz nu kb kc kd nv kf kg kh nw kj kk kl nx kn ko kp bi\" data-selectable-paragraph=\"\">Non-Fungible Tokens a.k.a. ERC-721\u003c/h1>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"ji jj di jk bf jl\">\u003cdiv class=\"er es oe\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*nGWAEUYANsSGDYZ1GTtxSg.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*nGWAEUYANsSGDYZ1GTtxSg.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*nGWAEUYANsSGDYZ1GTtxSg.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*nGWAEUYANsSGDYZ1GTtxSg.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*nGWAEUYANsSGDYZ1GTtxSg.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*nGWAEUYANsSGDYZ1GTtxSg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*nGWAEUYANsSGDYZ1GTtxSg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*nGWAEUYANsSGDYZ1GTtxSg.png 640w, https://miro.medium.com/v2/resize:fit:720/1*nGWAEUYANsSGDYZ1GTtxSg.png 720w, https://miro.medium.com/v2/resize:fit:750/1*nGWAEUYANsSGDYZ1GTtxSg.png 750w, https://miro.medium.com/v2/resize:fit:786/1*nGWAEUYANsSGDYZ1GTtxSg.png 786w, https://miro.medium.com/v2/resize:fit:828/1*nGWAEUYANsSGDYZ1GTtxSg.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*nGWAEUYANsSGDYZ1GTtxSg.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*nGWAEUYANsSGDYZ1GTtxSg.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"700\" height=\"394\" loading=\"eager\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*nGWAEUYANsSGDYZ1GTtxSg.png\">\u003c/picture>\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">Source: \u003ca class=\"ae ll\" href=\"https://www.cryptokitties.co/\" rel=\"noopener ugc nofollow\" target=\"_blank\">CryptoKitties\u003c/a>\u003c/figcaption>\u003c/figure>\u003cp id=\"6160\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Another common standard is \u003ca class=\"ae ll\" href=\"https://github.com/ethereum/EIPs/blob/master/EIPS/eip-721.md\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-721\u003c/a>, a token standard for Non-Fungible Tokens (NFTs), most commonly known for collectibles like \u003ca class=\"ae ll\" href=\"https://www.cryptokitties.co/\" rel=\"noopener ugc nofollow\" target=\"_blank\">CryptoKitties\u003c/a>. It’s not a replacement for ERC-20, but more of an addition. The difference between ERC-20 and ERC-721 is that ERC-721 tokens are unique, or as the name suggests, \u003cem class=\"kt\">non-fungible\u003c/em>. They can’t be copied or replaced with another ERC-721 token.\u003c/p>\u003cp id=\"bf71\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Lets continue to use \u003ca class=\"ae ll\" href=\"https://www.cryptokitties.co/\" rel=\"noopener ugc nofollow\" target=\"_blank\">CryptoKitties\u003c/a> as an example. Each CryptoKitty is a unique token and has its own properties, like type, color, traits, etc. Since these properties are different for each CryptoKitty, you cannot replace one for another. One DAI token, on the other hand, can be replaced with another DAI token since they are all the same.\u003c/p>\u003cp id=\"e3c3\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Gaming and collectibles are just a few applications of ERC-721 tokens, but they can be used for many things, including ownership of physical objects that are “unique.” Here are some examples:\u003c/p>\u003cul class=\"\">\u003cli id=\"352a\" class=\"kx ky hh ig b ih ii il im ip kz it la ix lb jb lc ld le lf bi\" data-selectable-paragraph=\"\">Licensing\u003c/li>\u003cli id=\"fe4f\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">(Digital) art\u003c/li>\u003cli id=\"3710\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">Real estate\u003c/li>\u003c/ul>\u003cp id=\"acd8\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">The ERC-721 standard defines multiple interfaces, but below you’ll find the main ERC-721 interface.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh\">\u003cdiv class=\"bz dy l di\">\u003cdiv class=\"ny nz l\">\u003c/div>\u003c/div>\u003c/figure>\u003cp id=\"d774\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">At first glance, ERC-721 may appear similar to ERC-20. One of the big differences is the use of the\u003ccode class=\"du my mz na nb b\">tokenId\u003c/code> parameter. Since each NFT is unique, each has its own token identifier, used to represent an individual token.\u003c/p>\u003cp id=\"b406\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">\u003cem class=\"kt\">Note: “NFT” and “ERC-721 token” are used interchangeably here.\u003c/em>\u003c/p>\u003cp id=\"050b\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Another big difference is \u003ccode class=\"du my mz na nb b\">safeTransferFrom\u003c/code>, which is a safety measure of the ERC-721 standard, more specifically, the \u003ccode class=\"du my mz na nb b\">ERC721TokenReceiver\u003c/code> interface. It checks if the target address is a smart contract and will try to call the \u003ccode class=\"du my mz na nb b\">onERC721Received\u003c/code> function if that’s the case. This function (if it exists) must return \u003ccode class=\"du my mz na nb b\">0xf0b9e5ba\u003c/code>, which is equal to \u003ccode class=\"du my mz na nb b\">bytes4(keccak256(\"onERC721Received(address,uint256,bytes)\"))\u003c/code>. If it doesn’t return this exact value or if the function does not exist, the contract will throw an error and the transaction will be reverted. This prevents anyone from accidentally sending their NFTs to a smart contract that doesn’t support them. The \u003ccode class=\"du my mz na nb b\">transferFrom\u003c/code> function won’t check if the target address is capable of receiving ERC-721 tokens and should not be used unless the \u003cem class=\"kt\">caller \u003c/em>(the smart contract calling the function or person sending the transaction) explicitly checks this before transferring.\u003c/p>\u003cp id=\"3113\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-721 contracts must also implement \u003ca class=\"ae ll\" href=\"https://github.com/ethereum/EIPs/blob/master/EIPS/eip-165.md\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-165\u003c/a>, a standard used to detect what interfaces a smart contract implements. Each interface/standard has an identifier and the \u003ccode class=\"du my mz na nb b\">supportsInterface\u003c/code> function can be queried to see if the contract implements that specific interface ID. We won’t go into much detail on ERC-165 in this article, but if you’re interested and want to learn more about it, I suggest you check it out \u003ca class=\"ae ll\" href=\"https://github.com/ethereum/EIPs/blob/master/EIPS/eip-165.md\" rel=\"noopener ugc nofollow\" target=\"_blank\">here\u003c/a>.\u003c/p>\u003cp id=\"ac3e\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-721 contracts also have the \u003ccode class=\"du my mz na nb b\">approve\u003c/code> function just like ERC-20. It can be used to approve transferring a single token (specified by the token ID). That’s why there’s also the \u003ccode class=\"du my mz na nb b\">setApprovalForAll\u003c/code> function, which would allow the \u003ccode class=\"du my mz na nb b\">operator\u003c/code> to send all tokens owned by the address.\u003c/p>\u003ch2 id=\"7e6e\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">How NFTs Are Stored Internally\u003c/h2>\u003cp id=\"32ed\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">\u003cem class=\"kt\">This explanation is based on the ERC-721 implementation by OpenZeppelin, found \u003c/em>\u003ca class=\"ae ll\" href=\"https://github.com/OpenZeppelin/openzeppelin-solidity/blob/master/contracts/token/ERC721/ERC721.sol\" rel=\"noopener ugc nofollow\" target=\"_blank\">\u003cem class=\"kt\">here\u003c/em>\u003c/a>\u003cem class=\"kt\">.\u003c/em>\u003c/p>\u003cp id=\"0826\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">In a simple ERC-20 contract, tokens are stored in a mapping, with the address and the balance. Since every individual NFT has it’s own properties, storing NFTs in a smart contract is not as simple as keeping a list of the number of NFTs per address. As mentioned above, each NFT has it’s own token ID, so a smart contract needs to keep track of all the token IDs and their respective owners.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv class=\"er es of\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*PNXjL-HwGiI3uDh_roZQgw.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*PNXjL-HwGiI3uDh_roZQgw.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*PNXjL-HwGiI3uDh_roZQgw.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*PNXjL-HwGiI3uDh_roZQgw.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*PNXjL-HwGiI3uDh_roZQgw.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*PNXjL-HwGiI3uDh_roZQgw.png 1100w, https://miro.medium.com/v2/resize:fit:402/format:webp/1*PNXjL-HwGiI3uDh_roZQgw.png 402w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 201px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*PNXjL-HwGiI3uDh_roZQgw.png 640w, https://miro.medium.com/v2/resize:fit:720/1*PNXjL-HwGiI3uDh_roZQgw.png 720w, https://miro.medium.com/v2/resize:fit:750/1*PNXjL-HwGiI3uDh_roZQgw.png 750w, https://miro.medium.com/v2/resize:fit:786/1*PNXjL-HwGiI3uDh_roZQgw.png 786w, https://miro.medium.com/v2/resize:fit:828/1*PNXjL-HwGiI3uDh_roZQgw.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*PNXjL-HwGiI3uDh_roZQgw.png 1100w, https://miro.medium.com/v2/resize:fit:402/1*PNXjL-HwGiI3uDh_roZQgw.png 402w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 201px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"201\" height=\"261\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:201/1*PNXjL-HwGiI3uDh_roZQgw.png\">\u003c/picture>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">An example of how NFTs are stored in a smart contract.\u003c/figcaption>\u003c/figure>\u003cp id=\"7466\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">The easiest way to accomplish this is to use a mapping, which maps the token ID to the address of the owner.\u003c/p>\u003cpre class=\"jd je jf jg fd ne nb nf ng aw nh bi\">\u003cspan id=\"aba8\" class=\"lm jt hh nb b fi ni nj l nk nl\" data-selectable-paragraph=\"\">\u003cstrong class=\"nb hi\">mapping\u003c/strong> (uint256 => address) \u003cstrong class=\"nb hi\">private\u003c/strong> _tokenOwner;\u003c/span>\u003c/pre>\u003cp id=\"cb2e\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Since the ERC-721 standard has a function to get the number of NFTs for an address (\u003ccode class=\"du my mz na nb b\">balanceOf\u003c/code>), a second mapping can be used to keep track of that.\u003c/p>\u003cpre class=\"jd je jf jg fd ne nb nf ng aw nh bi\">\u003cspan id=\"d2bf\" class=\"lm jt hh nb b fi ni nj l nk nl\" data-selectable-paragraph=\"\">\u003cstrong class=\"nb hi\">mapping\u003c/strong> (address => uint256) \u003cstrong class=\"nb hi\">private\u003c/strong> _ownedTokensCount;\u003c/span>\u003c/pre>\u003cp id=\"15ed\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Alternatively, the contract could go over all the token IDs in the first mapping and check if the address is the address being queried. The problem with this is that loading an item from a mapping consumes gas. Even though this mapping is primarily used for querying (which doesn’t consume gas), it’s still not possible to go over the block gas limit when querying a smart contract.\u003c/p>\u003cp id=\"cfd1\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Transferring a token works by calling \u003ccode class=\"du my mz na nb b\">safeTransferFrom\u003c/code> (or \u003ccode class=\"du my mz na nb b\">transferFrom\u003c/code>), after which both mappings are updated.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv class=\"er es og\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*TfPXIxeFKk6CeLKAncPc0g.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*TfPXIxeFKk6CeLKAncPc0g.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*TfPXIxeFKk6CeLKAncPc0g.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*TfPXIxeFKk6CeLKAncPc0g.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*TfPXIxeFKk6CeLKAncPc0g.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*TfPXIxeFKk6CeLKAncPc0g.png 1100w, https://miro.medium.com/v2/resize:fit:1362/format:webp/1*TfPXIxeFKk6CeLKAncPc0g.png 1362w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 681px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*TfPXIxeFKk6CeLKAncPc0g.png 640w, https://miro.medium.com/v2/resize:fit:720/1*TfPXIxeFKk6CeLKAncPc0g.png 720w, https://miro.medium.com/v2/resize:fit:750/1*TfPXIxeFKk6CeLKAncPc0g.png 750w, https://miro.medium.com/v2/resize:fit:786/1*TfPXIxeFKk6CeLKAncPc0g.png 786w, https://miro.medium.com/v2/resize:fit:828/1*TfPXIxeFKk6CeLKAncPc0g.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*TfPXIxeFKk6CeLKAncPc0g.png 1100w, https://miro.medium.com/v2/resize:fit:1362/1*TfPXIxeFKk6CeLKAncPc0g.png 1362w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 681px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"681\" height=\"312\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:681/1*TfPXIxeFKk6CeLKAncPc0g.png\">\u003c/picture>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">An example NFT token transfer.\u003c/figcaption>\u003c/figure>\u003cp id=\"cdaa\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">The token with ID 1 is transferred to the address 0xabcd…1234, so this address now owns 2 tokens.\u003c/p>\u003ch2 id=\"1024\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">Creating NFTs and Storing Token Metadata\u003c/h2>\u003cp id=\"5201\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">When an ERC-20 token is being minted, we can simply increase the total supply and add the tokens to an address. For ERC-721 tokens, however, we need to keep track of the token metadata somehow. In the case of CryptoKitties, that includes things like the breed, colour, etc.\u003c/p>\u003cp id=\"bd47\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Storing data on the blockchain is expensive. If you read \u003ca class=\"ae ll\" rel=\"noopener\" href=\"/mycrypto/why-do-we-need-transaction-data-39c922930e92\">my previous article on transaction input data\u003c/a>, you may know that every non-zero byte of data consumes 68 units of gas, \u003cem class=\"kt\">just to send it to the blockchain without storing it. \u003c/em>That means sending a file of 100 kB (e.g. a small image) to the blockchain, costs about 6,800,000 units of gas. Assuming a gas price of 5 Gwei, that would cost you about 0.034 Ether, or about $5.78 at the time of writing, \u003cstrong class=\"ig hi\">for one image\u003c/strong>, and again, that’s without even storing the image on the blockchain. That’s why developers often look at alternatives for storing data in a secure, decentralized way instead.\u003c/p>\u003cp id=\"9e5c\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-721 does define a method for storing token metadata, but this method is not a requirement. Developers are free to implement their own mechanisms. It uses \u003ca class=\"ae ll\" href=\"https://en.wikipedia.org/wiki/Uniform_Resource_Identifier\" rel=\"noopener ugc nofollow\" target=\"_blank\">URIs\u003c/a> (Uniform Resource Identifiers) which reference a JSON file, which conforms to the “ERC-721 Metadata JSON Schema”.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh\">\u003cdiv class=\"bz dy l di\">\u003cdiv class=\"ny nz l\">\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\">The ERC-721 Metadata JSON Schema.\u003c/figcaption>\u003c/figure>\u003cp id=\"a8a5\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">As you may see, this schema is not very flexible. Some token developers choose to use \u003ca class=\"ae ll\" href=\"https://ipfs.io/\" rel=\"noopener ugc nofollow\" target=\"_blank\">IPFS\u003c/a> (InterPlanetary File System), a decentralized protocol to share files. Then the IPFS \u003cem class=\"kt\">hash\u003c/em> can be stored in the token metadata.\u003c/p>\u003cp id=\"e1e9\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">When the \u003ccode class=\"du my mz na nb b\">mint\u003c/code> function is called (e.g. when a new CryptoKittie is born), the URI or IPFS hash of the file with the metadata is specified and saved in the contract.\u003c/p>\u003c/div>\u003cdiv class=\"ab cl nm nn go no\" role=\"separator\">\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr\">\u003c/span>\u003c/div>\u003cdiv class=\"ha hb hc hd he\">\u003ch1 id=\"88ba\" class=\"js jt hh bd ju jv nt jx jy jz nu kb kc kd nv kf kg kh nw kj kk kl nx kn ko kp bi\" data-selectable-paragraph=\"\">Other Token Standards (ERC-223, ERC-777)\u003c/h1>\u003cp id=\"6a4a\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-223 and ERC-777 are alternative token standards, based on ERC-20. ERC-223 is not finalized yet, but ERC-777 was finalized on May 6th, 2019. It’s not as popular yet as ERC-20, but my expectation is that it will eventually become more popular than ERC-20. If you’re a developer working on a new token, definitely check out ERC-777.\u003c/p>\u003cp id=\"5b82\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-223 and ERC-777 both aim to solve the same problems of the ERC-20 standard, but they use different approaches. In this article, we’ll go into further detail of the ERC-777 standard.\u003c/p>\u003ch2 id=\"3a25\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">What is ERC-777?\u003c/h2>\u003cp id=\"002a\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-777 is a relatively new token standard, developed by \u003ca class=\"ae ll\" href=\"https://twitter.com/0xjac\" rel=\"noopener ugc nofollow\" target=\"_blank\">Jacques Dafflon\u003c/a> and \u003ca class=\"ae ll\" href=\"https://twitter.com/jbaylina\" rel=\"noopener ugc nofollow\" target=\"_blank\">Jordi Baylina\u003c/a> (\u003ca class=\"ae ll\" href=\"https://giveth.io/\" rel=\"noopener ugc nofollow\" target=\"_blank\">Giveth\u003c/a>), and is similar to ERC-20. In fact, an ERC-777 contract \u003cstrong class=\"ig hi\">can\u003c/strong> be \u003cem class=\"kt\">compatible\u003c/em> with ERC-20, meaning that it can implement all the functions specified by ERC-20. This allows compatibility with existing wallets and other applications, but those applications are not able to use all the new features of ERC-777. A \u003cem class=\"kt\">pure \u003c/em>ERC-777 token contract isn’t compatible with ERC-20, but the standard does describe how to make a contract compatible.\u003c/p>\u003cp id=\"8c61\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Just like ERC-721, ERC-777 defines a set of interfaces, below you’ll find the main token interface.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh\">\u003cdiv class=\"bz dy l di\">\u003cdiv class=\"ny nz l\">\u003c/div>\u003c/div>\u003c/figure>\u003cp id=\"cfd8\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Here you’ll see some similar functions as in the ERC-20 standard again. The big differences between ERC-20 and ERC-777 are operators and hooks, which I’ll explain in the next two sections.\u003c/p>\u003ch2 id=\"a445\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">Operators\u003c/h2>\u003cp id=\"4dfc\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">Operators are ERC-777’s replacement for ERC-20’s allowance. Instead of allowing an address to send a specific number of tokens, you can authorize and revoke operators, which can send tokens on your behalf.\u003c/p>\u003cp id=\"6ace\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-777 defines two types of operators:\u003c/p>\u003cul class=\"\">\u003cli id=\"a0db\" class=\"kx ky hh ig b ih ii il im ip kz it la ix lb jb lc ld le lf bi\" data-selectable-paragraph=\"\">Default operators\u003c/li>\u003cli id=\"5be2\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">Address-specific operators\u003c/li>\u003c/ul>\u003cp id=\"7e1d\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Default operators are authorized to send transactions, burn tokens, etc. for all addresses, while address-specific operators have to be authorized on a per-address level, as the name suggests. This is done by calling the \u003ccode class=\"du my mz na nb b\">authorizeOperator\u003c/code> function with the operator’s address.\u003c/p>\u003cp id=\"e30b\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">This can be used by dApps like decentralized exchanges (DEX) to allow tokens to be traded. The DEX contract would be the operator for the user’s address. Internally, operators can be stored with a mapping in a mapping (or a list in a list) again:\u003c/p>\u003cpre class=\"jd je jf jg fd ne nb nf ng aw nh bi\">\u003cspan id=\"d415\" class=\"lm jt hh nb b fi ni nj l nk nl\" data-selectable-paragraph=\"\">\u003cstrong class=\"nb hi\">mapping\u003c/strong>(address => \u003cstrong class=\"nb hi\">mapping\u003c/strong>(address => bool)) \u003cstrong class=\"nb hi\">internal\u003c/strong> _authorizedOperator;\u003c/span>\u003c/pre>\u003cp id=\"95a5\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">This way the values in the mapping can be queried efficiently, without consuming too much gas.\u003c/p>\u003cp id=\"0c54\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-777 has the \u003ccode class=\"du my mz na nb b\">operatorSend\u003c/code> function as a replacement for ERC-20’s \u003ccode class=\"du my mz na nb b\">transferFrom\u003c/code> function. Just like \u003ccode class=\"du my mz na nb b\">transferFrom\u003c/code>, it checks if the \u003ccode class=\"du my mz na nb b\">msg.sender\u003c/code> (the caller of the function) is an operator for the \u003ccode class=\"du my mz na nb b\">from\u003c/code> address and will simply revert if that’s not the case.\u003c/p>\u003ch2 id=\"ff45\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">ERC-1820 and \u003ccode class=\"du my mz na nb b\">hooks\u003c/code>\u003c/h2>\u003cp id=\"7d97\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://eips.ethereum.org/EIPS/eip-1820\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-1820\u003c/a> is the standard for a Pseudo-introspection Registry Contract.\u003c/p>\u003cblockquote class=\"kq kr ks\">\u003cp id=\"38f1\" class=\"ie if kt ig b ih ii ij ik il im in io ku iq ir is kv iu iv iw kw iy iz ja jb ha bi\" data-selectable-paragraph=\"\">This standard defines a universal registry smart contract where any address (contract or regular account) can register which interface it supports and which smart contract is responsible for its implementation.\u003c/p>\u003c/blockquote>\u003cp id=\"721a\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">This allows for ERC-777 contracts to use \u003cem class=\"kt\">hooks\u003c/em>. Hooks can be used by other smart contracts and regular addresses to run a function before sending and/or receiving tokens. ERC-777 contracts can call the \u003ccode class=\"du my mz na nb b\">getInterfaceImplementer\u003c/code> function of the public ERC-1820 registry (\u003ca class=\"ae ll\" href=\"https://etherscan.io/address/0x1820a4b7618bde71dce8cdc73aab6c95905fad24\" rel=\"noopener ugc nofollow\" target=\"_blank\">0x1820a4B7618BdE71Dce8cdc73aAB6C95905faD24\u003c/a>) with the address of the receiver and the hash of the specific interface to get the implementation of a specific hook.\u003c/p>\u003cpre class=\"jd je jf jg fd ne nb nf ng aw nh bi\">\u003cspan id=\"752d\" class=\"lm jt hh nb b fi ni nj l nk nl\" data-selectable-paragraph=\"\">\u003cstrong class=\"nb hi\">function\u003c/strong> getInterfaceImplementer(address _addr, bytes32 _interfaceHash) \u003cstrong class=\"nb hi\">external\u003c/strong> \u003cstrong class=\"nb hi\">view\u003c/strong> \u003cstrong class=\"nb hi\">returns\u003c/strong> (address);\u003c/span>\u003c/pre>\u003cp id=\"638d\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-777 defines two hooks: \u003ccode class=\"du my mz na nb b\">tokensToSend\u003c/code> and \u003ccode class=\"du my mz na nb b\">tokensReceived\u003c/code>. The first hook is called when sending tokens and the second one is called when receiving tokens.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh\">\u003cdiv class=\"bz dy l di\">\u003cdiv class=\"ny nz l\">\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\">The ERC777TokensSender\u003ccode class=\"du my mz na nb b\"> interface.\u003c/code>\u003c/figcaption>\u003c/figure>\u003cfigure class=\"jd je jf jg fd jh\">\u003cdiv class=\"bz dy l di\">\u003cdiv class=\"ny nz l\">\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\">The ERC777TokensRecipient\u003ccode class=\"du my mz na nb b\"> interface.\u003c/code>\u003c/figcaption>\u003c/figure>\u003cp id=\"84f7\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">If the receiver address does have an implementation (smart contract) for the interfaces, the ERC-777 contract will run the function. If the function throws an error, the transaction is reverted.\u003c/p>\u003cp id=\"78b3\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">As mentioned, even regular addresses (not smart contracts) can set an implementation for this interface. Since regular addresses cannot have any code themselves, they can use a separate smart contract as their implementation. This works by calling the \u003ccode class=\"du my mz na nb b\">setInterfaceImplementer\u003c/code> function of the ERC-1820 registry.\u003c/p>\u003cpre class=\"jd je jf jg fd ne nb nf ng aw nh bi\">\u003cspan id=\"0c59\" class=\"lm jt hh nb b fi ni nj l nk nl\" data-selectable-paragraph=\"\">\u003cstrong class=\"nb hi\">function\u003c/strong> setInterfaceImplementer(address _addr, bytes32 _interfaceHash, address _implementer) \u003cstrong class=\"nb hi\">external\u003c/strong>;\u003c/span>\u003c/pre>\u003cp id=\"63fb\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">The flow for a ERC-777 transaction is quite complicated, so here’s an image to make it a bit more clear.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"ji jj di jk bf jl\">\u003cdiv class=\"er es oc\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*gfZRYs8aRjhSGz9fzT6Psg.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*gfZRYs8aRjhSGz9fzT6Psg.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*gfZRYs8aRjhSGz9fzT6Psg.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*gfZRYs8aRjhSGz9fzT6Psg.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*gfZRYs8aRjhSGz9fzT6Psg.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*gfZRYs8aRjhSGz9fzT6Psg.png 1100w, https://miro.medium.com/v2/resize:fit:1122/format:webp/1*gfZRYs8aRjhSGz9fzT6Psg.png 1122w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 561px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*gfZRYs8aRjhSGz9fzT6Psg.png 640w, https://miro.medium.com/v2/resize:fit:720/1*gfZRYs8aRjhSGz9fzT6Psg.png 720w, https://miro.medium.com/v2/resize:fit:750/1*gfZRYs8aRjhSGz9fzT6Psg.png 750w, https://miro.medium.com/v2/resize:fit:786/1*gfZRYs8aRjhSGz9fzT6Psg.png 786w, https://miro.medium.com/v2/resize:fit:828/1*gfZRYs8aRjhSGz9fzT6Psg.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*gfZRYs8aRjhSGz9fzT6Psg.png 1100w, https://miro.medium.com/v2/resize:fit:1122/1*gfZRYs8aRjhSGz9fzT6Psg.png 1122w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 561px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"561\" height=\"223\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:561/1*gfZRYs8aRjhSGz9fzT6Psg.png\">\u003c/picture>\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">Hooks in ERC-777. Based on the diagram by \u003ca class=\"ae ll\" rel=\"noopener\" href=\"/@ankur.daharwal\">Ankur Daharwal\u003c/a>.\u003c/figcaption>\u003c/figure>\u003col class=\"\">\u003cli id=\"4a05\" class=\"kx ky hh ig b ih ii il im ip kz it la ix lb jb od ld le lf bi\" data-selectable-paragraph=\"\">The sender calls \u003ccode class=\"du my mz na nb b\">send(to, amount, data)\u003c/code> with the receiver’s address, amount, and (optional) data.\u003c/li>\u003cli id=\"49b1\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb od ld le lf bi\" data-selectable-paragraph=\"\">The token contract calls \u003ccode class=\"du my mz na nb b\">getInterfaceImplementer(address, interfaceHash)\u003c/code>, with the address of the sender and the interface hash of \u003ccode class=\"du my mz na nb b\">ERC777TokensSender\u003c/code>.\u003c/li>\u003cli id=\"d954\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb od ld le lf bi\" data-selectable-paragraph=\"\">If an implementation is specified, the token contract calls \u003ccode class=\"du my mz na nb b\">tokensToSend(operator, from, to, amount, userData, operatorData)\u003c/code> on the implementing contract.\u003c/li>\u003cli id=\"5d4d\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb od ld le lf bi\" data-selectable-paragraph=\"\">The token contract calls \u003ccode class=\"du my mz na nb b\">getInterfaceImplementer(address, interfaceHash)\u003c/code> again, with the address of the receiver and the interface hash of \u003ccode class=\"du my mz na nb b\">ERC777TokensRecipient\u003c/code>.\u003c/li>\u003cli id=\"cf0c\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb od ld le lf bi\" data-selectable-paragraph=\"\">If an implementation is specified, the token contract calls \u003ccode class=\"du my mz na nb b\">tokensReceived(operator, from, to, amount, data, operatorData)\u003c/code> on the implementing contract.\u003c/li>\u003c/ol>\u003cp id=\"ebfd\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">For simplicity’s sake, in the diagram we assume that the sender and receiver is a contract that implements the hook function. If the sender or receiver doesn’t implement the hook itself, and they do have an implementation for their specific hook, a call to the implementing smart contract is made instead.\u003c/p>\u003cp id=\"d451\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">The \u003ccode class=\"du my mz na nb b\">tokensReceived\u003c/code> hook is also used to prevent accidentally sending tokens to a non-supported smart contract. Per specification of ERC-777, if the recipient is a contract, it must implement the \u003ccode class=\"du my mz na nb b\">ERC777TokensRecipient\u003c/code> interface. Transactions to smart contracts that don’t implement this interface and aren’t registered in the ERC-1820 registry are simply reverted.\u003c/p>\u003c/div>\u003cdiv class=\"ab cl nm nn go no\" role=\"separator\">\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr\">\u003c/span>\u003c/div>\u003cdiv class=\"ha hb hc hd he\">\u003ch1 id=\"e6b5\" class=\"js jt hh bd ju jv nt jx jy jz nu kb kc kd nv kf kg kh nw kj kk kl nx kn ko kp bi\" data-selectable-paragraph=\"\">The Future of Tokens\u003c/h1>\u003cp id=\"3ef4\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">Right now, ERC-20 is by far the most popular token standard. ERC-223 is relatively old compared to ERC-777, and although the latter has some improved features over ERC-223, it was only recently finalized and hasn’t gained much popularity yet. Since ERC-777 token contracts can be compatible with ERC-20, my expectation is that it will eventually become the standard for most (fungible) tokens.\u003c/p>\u003cp id=\"880b\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">ERC-721 is in a similar situation as ERC-20. While it’s growing in popularity, there are some alternative ERCs that try to improve or replace ERC-721, like \u003ca class=\"ae ll\" href=\"https://eips.ethereum.org/EIPS/eip-875\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-875\u003c/a> and \u003ca class=\"ae ll\" href=\"https://eips.ethereum.org/EIPS/eip-998\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-998\u003c/a>. These ERCs are still a proposal and only time will tell if (one of) these ERCs will replace ERC-721.\u003c/p>\u003c/div>\u003cdiv class=\"ab cl nm nn go no\" role=\"separator\">\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr ns\">\u003c/span>\u003cspan class=\"np bw bk nq nr\">\u003c/span>\u003c/div>\u003cdiv class=\"ha hb hc hd he\">\u003ch1 id=\"e147\" class=\"js jt hh bd ju jv nt jx jy jz nu kb kc kd nv kf kg kh nw kj kk kl nx kn ko kp bi\" data-selectable-paragraph=\"\">More information & references used in this article\u003c/h1>\u003cul class=\"\">\u003cli id=\"42c6\" class=\"kx ky hh ig b ih ma il mb ip oh it oi ix oj jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" rel=\"noopener\" href=\"/mycrypto/the-ethereum-virtual-machine-how-does-it-work-9abac2b7c9e\">The Ethereum Virtual Machine — How does it work?\u003c/a>\u003c/li>\u003cli id=\"3ffd\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://support.mycrypto.com/general-knowledge/ethereum-blockchain/what-is-gas\" rel=\"noopener ugc nofollow\" target=\"_blank\">What is gas?\u003c/a>\u003c/li>\u003cli id=\"5253\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" rel=\"noopener\" href=\"/mycrypto/why-do-we-need-transaction-data-39c922930e92\">Why Do We Need Transaction Data?\u003c/a>\u003c/li>\u003cli id=\"e556\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://eips.ethereum.org/EIPS/eip-20\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-20 Token Standard\u003c/a>\u003c/li>\u003cli id=\"36e5\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://github.com/ethereum/EIPs/issues/223\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-223 Token Standard\u003c/a>\u003c/li>\u003cli id=\"821b\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://eips.ethereum.org/EIPS/eip-721\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-721 Non-Fungible Token Standard\u003c/a>\u003c/li>\u003cli id=\"7527\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://eips.ethereum.org/EIPS/eip-777\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-777 Token Standard\u003c/a>\u003c/li>\u003cli id=\"7838\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://eips.ethereum.org/EIPS/eip-1820\" rel=\"noopener ugc nofollow\" target=\"_blank\">ERC-1820 Pseudo-introspection Registry Contract\u003c/a>\u003c/li>\u003c/ul>\u003ch1 id=\"1869\" 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Most of the time when interacting with a token, you don’t even notice any difference, even though the technology behind Ethereum tokens is very different from Ether itself.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_2\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_2\",\"name\":\"181e\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"But what are tokens and how do they work?\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":41,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_3\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_3\",\"name\":\"1a8b\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"In this article, you’ll find a comprehensive, technical comparison of common token standards like ERC-20 and ERC-721, but also some of the lesser-known standards like ERC-777.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*CcmKKPrLJ5WBhajckBP_5w.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*CcmKKPrLJ5WBhajckBP_5w.png\",\"originalHeight\":1667,\"originalWidth\":2500,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_4\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_4\",\"name\":\"a8ef\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*CcmKKPrLJ5WBhajckBP_5w.png\"},\"text\":\"Ethereum and some of the tokens available on the Ethereum network.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_5\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_5\",\"name\":\"7fe5\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"What is a token?\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_6\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_6\",\"name\":\"2078\",\"type\":\"BQ\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"A token is a digital asset that exists on a blockchain but is not the main cryptocurrency of that blockchain.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_7\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_7\",\"name\":\"df0d\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Tokens work similarly to Ether — you can store them in your wallet, send them to other addresses, etc. — but the difference is that a token doesn’t have its own blockchain. Tokens make use of existing blockchains and are usually developed for a specific application. Coins like Ether and Bitcoin, on the other hand, can be used for a wide range of applications.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_8\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_8\",\"name\":\"1049\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"We can distinguish between two types of tokens:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_9\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_9\",\"name\":\"771c\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Security tokens: tokens that represent a level of investment in a project. When you invest in a security token, you expect to make a profit out of it.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":15,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_10\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_10\",\"name\":\"5539\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Utility tokens: tokens that are used to interact with a product or service.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":14,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_11\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_11\",\"name\":\"e29e\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"A good example of a utility token is Golem. Golem lets you share unused computing power in exchange for Golem Network Tokens (GNT).\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":37,\"end\":42,\"href\":\"https:\\u002F\\u002Fgolem.network\\u002F\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_12\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_12\",\"name\":\"eb7e\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Tokens Under the Hood\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_13\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_13\",\"name\":\"fb05\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Since tokens don’t have their own blockchains, they make use of smart contracts under the hood. Smart contracts allow you to execute any arbitrary code on the Ethereum Virtual Machine (EVM). If you’re interested in learning more about smart contracts and the EVM, check out this article:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_14\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_14\",\"name\":\"4122\",\"type\":\"MIXTAPE_EMBED\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The Ethereum Virtual Machine — How does it work?\\nDiving into Ethereum’s decentralized ecosystem for building.medium.com\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":119,\"href\":\"https:\\u002F\\u002Fmedium.com\\u002Fmycrypto\\u002Fthe-ethereum-virtual-machine-how-does-it-work-9abac2b7c9e\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":48,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":49,\"end\":109,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":{\"__typename\":\"MixtapeMetadata\",\"href\":\"https:\\u002F\\u002Fmedium.com\\u002Fmycrypto\\u002Fthe-ethereum-virtual-machine-how-does-it-work-9abac2b7c9e\",\"mediaResource\":{\"__typename\":\"MediaResource\",\"mediumCatalog\":null},\"thumbnailImageId\":\"1*g7klT0GZnEwX9Z-zCofyuA.png\"}},\"Paragraph:3f9f09fe7ff9_15\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_15\",\"name\":\"cd39\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Every token available on the Ethereum blockchain has its own smart contract. Each smart contract keeps track of the token owners for that specific token. Since the EVM itself doesn’t know what tokens are, token transactions have a value of 0 ETH. Instead, the destination address and amount of tokens are specified in the input data, which you can read more about here. The transaction itself is sent to the token contract.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":364,\"end\":368,\"href\":\"https:\\u002F\\u002Fmedium.com\\u002Fmycrypto\\u002Fwhy-do-we-need-transaction-data-39c922930e92\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":322,\"end\":332,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*oQ06qXhXFiGGEvaWvnN1-g.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*oQ06qXhXFiGGEvaWvnN1-g.png\",\"originalHeight\":560,\"originalWidth\":1146,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_16\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_16\",\"name\":\"39da\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*oQ06qXhXFiGGEvaWvnN1-g.png\"},\"text\":\"An example ERC-20 token (DAI) transaction.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":42,\"href\":\"https:\\u002F\\u002Fetherscan.io\\u002Ftx\\u002F0xa3e2fc7ca6a3fd8071f6b23c6a4f70eb87eaa0dbb278cff722707e9fe2d63c16\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_17\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_17\",\"name\":\"8023\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Notice how the destination address is the DAI contract, but the tokens were actually transferred to 0x66aa…1621. The actual address the tokens were sent to was specified in the transaction input data. The transfer function for the contract was called, specifying the target address and the number of tokens to send. The balance for each address is stored in the contract itself and updated when a function like transfer is called, and the contract state is updated and stored in the next block.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":205,\"end\":213,\"href\":\"\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":411,\"end\":419,\"href\":\"\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":177,\"end\":199,\"href\":\"https:\\u002F\\u002Fmedium.com\\u002Fmycrypto\\u002Fwhy-do-we-need-transaction-data-39c922930e92\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":448,\"end\":453,\"href\":\"\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_18\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_18\",\"name\":\"681b\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Let’s imagine the first address (A) has a balance of 25 tokens and the second address (B) doesn’t have any tokens yet. The owner of address A wants to send all his tokens to address B, which he does by sending a transaction to the contract with transfer(address B, 25) as input data.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":245,\"end\":268,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*3ohvunuPNDgEwZxXatA74w.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*3ohvunuPNDgEwZxXatA74w.png\",\"originalHeight\":212,\"originalWidth\":581,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_19\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_19\",\"name\":\"b910\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*3ohvunuPNDgEwZxXatA74w.png\"},\"text\":\"An example token transaction.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_20\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_20\",\"name\":\"f259\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The transaction is included in the next block (7593651). Address A now has a balance of 0 DAI and address B, which was previously not present in the contract, now has a balance of 25 DAI. The new contract state is stored in the block and you can query the contract directly to get the balance for an address. Etherscan has a nice feature for this, called “Read Contract.”\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*GqIZRa2caNh9GH413GgXag.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*GqIZRa2caNh9GH413GgXag.png\",\"originalHeight\":298,\"originalWidth\":651,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_21\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_21\",\"name\":\"db87\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*GqIZRa2caNh9GH413GgXag.png\"},\"text\":\"Querying for token balance using Etherscan’s “Read Contract” feature\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_22\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_22\",\"name\":\"815f\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The response is the number of tokens including its decimals. To get the actual balance, you can multiply this number by 10⁻ⁿ where n is the number of decimals used by the token: 1000000000000000036 x 10⁻¹⁸ ≈ 1 DAI. Most tokens use 18 decimals. We’ll go into detail about tokens and decimals later in this article.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":131,\"end\":132,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_23\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_23\",\"name\":\"1281\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"How are tokens created?\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_24\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_24\",\"name\":\"60f1\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Token creation, also called minting, is done by deploying a new smart contract to the Ethereum blockchain. Tokens can be distributed in multiple ways, but a common method is to do a token sale, also known as an Initial Coin Offering (ICO). Basically, it’s crowdfunding for coins or tokens.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":28,\"end\":35,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_25\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_25\",\"name\":\"f751\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Some contracts have a mint function that allows the owner of the contract to create new tokens. Here’s a very simple implementation:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":22,\"end\":26,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_26\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_26\",\"name\":\"2a02\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"function mint(address _to, uint256 _amount) public {\\n require(msg.sender == owner);\\n balances[_to] += amount;\\n supply += amount;\\n \\n emit Transfer(address(0), _to, _amount);\\n}\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_27\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_27\",\"name\":\"9d3b\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"When msg.sender (the address that calls the function) is equal to the owner of the contract, the set number of tokens will be sent to the address specified. In the case of an ICO, a similar mint function could be used, but instead of manually having to specify the amount, msg.value (the amount of ETH sent in the transaction) is used to calculate how many tokens someone gets.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":5,\"end\":15,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":190,\"end\":194,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":273,\"end\":282,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_28\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_28\",\"name\":\"6d67\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Tokens can also be destroyed. This process is called burning and can be done in multiple ways as well, including:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":53,\"end\":60,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_29\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_29\",\"name\":\"233d\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Reducing the actual number of tokens in circulation (thus reducing the totalSupply of the token). Some tokens have a burn function built in to do this.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":71,\"end\":82,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":117,\"end\":121,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_30\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_30\",\"name\":\"495f\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Sending the tokens to an address like 0x0000000000000000000000000000000000000000. While it’s theoretically possible that someone generates the private key for this address, the chance is extremely small (1 in 16⁴⁰). Many tokens prevent sending from and\\u002For to this address, however.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":38,\"end\":80,\"href\":\"https:\\u002F\\u002Fetherscan.io\\u002Faddress\\u002F0x0000000000000000000000000000000000000000\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_31\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_31\",\"name\":\"d5c0\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"If you are a developer looking to build your own token on the Ethereum blockchain, I recommend you check out OpenZeppelin’s ERC-20 or ERC-721 implementations, or 0xjac’s ERC-777 implementation as reference. Even though I try to explain everything about these standards in detail as best as I can, some things in this article may be incorrect, incomplete, or outdated. This article exists purely for educational reasons. You shouldn’t use anything in this article as a reference for your own token implementation.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":109,\"end\":157,\"href\":\"https:\\u002F\\u002Fgithub.com\\u002FOpenZeppelin\\u002Fopenzeppelin-solidity\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":162,\"end\":192,\"href\":\"https:\\u002F\\u002Fgithub.com\\u002F0xjac\\u002FERC777\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":420,\"end\":512,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_32\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_32\",\"name\":\"ca17\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The ERC-20 Standard\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_33\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_33\",\"name\":\"7678\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"When we talk about a token in the context of Ethereum, we usually mean an ERC-20 token. ERC-20 is currently the most used token standard. There are over 100,000 ERC-20-based tokens on the Ethereum network currently, and almost all Ethereum wallets and wallet interfaces support them. Thanks to standards like ERC-20, wallet (interface) developers only need to implement support once, and all the ERC-20-based tokens will work.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_34\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_34\",\"name\":\"28f6\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"To understand what ERC-20 is, it’s important to know what an ERC is first. ERC stands for Ethereum Request for Comment. An ERC starts off as an EIP, Ethereum Improvement Proposal. When an EIP is approved, it will become a new ERC. The ERC-20 standard can be found here.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":264,\"end\":268,\"href\":\"https:\\u002F\\u002Feips.ethereum.org\\u002FEIPS\\u002Feip-20\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_35\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_35\",\"name\":\"709e\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Below you’ll find the ERC-20 interface, a set of functions and events that an ERC-20 smart contract must implement.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":29,\"end\":38,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"MediaResource:de6d19db749d6370f29e5e9c413df358\":{\"__typename\":\"MediaResource\",\"id\":\"de6d19db749d6370f29e5e9c413df358\",\"iframeSrc\":\"\",\"iframeHeight\":0,\"iframeWidth\":0,\"title\":\"ERC-20.sol\"},\"Paragraph:3f9f09fe7ff9_36\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_36\",\"name\":\"1a8d\",\"type\":\"IFRAME\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":null,\"text\":\"The ERC-20 interface written in Solidity.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":{\"__typename\":\"Iframe\",\"mediaResource\":{\"__ref\":\"MediaResource:de6d19db749d6370f29e5e9c413df358\"}},\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_37\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_37\",\"name\":\"ff53\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Wallet interfaces, exchanges, or other dApps (decentralized applications) using tokens can use these functions to provide support for all ERC-20-compliant tokens.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_38\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_38\",\"name\":\"ba6b\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-20 has some optional functions as well, such as to get the name, symbol, and number of decimals the token uses.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_39\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_39\",\"name\":\"1af4\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"function name() public view returns (string)\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":0,\"end\":44,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":8,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":16,\"end\":22,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_40\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_40\",\"name\":\"ab9c\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"function symbol() public view returns (string)\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":0,\"end\":46,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":8,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":18,\"end\":24,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_41\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_41\",\"name\":\"fbcc\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"function decimals() public view returns (uint8)\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":0,\"end\":47,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":8,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":20,\"end\":26,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_42\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_42\",\"name\":\"acb5\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"MyCrypto and other applications like MetaMask and Etherscan use these functions to get the metadata for a token.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":8,\"href\":\"https:\\u002F\\u002Fmycrypto.com\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":37,\"end\":45,\"href\":\"https:\\u002F\\u002Fmetamask.io\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":50,\"end\":59,\"href\":\"https:\\u002F\\u002Fetherscan.io\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_43\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_43\",\"name\":\"d916\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"As explained earlier in this article, ERC-20 transfers are relatively simple. The transfer function is called and the tokens are moved to the receiving address. ERC-20 has two ways to transfer tokens:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_44\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_44\",\"name\":\"3bd2\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"You can use the transfer function to send tokens from your address to another address.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":16,\"end\":24,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_45\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_45\",\"name\":\"2209\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"You can use the transferFrom function to send tokens from a different address to another address when you’re authorized to do so. We’ll get back to that in a bit.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":16,\"end\":28,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_46\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_46\",\"name\":\"423b\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Decimals\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_47\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_47\",\"name\":\"065e\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"In one of the earlier versions of MyCrypto, when you added a token, you had to manually specify the number of decimals the token uses. When you look up a token contract on Etherscan, you’ll see the number of decimals as well:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*GktevQejLO8cbr-iLukM-w.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*GktevQejLO8cbr-iLukM-w.png\",\"originalHeight\":253,\"originalWidth\":576,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_48\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_48\",\"name\":\"7c2b\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*GktevQejLO8cbr-iLukM-w.png\"},\"text\":\"Number of decimals used by the DAI token contract.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":31,\"end\":49,\"href\":\"https:\\u002F\\u002Fetherscan.io\\u002Ftoken\\u002F0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_49\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_49\",\"name\":\"8bcc\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"This number is important because the EVM does not know how to deal with decimal numbers: only full numbers are used. This includes regular transactions and token transactions. Instead, a full number with all the decimal numbers behind it is used. For example, if you have 3.14159 DAI and we assume DAI has 5 decimals (to make it easier), the balance stored in the smart contract is 314159. Multiply this with 10⁻⁵ and you get your actual balance again.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_50\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_50\",\"name\":\"32c3\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"This doesn’t just apply to tokens; Ether is stored in the same way, with the smallest unit being 1 Wei. Since Ether has a maximum of 18 decimals (1 Wei = 0.000000000000000001 ETH), most tokens use this number as well.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_51\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_51\",\"name\":\"5c74\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Approving Transactions and Allowance\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_52\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_52\",\"name\":\"3a7f\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"You may have noticed that when you interact with dApps like Compound or most decentralized exchanges, you have to send a transaction to approve spending a specific token first. When you do this, you allow the contract of the dApp to send tokens on your behalf. Without it, it would be significantly harder or even impossible to interact with ERC-20 tokens for dApps.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":60,\"end\":68,\"href\":\"https:\\u002F\\u002Fmedium.com\\u002Fmycrypto\\u002Flearning-about-supplying-borrowing-with-compound-a2ca4eef7d6c\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":199,\"end\":204,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_53\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_53\",\"name\":\"a2d7\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"This is done by calling the approve method of the token. You specify the address of the spender (the dApp contract) and the value the spender can spend. Most dApps specify the maximum 256-bit number value (2²⁵⁶ -1), basically allowing them to spend an infinite number of tokens on your behalf.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":28,\"end\":35,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_54\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_54\",\"name\":\"3c76\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Most (or all) token implementations use a simple mapping to store the allowance.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_55\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_55\",\"name\":\"53e4\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"mapping (address =\\u003E mapping (address =\\u003E uint256)) private _allowed;\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":7,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":20,\"end\":27,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":50,\"end\":57,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_56\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_56\",\"name\":\"5288\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"You can see this as a list of lists. A similar JSON notation would be:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":47,\"end\":51,\"href\":\"https:\\u002F\\u002Fen.wikipedia.org\\u002Fwiki\\u002FJSON\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_57\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_57\",\"name\":\"a733\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"{\\n \\\"allowed\\\": {\\n \\\"0x4bbeEB066eD09B7AEd07bF39EEe0460DFa261520\\\": {\\n \\\"0x3FDA67f7583380E67ef93072294a7fAc882FD7E7\\\": 100000\\n }\\n }\\n}\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_58\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_58\",\"name\":\"2504\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Here 0x4bbe…1520 allows 0x3FDA…D7E7 (Compound) to spend 100.000 of this specific token. Compound (or any other allowed smart contract) can then use ERC-20’s transferFrom method to transfer tokens from 0x4bbe…1520.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":157,\"end\":169,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_59\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_59\",\"name\":\"0fcd\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ETH as an ERC-20 Token\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_60\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_60\",\"name\":\"b937\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-20 was developed after the creation of Ethereum (obviously), so ETH itself is not ERC-20 compliant. This can make it harder for smart contracts to interact with ETH and tokens at the same time, for example, when trading a token for Ether on a decentralized exchange (DEX). That’s why we have Wrapper Ether (wETH), developed by Radar Relay. WETH is an ERC-20 compliant token, with a value of exactly 1 ETH per token. You can always deposit or withdraw your ETH for wETH and vice-versa. It always maintains a one-to-one peg with ETH.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":296,\"end\":309,\"href\":\"https:\\u002F\\u002Fweth.io\\u002F\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":331,\"end\":342,\"href\":\"https:\\u002F\\u002Fradarrelay.com\\u002F\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_61\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_61\",\"name\":\"5f34\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"To wrap your ETH, you can simply send it to the contract address, and to withdraw it, you can call the withdraw method of the contract. Usually, dApps have a way to wrap and unwrap your ETH built in to the interface to make it easier.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":103,\"end\":111,\"href\":\"\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":48,\"end\":64,\"href\":\"https:\\u002F\\u002Fetherscan.io\\u002Faddress\\u002F0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_62\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_62\",\"name\":\"446c\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The Problems of ERC-20\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_63\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_63\",\"name\":\"7c63\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"While ERC-20 has helped the adoption of Ethereum and Ethereum-based tokens massively, it does have some problems.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_64\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_64\",\"name\":\"81cb\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"First off, it’s possible to send tokens to a contract that doesn’t support tokens. Since sending tokens involves sending a call to the token contract, most (non-token) contracts are not made to send or receive tokens, meaning that the tokens simply get stuck in the contract forever. Currently, there’s about 28,000 DAI in the DAI token contract that cannot be moved.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":295,\"end\":345,\"href\":\"https:\\u002F\\u002Fetherscan.io\\u002Ftoken\\u002F0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359?a=0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_65\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_65\",\"name\":\"74b0\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Secondly, contracts are not notified of a token transaction when using transfer. Since the balance is updated in a contract internally, there’s no way for a third-party contract to tell if a transaction happened. There is a workaround for this, but it involves using approve to authorize the third-party contract and using transferFrom in that contract. This means you need to send two transactions for a single token transfer.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":71,\"end\":79,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":267,\"end\":274,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":323,\"end\":335,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_66\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_66\",\"name\":\"4ba8\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Lastly, there is an issue where an authorized address could potentially transfer tokens from the owner’s address twice, as described here. This is caused by a possible race condition, where the authorized address could transfer tokens just before the owner changes the allowance.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":133,\"end\":137,\"href\":\"https:\\u002F\\u002Fdocs.google.com\\u002Fdocument\\u002Fd\\u002F1YLPtQxZu1UAvO9cZ1O2RPXBbT0mooh4DYKjA_jp-RLM\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":235,\"end\":239,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*MCNS2w6TNrQ5I3_UKpUvvA.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*MCNS2w6TNrQ5I3_UKpUvvA.png\",\"originalHeight\":242,\"originalWidth\":561,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_67\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_67\",\"name\":\"95a2\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*MCNS2w6TNrQ5I3_UKpUvvA.png\"},\"text\":\"A race condition could allow address B to transfer more tokens.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_68\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_68\",\"name\":\"ab40\",\"type\":\"OLI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Address A authorized address B to spend 100 tokens.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_69\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_69\",\"name\":\"80fd\",\"type\":\"OLI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Address B sends 50 tokens from address A to another address.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_70\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_70\",\"name\":\"3bee\",\"type\":\"OLI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Address A decides to lower the maximum limit for Address B to 25.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_71\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_71\",\"name\":\"b2b4\",\"type\":\"OLI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Address B notices this, and tries to send a transaction to spend 50 tokens (1). If this transaction is completed before the transaction of Address A, Address B can spend another 25 tokens (2) for a total of 125.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_72\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_72\",\"name\":\"ef64\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"You could say that this isn’t really a problem with ERC-20 since most dApps ask you to authorize spending an infinite number of tokens anyway, but it’s still something to be aware of.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_73\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_73\",\"name\":\"3389\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"There are some other token standards like ERC-223 and ERC-777 that try to solve these problems. We’ll go into detail about these standards later in this article.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_74\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_74\",\"name\":\"be54\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Non-Fungible Tokens a.k.a. ERC-721\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*nGWAEUYANsSGDYZ1GTtxSg.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*nGWAEUYANsSGDYZ1GTtxSg.png\",\"originalHeight\":2251,\"originalWidth\":4000,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_75\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_75\",\"name\":\"32c8\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*nGWAEUYANsSGDYZ1GTtxSg.png\"},\"text\":\"Source: CryptoKitties\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":8,\"end\":21,\"href\":\"https:\\u002F\\u002Fwww.cryptokitties.co\\u002F\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_76\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_76\",\"name\":\"6160\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Another common standard is ERC-721, a token standard for Non-Fungible Tokens (NFTs), most commonly known for collectibles like CryptoKitties. It’s not a replacement for ERC-20, but more of an addition. The difference between ERC-20 and ERC-721 is that ERC-721 tokens are unique, or as the name suggests, non-fungible. They can’t be copied or replaced with another ERC-721 token.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":27,\"end\":34,\"href\":\"https:\\u002F\\u002Fgithub.com\\u002Fethereum\\u002FEIPs\\u002Fblob\\u002Fmaster\\u002FEIPS\\u002Feip-721.md\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":127,\"end\":140,\"href\":\"https:\\u002F\\u002Fwww.cryptokitties.co\\u002F\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":304,\"end\":316,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_77\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_77\",\"name\":\"bf71\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Lets continue to use CryptoKitties as an example. Each CryptoKitty is a unique token and has its own properties, like type, color, traits, etc. Since these properties are different for each CryptoKitty, you cannot replace one for another. One DAI token, on the other hand, can be replaced with another DAI token since they are all the same.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":21,\"end\":34,\"href\":\"https:\\u002F\\u002Fwww.cryptokitties.co\\u002F\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_78\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_78\",\"name\":\"e3c3\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Gaming and collectibles are just a few applications of ERC-721 tokens, but they can be used for many things, including ownership of physical objects that are “unique.” Here are some examples:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_79\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_79\",\"name\":\"352a\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Licensing\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_80\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_80\",\"name\":\"fe4f\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"(Digital) art\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_81\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_81\",\"name\":\"3710\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Real estate\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_82\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_82\",\"name\":\"acd8\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The ERC-721 standard defines multiple interfaces, but below you’ll find the main ERC-721 interface.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"MediaResource:c43d49894f1f6dfe6edf49f117b90f9f\":{\"__typename\":\"MediaResource\",\"id\":\"c43d49894f1f6dfe6edf49f117b90f9f\",\"iframeSrc\":\"\",\"iframeHeight\":0,\"iframeWidth\":0,\"title\":\"ERC-721.sol\"},\"Paragraph:3f9f09fe7ff9_83\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_83\",\"name\":\"8751\",\"type\":\"IFRAME\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":null,\"text\":\"\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":{\"__typename\":\"Iframe\",\"mediaResource\":{\"__ref\":\"MediaResource:c43d49894f1f6dfe6edf49f117b90f9f\"}},\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_84\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_84\",\"name\":\"d774\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"At first glance, ERC-721 may appear similar to ERC-20. One of the big differences is the use of thetokenId parameter. Since each NFT is unique, each has its own token identifier, used to represent an individual token.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":99,\"end\":106,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_85\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_85\",\"name\":\"b406\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Note: “NFT” and “ERC-721 token” are used interchangeably here.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":0,\"end\":62,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_86\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_86\",\"name\":\"050b\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Another big difference is safeTransferFrom, which is a safety measure of the ERC-721 standard, more specifically, the ERC721TokenReceiver interface. It checks if the target address is a smart contract and will try to call the onERC721Received function if that’s the case. This function (if it exists) must return 0xf0b9e5ba, which is equal to bytes4(keccak256(\\\"onERC721Received(address,uint256,bytes)\\\")). If it doesn’t return this exact value or if the function does not exist, the contract will throw an error and the transaction will be reverted. This prevents anyone from accidentally sending their NFTs to a smart contract that doesn’t support them. The transferFrom function won’t check if the target address is capable of receiving ERC-721 tokens and should not be used unless the caller (the smart contract calling the function or person sending the transaction) explicitly checks this before transferring.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":26,\"end\":42,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":118,\"end\":137,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":226,\"end\":242,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":313,\"end\":323,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":343,\"end\":403,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":658,\"end\":670,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":787,\"end\":794,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_87\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_87\",\"name\":\"3113\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-721 contracts must also implement ERC-165, a standard used to detect what interfaces a smart contract implements. Each interface\\u002Fstandard has an identifier and the supportsInterface function can be queried to see if the contract implements that specific interface ID. We won’t go into much detail on ERC-165 in this article, but if you’re interested and want to learn more about it, I suggest you check it out here.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":168,\"end\":185,\"href\":\"\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":38,\"end\":45,\"href\":\"https:\\u002F\\u002Fgithub.com\\u002Fethereum\\u002FEIPs\\u002Fblob\\u002Fmaster\\u002FEIPS\\u002Feip-165.md\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":414,\"end\":418,\"href\":\"https:\\u002F\\u002Fgithub.com\\u002Fethereum\\u002FEIPs\\u002Fblob\\u002Fmaster\\u002FEIPS\\u002Feip-165.md\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_88\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_88\",\"name\":\"ac3e\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-721 contracts also have the approve function just like ERC-20. It can be used to approve transferring a single token (specified by the token ID). That’s why there’s also the setApprovalForAll function, which would allow the operator to send all tokens owned by the address.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":32,\"end\":39,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":178,\"end\":195,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":228,\"end\":236,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_89\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_89\",\"name\":\"7e6e\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"How NFTs Are Stored Internally\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_90\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_90\",\"name\":\"32ed\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"This explanation is based on the ERC-721 implementation by OpenZeppelin, found here.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":79,\"end\":83,\"href\":\"https:\\u002F\\u002Fgithub.com\\u002FOpenZeppelin\\u002Fopenzeppelin-solidity\\u002Fblob\\u002Fmaster\\u002Fcontracts\\u002Ftoken\\u002FERC721\\u002FERC721.sol\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":0,\"end\":84,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_91\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_91\",\"name\":\"0826\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"In a simple ERC-20 contract, tokens are stored in a mapping, with the address and the balance. Since every individual NFT has it’s own properties, storing NFTs in a smart contract is not as simple as keeping a list of the number of NFTs per address. As mentioned above, each NFT has it’s own token ID, so a smart contract needs to keep track of all the token IDs and their respective owners.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*PNXjL-HwGiI3uDh_roZQgw.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*PNXjL-HwGiI3uDh_roZQgw.png\",\"originalHeight\":261,\"originalWidth\":201,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_92\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_92\",\"name\":\"7f1c\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*PNXjL-HwGiI3uDh_roZQgw.png\"},\"text\":\"An example of how NFTs are stored in a smart contract.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_93\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_93\",\"name\":\"7466\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The easiest way to accomplish this is to use a mapping, which maps the token ID to the address of the owner.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_94\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_94\",\"name\":\"aba8\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"mapping (uint256 =\\u003E address) private _tokenOwner;\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":7,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":29,\"end\":36,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_95\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_95\",\"name\":\"cb2e\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Since the ERC-721 standard has a function to get the number of NFTs for an address (balanceOf), a second mapping can be used to keep track of that.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":84,\"end\":93,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_96\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_96\",\"name\":\"d2bf\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"mapping (address =\\u003E uint256) private _ownedTokensCount;\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":7,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":29,\"end\":36,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_97\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_97\",\"name\":\"15ed\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Alternatively, the contract could go over all the token IDs in the first mapping and check if the address is the address being queried. The problem with this is that loading an item from a mapping consumes gas. Even though this mapping is primarily used for querying (which doesn’t consume gas), it’s still not possible to go over the block gas limit when querying a smart contract.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_98\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_98\",\"name\":\"cfd1\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Transferring a token works by calling safeTransferFrom (or transferFrom), after which both mappings are updated.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":38,\"end\":54,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":59,\"end\":71,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*TfPXIxeFKk6CeLKAncPc0g.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*TfPXIxeFKk6CeLKAncPc0g.png\",\"originalHeight\":312,\"originalWidth\":681,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_99\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_99\",\"name\":\"3cde\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*TfPXIxeFKk6CeLKAncPc0g.png\"},\"text\":\"An example NFT token transfer.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_100\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_100\",\"name\":\"cdaa\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The token with ID 1 is transferred to the address 0xabcd…1234, so this address now owns 2 tokens.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_101\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_101\",\"name\":\"1024\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Creating NFTs and Storing Token Metadata\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_102\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_102\",\"name\":\"5201\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"When an ERC-20 token is being minted, we can simply increase the total supply and add the tokens to an address. For ERC-721 tokens, however, we need to keep track of the token metadata somehow. In the case of CryptoKitties, that includes things like the breed, colour, etc.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_103\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_103\",\"name\":\"bd47\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Storing data on the blockchain is expensive. If you read my previous article on transaction input data, you may know that every non-zero byte of data consumes 68 units of gas, just to send it to the blockchain without storing it. That means sending a file of 100 kB (e.g. a small image) to the blockchain, costs about 6,800,000 units of gas. Assuming a gas price of 5 Gwei, that would cost you about 0.034 Ether, or about $5.78 at the time of writing, for one image, and again, that’s without even storing the image on the blockchain. That’s why developers often look at alternatives for storing data in a secure, decentralized way instead.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":57,\"end\":102,\"href\":\"https:\\u002F\\u002Fmedium.com\\u002Fmycrypto\\u002Fwhy-do-we-need-transaction-data-39c922930e92\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":452,\"end\":465,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":176,\"end\":230,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_104\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_104\",\"name\":\"9e5c\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-721 does define a method for storing token metadata, but this method is not a requirement. Developers are free to implement their own mechanisms. It uses URIs (Uniform Resource Identifiers) which reference a JSON file, which conforms to the “ERC-721 Metadata JSON Schema”.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":158,\"end\":162,\"href\":\"https:\\u002F\\u002Fen.wikipedia.org\\u002Fwiki\\u002FUniform_Resource_Identifier\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"MediaResource:b726553590bcc352356941e1a6d4bc12\":{\"__typename\":\"MediaResource\",\"id\":\"b726553590bcc352356941e1a6d4bc12\",\"iframeSrc\":\"\",\"iframeHeight\":0,\"iframeWidth\":0,\"title\":\"ERC-721-Metadata-Schema.json\"},\"Paragraph:3f9f09fe7ff9_105\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_105\",\"name\":\"3661\",\"type\":\"IFRAME\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":null,\"text\":\"The ERC-721 Metadata JSON Schema.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":{\"__typename\":\"Iframe\",\"mediaResource\":{\"__ref\":\"MediaResource:b726553590bcc352356941e1a6d4bc12\"}},\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_106\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_106\",\"name\":\"a8a5\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"As you may see, this schema is not very flexible. Some token developers choose to use IPFS (InterPlanetary File System), a decentralized protocol to share files. Then the IPFS hash can be stored in the token metadata.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":86,\"end\":90,\"href\":\"https:\\u002F\\u002Fipfs.io\\u002F\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":176,\"end\":180,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_107\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_107\",\"name\":\"e1e9\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"When the mint function is called (e.g. when a new CryptoKittie is born), the URI or IPFS hash of the file with the metadata is specified and saved in the contract.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":9,\"end\":13,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_108\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_108\",\"name\":\"88ba\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Other Token Standards (ERC-223, ERC-777)\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_109\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_109\",\"name\":\"6a4a\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-223 and ERC-777 are alternative token standards, based on ERC-20. ERC-223 is not finalized yet, but ERC-777 was finalized on May 6th, 2019. It’s not as popular yet as ERC-20, but my expectation is that it will eventually become more popular than ERC-20. If you’re a developer working on a new token, definitely check out ERC-777.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_110\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_110\",\"name\":\"5b82\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-223 and ERC-777 both aim to solve the same problems of the ERC-20 standard, but they use different approaches. In this article, we’ll go into further detail of the ERC-777 standard.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_111\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_111\",\"name\":\"3a25\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"What is ERC-777?\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_112\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_112\",\"name\":\"002a\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-777 is a relatively new token standard, developed by Jacques Dafflon and Jordi Baylina (Giveth), and is similar to ERC-20. In fact, an ERC-777 contract can be compatible with ERC-20, meaning that it can implement all the functions specified by ERC-20. This allows compatibility with existing wallets and other applications, but those applications are not able to use all the new features of ERC-777. A pure ERC-777 token contract isn’t compatible with ERC-20, but the standard does describe how to make a contract compatible.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":57,\"end\":72,\"href\":\"https:\\u002F\\u002Ftwitter.com\\u002F0xjac\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":77,\"end\":90,\"href\":\"https:\\u002F\\u002Ftwitter.com\\u002Fjbaylina\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":92,\"end\":98,\"href\":\"https:\\u002F\\u002Fgiveth.io\\u002F\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":156,\"end\":159,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":163,\"end\":173,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":406,\"end\":411,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_113\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_113\",\"name\":\"8c61\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Just like ERC-721, ERC-777 defines a set of interfaces, below you’ll find the main token interface.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"MediaResource:35ca14d53691d1efaf8054315861cb60\":{\"__typename\":\"MediaResource\",\"id\":\"35ca14d53691d1efaf8054315861cb60\",\"iframeSrc\":\"\",\"iframeHeight\":0,\"iframeWidth\":0,\"title\":\"ERC-777.sol\"},\"Paragraph:3f9f09fe7ff9_114\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_114\",\"name\":\"e150\",\"type\":\"IFRAME\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":null,\"text\":\"\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":{\"__typename\":\"Iframe\",\"mediaResource\":{\"__ref\":\"MediaResource:35ca14d53691d1efaf8054315861cb60\"}},\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_115\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_115\",\"name\":\"cfd8\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Here you’ll see some similar functions as in the ERC-20 standard again. The big differences between ERC-20 and ERC-777 are operators and hooks, which I’ll explain in the next two sections.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_116\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_116\",\"name\":\"a445\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Operators\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_117\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_117\",\"name\":\"4dfc\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Operators are ERC-777’s replacement for ERC-20’s allowance. Instead of allowing an address to send a specific number of tokens, you can authorize and revoke operators, which can send tokens on your behalf.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_118\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_118\",\"name\":\"6ace\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-777 defines two types of operators:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_119\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_119\",\"name\":\"a0db\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Default operators\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_120\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_120\",\"name\":\"5be2\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Address-specific operators\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_121\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_121\",\"name\":\"7e1d\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Default operators are authorized to send transactions, burn tokens, etc. for all addresses, while address-specific operators have to be authorized on a per-address level, as the name suggests. This is done by calling the authorizeOperator function with the operator’s address.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":221,\"end\":238,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_122\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_122\",\"name\":\"e30b\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"This can be used by dApps like decentralized exchanges (DEX) to allow tokens to be traded. The DEX contract would be the operator for the user’s address. Internally, operators can be stored with a mapping in a mapping (or a list in a list) again:\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_123\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_123\",\"name\":\"d415\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"mapping(address =\\u003E mapping(address =\\u003E bool)) internal _authorizedOperator;\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":7,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":19,\"end\":26,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":45,\"end\":53,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_124\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_124\",\"name\":\"95a5\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"This way the values in the mapping can be queried efficiently, without consuming too much gas.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_125\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_125\",\"name\":\"0c54\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-777 has the operatorSend function as a replacement for ERC-20’s transferFrom function. Just like transferFrom, it checks if the msg.sender (the caller of the function) is an operator for the from address and will simply revert if that’s not the case.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":16,\"end\":28,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":68,\"end\":80,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":101,\"end\":113,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":132,\"end\":142,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":195,\"end\":199,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_126\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_126\",\"name\":\"ff45\",\"type\":\"H4\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-1820 and hooks\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":13,\"end\":18,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_127\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_127\",\"name\":\"7d97\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-1820 is the standard for a Pseudo-introspection Registry Contract.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":8,\"href\":\"https:\\u002F\\u002Feips.ethereum.org\\u002FEIPS\\u002Feip-1820\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_128\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_128\",\"name\":\"38f1\",\"type\":\"BQ\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"This standard defines a universal registry smart contract where any address (contract or regular account) can register which interface it supports and which smart contract is responsible for its implementation.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_129\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_129\",\"name\":\"721a\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"This allows for ERC-777 contracts to use hooks. Hooks can be used by other smart contracts and regular addresses to run a function before sending and\\u002For receiving tokens. ERC-777 contracts can call the getInterfaceImplementer function of the public ERC-1820 registry (0x1820a4B7618BdE71Dce8cdc73aAB6C95905faD24) with the address of the receiver and the hash of the specific interface to get the implementation of a specific hook.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":202,\"end\":225,\"href\":\"\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":268,\"end\":310,\"href\":\"https:\\u002F\\u002Fetherscan.io\\u002Faddress\\u002F0x1820a4b7618bde71dce8cdc73aab6c95905fad24\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"EM\",\"start\":41,\"end\":46,\"href\":\"\",\"anchorType\":\"LINK\",\"userId\":\"\",\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_130\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_130\",\"name\":\"752d\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"function getInterfaceImplementer(address _addr, bytes32 _interfaceHash) external view returns (address);\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":8,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":72,\"end\":80,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":81,\"end\":85,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":86,\"end\":93,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_131\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_131\",\"name\":\"638d\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-777 defines two hooks: tokensToSend and tokensReceived. The first hook is called when sending tokens and the second one is called when receiving tokens.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":27,\"end\":39,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":44,\"end\":58,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"MediaResource:6edd6ee19a02dfa99ef040736aed18ba\":{\"__typename\":\"MediaResource\",\"id\":\"6edd6ee19a02dfa99ef040736aed18ba\",\"iframeSrc\":\"\",\"iframeHeight\":0,\"iframeWidth\":0,\"title\":\"ERC-777-TokensSender.sol\"},\"Paragraph:3f9f09fe7ff9_132\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_132\",\"name\":\"6a71\",\"type\":\"IFRAME\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":null,\"text\":\"The ERC777TokensSender interface.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":22,\"end\":33,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":{\"__typename\":\"Iframe\",\"mediaResource\":{\"__ref\":\"MediaResource:6edd6ee19a02dfa99ef040736aed18ba\"}},\"mixtapeMetadata\":null},\"MediaResource:c239d13000fbfaa73f14cb58a75a2c34\":{\"__typename\":\"MediaResource\",\"id\":\"c239d13000fbfaa73f14cb58a75a2c34\",\"iframeSrc\":\"\",\"iframeHeight\":0,\"iframeWidth\":0,\"title\":\"ERC-777-TokenRecipient.sol\"},\"Paragraph:3f9f09fe7ff9_133\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_133\",\"name\":\"d7ba\",\"type\":\"IFRAME\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":null,\"text\":\"The ERC777TokensRecipient interface.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":25,\"end\":36,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":{\"__typename\":\"Iframe\",\"mediaResource\":{\"__ref\":\"MediaResource:c239d13000fbfaa73f14cb58a75a2c34\"}},\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_134\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_134\",\"name\":\"84f7\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"If the receiver address does have an implementation (smart contract) for the interfaces, the ERC-777 contract will run the function. If the function throws an error, the transaction is reverted.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_135\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_135\",\"name\":\"78b3\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"As mentioned, even regular addresses (not smart contracts) can set an implementation for this interface. Since regular addresses cannot have any code themselves, they can use a separate smart contract as their implementation. This works by calling the setInterfaceImplementer function of the ERC-1820 registry.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":252,\"end\":275,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_136\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_136\",\"name\":\"0c59\",\"type\":\"PRE\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"function setInterfaceImplementer(address _addr, bytes32 _interfaceHash, address _implementer) external;\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":0,\"end\":103,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":0,\"end\":8,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"STRONG\",\"start\":94,\"end\":102,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_137\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_137\",\"name\":\"63fb\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The flow for a ERC-777 transaction is quite complicated, so here’s an image to make it a bit more clear.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"ImageMetadata:1*gfZRYs8aRjhSGz9fzT6Psg.png\":{\"__typename\":\"ImageMetadata\",\"id\":\"1*gfZRYs8aRjhSGz9fzT6Psg.png\",\"originalHeight\":222,\"originalWidth\":561,\"focusPercentX\":null,\"focusPercentY\":null,\"alt\":null},\"Paragraph:3f9f09fe7ff9_138\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_138\",\"name\":\"1a8c\",\"type\":\"IMG\",\"href\":null,\"layout\":\"INSET_CENTER\",\"metadata\":{\"__ref\":\"ImageMetadata:1*gfZRYs8aRjhSGz9fzT6Psg.png\"},\"text\":\"Hooks in ERC-777. Based on the diagram by Ankur Daharwal.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":42,\"end\":56,\"href\":\"https:\\u002F\\u002Fmedium.com\\u002F@ankur.daharwal\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_139\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_139\",\"name\":\"4a05\",\"type\":\"OLI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The sender calls send(to, amount, data) with the receiver’s address, amount, and (optional) data.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":17,\"end\":39,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_140\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_140\",\"name\":\"49b1\",\"type\":\"OLI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The token contract calls getInterfaceImplementer(address, interfaceHash), with the address of the sender and the interface hash of ERC777TokensSender.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":25,\"end\":72,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":131,\"end\":149,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_141\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_141\",\"name\":\"d954\",\"type\":\"OLI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"If an implementation is specified, the token contract calls tokensToSend(operator, from, to, amount, userData, operatorData) on the implementing contract.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":60,\"end\":124,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_142\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_142\",\"name\":\"5d4d\",\"type\":\"OLI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The token contract calls getInterfaceImplementer(address, interfaceHash) again, with the address of the receiver and the interface hash of ERC777TokensRecipient.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":25,\"end\":72,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":139,\"end\":160,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_143\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_143\",\"name\":\"cf0c\",\"type\":\"OLI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"If an implementation is specified, the token contract calls tokensReceived(operator, from, to, amount, data, operatorData) on the implementing contract.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":60,\"end\":122,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_144\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_144\",\"name\":\"ebfd\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"For simplicity’s sake, in the diagram we assume that the sender and receiver is a contract that implements the hook function. If the sender or receiver doesn’t implement the hook itself, and they do have an implementation for their specific hook, a call to the implementing smart contract is made instead.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_145\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_145\",\"name\":\"d451\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The tokensReceived hook is also used to prevent accidentally sending tokens to a non-supported smart contract. Per specification of ERC-777, if the recipient is a contract, it must implement the ERC777TokensRecipient interface. Transactions to smart contracts that don’t implement this interface and aren’t registered in the ERC-1820 registry are simply reverted.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":4,\"end\":18,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"CODE\",\"start\":195,\"end\":216,\"href\":null,\"anchorType\":null,\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_146\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_146\",\"name\":\"e6b5\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The Future of Tokens\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_147\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_147\",\"name\":\"3ef4\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Right now, ERC-20 is by far the most popular token standard. ERC-223 is relatively old compared to ERC-777, and although the latter has some improved features over ERC-223, it was only recently finalized and hasn’t gained much popularity yet. Since ERC-777 token contracts can be compatible with ERC-20, my expectation is that it will eventually become the standard for most (fungible) tokens.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_148\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_148\",\"name\":\"880b\",\"type\":\"P\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-721 is in a similar situation as ERC-20. While it’s growing in popularity, there are some alternative ERCs that try to improve or replace ERC-721, like ERC-875 and ERC-998. These ERCs are still a proposal and only time will tell if (one of) these ERCs will replace ERC-721.\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":156,\"end\":163,\"href\":\"https:\\u002F\\u002Feips.ethereum.org\\u002FEIPS\\u002Feip-875\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null},{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":168,\"end\":175,\"href\":\"https:\\u002F\\u002Feips.ethereum.org\\u002FEIPS\\u002Feip-998\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_149\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_149\",\"name\":\"e147\",\"type\":\"H3\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"More information & references used in this article\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_150\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_150\",\"name\":\"42c6\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"The Ethereum Virtual Machine — How does it work?\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":48,\"href\":\"https:\\u002F\\u002Fmedium.com\\u002Fmycrypto\\u002Fthe-ethereum-virtual-machine-how-does-it-work-9abac2b7c9e\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_151\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_151\",\"name\":\"3ffd\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"What is gas?\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":12,\"href\":\"https:\\u002F\\u002Fsupport.mycrypto.com\\u002Fgeneral-knowledge\\u002Fethereum-blockchain\\u002Fwhat-is-gas\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_152\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_152\",\"name\":\"5253\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"Why Do We Need Transaction Data?\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":32,\"href\":\"https:\\u002F\\u002Fmedium.com\\u002Fmycrypto\\u002Fwhy-do-we-need-transaction-data-39c922930e92\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_153\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_153\",\"name\":\"e556\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-20 Token Standard\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":21,\"href\":\"https:\\u002F\\u002Feips.ethereum.org\\u002FEIPS\\u002Feip-20\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_154\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_154\",\"name\":\"36e5\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-223 Token Standard\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":22,\"href\":\"https:\\u002F\\u002Fgithub.com\\u002Fethereum\\u002FEIPs\\u002Fissues\\u002F223\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_155\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_155\",\"name\":\"821b\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-721 Non-Fungible Token Standard\",\"hasDropCap\":null,\"dropCapImage\":null,\"markups\":[{\"__typename\":\"Markup\",\"type\":\"A\",\"start\":0,\"end\":35,\"href\":\"https:\\u002F\\u002Feips.ethereum.org\\u002FEIPS\\u002Feip-721\",\"anchorType\":\"LINK\",\"userId\":null,\"linkMetadata\":null}],\"codeBlockMetadata\":null,\"iframe\":null,\"mixtapeMetadata\":null},\"Paragraph:3f9f09fe7ff9_156\":{\"__typename\":\"Paragraph\",\"id\":\"3f9f09fe7ff9_156\",\"name\":\"7527\",\"type\":\"ULI\",\"href\":null,\"layout\":null,\"metadata\":null,\"text\":\"ERC-777 Token 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Technology Behind Ethereum TokensUser experience in the Ethereum ecosystem is becoming better and better. Most of the time when interacting with a token, you don’t even notice any difference, even though the technology behind Ethereum tokens is very different from Ether itself.But what are tokens and how do they work?In this article, you’ll find a comprehensive, technical comparison of common token standards like ERC-20 and ERC-721, but also some of the lesser-known standards like ERC-777.Ethereum and some of the tokens available on the Ethereum network.What is a token?A token is a digital asset that exists on a blockchain but is not the main cryptocurrency of that blockchain.Tokens work similarly to Ether — you can store them in your wallet, send them to other addresses, etc. — but the difference is that a token doesn’t have its own blockchain. Tokens make use of existing blockchains and are usually developed for a specific application. Coins like Ether and Bitcoin, on the other hand, can be used for a wide range of applications.We can distinguish between two types of tokens:Security tokens: tokens that represent a level of investment in a project. When you invest in a security token, you expect to make a profit out of it.Utility tokens: tokens that are used to interact with a product or service.A good example of a utility token is Golem. Golem lets you share unused computing power in exchange for Golem Network Tokens (GNT).Tokens Under the HoodSince tokens don’t have their own blockchains, they make use of smart contracts under the hood. Smart contracts allow you to execute any arbitrary code on the Ethereum Virtual Machine (EVM). If you’re interested in learning more about smart contracts and the EVM, check out this article:The Ethereum Virtual Machine — How does it work?Diving into Ethereum’s decentralized ecosystem for building.medium.comEvery token available on the Ethereum blockchain has its own smart contract. Each smart contract keeps track of the token owners for that specific token. Since the EVM itself doesn’t know what tokens are, token transactions have a value of 0 ETH. Instead, the destination address and amount of tokens are specified in the input data, which you can read more about here. The transaction itself is sent to the token contract.An example ERC-20 token (DAI) transaction.Notice how the destination address is the DAI contract, but the tokens were actually transferred to 0x66aa…1621. The actual address the tokens were sent to was specified in the transaction input data. The transfer function for the contract was called, specifying the target address and the number of tokens to send. The balance for each address is stored in the contract itself and updated when a function like transfer is called, and the contract state is updated and stored in the next block.Let’s imagine the first address (A) has a balance of 25 tokens and the second address (B) doesn’t have any tokens yet. The owner of address A wants to send all his tokens to address B, which he does by sending a transaction to the contract with transfer(address B, 25) as input data.An example token transaction.The transaction is included in the next block (7593651). Address A now has a balance of 0 DAI and address B, which was previously not present in the contract, now has a balance of 25 DAI. The new contract state is stored in the block and you can query the contract directly to get the balance for an address. Etherscan has a nice feature for this, called “Read Contract.”Querying for token balance using Etherscan’s “Read Contract” featureThe response is the number of tokens including its decimals. To get the actual balance, you can multiply this number by 10⁻ⁿ where n is the number of decimals used by the token: 1000000000000000036 x 10⁻¹⁸ ≈ 1 DAI. Most tokens use 18 decimals. We’ll go into detail about tokens and decimals later in this article.How are tokens created?Token creation, also called minting, is done by deploying a new smart contract to the Ethereum blockchain. Tokens can be distributed in multiple ways, but a common method is to do a token sale, also known as an Initial Coin Offering (ICO). Basically, it’s crowdfunding for coins or tokens.Some contracts have a mint function that allows the owner of the contract to create new tokens. Here’s a very simple implementation:function mint(address _to, uint256 _amount) public { require(msg.sender == owner); balances[_to] += amount; supply += amount; emit Transfer(address(0), _to, _amount);}When msg.sender (the address that calls the function) is equal to the owner of the contract, the set number of tokens will be sent to the address specified. In the case of an ICO, a similar mint function could be used, but instead of manually having to specify the amount, msg.value (the amount of ETH sent in the transaction) is used to calculate how many tokens someone gets.Tokens can also be destroyed. This process is called burning and can be done in multiple ways as well, including:Reducing the actual number of tokens in circulation (thus reducing the totalSupply of the token). Some tokens have a burn function built in to do this.Sending the tokens to an address like 0x0000000000000000000000000000000000000000. While it’s theoretically possible that someone generates the private key for this address, the chance is extremely small (1 in 16⁴⁰). Many tokens prevent sending from and/or to this address, however.If you are a developer looking to build your own token on the Ethereum blockchain, I recommend you check out OpenZeppelin’s ERC-20 or ERC-721 implementations, or 0xjac’s ERC-777 implementation as reference. Even though I try to explain everything about these standards in detail as best as I can, some things in this article may be incorrect, incomplete, or outdated. This article exists purely for educational reasons. You shouldn’t use anything in this article as a reference for your own token implementation.The ERC-20 StandardWhen we talk about a token in the context of Ethereum, we usually mean an ERC-20 token. ERC-20 is currently the most used token standard. There are over 100,000 ERC-20-based tokens on the Ethereum network currently, and almost all Ethereum wallets and wallet interfaces support them. Thanks to standards like ERC-20, wallet (interface) developers only need to implement support once, and all the ERC-20-based tokens will work.To understand what ERC-20 is, it’s important to know what an ERC is first. ERC stands for Ethereum Request for Comment. An ERC starts off as an EIP, Ethereum Improvement Proposal. When an EIP is approved, it will become a new ERC. The ERC-20 standard can be found here.Below you’ll find the ERC-20 interface, a set of functions and events that an ERC-20 smart contract must implement.The ERC-20 interface written in Solidity.Wallet interfaces, exchanges, or other dApps (decentralized applications) using tokens can use these functions to provide support for all ERC-20-compliant tokens.ERC-20 has some optional functions as well, such as to get the name, symbol, and number of decimals the token uses.function name() public view returns (string)function symbol() public view returns (string)function decimals() public view returns (uint8)MyCrypto and other applications like MetaMask and Etherscan use these functions to get the metadata for a token.As explained earlier in this article, ERC-20 transfers are relatively simple. The transfer function is called and the tokens are moved to the receiving address. ERC-20 has two ways to transfer tokens:You can use the transfer function to send tokens from your address to another address.You can use the transferFrom function to send tokens from a different address to another address when you’re authorized to do so. We’ll get back to that in a bit.DecimalsIn one of the earlier versions of MyCrypto, when you added a token, you had to manually specify the number of decimals the token uses. When you look up a token contract on Etherscan, you’ll see the number of decimals as well:Number of decimals used by the DAI token contract.This number is important because the EVM does not know how to deal with decimal numbers: only full numbers are used. This includes regular transactions and token transactions. Instead, a full number with all the decimal numbers behind it is used. For example, if you have 3.14159 DAI and we assume DAI has 5 decimals (to make it easier), the balance stored in the smart contract is 314159. Multiply this with 10⁻⁵ and you get your actual balance again.This doesn’t just apply to tokens; Ether is stored in the same way, with the smallest unit being 1 Wei. Since Ether has a maximum of 18 decimals (1 Wei = 0.000000000000000001 ETH), most tokens use this number as well.Approving Transactions and AllowanceYou may have noticed that when you interact with dApps like Compound or most decentralized exchanges, you have to send a transaction to approve spending a specific token first. When you do this, you allow the contract of the dApp to send tokens on your behalf. Without it, it would be significantly harder or even impossible to interact with ERC-20 tokens for dApps.This is done by calling the approve method of the token. You specify the address of the spender (the dApp contract) and the value the spender can spend. Most dApps specify the maximum 256-bit number value (2²⁵⁶ -1), basically allowing them to spend an infinite number of tokens on your behalf.Most (or all) token implementations use a simple mapping to store the allowance.mapping (address => mapping (address => uint256)) private _allowed;You can see this as a list of lists. A similar JSON notation would be:{ \"allowed\": { \"0x4bbeEB066eD09B7AEd07bF39EEe0460DFa261520\": { \"0x3FDA67f7583380E67ef93072294a7fAc882FD7E7\": 100000 } }}Here 0x4bbe…1520 allows 0x3FDA…D7E7 (Compound) to spend 100.000 of this specific token. Compound (or any other allowed smart contract) can then use ERC-20’s transferFrom method to transfer tokens from 0x4bbe…1520.ETH as an ERC-20 TokenERC-20 was developed after the creation of Ethereum (obviously), so ETH itself is not ERC-20 compliant. This can make it harder for smart contracts to interact with ETH and tokens at the same time, for example, when trading a token for Ether on a decentralized exchange (DEX). That’s why we have Wrapper Ether (wETH), developed by Radar Relay. WETH is an ERC-20 compliant token, with a value of exactly 1 ETH per token. You can always deposit or withdraw your ETH for wETH and vice-versa. It always maintains a one-to-one peg with ETH.To wrap your ETH, you can simply send it to the contract address, and to withdraw it, you can call the withdraw method of the contract. Usually, dApps have a way to wrap and unwrap your ETH built in to the interface to make it easier.The Problems of ERC-20While ERC-20 has helped the adoption of Ethereum and Ethereum-based tokens massively, it does have some problems.First off, it’s possible to send tokens to a contract that doesn’t support tokens. Since sending tokens involves sending a call to the token contract, most (non-token) contracts are not made to send or receive tokens, meaning that the tokens simply get stuck in the contract forever. Currently, there’s about 28,000 DAI in the DAI token contract that cannot be moved.Secondly, contracts are not notified of a token transaction when using transfer. Since the balance is updated in a contract internally, there’s no way for a third-party contract to tell if a transaction happened. There is a workaround for this, but it involves using approve to authorize the third-party contract and using transferFrom in that contract. This means you need to send two transactions for a single token transfer.Lastly, there is an issue where an authorized address could potentially transfer tokens from the owner’s address twice, as described here. This is caused by a possible race condition, where the authorized address could transfer tokens just before the owner changes the allowance.A race condition could allow address B to transfer more tokens.Address A authorized address B to spend 100 tokens.Address B sends 50 tokens from address A to another address.Address A decides to lower the maximum limit for Address B to 25.Address B notices this, and tries to send a transaction to spend 50 tokens (1). If this transaction is completed before the transaction of Address A, Address B can spend another 25 tokens (2) for a total of 125.You could say that this isn’t really a problem with ERC-20 since most dApps ask you to authorize spending an infinite number of tokens anyway, but it’s still something to be aware of.There are some other token standards like ERC-223 and ERC-777 that try to solve these problems. We’ll go into detail about these standards later in this article.Non-Fungible Tokens a.k.a. ERC-721Source: CryptoKittiesAnother common standard is ERC-721, a token standard for Non-Fungible Tokens (NFTs), most commonly known for collectibles like CryptoKitties. It’s not a replacement for ERC-20, but more of an addition. The difference between ERC-20 and ERC-721 is that ERC-721 tokens are unique, or as the name suggests, non-fungible. They can’t be copied or replaced with another ERC-721 token.Lets continue to use CryptoKitties as an example. Each CryptoKitty is a unique token and has its own properties, like type, color, traits, etc. Since these properties are different for each CryptoKitty, you cannot replace one for another. One DAI token, on the other hand, can be replaced with another DAI token since they are all the same.Gaming and collectibles are just a few applications of ERC-721 tokens, but they can be used for many things, including ownership of physical objects that are “unique.” Here are some examples:Licensing(Digital) artReal estateThe ERC-721 standard defines multiple interfaces, but below you’ll find the main ERC-721 interface.At first glance, ERC-721 may appear similar to ERC-20. One of the big differences is the use of thetokenId parameter. Since each NFT is unique, each has its own token identifier, used to represent an individual token.Note: “NFT” and “ERC-721 token” are used interchangeably here.Another big difference is safeTransferFrom, which is a safety measure of the ERC-721 standard, more specifically, the ERC721TokenReceiver interface. It checks if the target address is a smart contract and will try to call the onERC721Received function if that’s the case. This function (if it exists) must return 0xf0b9e5ba, which is equal to bytes4(keccak256(\"onERC721Received(address,uint256,bytes)\")). If it doesn’t return this exact value or if the function does not exist, the contract will throw an error and the transaction will be reverted. This prevents anyone from accidentally sending their NFTs to a smart contract that doesn’t support them. The transferFrom function won’t check if the target address is capable of receiving ERC-721 tokens and should not be used unless the caller (the smart contract calling the function or person sending the transaction) explicitly checks this before transferring.ERC-721 contracts must also implement ERC-165, a standard used to detect what interfaces a smart contract implements. Each interface/standard has an identifier and the supportsInterface function can be queried to see if the contract implements that specific interface ID. We won’t go into much detail on ERC-165 in this article, but if you’re interested and want to learn more about it, I suggest you check it out here.ERC-721 contracts also have the approve function just like ERC-20. It can be used to approve transferring a single token (specified by the token ID). That’s why there’s also the setApprovalForAll function, which would allow the operator to send all tokens owned by the address.How NFTs Are Stored InternallyThis explanation is based on the ERC-721 implementation by OpenZeppelin, found here.In a simple ERC-20 contract, tokens are stored in a mapping, with the address and the balance. Since every individual NFT has it’s own properties, storing NFTs in a smart contract is not as simple as keeping a list of the number of NFTs per address. As mentioned above, each NFT has it’s own token ID, so a smart contract needs to keep track of all the token IDs and their respective owners.An example of how NFTs are stored in a smart contract.The easiest way to accomplish this is to use a mapping, which maps the token ID to the address of the owner.mapping (uint256 => address) private _tokenOwner;Since the ERC-721 standard has a function to get the number of NFTs for an address (balanceOf), a second mapping can be used to keep track of that.mapping (address => uint256) private _ownedTokensCount;Alternatively, the contract could go over all the token IDs in the first mapping and check if the address is the address being queried. The problem with this is that loading an item from a mapping consumes gas. Even though this mapping is primarily used for querying (which doesn’t consume gas), it’s still not possible to go over the block gas limit when querying a smart contract.Transferring a token works by calling safeTransferFrom (or transferFrom), after which both mappings are updated.An example NFT token transfer.The token with ID 1 is transferred to the address 0xabcd…1234, so this address now owns 2 tokens.Creating NFTs and Storing Token MetadataWhen an ERC-20 token is being minted, we can simply increase the total supply and add the tokens to an address. For ERC-721 tokens, however, we need to keep track of the token metadata somehow. In the case of CryptoKitties, that includes things like the breed, colour, etc.Storing data on the blockchain is expensive. If you read my previous article on transaction input data, you may know that every non-zero byte of data consumes 68 units of gas, just to send it to the blockchain without storing it. That means sending a file of 100 kB (e.g. a small image) to the blockchain, costs about 6,800,000 units of gas. Assuming a gas price of 5 Gwei, that would cost you about 0.034 Ether, or about $5.78 at the time of writing, for one image, and again, that’s without even storing the image on the blockchain. That’s why developers often look at alternatives for storing data in a secure, decentralized way instead.ERC-721 does define a method for storing token metadata, but this method is not a requirement. Developers are free to implement their own mechanisms. It uses URIs (Uniform Resource Identifiers) which reference a JSON file, which conforms to the “ERC-721 Metadata JSON Schema”.The ERC-721 Metadata JSON Schema.As you may see, this schema is not very flexible. Some token developers choose to use IPFS (InterPlanetary File System), a decentralized protocol to share files. Then the IPFS hash can be stored in the token metadata.When the mint function is called (e.g. when a new CryptoKittie is born), the URI or IPFS hash of the file with the metadata is specified and saved in the contract.Other Token Standards (ERC-223, ERC-777)ERC-223 and ERC-777 are alternative token standards, based on ERC-20. ERC-223 is not finalized yet, but ERC-777 was finalized on May 6th, 2019. It’s not as popular yet as ERC-20, but my expectation is that it will eventually become more popular than ERC-20. If you’re a developer working on a new token, definitely check out ERC-777.ERC-223 and ERC-777 both aim to solve the same problems of the ERC-20 standard, but they use different approaches. In this article, we’ll go into further detail of the ERC-777 standard.What is ERC-777?ERC-777 is a relatively new token standard, developed by Jacques Dafflon and Jordi Baylina (Giveth), and is similar to ERC-20. In fact, an ERC-777 contract can be compatible with ERC-20, meaning that it can implement all the functions specified by ERC-20. This allows compatibility with existing wallets and other applications, but those applications are not able to use all the new features of ERC-777. A pure ERC-777 token contract isn’t compatible with ERC-20, but the standard does describe how to make a contract compatible.Just like ERC-721, ERC-777 defines a set of interfaces, below you’ll find the main token interface.Here you’ll see some similar functions as in the ERC-20 standard again. The big differences between ERC-20 and ERC-777 are operators and hooks, which I’ll explain in the next two sections.OperatorsOperators are ERC-777’s replacement for ERC-20’s allowance. Instead of allowing an address to send a specific number of tokens, you can authorize and revoke operators, which can send tokens on your behalf.ERC-777 defines two types of operators:Default operatorsAddress-specific operatorsDefault operators are authorized to send transactions, burn tokens, etc. for all addresses, while address-specific operators have to be authorized on a per-address level, as the name suggests. This is done by calling the authorizeOperator function with the operator’s address.This can be used by dApps like decentralized exchanges (DEX) to allow tokens to be traded. The DEX contract would be the operator for the user’s address. Internally, operators can be stored with a mapping in a mapping (or a list in a list) again:mapping(address => mapping(address => bool)) internal _authorizedOperator;This way the values in the mapping can be queried efficiently, without consuming too much gas.ERC-777 has the operatorSend function as a replacement for ERC-20’s transferFrom function. Just like transferFrom, it checks if the msg.sender (the caller of the function) is an operator for the from address and will simply revert if that’s not the case.ERC-1820 and hooksERC-1820 is the standard for a Pseudo-introspection Registry Contract.This standard defines a universal registry smart contract where any address (contract or regular account) can register which interface it supports and which smart contract is responsible for its implementation.This allows for ERC-777 contracts to use hooks. Hooks can be used by other smart contracts and regular addresses to run a function before sending and/or receiving tokens. ERC-777 contracts can call the getInterfaceImplementer function of the public ERC-1820 registry (0x1820a4B7618BdE71Dce8cdc73aAB6C95905faD24) with the address of the receiver and the hash of the specific interface to get the implementation of a specific hook.function getInterfaceImplementer(address _addr, bytes32 _interfaceHash) external view returns (address);ERC-777 defines two hooks: tokensToSend and tokensReceived. The first hook is called when sending tokens and the second one is called when receiving tokens.The ERC777TokensSender interface.The ERC777TokensRecipient interface.If the receiver address does have an implementation (smart contract) for the interfaces, the ERC-777 contract will run the function. If the function throws an error, the transaction is reverted.As mentioned, even regular addresses (not smart contracts) can set an implementation for this interface. Since regular addresses cannot have any code themselves, they can use a separate smart contract as their implementation. This works by calling the setInterfaceImplementer function of the ERC-1820 registry.function setInterfaceImplementer(address _addr, bytes32 _interfaceHash, address _implementer) external;The flow for a ERC-777 transaction is quite complicated, so here’s an image to make it a bit more clear.Hooks in ERC-777. Based on the diagram by Ankur Daharwal.The sender calls send(to, amount, data) with the receiver’s address, amount, and (optional) data.The token contract calls getInterfaceImplementer(address, interfaceHash), with the address of the sender and the interface hash of ERC777TokensSender.If an implementation is specified, the token contract calls tokensToSend(operator, from, to, amount, userData, operatorData) on the implementing contract.The token contract calls getInterfaceImplementer(address, interfaceHash) again, with the address of the receiver and the interface hash of ERC777TokensRecipient.If an implementation is specified, the token contract calls tokensReceived(operator, from, to, amount, data, operatorData) on the implementing contract.For simplicity’s sake, in the diagram we assume that the sender and receiver is a contract that implements the hook function. If the sender or receiver doesn’t implement the hook itself, and they do have an implementation for their specific hook, a call to the implementing smart contract is made instead.The tokensReceived hook is also used to prevent accidentally sending tokens to a non-supported smart contract. Per specification of ERC-777, if the recipient is a contract, it must implement the ERC777TokensRecipient interface. Transactions to smart contracts that don’t implement this interface and aren’t registered in the ERC-1820 registry are simply reverted.The Future of TokensRight now, ERC-20 is by far the most popular token standard. ERC-223 is relatively old compared to ERC-777, and although the latter has some improved features over ERC-223, it was only recently finalized and hasn’t gained much popularity yet. Since ERC-777 token contracts can be compatible with ERC-20, my expectation is that it will eventually become the standard for most (fungible) tokens.ERC-721 is in a similar situation as ERC-20. While it’s growing in popularity, there are some alternative ERCs that try to improve or replace ERC-721, like ERC-875 and ERC-998. These ERCs are still a proposal and only time will tell if (one of) these ERCs will replace ERC-721.More information & references used in this articleThe Ethereum Virtual Machine — How does it work?What is gas?Why Do We Need Transaction Data?ERC-20 Token StandardERC-223 Token StandardERC-721 Non-Fungible Token StandardERC-777 Token StandardERC-1820 Pseudo-introspection Registry ContractTalk To Us & Share Your ThoughtsTwitterDiscordMediumGitHubHelp & SupportRedditFacebookPeepethLinkedInPress Inquiries","html":"\u003cdiv>\u003cdiv class=\"ds gv gw gx gy gz\">\u003c/div>\u003cdiv class=\"ha hb hc hd he\">\u003cdiv class=\"\">\u003ch1 id=\"d4a2\" class=\"pw-post-title hf hg hh bd hi hj hk hl hm hn ho hp hq hr hs ht hu hv hw hx hy hz ia ib ic id bi\" data-selectable-paragraph=\"\">The Technology Behind Ethereum Tokens\u003c/h1>\u003c/div>\u003cp id=\"c159\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">User experience in the Ethereum ecosystem is becoming better and better. Most of the time when interacting with a token, you don’t even notice any difference, even though the technology behind Ethereum tokens is very different from Ether itself.\u003c/p>\u003cp id=\"181e\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ig hi\">But what are tokens and how do they work?\u003c/strong>\u003c/p>\u003cp id=\"1a8b\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">In this article, you’ll find a comprehensive, technical comparison of common token standards like ERC-20 and ERC-721, but also some of the lesser-known standards like ERC-777.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"ji jj di jk bf jl\">\u003cdiv class=\"er es jc\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*CcmKKPrLJ5WBhajckBP_5w.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*CcmKKPrLJ5WBhajckBP_5w.png 640w, https://miro.medium.com/v2/resize:fit:720/1*CcmKKPrLJ5WBhajckBP_5w.png 720w, https://miro.medium.com/v2/resize:fit:750/1*CcmKKPrLJ5WBhajckBP_5w.png 750w, https://miro.medium.com/v2/resize:fit:786/1*CcmKKPrLJ5WBhajckBP_5w.png 786w, https://miro.medium.com/v2/resize:fit:828/1*CcmKKPrLJ5WBhajckBP_5w.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*CcmKKPrLJ5WBhajckBP_5w.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*CcmKKPrLJ5WBhajckBP_5w.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"700\" height=\"467\" loading=\"eager\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*CcmKKPrLJ5WBhajckBP_5w.png\">\u003c/picture>\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">Ethereum and some of the tokens available on the Ethereum network.\u003c/figcaption>\u003c/figure>\u003ch1 id=\"7fe5\" class=\"js jt hh bd ju jv jw jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp bi\" data-selectable-paragraph=\"\">What is a token?\u003c/h1>\u003cblockquote class=\"kq kr ks\">\u003cp id=\"2078\" class=\"ie if kt ig b ih ii ij ik il im in io ku iq ir is kv iu iv iw kw iy iz ja jb ha bi\" data-selectable-paragraph=\"\">A token is a digital asset that exists on a blockchain but is not the main cryptocurrency of that blockchain.\u003c/p>\u003c/blockquote>\u003cp id=\"df0d\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Tokens work similarly to Ether — you can store them in your wallet, send them to other addresses, etc. — but the difference is that a token doesn’t have its own blockchain. Tokens make use of existing blockchains and are usually developed for a specific application. Coins like Ether and Bitcoin, on the other hand, can be used for a wide range of applications.\u003c/p>\u003cp id=\"1049\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">We can distinguish between two types of tokens:\u003c/p>\u003cul class=\"\">\u003cli id=\"771c\" class=\"kx ky hh ig b ih ii il im ip kz it la ix lb jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ig hi\">Security tokens\u003c/strong>: tokens that represent a level of investment in a project. When you invest in a security token, you expect to make a profit out of it.\u003c/li>\u003cli id=\"5539\" class=\"kx ky hh ig b ih lg il lh ip li it lj ix lk jb lc ld le lf bi\" data-selectable-paragraph=\"\">\u003cstrong class=\"ig hi\">Utility tokens\u003c/strong>: tokens that are used to interact with a product or service.\u003c/li>\u003c/ul>\u003cp id=\"e29e\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">A good example of a utility token is \u003ca class=\"ae ll\" href=\"https://golem.network/\" rel=\"noopener ugc nofollow\" target=\"_blank\">Golem\u003c/a>. Golem lets you share unused computing power in exchange for Golem Network Tokens (GNT).\u003c/p>\u003ch2 id=\"eb7e\" class=\"lm jt hh bd ju ln lo lp jy lq lr ls kc ip lt lu kg it lv lw kk ix lx ly ko lz bi\" data-selectable-paragraph=\"\">Tokens Under the Hood\u003c/h2>\u003cp id=\"fb05\" class=\"pw-post-body-paragraph ie if hh ig b ih ma ij ik il mb in io ip mc ir is it md iv iw ix me iz ja jb ha bi\" data-selectable-paragraph=\"\">Since tokens don’t have their own blockchains, they make use of smart contracts under the hood. Smart contracts allow you to execute any arbitrary code on the Ethereum Virtual Machine (EVM). If you’re interested in learning more about smart contracts and the EVM, check out this article:\u003c/p>\u003cdiv class=\"mf mg ez fb mh mi\">\u003ca rel=\"noopener follow\" target=\"_blank\" href=\"/mycrypto/the-ethereum-virtual-machine-how-does-it-work-9abac2b7c9e\">\u003cdiv class=\"mj ab dw\">\u003cdiv class=\"mk ab ml cl cj mm\">\u003ch2 class=\"bd hi fi z dy mn ea eb mo ed ef hg bi\">The Ethereum Virtual Machine — How does it work?\u003c/h2>\u003cdiv class=\"mp l\">\u003ch3 class=\"bd b fi z dy mn ea eb mo ed ef dx\">Diving into Ethereum’s decentralized ecosystem for building.\u003c/h3>\u003c/div>\u003cdiv class=\"mq l\">\u003cp class=\"bd b fp z dy mn ea eb mo ed ef dx\">medium.com\u003c/p>\u003c/div>\u003c/div>\u003cdiv class=\"mr l\">\u003cdiv class=\"ms l mt mu mv mr mw jm mi\">\u003c/div>\u003c/div>\u003c/div>\u003c/a>\u003c/div>\u003cp id=\"cd39\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Every token available on the Ethereum blockchain has its own smart contract. Each smart contract keeps track of the token owners for that specific token. Since the EVM itself doesn’t know what tokens are, token transactions have a value of 0 ETH. Instead, the destination address and amount of tokens are specified in the \u003cem class=\"kt\">input data\u003c/em>, which you can read more about \u003ca class=\"ae ll\" rel=\"noopener\" href=\"/mycrypto/why-do-we-need-transaction-data-39c922930e92\">here\u003c/a>. The transaction itself is sent to the token contract.\u003c/p>\u003cfigure class=\"jd je jf jg fd jh er es paragraph-image\">\u003cdiv role=\"button\" tabindex=\"0\" class=\"ji jj di jk bf jl\">\u003cdiv class=\"er es mx\">\u003cpicture>\u003csource srcset=\"https://miro.medium.com/v2/resize:fit:640/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*oQ06qXhXFiGGEvaWvnN1-g.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\" type=\"image/webp\">\u003csource data-testid=\"og\" srcset=\"https://miro.medium.com/v2/resize:fit:640/1*oQ06qXhXFiGGEvaWvnN1-g.png 640w, https://miro.medium.com/v2/resize:fit:720/1*oQ06qXhXFiGGEvaWvnN1-g.png 720w, https://miro.medium.com/v2/resize:fit:750/1*oQ06qXhXFiGGEvaWvnN1-g.png 750w, https://miro.medium.com/v2/resize:fit:786/1*oQ06qXhXFiGGEvaWvnN1-g.png 786w, https://miro.medium.com/v2/resize:fit:828/1*oQ06qXhXFiGGEvaWvnN1-g.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*oQ06qXhXFiGGEvaWvnN1-g.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*oQ06qXhXFiGGEvaWvnN1-g.png 1400w\" sizes=\"(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px\">\u003cimg alt=\"\" class=\"bf jm jn c\" width=\"700\" height=\"343\" loading=\"lazy\" role=\"presentation\" src=\"https://miro.medium.com/v2/resize:fit:700/1*oQ06qXhXFiGGEvaWvnN1-g.png\">\u003c/picture>\u003c/div>\u003c/div>\u003cfigcaption class=\"jo jp et er es jq jr bd b be z dx\" data-selectable-paragraph=\"\">\u003ca class=\"ae ll\" href=\"https://etherscan.io/tx/0xa3e2fc7ca6a3fd8071f6b23c6a4f70eb87eaa0dbb278cff722707e9fe2d63c16\" rel=\"noopener ugc nofollow\" target=\"_blank\">An example ERC-20 token (DAI) transaction.\u003c/a>\u003c/figcaption>\u003c/figure>\u003cp id=\"8023\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Notice how the destination address is the DAI contract, but the tokens were actually transferred to 0x66aa…1621. The actual address the tokens were sent to was specified in the \u003ca class=\"ae ll\" rel=\"noopener\" href=\"/mycrypto/why-do-we-need-transaction-data-39c922930e92\">transaction input data\u003c/a>. The \u003ccode class=\"du my mz na nb b\">transfer\u003c/code> function for the contract was called, specifying the target address and the number of tokens to send. The balance for each address is stored in the contract itself and updated when a function like \u003ccode class=\"du my mz na nb b\">transfer\u003c/code> is called, and the contract \u003cem class=\"kt\">state\u003c/em> is updated and stored in the next block.\u003c/p>\u003cp id=\"681b\" class=\"pw-post-body-paragraph ie if hh ig b ih ii ij ik il im in io ip iq ir is it iu iv iw ix iy iz ja jb ha bi\" data-selectable-paragraph=\"\">Let’s imagine the first address (A) has a balance of 25 tokens