Blockchain Development Company 16 October,2019
Ethereum is a decentralized platform on which smart contracts are induced (written in Solidity programming language) and executed. This platform acts as a base layer which supports thousands of decentralized applications (DApps). When a new decentralized application for blockchain technology and smart contract is developed on the Ethereum platform, a new Ethereum token will be created and it has set standards for tokenization. Each application will be tokenized on different standard, based on the characteristics of the applications.
There are a lot of tokens with different standards such as ERC-223, ERC-721 standard, ERC-777 standards, and so on, but the most commonly used standard for Ethereum token is ERC 20 standard. Apart from ERC 20, ERC 721 standards are also increasingly popular standard, that is used to create Non-Fungible Tokens. Tough ERC721 has a lot of benefits, there are few challenges in ERC721 standards, which is overcome by the ERC721x standard tokens.
Introduction to ERC721x Standard
ERC721x is nothing but an extension of ERC721 standard token, that supports multi-fungible tokens, batch transfers and reduces gas cost involved in ERC720, while being fully backward-compatible. This ERC721x is served with a purpose of overcoming the issues of the ERC721 token and these ERC721x tokens can be used with any ERC721 compatible wallet or service. Subsequently, services with the new ERC721x features can implement the gas savings in the background easily for the end users, without having the need to go through any of the technical stuffs.
Crypto Games - A New Genre of Gaming
Crypto games are browser based games that consist of the use of smart contracts and blockchain either partially or whole of the game’s features. Most crypto games make use of the ERC721 tokens as gaming digital assets. But these tokens has certain challenges and an extended version ERC721x tokens are introduced and they are different from the regular ERC tokens. The most common ERC20 tokens are identical to each other in all aspects and value whereas ERC721 tokens are all different from each other as each one has unique qualities, attributes and hold different values. That way, the game is made as a purchasable assets that actually belong to the gamer’s wallet address the same way a player own Bitcoin or any other cryptocurrency.
The benefits of crypto game over the other normal games are very clear. Crypto games incorporates Ethereum standards, that is a new and interesting field, both as an investment channel and a new way for using Blockchain Technology. These are two primary reasons why Crypto games are gaining its popularity among the players.
As an Investment - Now a days, a lot of people make huge profit really very quickly by investing their tokens in crypto games like Cryptokitties, where the kitty is used as a digital asset and the users can buy, sell and exchange their kitties. In other crypto games, similar to kitties, ERC tokens are used for purchase, sale and exchange for a price much more than the price it is purchased. This is why most of the people involve in crypto game and getting onto the cryptogame at the right time can multiply the investment twice or thrice overnight. When ERC721x standard is used, the gas cost is reduced 100 times and benefits the user.
As a new way of using blockchain technology - In crypto games, the players actually own the digital assets purchased. Even when the game ends or shut down, their purchased game asset still remains in the wallet and it can be used on the neutral market or nominate the 3rd parties to use them. Neural market represents the place where the user’s ERC721 token is verified and allowed as a saleable or purchasable asset, regardless the original game where it was created. Not every ERC token standards allow the ERC tokens to be sold or purchased other than the gaming site and the tokens are exchanged only within the gaming site. But ERC721x standard has an advantage that the player can hold the digital asset even outside the gaming platform.
The main role of the distributed ledger technology is to bring in greater transparency and efficiency into the existing process, while reducing not disturbing the existing players with complicated technicalities. The ERC-721x token standard is the best choice as it successfully keeps in mind importance of simplifying the gaming process and ensures less usage of gas for a lower fee. The services offered will be open, interoperable, and compatible because it will be of no use if the existing users couldn’t use the new innovation.
While the ERC-721x smart contracts offer its users the ability to exchange crypto collectibles of different classes easily, at the same time it does not add any confusion or burden for the existing users. Also, the transition process is as seamless as possible to benefit the players.
Are you interested to know more about the ERC721x Smart Contract Standards, reach our enthusiastic team and explore the perks of using ERC721x in Crypto Games.