Buidler DAO: Web3 talent and project incubator
https://linktr.ee/buidlerdao
author
Jason ｜ Buidler DAO Co-founder
Note: This article contains many personal opinions and does not represent the official position. There may be biases and deficiencies. Exchanges and discussions are welcome.
The full text is 3629 words, and the estimated reading time is 9 minutes.
Article quick overview:
01/ The next narrative of NFT
02/ EIP-5496 provides multiple permissions that can be shared
03/ EIP-5496 core content explanation
The next narrative of NFTs
For the entire Web3 industry, I think everything that can lower the entry barriers and costs for ordinary users is a good thing. For the NFT track, I think everything that can enhance liquidity and practicality is also a good thing.
I also wrote a special article before that. I think the next narrative of the development of NFT into the post-small picture era lies in practical NFT that is closer to life scenes .
First of all, let me say a few words about small pictures. It seems that many people regard small pictures as the original sin of NFT and ridicule NFT as small pictures. However, I don’t think so. Small pictures must be immeasurable in bringing crypto to the public eye . Promoting function , you cannot pick up the bowl to eat and put down the bowl to curse.
Before this, crypto actually had a very high threshold for ordinary people to understand and participate in. The colorful K-line and the exciting rise and fall determined that it was still a financial game for a small number of people. However, after the emergence of NFT, at least the ones posted on it were A small picture is something you can actually see. Even if you don’t understand finance and encryption, or mining and defi, you can at least judge whether the picture is good-looking and whether the community is interesting. The community culture brought by small pictures + avatars It has greatly lowered the threshold for ordinary users to understand and participate, and has greatly promoted the participation of a large number of people outside the site . Therefore, small pictures definitely have a great contribution to the popularization of crypto and cannot be denied.
It is just because of the low liquidity of NFT that the zombie assets generated are much higher than those of tokens. This is why it is important to improve the liquidity of NFT. Secondly, the asset attributes of NFT only release half of its value because it is unique. The imagination of the other half of the practical value brought by NFT (URI mounting) is far greater than that of token, but so far the practical value has not been fully released, which depends on the construction of infrastructure. Exploration of application scenarios. In addition, the improvement of practicality will also bring about the appreciation of its asset value . This is the effect of stepping on the left foot and the right foot 1+1>2. I don’t think it is interesting to have NFTs that have practicality but no asset transaction value. .
Behind the practicality of NFT is the empowerment of holders’ rights and interests . At present, the most common empowerment is mostly concentrated in the process from asset verification to entering the community. We can also see the gradual emergence of wearable NFTs such as those released by Adidas, or Some subscribing NFTs (our BuidlerDAO community is currently proposing), etc.
EIP-5496 provides
Sharable multiple permissions
EIP-5496 in this article provides multiple shareable permissions and has entered the LastCall state and is about to be reviewed. Here is a brief introduction to the EIP process. Its full name is Ethereum Improvement Proposal. Anyone can submit an EIP. Describe the shortcomings you found in Ethereum and provide corresponding solutions. After the initial review, you will be given a number in chronological order, and a life cycle discussion and review will be conducted as shown in the figure below. EIP is divided into many types, including Core, Networking, Interface, ERC, Meta, and Informational. Each type solves different problems. For example, Core involves core consensus forks and other underlying content, and the familiar ERC is application-level. Standard formulation, 20, 721, 3535, 4337 (account abstraction), and 5192 (soul binding) all belong to this category, so ERC is also the layer closest to and best understood by ordinary users. I usually like to read EIP. It is not only a history book of Ethereum, you can understand all its problems and suggestions from its birth to the present. It is also a prophecy book. Behind each EIP, there may be huge opportunities. Reading EIP is also a way to grasp it . Regarding the market direction , I suggest you pay more attention to it when you have nothing to do: https://eips.ethereum.org/all
It believes that in addition to pictures and asset attributes, NFT has practicality that can be expanded in different scenarios. The rights and interests may exist on the chain such as voting rights, browsing rights, airdrop rights, etc., or off-chain such as shopping discounts and restaurant discounts. , airport VIP room use rights, etc. In the eyes of EIP-5496, each NFT can contain a variety of rights and interests, and this right should have several optional features:
Verifiable: Equity can be verified
- Transferable: Rights can be transferred to others
- Shareable: benefits can be shared with multiple people
- Expiration: Rights can be set to expire
Because as an issuer, there may be many rights and interests for NFT, and those who own NFT may not necessarily want to use their rights and interests. However, traditional ERC721 only records the ownership and transfer process of NFT, and the rights and interests of NFT are not recorded on the chain. On the EIP-5496, the project party can write the rights and interests on the chain and grant them to specific groups, and the rights holders can independently manage each permission, so that both the project party and the holder have the ability to manage rights and interests, releasing the power of NFT in Value in the area of equity utility.
Currently, for project parties, if they want to empower NFT holders with multiple levels of rights and interests, they are to airdrop multiple types of NFTs. For example, an airline airdropped a series of NFTs to Crypto Punk holders and granted them rights and interests to attract them to join. Members of the airline, but the new airdropped NFT is not bound to its main NFT, so if the Crypto Punk main NFT is transferred, the airdropped NFT will still continue to enjoy the rights and interests in the hands of the original owner, but the new main NFT holder cannot Automatically enjoy rights and interests, so EIP-5496 can bind rights and interests to the underlying main NFT and allow users to independently manage permissions .
EIP-5496 core content explanation
The most difficult thing about the protocol is how to support the development of more complex business scenarios in the simplest possible way. It requires elegance and restraint, rather than blindly pursuing power and awesomeness, so next we will implement it through its technology Let’s take a look at what EIP-5496 has done and what its design principles are. There is a lot of code and I will excerpt some core content to explain it to you.
First, it IDs all the rights and interests in the contract . Before that, I thought that the process of setting the rights and interests was to directly write the rights and interests of the NFT into the contract. For example, an NFT has 3 rights and interests, and it is not through string text. In the form of writing [can discount] [can use products] [can get airdrops], directly set the equity ID of the NFT to 1, 2, 3. Yes, there are 3 equity set in the contract, and The rights and interests content will not be written directly into it, which is why I think it is elegant and restrained as a protocol. The benefits of rights IDization are:
1. As a protocol, I only need you to set up several rights and interests, and what is the ID of each right. As for the specific rights and interests, it is decided by the chain outside the contract , just like a computer with 3 USB interfaces. , it can be used to plug in a USB flash drive or a mouse. The user decides what to plug in.
2. It will be very convenient to verify the rights after the rights are IDed. For example, if a product requires NFT holders to have the rights to "can use the product", they can use it. Then when the user opens the product, a logic needs to be written in the product code. To verify whether the user holds the NFT and has the corresponding permissions, you need to do a word-for-word matching of the permission names. Even if one word is missing, "the product can be used" and "the product can be used" are two completely different things in terms of code. permissions, but if it is ID-based, you only need to verify whether the current NFT has "2" permissions.
3. The content of rights and interests changes relatively frequently. Put the rights and interests content off-chain and only put the number of rights and interests ID on the chain. If the project party changes the rights and interests, it will not cost gas .
However, the same problem after the equity IDization is that it is impossible to intuitively see what the rights and interests of this NFT are . There are only a few ID numbers 1, 2, and 3, and third-party products are needed to create a separate equity content. The settings and query functions are used to index the corresponding ID.
For specific equity data management, it uses two structures for double-layer nesting. First, it defines PrivilegeRecord, which stores the two fields of user address and expiration time, and then defines PrivilegeStorage, which stores the latest expiration date. time, and use mapping to bind the equity ID and PrivilegeRecord.
The _setPrivilegeTotal function is used to set the total number of rights. This number will be used in the process of empowerment, that is, there are only 3 quantities, so the ID must be less than 3 during empowerment.
The following figure shows the core code for setting rights. When setting permissions first, four parameters need to be passed in, the NFT tokenid to be set, the permission ID to be set, the authorized user address, and the permission expiration time. Three verification conditions are required when granting rights, namely whether the author has permission, whether the expiration time is greater than 30 days, and whether the equity ID is within the total equity range. I think the reason why the agreement’s time limit for equity must exceed 30 days is It's strange. I don't know why such a personalized restriction is added to the agreement. Logically speaking, this restriction should be left to the project party to decide.
privilegeBook is also a mapping data type used to manage the authorization of each NFT. In the code, privilegeBook is set to set a person with a certain interest in a certain NFT as the authorized user address, and then updates the expiration time. .
The following figure is also a core interface for determining whether a user holds corresponding rights and interests. This interface will be used as a key way for other third-party products to verify rights and interests. It can be seen that three parameters tokenId, rights ID and user address are passed in. First, determine the current Whether the rights and interests are still within the validity period, the latest expiration time is obtained here to determine whether it is greater than the timestamp of the current block. If there is a validity period, it is verified whether the user corresponding to the permission ID of the current tokenid is the incoming user address.
The picture below shows the latest expiration time for obtaining the rights and interests of a certain NFT.
The above is the content of EIP-5496. Overall, I think it has made a contribution to NFT from a practical perspective, but it also has its own limitations. Through the above code analysis, we can see that its permission granularity reaches a certain level. There is a specific NFT level, which is based on tokenid. Maybe I haven’t studied it thoroughly, but if I want to set permissions for a certain batch or even the entire collection of NFTs, it is very troublesome. There are 10,000 NFTs that need to be set. 10,000 times. I don’t know how the proposer considers this issue. Everyone is welcome to communicate and discuss.
In short, as mentioned at the beginning of the article, NFT has passed the PFP stage. What will start the next narrative depends on the innovation of infrastructure and upper-layer applications to bring about the influx of incremental users after the next breakthrough. This article has a lot of Personal opinions contain deficiencies and biases, do not represent the position of any organization, and do not constitute any investment advice. Exchanges and discussions are welcome.
Article: @BuidlerDAO
Design: @Rui
Typesetting: @Chenlu
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