This project allows a variety of uses in practice. Real world assets like cars can be tokenized and added to the blockchain. We employ the ERC1155 standard which has fungible tokens represented by an id and is similar to ERC20 but does not have a way to store a symbol to represent the tokens.
ERC1155 standard can create NFT tokens similar to ERC721 but has lower fees to deploy due to the fact that the non-fungible item is a token and not another contract therefore eliminating the redundancy of the code and saving deploying and minting cost.
Thereby when a realworld asset like a car is tokenized using an ERC1155 token standard, we can create a corresponding non fungible or fungible asset on the blockchain to represent it and store its value by means of rarity. This is most often seen in gaming where lets say a game asset like a trading card is non fungible and unique.
But it has its own value or cost depending upon how rare it is. This project can capture both those aspects of that card or any other item the developer chooses.
If we used an ERC20 and ERC721 standard separately then it would add a lot of redundant code to the chain and hence we substitute it with the combination of the two which is ERC1155. By employing this standard we also enable the tradability of these tokens on all major DEX which support ERC1155 and increase its scale.
Every gaming asset or real world asset is tokenized and added to the blockchain. Every token is fungible so you can own increments of each asset. Assets are allowed to be traded on different platforms based on current value or a native DEX can be provided that will allow for buying and selling of tokenized assets. Each tokenized asset can have metadata to specify special attributes on the front end.
Only the owner can create additional assets. All assets can be minted and sold directly on to the DEX provided.
Optional membership token: All users that want to purchase assets have to purchase membership token to have access to the buy and sell functionality. And optional market fee for every market order trade can be implemented. Asset companies can have revenue from tokenized assets, membership tokens and market order fees (1%).
Game/Asset companies will receive contracts that will allow for tokenization of their assets and track every item all in one wallet. And also allowing functionality to add additional tokens at any moment they want. Tokens will be compatible with larger exchanges that allow for trading of ERC155 tokens and an optional DEX contract can be provided to allow for buying and selling of native game tokens. Companies can sell tokens for a steady source of revenue.
A staking contract can be implemented alongside this ecosystem to allow users to stake ERC1155 tokens and earn rewards for participating. We can also alter the code to allow for betting This will create a more dynamic token economy ecosystem.
ERC1155 mixed with ERC20 will make for a secure asset minting contract rewards/betting system that will allow for tokenization of assets on the blockchain. They used technology called Ethereum Smart Contract. It excludes any possibility of cheating; besides it offers a fast and secure payment method without additional fees.
The security is in the well-tested contracts on the Ethereum network and every token has a special id that can be identified and verified allowing for unique or rare assets to be created. Users can trade, place a bet or stake the assets.
Blockchain tech will usher in a cleaner, more transparent era in the gambling industry. Due to the security, inherent fairness and benefits that come from the deployment of such a system, more and more exciting as well as new betting/gaming projects are looking at blockchain solutions for the near future.
Get in touch