Analysis of the application of ERC3525 in the game track
first level title
participant
Solv Protocol Teacher Meng Yan
X WINNER Co founder Stan
Ethan, one of the main authors of ERC 3525
Organized from the full text of Twitter space to delete and optimize part of the content
Share your understanding and some views on the ERC 3525 token standard
Stan
secondary title
In fact, at the beginning of our design, we also referred to many other ERC standards on the market, and did not find a protocol that fits well with us. Why did we choose ERC 3525? We will share with you later in combination with our application scenarios; So first, let me describe our team’s feelings about ERC 3525; through the ERC 3525 protocol, we have seen the possibility of chaining many traditional industries, and we have also read the white paper and many documents related to ERC 3525 in detail to summarize some key points. Combining application scenarios when designing products provides us with many new ideas
The SFT of ERC 3525 is a semi-qualified asset that focuses on the definition of the relationship between quantity and agreement. It is between FT and NFT. Unlike many ERC standards, ERC 3525 is a type of token, a cornerstone token, and it is more compatible with extended tokens or application tokens such as 1155/721 a/3475/4907 powerful
Compared with the value to value/id to id of traditional ERC 20/ERC 721, the relationship between ownership and asset transfer does not use structure to describe tokenized digital assets, and cannot meet the needs of the application layer at this stage. See Some articles written by Mr. Meng often take bonds as an example. For example, the redemption rules of the asset are complex, and the asset attributes are too numerous to be displayed with a single value and id. At this time, it is very troublesome to use 20 or 721 to describe the asset characteristics. ERC 3525 The protocol redefines the asset structure, greatly improving the expansion and compatibility of assets. So the way we explain the most basic version to some friends or community members is: A SFT token is described by 3 dimensions, ID, SLOT and value. SLOT (slot) is a property that describes an asset. The ID is equivalent to the ID of the ERC-721 standard to identify its own uniqueness. Value represents different values under this attribute, which is equivalent to the value of the ERC 20 standard.
We have also summarized some interesting points, which provide us with some ideas for designing products. In fact, looking forward from now, ERC 3525 not only solves some application-level problems, but also has forward-looking
ERC 721 cannot support splitting and merging, and cannot be used to calculate intrinsic attribute values, but SFT can realize splitting and merging by transferring value
ERC 20 description categories are very limited, unable to satisfy multi-category descriptions, and the expression ability is too weak; many categories need to deploy many smart contracts in a unified usage scenario; a lot of space is wasted, and the interaction path is too long, requiring high cost to execute , the program is compatible with various types, which will cause a lot of trouble for development; but SFT completely avoids this problem
The Slot of ERC 3525 confirms whether the assets belong to the same category through a set of attributes. It is homogeneous under the same subcategory and non-homogeneous in different subcategories. Slot is a label but can contain multiple conditions. All conditions are Established, it is judged as the same slot, and the value belongs to the intrinsic attribute of the container SFT. The value under the same slot can be transferred to each other, but different slots cannot be transferred; I also saw many friends talking about this 1155, which is actually a good description The difference between 3525 and 1155 is to transfer value to different id through slot, and transfer different value through id. These two are obviously different, and it is also very easy for development. For gamefi, if there are 10,000 Types of props, such as guns, running and bows, 1155 needs to deploy 10,000 contracts; but 3525 only needs to add a new slot in a contract to achieve
The upgrade of the smart contract, the smart contract is like an account that can transfer money in one trip, the contract has logic processing capabilities inside, and can store state and assets. The SFT of ERC 3525 can be used as a visualized and certified smart contract, which can respond to different behaviors , logical processing, state storage, synchronous data state, asset storage and transfer, which embodies the advantages of distributed ledgers (recording transfer history), and also reflects the advantages of smart contracts (internal execution logic), and is also visualized (by changing data state); so ERC 3525 is an upgrade of smart contracts, and one or a group of smart contracts can be embedded inside, which provides great convenience, more flexibility, and can satisfy many Requirements for complex business scenarios
The SFT of ERC 3525 can describe multi-category asset types through a contract, and there is no possibility of contract combination explosion; the split and merger of NFT can be completed through transfer; at the same time, an SFT can be displayed in a dynamic form, which can External events are sensed; here is an example of X WINNER, for example, our X WINNER will add platform tokens, platform points, proof of work, etc. to SFT in the future, and give players who hold such SFT the corresponding rights on the platform, then These things in it can not only change metadata through on-chain transactions or other off-chain data sources, but also through value transfer. In different scenarios and for different states, we can add different titles and different The level or different expressions, etc., can be used as a tool for carrying income, and can also become a symbol of identity on the platform;
The last point is to add that the average gas consumption level of ERC 3525 is comparable to that of ERC-721. This must be the result of careful design and long-term optimization. Moreover, ERC 3525 is designed to be compatible with ERC-721, so almost all wallets, DeFi protocols, NFT tools and markets on the market can directly support ERC 3525 without modification; Very important, this also reduces the interaction path and learning cost for users, which is one of the important reasons why we consider using 3525
The above is our understanding of ERC 3525 and our original intention of choosing ERC 3525
secondary title
Teacher Meng Yan
First of all, I was very moved and excited, because I just heard this introduction from Stan. In fact, after we passed the standard on September 5 last year, we were invited by many organizations, including Twitter, Space, and some offline conferences. 3525, and sometimes communicate with some project parties and industry experts who are using or considering using 3525.
Frankly speaking, the statement I heard today from Stan, such an understanding, is the highest level I have heard, and the highest level of a team other than Solv, in fact, it is completely aligned with our Solv opinion. of. So I am very happy first, because Stan has not communicated with us before, but he has been able to integrate many connotations of 3525 or Some of the ideas behind some of our understanding at that time, I admire it very much. I wonder if we have the ability to understand a technology or an idea put forward by another team. To such an extent, I think this reflects the super high technical level and technical comprehension ability of X WINNER, including Stan himself. , which I personally greatly admire. The points he mentioned just now are actually advancing layer by layer, until the highest point at the end is 3525, which can be regarded as a visual smart contract and an upgraded version of the smart contract , I think there are really very few people who see this level, just very few.
Of course, the host invited me to explain and introduce 3525. I think Stan has already said a lot of ideas just now, and the language he uses is very refined, so I just want to add some thoughts in the process of designing this 3525. , including the entire thinking process, how some ideas have changed, as some supplementary materials, to help everyone understand how 3525 got to where it is today.
First of all, let me explain. Just now Stan mentioned that we are a cornerstone standard. I think this word is used very well. , then there are non-universal and non-keystone standards.
What are non-universal and non-keystone standards? What you may not know is that in fact, in this ERC system, there are more than 40 certification standards, but almost 99.9% of the applications in the world are concentrated on two standards, namely 20 and 721. Why are other standards basically Few people use it?
Of course, we hope that in the future 3525 will become a widely used standard, but today it is not. So why can the two standards cover 99% of the application fields when other standards are not used by others? In fact, it is because these two standards are general-purpose standards or cornerstone standards. Although these two standards have various problems, especially compared with our 3525, the problem they target is a general-purpose problem. It occurs repeatedly in various fields. You can think of it as a super simple model, and then use such a model to model these specific problems in various applications in various application fields throughout the world. Using these two standards to model these problems, then these two standards have very strong general ability and strong adaptability, which are the characteristics of general standard. There are some other standards, we won’t mention the names, some standards are to solve a specific problem, when you use this specific problem, it may be better if you use this standard to solve the problem, but if you don’t When solving this problem, this standard is useless or inapplicable to you, and you will not think of using this standard. It only solves a specific problem, so 3525 is actually another general standard or cornerstone standard besides 20 and 721. What does that mean? That is, the problems to be solved by our standard itself are ubiquitous, recurring, and will be encountered in various application fields.
At the same time, you can also think of using the 3525 standard. It can use this model to model most of our problems and real-world application domains. I may be a little academic when I say this. Let’s talk about this issue a little more humanly, that is, the so-called universal or cornerstone token standard, which requires a unified view of the world, that is, what you think the world is what is it What is it made of? What do you think of the blockchain or the token that Web3 uses, and the digital assets in it, what can you think of it as?
Then I will give you a view that may not be very accurate, but it is easy for everyone to understand, that is, this ERC-20, which actually regards the world as a kind of fluid or atom, that is, he takes all the things in this world It is regarded as composed of fine particles that can be subdivided infinitely. Then any of your things is composed of many, many such homogeneous atoms, so you can distinguish them, this is the view of ERC-20. Then ERC-721, it sees the world as many different solids, that is to say, it sees it as you, but it has a saying that there are no two identical leaves in the world.
ERC-721 or NFT, he believes that no two things in this world are exactly the same, all things are different from each other, so he arranges a unique ID for each thing, and then allows you to use MetaData To describe his characteristics, this is no problem. Then think about it, everyone, these two concepts can actually be used to model the real world. You either adopt this concept or that concept, or you combine the two concepts, but basically you are You can see anything in the world, including any problems you encounter in the application space, any object you encounter, as far as we use the technical term "object", you can see it, or regard it as a A fluid that can be subdivided infinitely, or it can be considered as solids that differ from each other.
It is to use a concept to explain the whole world, so in this ERC 3525 worldview, what do we think of this world as? Let me tell you that we regard the world as a combination of different elements wrapped in containers. When we implement this point of view, we may not necessarily say that we have absorbed much ancient philosophical ideas, but we will come back after we are done. When we look at it, we will feel that 3525 actually reflects a very simple world view, that is, everyone should know that this ancient Greek philosopher believed that the world is composed of four substances, wind, fire, water, Soil, and then we Chinese think that the world is composed of five elements, metal, wood, water, fire, and earth, and then these five different elements or four different elements are put in a container, they pass through a certain way, and then Come and mix, and the combination forms everything in the world.
This is a relatively advanced concept of our world in ancient times. This concept is obviously better than saying that everything in this world is composed of homogeneous power, or that there is no similarity in any world. , there is no similarity between any two things, they are all unique. These two concepts are relatively richer, their ability to describe is stronger, and their views on many issues may be deeper.
Therefore, 3525 is actually a container protocol. We actually allow you to regard any digital asset or a Token as a digital container, and then put various things of this nature inside this container and combine it form such a system. Of course, in the simplest case, you only put in one type of element, and in a complicated case, you can put in countless kinds of elements. Then this 3525 is actually a container protocol. You use such a container worldview to put Various elements are combined and put into a container, so that you can also use this worldview to describe the whole world.
Any object you see, including us, you can think of it as a combination of various elements in a container, so we also provide a very consistent, consistent is consistent, and then a general Adaptable, general-purpose world view, then this world view makes 3525 a cornerstone standard, or called a general-purpose standard.
You can use 3525 to describe everything. To put it bluntly, you can use 3525 to do all the things you can do with ERC-20 and 721 now, but it may not be the most suitable or the most economical, but you can do them all, and there is no problem in ability. But for most of the other standards, it is impossible for you to use this standard to describe all the things in this world, so that means they are not enough to be called cornerstone standards.
Of course, there is a standard that we can discuss whether it is a cornerstone standard, and that is 1155. 1155 Think of this world as a world composed of many categories of objects. The objects inside each category are exactly the same without any difference, but the objects between categories are different. It is such a Worldview, I think this can be regarded as a general worldview, and it can barely be counted. It’s just that in terms of description ability, it is basically covered by 3525, that is, 3525 can do everything it can do. In the implementation, we can see that sometimes its gas fee will be less. Objectively admitted, this is from practical grounds.
I think our 3525 may be faster, especially for X WINNER, with the support of experts like Stan and David, it may be faster, but it also needs such a process, so I can get the invitation of X WINNER this time, I I am still very happy, and I am really a little excited. I just feel that it is the high mountains and flowing waters that meet the bosom friends. We have made something and we have to meet the bosom friends before we can go. It is to appreciate, to see this shining point in us, and only when we have more and more friends like this, can we truly turn such a thing into a particularly prosperous ecology. Well, I will talk about these first, and then I will tell you a story about how I got here step by step, because there are many missing processes in the middle. Thanks.
Ethan
secondary title
Just now Stan has explained the main features of our 3525 very concisely and thoroughly. Mr. Meng also explained the idea and model of the 3525 from a philosophical point of view. Then I will add some more detailed design ideas here, mainly from the perspective of technology or developers.
As you know, we have just told you that there are 20, 721, 1155, and 3525 on the market. These 4 are actually a relatively general token standard, because other good application standards are to solve a specific problem. Ours is to describe or model a certain type of asset in the world. In fact, 3525 is mainly To achieve this goal, when we released 20 and then 721, we found that there are still some things in the whole world that cannot be modeled well with these two.
So we came up with the concept of 3525 SFT, in order to realize this kind of modeling, this non-homogeneous or semi-homogeneous asset. So we proposed a triplet of the so-called id slot value, and an address, id, plus the superstructure of this value. Those two are actually designed to better express an attribute of our type of assets.
Many of you have also asked, you see, in fact, if I use 20, my bottom is a 721 set with 20, or is it possible to achieve this model by sending a lot of 20 above a management contract? Technically speaking, it is possible, but in terms of modeling or precise use, the 3525 actually uses a triple or three-structure pattern for this type of asset to make it very convenient. Well done a modeling. Well, because 3525 is a standard that can be said to be released later, because there are 20 in the front, 721, and 1155. Then we actually analyzed all the advantages and disadvantages of these standards and some areas they can achieve.
Then we can say that 3525 is a mainstream token protocol that has been dominated so far. It is the main function and characteristics of the cornerstone token protocol we just mentioned, and it is also aimed at the entire token development standard. The problems have been improved and adapted, but this will also make the standard more complicated. In fact, we have been constantly doing subtraction in the process of formulating this standard. I have a feature that I can tell you about later. Just some design trade-offs.
That is, we actually did a lot of more complicated things on this, but when we made the standard, we felt that a general standard, or a standard that can be widely used by everyone in the future, must not preset too much Preconditions, or to help everyone think more and make too many assumptions, then it becomes a standard that can only solve a certain aspect, so we are constantly giving up a lot of things, and then constantly Make abstraction and generalization on it.
So this 3525 actually took us a long time, and we changed several versions. In the process of our continuous development, we constantly abstracted and refined it. We discussed it together, and finally got such a standard. So here I will explain some differences between us and other standards, and give you a general explanation, and then I will also provide you with some discussions.
In essence, in addition to the differences between our 3525 and other standards just mentioned, we actually took the concept of ID to a higher level, that is, everyone knows that in the entire 721, 20 also Well, it is mainly a mode based on the address, a mode that operates on the address. Then include 721, its ID is a thing of the address, an attribute of it. This time, in 3525, the ID is raised as a more important concept, which makes it a relatively independent concept, just like the address, an independent concept. You can see that our transfer has a mode called ID-to-ID transfer. It does not have an address to participate in the transfer function. There is no address in this function, just two IDs. Then this is also a process of our continuous deepening of cognition and continuous understanding. Later, I felt that the ID at the level of 3525 is actually very important. After improving its function, we can actually do many other things by using the concept of 3525 in the future, not just based on the address. This mode, which is based on address, is now solidified.
Based on the ID, there is actually a lot of room for imagination. For example, if the ID can represent something, then there is a lot of room for it. Not only addresses can represent things, IDs may also represent other things, including our authorization model, the original price is 20, its authorization model is the value of the address, the authorization model of 721 refers to the ID of this address, this Address all the IDs, then we actually add a layer of authorization for the value of the ID from the perspective of the authorization model, then this is actually a great deal for the status of the entire ID and the flexibility of the entire subsequent application implementation promote. You can use ID to represent many kinds of things, so the value under our ID can also be authorized separately, so this is a concept of authorization.
So what abstractions do we make because of this? In fact, what we just said, we abstract these things. It turns out that many people in our application will say that 3525 is too general. I may have to write a lot of applications. In fact, we hope that the upper layer can have some, such as a strategic application framework. The application framework of the financial industry is to integrate some common At the application level of this industry, we can do some more things, such as the framework to encapsulate some processing. In this way, the bottom layer of 3525 can well adapt to various business scenarios.
There is another part. Our design ideas are not the same. I have used 3525, and you may know the transfer notification model. The safe transfer of 721, 20 is because there is no such thing. At the beginning, everyone did not know that there is such a model. The so-called need to transfer money, but also to notify. Because of this contract model, a transaction transfer of 20 is caused, and no one else knows it. You can only check the balance or receive events, and he does not know that the on-chain contract cannot receive events.
So after 721, the so-called safe concept actually appeared. Safe transfer means that I want to notify the other party. In fact, this mode was still possible at the time, but in the process of using it later, I found that, for example, multiple signatures, such as many For some contracts, he actually wants to collect money, but because the receiver interface of 721 is not implemented, the money cannot be received.
When we first submitted the standard, it was similar to this model, but we had a lot of communication with the Ethereum community. Several senior people in the Ethereum community proposed that they actually think this model is Not very good, because in the process of actual application, there are actually a lot of accidental injuries or something, so we will improve the model of the transfer notification of 721 and 1155 later. We got rid of safe, that kind of mode that every function must have a safe, we use something like that, that is, if you clearly say, no, I will not give you such a model, that is, the recipient has the final say. This is more flexible. If you don’t want it, you can clearly say that I don’t want it. If I find out and you don’t say it, I may give it to you.
This is a difference between us and 721 and 1155. In this way, everyone will know that there are some oversigned, or some contracts. When you transfer money, there will be no problem. If you want to receive it, you can implement the receiver function to receive what you want, or if you don't want it and don't want to deal with it, that's also possible.
This is the transfer model. I think we still need to synchronize this different place for everyone. This is a description of metadata. Everyone knows that 20 has no source data, and 721 has metadata for tokenURI. In fact, In 3525, we added three layers of metadata, which actually greatly enhanced the ability of the whole metadata. One is the metadata of the contract layer, the contracted UI, the second is the elements of the slot layer, and all UIs are finally compatible with 721. The token layer takes the tokenURI. I think these are our and other standards. I think It is the big difference and this improvement, I think it is to share this with everyone.
From this point of view, it actually includes that when we were designing, there were friends discussing this problem, that is, we met friends who were discussing the problem, and we actually had this problem when we were doing it. For example, we originally made an account lock note similar to this one, so each slot of it holds different underlying assets, such as USDT or something. Then everyone is thinking about this question, then our Decimals are value, why is there one Decimals for each contract, not one for each slot? This is actually the issue of complexity that I mentioned earlier, because we have actually discussed these issues a lot internally.
So the whole idea of Yuan is actually what we want to say is that we must be simple for users, and developers can do more things, but it is relatively simple for users to use, so I would like to add about the entire 3525 The most important thing is that from the perspective of technology and development, these ideas are roughly the same, thank you.
David
secondary title
Just now everyone talked about it from the perspective of application, and then Mr. Meng Yan also talked about it from the perspective of this idea, and then Ethan also shared some ideas from the original intention and design ideas of this design. I will talk about it from the perspective of Web2. First of all, I I feel that 3525 may be the infrastructure for the large-scale popularization of Web3 in the future. Just now, Mr. Meng Yan said that 721 was only designed in 2018, and it took several years for everyone to know. 3525 may also take some time, so I guess it will be faster than that, because more and more Web3 applications are running out now, and many developers are doing it, and I use a formula to express ERC 3525, I think it In fact, it is NFT + token = 3525 +, this is the first point.
The second point I think 3525 is a collection of rights, certificates, and interests, and its expression is much more flexible than those. Now let me use the scene to express it, that is, you forcefully express the meaning, and now you jump into a Web2 thinking, imagine that there are three prerequisites, one is the certificate, the other is the right, and the other is the interest. Think about it, if you use the address as a mobile phone number, and after you register, then you treat this 3525 SFT as an account, what can you do in Web2 before, your account may have props, Points, equipment, assets, medals, etc., and these can also be transferred individually, or all of them can be transferred to your friends, whether it is games, shopping malls, distribution, or movie tickets , can be expressed.
So what, when everyone was talking about the scene just now, I also wanted to mention ERC 3525, saying that I also have the function of a wallet, but I feel that it is more like an account, maybe a little bigger than a wallet. I think, Because it can not only store this token, but also store some other information. I understand it personally, so there are three points.
You are like our human beings, every time the world view changes, science and thinking also progress. This 3525 agreement is relatively great, but it is really great, because I really think it is the application of Web3. If there is a large-scale outbreak At that time, ERC 3525 was definitely an infrastructure, so its space is very large. I'm done expressing.
How does ERC 3525 land and apply?
Stan
secondary title
X WINNER is an open decentralized casual game platform, so whether it has a sufficient base of users is an important indicator to measure the success of a project. Who can have enough and high loyalty in the specific track of blockchain games? , highly active, sticky game players, whoever can be invincible in the chain game field. For the platform, the playability and addictiveness of the game are the key to the game platform, but we are doing some research and found that for some gamefi, the single game category and excessive money-making lead to the decline of the token value in the later stage of the game. The shrinking of the market and the reduction of market popularity will inevitably fail to attract more users and maintain user retention; for some chain game platforms, there is no subdivision of game types, and some directly operate in a centralized manner, and the platform token does not have It has played a very good link role in the entire ecosystem, and the demand and supply are seriously skewed, resulting in lack of confidence of users, so they choose to leave.
You may have played some of these small games, such as online gold coin capture, lucky turntable, blind box machine, taking casual games as an example, each platform has many different types of games to meet the needs of users, If we want to move traditional web2 games to the chain, we need to face different game groups and various game scenarios.
For products, we need to use the game itself as the starting point to retain users and maintain their stickiness, but the algorithms and distribution models behind different types of games are also different; we need a carrier to connect different games together , then based on the ERC 3525 protocol, the same platform is compatible with multiple games. Different game types and revenue distribution methods of this type correspond to different slots. There may be dozens or even hundreds of games under one slot. The slot corresponds to a set of smart contracts, a set of algorithms, and the same fund pool; through the ERC 3525 protocol, while meeting the needs of various players, it realizes the increase of funds in the gameplay without diversion. For players who hold SFT, all their game assets will be stored on SFT, and the interoperability of assets will be realized through the transfer of value. You only need to add game types by adding slots. Now the X WINNER platform divides games into many categories. Our first type of games is called lucky games. It is completely developed by us and is a game developer for subsequent access to the platform. A demo version is provided. This type of game includes big turntable, lottery machine, and fruit machine; with a simple and addictive game experience, players can experience high rewards while making players become stakeholders of X WINNER through SFT Or, it can be imagined as a Shareholder, we will store 20% of the agreement turnover in SFT, we set the game rounds through the Fibonacci sequence, according to the rounds, the game players in each round will get LOTS decreasing, then the LOTS The price will continue to increase (the lots are the value in SFT); with the accumulation of funds, everyone wants to win the big prize, and the price of LOTS will continue to rise; at this time, there will be several actions in the market, the first one is If you are a firm holder, they will always hold their SFT and will not burn it; the second type is players who choose to burn it, and they will burn it at any time according to the price of LOTS to realize it; the third type is that they need to realize it but do not want to use the current price Burning, then SFT can be sold at a premium in SFT secondary trading markets such as Opensea. Since the price of lots is rising, as long as the price is right, someone will buy at a premium and realize it in the future;
Therefore, for the X WINNER platform, what we want to do is to give more empowerment to traditional game developers, let them quickly enter in a simpler and more familiar way, and let developers see the benefits brought by the blockchain. The industrial transformation has made the majority of players more traditional players feel that the blockchain brings more transparency, higher income distribution and fairer rights distribution. Thanks.
secondary title
Teacher Meng Yan
The first 3525 application scenario we chose is actually financial bills. What do financial instruments include? It includes derivatives such as stocks, options, and futures that we are familiar with, and you may not be very familiar with them, such as commercial acceptance bills, investment agreements, ABS, MBS, rates that are more advanced The structure, with the structure of this complex financial assets. Then we think that in the real world, this kind of financial assets is mainly described by a model such as bills. The characteristic of a bill is that it is a small contract, and the contract on it is not long, which is the contract I mentioned. Don't understand it as a smart contract, which is a contract we write by hand. A bill is actually a contract, but the information on this contract is relatively rich, but it is not the kind of insurance with dozens of pages of endless reading. What kind of insurance agreement? Well, the insurance contract is not such a thing, it is a short contract that is highly standardized, but at the same time has a certain degree of customization, so this kind of thing is very suitable for bills.
Think about it, everyone, are all kinds of bills in our lives like this? So what we thought at the time was that all kinds of financial derivatives, whether it is options, futures, or what we just said Asset-backed securities, abs, and mbs are actually standardized products, but each product has a lot of customizable parts.
Let me give you an example. We call ETF a fund. You can understand it as a fund portfolio. An ETF contains 20 or 30 different stocks, bonds, or a mixture of stocks and bonds. There are different proportions. This kind of thing has a standardized structure, but its components are ever-changing and countless. So something like this fits the bill description. I will give you a piece of paper, on which I have clearly listed which categories of this fund are included in my fund share, and how much each accounts for, and then how much is your share, I can use a A bill is used to describe such financial assets, so our first application scenario is financial assets, and we use 3525 to make financial bills.
What kind of financial bills to make? We have launched three different versions of this version of the financial instrument so far. The first financial bill is an investment agreement, which is used to represent the share of tokens you own after you invest. It has not been released yet, but it will release such token shares in the future.
The second is bonds. Both Stan and David mentioned just now. Many of our examples mentioned bonds. Bonds are like this. Bonds are a future cash flow. They are the future and they have to be paid to you. It is not something that exists now, it has a certain degree of credit in it, so a bond is a very typical bill, it must have a lot of information on it, when it is due, how much is the coupon, how many times Payment, how much to pay each time, whether there are any additional conditions, etc. These things are more complicated.
According to Stan's original statement, he said that if he used this 20 to describe it, it would be very troublesome, right? How many different contracts do you want to deploy? It is very complicated, so use this 3525 to describe it, and keep it splittable and transferable. At the same time, because I said that 3525 is a container, the two 3525 represent this share It can be transferred to each other, so it is very flexible.
So this is our second product, and the third product is our current main product, which is our current fund. The fund is what I just said, that is, we will put a variety of different assets in one note. , and then we can also stratify it with priority and inferiority, so the flexibility is very good. So the first of this 3525, and the first typical scenario we created for the 3525 that year was financial bills. This is the first category. The second category is that we still have many non-financial bills in our daily life. like what? Tickets, membership cards, invoices, receipts, bills, discount coupons, and cash coupons are of a financial nature, but in fact we don’t count them as financial assets. They are things that people often use every day, but It cannot be regarded as a financial bill, and this kind of thing is also very suitable to be described by 3525.
Well, we have now incubated a project in Australia. This project is helping the Australian central bank to make such a digital invoice based on digital currency. It is such a digital invoice that can be paid directly on the invoice. It is also very flexible. It should be said Such an advanced technical solution. Now in Australia, this program is gaining greater and greater social impact.
This is the second category, and the third category is that we are not good at it, but what X WINNER they are very good at is the purely virtual assets in the virtual world of the game. This kind of thing, sometimes it is an asset, and sometimes it is an asset. It is something of a functional nature. I don’t have a deep understanding of this area, and now it’s not as deep as the X WINNER team. The first time I knew that the game team would be interested in 3525 was last year’s token 2049, when I went to Singapore, and our 3525 was this The standard has just been issued for less than a month, and many of them are quite hot, and the news is constantly being reported.
Therefore, when many teams met and chatted with me, they mentioned that we are using 3525 to make some applications in some games. In addition to some tickets, certificates, and cards in some games, there are some things that I didn’t think of before. Application, such as the field of game equipment is also refreshing to me. I think I would like to hear Stan and this David introduce how you use the 3525 in the game. I now know that 3525 is used to express games, and it can be more flexible than 1155 in some scenarios.
Another thing is that it cannot be said that it is parallel to the three categories just now. It is actually a separate category. The host also mentioned repeatedly today that 3525 is very suitable for the chaining of real-world assets, because we Although this is called RWA, it means real-world asset on-chain. This is also a focus of our current cooperation in Australia, including Singapore. Well, because Citibank issued a report not long ago, he believes that the on-chain of real-world assets will be the fastest-growing direction in the future until 2030. how fast That is, from the current scale of maybe 10 to 20 billion US dollars, by 2030, 6 trillion US dollars of assets will be put on the chain.
So think about it, everyone, our entire blockchain went online from Bitcoin in 2009 to breaking through 1 trillion US dollars for the first time in 2018. It took 9 years to break through 1 trillion US dollars. We thought this One day in the currency circle, one year in the world, some people say ten years, and then we took such a long time, and once reached 3 trillion U.S. dollars, and now it has returned to more than 1 trillion U.S. dollars. It is this speed that many people think is already very fast.
But if Citibank is right, then in the next 7 years, we will see a new space, from almost zero, and then grow to 6 trillion US dollars, or even more, this speed will be It is unimaginable, so now the people in the world who are more innovative in traditional finance are highly concerned about the direction of RWA. Then we think that 3525 is the best standard for RWA description at present. Its main advantages are just now Stan Lao Cai and David both mentioned it.
I also want to add that what we haven't mentioned just now is why there is a unique advantage in using 3525 to express real-world assets. It has a very strong ability to respond to the real world, that is, 3525, which is aimed at this dynamic The performance has been specially designed so that when used in the 3525, you can connect it with an external oracle or an external data feed service, so that the 3525’s face It can reflect the external environment in real time.
So let me give you an example, if you make a membership card and you make a fan card for Messi, then the picture on the surface of Messi’s fan card can be changed, how to change it? If Messi scored a goal in today's game, or his team won this game, or if he played Argentina's game today, he will go back to play this Paris game tomorrow.
So to sum up, I will talk about a few main application scenarios, not completely parallel financial bills, and then various functional tickets in the non-financial real world, then game equipment, and It is in the metaverse of the virtual future, not necessarily games, but various items and equipment in the metaverse. The last one is the on-chain of real-world assets, and 3525 also has special advantages in this regard. OK, let me say so much first, thank you.
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Next, I would like to invite Stan, Stan, Mr. Meng also mentioned it just now, that is to say, I want to hear some sharing from our X WINNER in this field of games.
Stan
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Our X WINNER uses ERC 3525. We want to use this SFT as a status symbol of a player, and then we correspond to different identities and give him different rights so that they become our X WINNER platform. a stakeholder.
Well, just like what I just mentioned, it is some application scenarios in the future, some application scenarios of X WINNER. In fact, what we want to do more is when many game developers or game developers get involved in this X WINNER platform. , we can use SFT to give them an empowerment, so that when these game players who may not be in the blockchain industry, or this kind of traditional Web2 enter, they use a simpler A way, or a more visual way, can directly play this game. And in terms of this experience, it will not be very different from the traditional experience of playing games. So this is a point of view I want to express.
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So Stan, do you have any other ideas? For example, Mr. Meng just mentioned some things like finance, bills, RWA, etc. Are there any other scenarios that you have thought about.
Stan
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NFT: If I issue an SFT-type NFT project, I can take out part of the transaction amount and put it in the NFT. Only when the NFT is destroyed can this part of the money be withdrawn. At this time, we discovered an interesting phenomenon. The floor price of NFT is constantly rising, because as long as there is a transaction, the money in NFT will be more and more. At the same time, the circulation of NFT will be less and less. Because there will always be someone who will take out the money in the NFT by destroying it. At this time, we can see a strong deflation model, and this model is very useful for some valuable works of art NFT, because it can complete the value discovery and quantity discovery of works of art at the same time. In the end, some expensive but rare artwork NFTs will be left behind, which is more in line with the nature of the art market.
SocialFi SocialFi's leading project, Lens Protocol, uses all accounts, content, and behaviors to be cast into NFTs to complete the decentralized social connection graph. If SFT is used to do it, the composability and technical difficulty will be reduced, and it will be of great help to the clarity of the architecture, scalability and upgradeability.
In fact, here I want to express a divergent idea about the application of ERC 3525; through this design, we can build a virtual world in a clear and hierarchical way. At the same time, in SFT, a series of rules can be designed through smart contracts and carry different information.
These are some of my thoughts on the future application of the ERC 3525 protocol, thank you moderator.
Ethan
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Well, Mr. Meng actually covered basically all the scenes just now, so I can talk about a few specific points, that is, you all know that in the recent NFT market, equity NFTs are still relatively popular, and the NFT market recently has other It’s all gone, but the various PASS cards for rights and interests are quite popular.
So from a technical point of view, I actually think that SFT is more suitable for this kind of equity token. In fact, Stan’s X WINNER, according to my understanding, is actually a bit similar to equity tokens. Essentially, equity tokens pass SFT In fact, there are more ways to play.
For example, we know that there are points, and then through SFT, through 3525, you can keep putting them in it, or you can buy other people’s to do merge, these are actually NFT’s equity tokens, the equity tokens NFT cannot be done, because it can only be done through 3525, including what Stan said just now, for this kind of equity, you can also make some dynamic special changes according to the number of points in it or some other attributes.
This is also a very important point in the visualization of the entire smart contract of 3525, that is, our metadata and this protocol class, that is, some data on our chain, and we hope that it can be quickly visualized through metadata or images. This shows. Everyone knows that 721 is generally a centralized system, with metadata or pictures? In fact, for this 3525, we generally recommend that most of the metadata can be put on the chain when the cost is controllable. In this way, the response of the whole system is relatively dynamic, and then many, many interesting things can be done. This is my I think it needs to be added.
The first point is that the equity token is actually a very important one, and it may be more suitable for an application scenario of a current model of everyone. I think this is still very important. The second is that, based on the capabilities of our SFT quantity, we can actually do some games on the 3525,
Then I can open the smart contract, that is, open the NFT, or open the blind box of the equipment, then you can have a burst rate curve, the more you pay for this thing, the more value you merge Big, then I may have a higher burst rate. Similar to these, in fact, I think 3525 can be played, that is, he combines many NFT gameplays with the value of 3525, I think the playability is still quite large. This is what I added.
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Okay, thank you Mr. Stan. So David, do you have anything to add? Or do you have some innovative ideas to share with us.
David
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The account I just mentioned is actually an account in X WINNER, and when you play a game in this account, you generate an SFT, you have an account, and there will be an identity in this account. Assets are also installed, your voting certificate, or the governance of your DAO, this is a certificate. Then you put your assets in it, how many shares you have, how many tokens, and even it can still be an option, that is, you think the price is relatively low when you buy it now, and you will wait a few months in the future After a few rounds, you can sell it at a higher price, and then you can sell it in advance in the form of options on OpenSea. And it also shows some highlights of this 3525, such as this infinite division, then combination, individual and all transfer, these highlights can be visualized, including the process of the combination of division and transfer in this process can be calculated, It can be described, including its storage and status update. I think we should refine these highlights and use cases to extract them, and then make it easier for many people to understand. Yes, this is what I expressed.
Whether it is the token standard of ERC 3525, or X WINNER, what is the final presentation form in your mind?
Stan
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Well, in fact, for this display form of X WINNER, of course, we also deeply understood in the early stage of project establishment that while pursuing differentiation, we should maximize our existing strengths, integrate all existing resources, and use a web3 The way to show to all players; therefore, in our core team of about 30 people, there are blockchain engineers, game developers, game designers and operation teams from all over the world. We have not only achieved certain achievements in the field of traditional casual games achievements, and all of us are very optimistic about the future development of web3. We have found our own subdivision in the game track. All games that require VRF can be grafted into the X WINNER platform at the lowest cost, attracting more game developers to develop their own games, not only in line with current games It meets the needs of industrial upgrading, and attracts more traditional users to enter the blockchain world through games.
In fact, in our entire ecology, there are two more important infrastructures, one is layer 2, and the other is Chainlink's VRF; because now every transaction needs to take random numbers from Chainlink to generate results, but the chainlink method is one-sided. There is a certain cost for the user, and the second is that if the fund pool is large enough, the chainlink nodes are actually motivated to do evil collectively; there are two solutions to this point, one is that X WINNER also applies to become a node, so since it only needs to If there is an honest node, it must be a truly random mechanism, which can effectively avoid this problem; the second is to redesign a set of random number generation rules similar to chainlink VRF. All players can participate in generating random numbers through pledges, which is you If you don’t trust others, then you can directly join and become a submitter, and the random number will be guaranteed to be random and unpredictable
Finally, on X WINNER, game developers, players, game communicators, verifiers, and game VRF submitters use tokens to realize the fair distribution of rights and interests pursued by web3, allowing different players to find their own roles.
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Teacher Meng Yan
In fact, Stan has already realized our dream in the first question, which is the visualization of smart contracts.
I believe that from the perspective of many of us who are engaged in the blockchain, we firmly believe in this privacy-based, personal rights-based self, self-protection based on this, freedom of thought, and intellectual freedom. Under such a premise, we exchange information with each other based on a set of rules, exchange value with each other, and cooperate with each other through exchange. This method is still solved by humans, or it will be the coexistence of humans and this artificial intelligence in the future. The world is the only and most effective way to solve ultra-large-scale problems, such as ultra-large-scale problems like market resource allocation. So this kind of blockchain and this smart contract are a very fundamental infrastructure to deal with this kind of problem, so we hope that 3525 can play a little historical role in this world. OK, that's all for me, thank you.
Ethan
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Mr. Meng, in fact, what we all think internally is this picture, the visualization of smart contracts in a future scenario. Well, before that, I think that I personally have some things that are more specific, or some of the previous things, maybe I can imagine it from another direction.
The first is that we have actually been studying some combinable ones like 3525 and 4337 recently. Some time ago we also put forward a proposal to 4337, hoping to do something based on the combination of 4337 and 3525.
This is on the one hand, and on the other hand, as I told Mr. Meng, we actually hope that 3525 will become an infrastructure for modeling certain assets in the world, that is, you can do a lot of things on it. application, to achieve some rapid development of some of these applications throughout ours. I think 3525 is a very good product if it becomes the infrastructure for everyone at this level. Just because all the currencies are now using 20, all the descriptions of SFT later on, this can definitely be described in 3525, then everyone will use 3525 to do it, then the whole tokenization of the circulating assets of some of our assets It is the tokenization of some assets, which can better serve these things, I think it is better.
David
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Let me mention one point first, I think when listening to a few teachers, because today it is mainly for Stan and the 3525 team to speak, and then I have a feeling that this is when we are talking about the whole 3525, I think we should To refine a scene-based slogan for it, create a picture and a scene for understanding. Otherwise, I found that each of us has to explain a lot when introducing 3525, so I think it is possible that the 3525 team can refine a scene-based slogan, such as XX’s Tmall, XX’s 58 city, because This popularization of education is better. Then why are you this. This is what I thought of while listening to it, so I would like to offer a small suggestion. Then I also think that 3525 can really become the basic contract of each application because it is more flexible. However, I also hope that the 3525 team can continue to persist in subversive innovation. Education and popularization are relatively difficult, so there are really such apps that go out of the circle, and then the apps of celebrities may be promoted.
Just like NFT, it may drive the development of the ecology, that is, 3525's support for the entire ecology, and the education of the ecology, I think it is quite important. For example, let me talk about one. Teacher Xiao Feng talked about a three-coin model two days ago. Their team uses NFT as infrastructure.
In fact, I also wrote an article. If you think about SFT as an infrastructure, it is completely different. In terms of ideology, I completely agree with their ideas, but I don't think so in terms of carrying tools. The ultimate future is NFT, it may be SFT, or even more than 99%, it may be SFT, it may be a bit absolute, the 3525 team may really play a historic role as Mr. Meng Yan said, so I always use great To describe what this team has done, I think it is quite great. Then I also hope that X WINNER can make this great out of the circle. Now X WINNER is now ambassador in dozens of countries, and in fifty or sixty countries, it is possible to let X WINNER out of the circle, so this kind of close collaboration between the two teams, and then close communication I would still like to see this second point.
And the third point, the question you mentioned just now is the future of X WINNER. In fact, it wants to build a L2 game two-layer network, and hopes that all games will run on this L2. why? Because the team actually makes all the games, not just copying them mechanically like GameFi. In fact, they use the very low-level 3525 protocol. It is also because they encountered problems during the development process that they found a way to find 3525. Then suddenly, A few people took pictures of this thing, and it was so good that it was applied.
