Interviewee: Pandora Lianchuang Ctrl

Interview Compilation: Karen, Foresight News

The ERC 404 token standard is considered a paradigm innovation for NFTs. In the ERC 404 behind Pandora’s surge, what chance does it have?》In this article, we introduced the background, introduction and potential opportunities of Pandora and ERC 404 standards, which have attracted much attention this month.

Today, Foresight News interviewed Ctrl, co-founder of Pandora, and further discussed the reasons why ERC 404 was named 404, Pandora’s economic model, future plans, and the areas in which ERC 404 has potential.

Question: Are Pandora and ERC 404 the same team? How many people are there in the team?

Pandora and ERC 404 are from the same team. Our team is growing every day, and the core team includes myself, former Coinbase software engineer @0x acme and Searn, a total of 4 people. Later, many programmers volunteered to join us to build and improve the code together. The ERC 404 V1 code was independently completed by Acme, and the team is currently improving it.

Question: What inspired you to do this project? Is there any story behind it that you can share?

This is a rather dramatic story. To put it simply, a previous project called Emerald was Rug, which claimed to have similar functionality. We thought this concept had great potential, so we invested a lot of money, but the result was a relatively high price. After in-depth research, we gradually discovered that the project was not only full of loopholes in contract design, but also full of problems in implementation. We tried to clarify our vision to the developer in the hope that he would improve the project, but unfortunately he failed to understand our expectations and took no steps to remedy it. We don’t want our ideas to go to waste, so we make them happen ourselves.

Question: Is ERC 404 named with the 404 number?

404 is a common error message that means not found on an application or website. We thought 404 was a good fit because the whole project is very experimental. ERC 404 mixes the functionality of ERC 721 and ERC 20.

Question: For the team, would you rather define Pandora as an NFT or a Token?

We treat these two parts as two independent parts of a whole and call them SFTs. If you asked me to choose one, maybe I would say NFT. But technically speaking, they are semi-fungible tokens.

Question: What key issues does ERC 404 solve? What new imagination can it bring to the NFT market or the entire encryption market?

There are many, the most obvious being native liquidity and fragmentation of NFTs.

Question: What other innovations and gameplay can be derived from ERC 404?

There are many use cases, but we are particularly excited about the potential in gaming. Ticketing is also an area with great potential.

Question: To solve the so-called pain point of solving NFT liquidity, NFTFi, represented by some fragmented protocols, has made many attempts before, but the results have all come to nothing. What is the root cause of the failure? What are the qualitative differences between the new proposals proposed by ERC 404?

The root cause is that these solutions often have problems such as excessive friction and complex operations, resulting in poor user experience. More importantly, these solutions usually require encapsulation of the original NFT, which naturally arouses resentment among collectors, thus limiting the widespread adoption of these solutions. In contrast, ERC 404 has these features by default and does not rely on confusing third-party protocols and solutions.

Question: For those NFT projects that have fallen a lot, what help can the new protocol provide?

Honestly, the reality is that too much focus on immutability is one of the challenges of blockchain technology. New projects benefit from new technology, while old projects often become stagnant or disappear due to insufficient implementation. From a realistic perspective, if we encapsulated the old ERC 721 collections, they would face the same adoption issues we outlined above. We believe that for the foreseeable future the focus will be on new ERC 404 projects that will benefit the most from this innovation.

Question: Can you introduce the destruction mechanism of Pandora in detail? If a person buys 0.1 Pandora tokens, how will the corresponding NFT be destroyed and transferred?

If someone buys 0.1 tokens, no transfer will occur. If the wallets balance exceeds 1 token, NFTs will be minted to their wallet. If you transfer tokens from another user’s wallet, the NFT will also be transferred.

Question: At what price was Pandora initially released?

After the team injected liquidity into the liquidity pool, Pandora’s initial price was around $200.

Question: What is Pandora’s economic model?

There are 10,000 in total, and currently, only 7% are allocated to the team and early contributors. The remaining supply held by the team is largely unallocated and can be used to inject additional liquidity to meet demand. It is expected that some will be made available to our market makers as well as exchanges interested in integrating ERC 404, many of which have already contacted us.

LBank is the first CEX to list Pandora on February 6. In addition, the Web3 wallet Bitget Wallet has also added support for ERC-404 token and NFT transactions today, supports Swap transactions of ERC-404 tokens such as PANDORA, K-line market viewing, and pending orders in the NFT market to trade ERC-404 NFTs such as Pandora. Collection.

Question: The Pandora team bought 5,000 coins from the market at the beginning of the launch. How will they be distributed later?

We plan to carefully limit the circulating supply to match the scale of adoption. This is another unique possibility brought by ERC 404. Typically, projects must limit their supply at launch to ensure that they can all be minted if they dont have a large community of users. If it develops and grows in the future, the supply cannot be changed. Using ERC 404, teams can simply reserve tokens to meet demand and scale, from a supply set of 3,000 to 10,000 or more.

Question: In your opinion, what will the next iteration of ERC 404 look like?

I believe that once we submit a formal EIP, ERC 404 will soon be accepted by more projects and protocols and build on it. These projects and protocols will be used for a variety of novel and practical use cases.

Question: What do you want to achieve in the future? Can you share what you are planning?

There is a lot planned and we know how to seize opportunities. Our biggest goal at the moment is to build DApps and tools at the protocol level, support ERC 404, and use these products to create value for Pandora holders.

Question: What opportunities are there for ordinary users?

Like all technologies, I think regular users can enjoy the benefits and improved user experience that developers and creators have to offer as a result of this new token standard. After all, the liquidity and fragmentation features alone can benefit ordinary users more, which is fair enough.