Outlook

The current blockchain experience comes with a lot of limitation. Not necessarily because of the complexity but because of the broken infrastructure represented by the old underlying tools and standards that are being used to operate on the network.

GreenTrade is actively looking to create a better user experience by utilizing the most recent developments. Topics related to identity, assets representation and smart contract interaction are important factors in order to build a reliable, global marketplace.

When it comes to Non Fungible Tokens (NFTs), one of the key characteristics that make such assets uniques is their metadata. In their current state, such assets are created as ERC-721 tokens. However, they present certain limitations: the metadata attached to the NFT (represented with tokenURI) is a reference to a file.

ERC-725Y Standard

ERC-725Y describes proxy smart contracts that can be controlled by multiple keys and other smart contracts. These identity smart contracts can describe humans, groups, objects, and machines. ERC-725Y lives on the Ethereum blockchain.

The newer token and NFT standard replaces ERC-20 and ERC-721, which are usually used on Ethereum right now.

Benefits:

• attach an unlimited amount of information (= metadata), making the asset more customisable and more unique.

• take identity and data across different Dapps and platforms

• know when the metadata has been altered, as a DataChanged event will be emitted in ERC-725Y.

• Metadata is now hash reference (= data reference), instead of URL reference.

Unlimited Metadata

Current tokens and NFTs standards do not have a standard way to attach information to themselves. Such information (= metadata) is crucial to make each tokens / NFTs as descriptive as possible, and make them unique assets on their own.

The current ERC-20 / ERC-721 standards only contain name, symbol and asset url internally. But how about if we would like to attach some more specific data to them? Like an icon, the creators of the asset, their utility and motive, or even the community they are attached to.

"NFT 2.0" solves this problem by creating tokens and NFTs that use ERC-725Y under the hood. ERC-725Y enables to create smart contracts with a very flexible and extensible storage. With ERC-725Y as a backbone, it is then possible to attach any type of information or metadata to the token or NFT.

Universal Profiles

ERC-725Y allows for self-sovereign identity. Users are able to own and manage their identity instead of ceding ownership of identity to centralized organizations. An open, portable standard for identities will enable decentralized reputation, governance, and more. Users will be able to take their identity across different Dapps and platforms that support this standard.

Safer transfers

"NFT 2.0" implement a force parameter, set to false by default. The intention behind it is to prevent accidental transfers, due to mistakes for instance (eg: pasting the wrong recipient address, or making a typo in the recipient address). It also aims to prevent transferring to unwanted or untrusted addresses. Such accidental transfers can result in assets lost forever.