ETHEREUM & ERC-721
Why Blockchain enabling?
Blockchain enables trust between strangers by creating immutable and transparent accountability. FourPark Minted utilizes this trust environment to unleash global access to rare value, veracity and new liquidity for clients. New liquidity is achieved by employing *Deeds" the additional applications on the Ethereum and ERC-721 smart contract. Deeds on the Blockchain create an immutable record of proof that helps to reduce friction, time, and costs of detailed due diligence and third party "trusted sources."
What is Ethereum?
Ethereum is the second largest Blockchain code after Bitcoin’s Blockchain. A natural evolution of the first Blockchain, Ethereum has smarter, more flexible, and greater business application use cases than Bitcoin’s Blockchain. Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality.
What is an ERC?
ERC stands for “Ethereum Request for Comment.” In the open source culture of Ethereum, this is the ecosystem’s method for gaining approval, or consensus. ERC is Ethereum’s version of a Request for Comments (RFC), a concept devised by the Internet Engineering Task Force. Memos within an RFC contain technical and organizational notes. For ERCs, this includes some technical guidelines for the buildout of the Ethereum network. This was written by Ethereum developers for the Ethereum community. Thus, the workflow of generating an ERC includes a developer. To create standards for the Ethereum platform, a developer submits an Ethereum Improvement Proposal (EIP). This includes protocol specifications and contract standards. Once that EIP is approved by a committee and finalized, it becomes an ERC. Finalized EIPs give the Ethereum developers a set of implementable standards. This allows Smart Contracts to be built with these standards, which a common interface can access. ERC-721 is an approved EIP effective May 2018.
ERC-721 is different than previous standards. ERC-721 describes a non-fungible token (NFT), but introduces the concept of a token being called a “Deed.” This means that each Deed is totally different and each one can have a different value to different users. One way to think about this is to recall CryptoKittes. Each one of the CryptoKitties (a digital collectable) is its own separate commodity whose value is based on its own rarity and desirability by users.