Appendix
Last updated
Last updated
The concept of inscriptions, pioneered by the introduction of Ordinals on Bitcoin, represents a novel method of embedding static data onto individual satoshis. This has facilitated the creation of immutable digital assets, akin to NFTs. While this model offers the advantage of permanence, it's hampered by a lack of flexibility and computational power, relying predominantly on external, or 'social', layers for interaction with the NFT data.
In response to these limitations, the Bitcoin ecosystem is evaluating enhancements such as BIP 420, aimed at integrating greater computational functionalities. Contrastingly, Ethereum has established itself as a frontrunner in programmable blockchain technology. Its Turing-complete framework enables the execution of sophisticated smart contracts, which supports more dynamic token standards, including ERC-721— the foundation for the majority of today's NFTs.
However, direct data storage on Ethereum incurs significant costs, leading to ERC-721's reliance on external pointers to link to image data. This architecture, while cost-effective, underscores the ongoing challenge of balancing on-chain capabilities with economic efficiency in blockchain technology development.
The ERC-20i represents an advanced token standard deployed on the Base network, enhancing the traditional ERC-20 framework. This innovative standard embeds data directly into each token, ensuring uniqueness and dynamic adaptation of the data with every transaction according to a pre-set algorithm.
Like conventional ERC-20 tokens, ERC-20i tokens are fully compatible across all decentralized applications (DApps) and DeFi trading platforms, including Uniswap. The Base network offers a cost-efficient solution for on-chain data storage, making it an economically viable option.
The ERC-20i standard was pioneered by @toddstooldoteth with the debut of @Fungi_ERC20i. For detailed insights, the whitepaper is available at http://fungifungi.art/whitepaper.pdf.
Every purchase, sale, or transfer of $SOULI generates a unique 'seed', creating a Souli NFT that remains linked to a specific wallet.
This innovative approach features two types of inscriptions. A dynamic inscription evolves with each transaction, while a stable inscription remains constant. Should all tokens associated with an inscription be transferred, the artwork continues to persist unaltered.
ERC-20i tokens stand out as part of a collective series, merging the appeal of memecoins with a strong community ethos. By embedding distinctive traits within each token and leveraging their high liquidity, projects can craft a unique narrative and identity around the tokens, enhancing engagement and loyalty among token holders.
