►
Description
- Topics covered
-----------------------------
1:18 - Introduction
2:40 - ERCs and application layer standards
3:00 - What is an ERC?
4:06 - Categories of EIPs
4:50 - Difference between EIPs and ERCs
6:06 - ERC-20:Metadata extension
6:58 - Does every ERC 20 token follow the recommendation very precisely?
8:16 - Why do we do ERC as a process instead of just an ETH Magicians' post?
9:30 - Is the ERC process a consensus gathering process?
11:05 - Is ERC less technical than EIP for a lot more people to comment on and even submit?
12:07 - Could we update an ERC?
12:35 - ERC-721 & ERC-1155
13:54 - Will ERC-1155 supersede ERC-721?
15:14 - Process of ERC
16:50 - ERC-223 token standard to replace wrapped ETH
17:59 - ERC 721 continued..
19:15 - ERC-1155: Multi token standard
20:42 - Explanation of the collectible used in a game
23:16 - ERC-2981: Royalty Standard
24:50 - Security of ERCs - Salmonella exploit
28:18 - Security of ERCs - Permits
31:26 - Security of ERCs - Multisign
32:48 - New NFT Standards
35:33 - More on ERCs - What was the first ERC token, process? Can you build a different token?
30:58 - Summary
44:26 - Fun fact about ERCs
Resources
--------------------
- ERCs: https://eips.ethereum.org/erc
- Slides: https://www.canva.com/design/DAEeK7iqHOM/I9a0JrJl4B__LblUw6kO-A/view?utm_content=DAEeK7iqHOM&utm_campaign=designshare&utm_medium=link&utm_source=sharebutton
- nft standards wiki: nftstandards.wtf
Follow at Twitter
-----------------------------------------------
Anett Rolikova @AnettRolikova | William Schwab @William94029369 | Alita Moore @AlitaMoore85 | Brent Allsop @Brent_Allsop | Pooja Ranjan @poojaranjan19
Check out upcoming EIPs in Peep an EIP series at https://github.com/ethereum-cat-herders/PM/projects/2
Follow PEEPanEIP earlier episodes at https://www.youtube.com/playlist?list=PL4cwHXAawZxqu0PKKyMzG_3BJV_xZTi1F
Contact Ethereum Cat Herders
---------------------------------------------------
Discord: https://discord.gg/tzYmDmF
Twitter: https://twitter.com/EthCatHerders
Medium: https://medium.com/ethereum-cat-herders
GitHub: https://github.com/ethereum-cat-herders/PM
Email: support@ethereumcatherders.com
Website: https://www.ethereumcatherders.com/
A
Welcome
to
another
episode
of
keep
an
eye
and
eip
dedicated
series
where
we
discuss
an
ethereum
improvement
proposal
and
understand
how
it
is
going
to
make
ethereum
even
better.
My
name
is
bucharanton
and
I'm
your
host
for
today's
episode
on
erc's
and
application
layer
standards
erc
is
an
acronym
that
stands
for
ethereum
request
for
comments.
Ercs
are
application
level
standards
for
ethereum
and
can
also
include
token
standard
and
name
registries.
To
talk
more
about
it,
we
are
joined
by
anat
rolikova
from
the
fellowship
of
ethereum
magician.
A
A
B
Okay,
so
hi,
oh
I'm
annette
and
I'm
working
with
ethereum
magicians,
for
I
think
that
it
will
be
two
years
already.
I
have
like
two
years
anniversary
very
soon,
and
I
think
that
in
june
and
I'm
organizing
everything
around
operations,
events
councils
for
ethereum
magicians
and
then
I've
worked
with
a
couple
of
more
ethereum
projects
with
social
media,
helped
them
out
with
marketing
and
community
and
right
now,
I'm
organizing
this
nft
standard
working
group,
which
is
supposed
to
improve
the
energy
standards.
B
A
B
B
B
Layer,
ips
and
though
and
ers
are
a
part
of
the
aips,
but
they
are
going
through
improvement,
as
the
aip
improvement
process
group
are
trying
to
are
like
are
working
on
separating
the
ercs
from
eip
repo,
but
I'm
sure
that
puja
or
cat
hillary's
in
general
have
more
to
talk
about
this
topic
and
I'm
sure
that
you
can,
you
will
see
some
sort
of
announcement
very
soon
if
that
wasn't
published,
yet
so
the
ethereum.
So
the
eap
stands
for
ethereum
improvement
proposals.
B
But
years
are
more
about
improving
the
on-chain
standard,
but
they
are
improving
applications,
for
example,
so
the
first
startup
with
erc's.
I
would
like
to
start
with
probably
one
of
the
most
famous
standard,
which
is
the
erc20
metadata
extension,
which
is
the
fungible
token
standard
and
on
erc20
standard
are
running
the.
B
C
And
why
is
that
important,
like
in
the
sense
that
you
know
anybody
could
just
kind
of
publish
a
standard
to
you
know
a
request
for
comment
or
whatever
but
like?
Why
do
we,
as
aetherium,
do
like
an
erc
instead
of
like,
like
do
like
a
whole
process
for
an
erc,
instead
of
just
like
doing
like
an
east
magician's
post,
for
example,
to
like
recommend
these
standards.
B
Then
this
extension
is
if
it's
not
proposed
as
a
standard
and
finalized
as
eip,
and
it
didn't
went
through
the
network
and
it
wasn't
applied
to
the
network
itself,
then
the
token
standard
doesn't
have
to
be
composable
with
the
other
applications
and
wallets.
So
when
you
are
developing
standard,
the
standard
have
to
be
universal
and
universally
used
and
applies
to.
C
So
then,
I
guess,
as
I
would
understand
that
then
erc,
like
the
erc
process,
is
kind
of
like
a
consensus
gathering
process.
So
you
can't
just
do
it
like
anywhere,
because
you
won't
have
consensus
of
the
ethereum
network
and
like
the
eip,
specifically,
the
subset
erc
is
like
that
process
for
these
standards,
where
you
would
gather
consensus
for
the
standards
themselves.
Is
that
about
right?
Do
you
think.
B
Yes,
the
ercs
have
so
many
comments
and
a
lot
of
discussion
is
happening
under
the
ercs
and
even
more
than
under
the
regular
eips,
because
eip
is
like
standards
that
are
like
core,
and
this
is
more
common.
So
it's
more
about
like
coming
with
the
consensus
by
commenting
and
then
like
it's
more
of
a
collaborative
work
rather
than
a
single
person
work.
B
C
B
Yes,
those
the
problem
with
ercs
is
that
on
one
side
there
are
many
of
them
like
so
many,
but
there
are
also
so
many
ercs
that
are
very
complex
and
doesn't
solve
much
of
an
issue
or
are
like
complex
enough
that
you
know.
If
something
is
like
super
complex,
it
doesn't
even
have
their
like
proper
use
case,
or
it
have
a
use
case
only
or
makes
sense
only
for
like
one
project
so
when
ercs
are
getting
implemented.
There
have
to
be
like
the
ears
have
to
look
like
great,
like
very
great.
C
B
B
I
wouldn't
say
that
it's
going
to
be
replaced,
but
it's
like
very
complementary
standard,
because
the
difference
between
those
both
standard,
erc721
and
efc1155
is
that
ex-721
is
single
token
standard
and
exe1155
is
multi-token
standard,
which
means
that
erc
721
is
when
you
are
upload
uploading
nft
to
the
chain.
You
are
creating
one
single
smart
contract
for
every
nft
that
you
are
creating,
but
efc
1155
means
that
you
are.
B
C
So
then,
I
guess
to
kind
of
build
off
of
that
or
re-explain
it
a
bit
see.
Are
you
saying
that
erc,
721
or
erc-1155
is
meant
to
kind
of
supersede
er,
which
kind
of
like
to
take
over
for
erc
721
and
give
it
more
functionality?
So
it's
kind
of
like
like
just
an
update
to
it
right,
it's
not
necessarily
a
new
standard.
It's
just
a
minor
change.
B
A
lot
of
platforms
are
using
both
721
and
1155
standard
as
well,
but
there
is
quite
a
bit
of
controversial
the
standard
itself,
but
I
think
that
it's
made
because
people
just
don't
understand
one
one:
five,
five
yet
properly,
and
sometimes
the
one
one.
Five
five
is
being
called
the
postcard
standard
which
artist
doesn't
like
much.
B
C
Guess
I'm
just
trying
to
focus
down
on
like
the
actual
process
of
how
erc's
work,
and
so
I
I
guess
like
as
I
would
understand
it
from
what
you've
told
me
about
1155
and
721,
like
ignoring
the
specific
erc's
themselves
like
if
I
were,
to
make
an
erc,
we'll
call
erc
one
or
whatever,
and
then
it
does
something.
And
then
I
want
to
change
it
or
update
it.
Then
I
would
do
an
erc2
to
like
extend
that
right.
C
B
But
wrapped
it
is
being
used
quite
widely
is
in
tokens,
because
the
erc20
is
basically
like
wrapped
it
and
that's
how
the
token
basically
works.
But
there
was,
I
found
a
proposal
and
I
found
that
the
author
is
working
on
ethereum
classic.
So
I'm
not
really
sure
if
this
erc
is
going
to
be
implemented
or
what's
the
status
with
that,
but
I'm
just
aware
that
there
is
an
aerc
that
is
supposed
to
replace
rob
e.
B
B
So
it
is
also
a
super
simple
token
contract
because
it
has
very
basic
token
functions.
This
token
standard
introduced
the
world
introduce
very
rare
and
unique
collectibles,
which
is
used
to
identify
something
or
someone
in
a
unique
way.
The
esc,
721
is
non-fungible,
is
perfect
for
collectibles
arts
lotteries
and
it
has
like
wild
like
very
wild
usage.
B
B
It
would
be
way
harder,
especially
imagine
it
like
setting
up
a
computer
for
every
game
item
with
721,
and
if
you
have
one
one
five
five,
then
a
lot
of
items
would
have
like
one
computer,
which
is
like
computer.
It
means
that
it's
like
the
smart
contract
that
can
operate
on
behalf
of
the
nft
itself
or
the
collectible
or
the
item.
B
B
It
is
like
the
fungible
joker
standard,
not
non-fungible,
but
I
thought
that
it
would
be
interesting
to
show
you
just
because
in
one
line
of
code,
for
example,
transaction
or
swap
on
uni
swap-
and
you
want
to
swap
hundred
uni
for
that-
then
you
send
hundred
you
need
to
unisop
poll
contract,
which
hundred
uni
means
that
you
have
four
thousand
die.
But
if
this
function
will
be
applied,
then
the
ninety
percent
of
that
was
supposed
to
get
burned.
And
then
you
will
receive
only
four
to
die.
E
E
I
wouldn't
want
to
derail
the
whole
conversation.
Salmonella
really
is
optimized
to
work
against
sandwich
bots,
so
basically
a
sandwich
attacker
will
get
sandwiched
by
them.
So
it
depends
what
you
mean
by
getting
away
with
it,
because
I
mean
it's
an
exploit
that
works
in
a
very,
very
dark
forest.
I
mean
if
sandwich
people
are
getting
away
with
it,
then
perhaps
the
salmonella
people
are
getting
away
with
sandwiching
sandwiches.
C
B
B
Let's
say:
erc721
are
the
new
nft
standard
that
may
see
the
light
of
the
world
sometimes
so
I
was
thinking
that
we
can
add
permits
to
it
and
how
this
would
work,
because,
right
now
how
the
erc
721
works,
that,
after
an
artist
is
uploading,
an
nft
to
the
platform,
he
is
basically
by
signing
the
transaction.
He
he's
giving
the
permissions
the
full
ownership
and
permissions
for
the
nft
itself
to
the
platform
and
then
platform
is
handling
the
sale
and
after
the
sale
will
occur.
B
The
platform
will
transfer
the
ownership
from
the
platform
to
the
buyer
of
the
nft
itself,
and
this
means
basically,
if
we
are
going
to
imagine
in
real
life,
it
means
if
you
are
an
artist
and
you
have
physical
painting,
then
you
will
take
it
to
gallery,
which
means
that
you
don't
have
the
painting
anymore
and
the
gallery
has
it
so
the
color
is
basically
like
stealing
your
artwork
and
then
sewing
it
to
the
whoever
buys.
Basically.
So
I
was
thinking
that
this
is
probably
a
great
vulnerability
that
we
need
to
tackle.
B
This
is
more
of
a
political
kind
of
idea,
and
this
doesn't
have
to
be
standardized
because,
for
example,
nurse's
male
basic
is
already
supporting
nfts
and
erc721s,
so
it
allows
more.
People
are
endowed
to
have
ownership
over
the
nft,
which
doesn't
have
to
be
standardized,
but
it
was
just
an
idea
how
to
improve
security
of
nfts
itself.
B
B
So
yeah,
so
I
would
would
like
to
improve
the
new
nft
standard.
My
proposal
is
to
add
multi-chain
support,
because
I
believe
that
the
future
is
multi-chain
and
whether
we
want
or
not,
we
will
definitely
need
to
have
some
sort
of
multi-change
support,
because
there
are
already
teams
that
are
working
on
bridges
between
chains.
B
Thanks
to
substrate
and
one
billion
contracts,
then
I
would
love
to
add
security
component
and
create
this
standard
as
a
super
standard
for
metadata
and
adding
a
license.
The
license
is
another
component.
That
is
quite
a
controversial
because
it
isn't
not
meant
to
be
as
erc
itself
or
standard
itself,
but
the
license
is
more
of
a
nice-to-have
component
which
which
anyone
can
decide
whether
the
how
the
nft
can
be
replicated,
whether
it
can
be
shared
on
which
social
media
and
similar
I
didn't.
B
C
No,
I
just
it's
interesting
to
me
that
there
is
like
a
difference
between
an
eip
and
an
erc
and
specifically
like
from
like
a
top
level
perspective.
What's
the
point
of
an
erc,
I
mean,
I
know
it's
like
to
gather
consensus
for,
like
certain
recommended
or
recommended
like
standards,
but
kind
of
like
where
what
was
the
first
drc.
When
did
they
start?
Was
it
kind
of
like
evolved
from
an
eip
in
general
like,
for
example,
an
erc20
standard
right,
like
token,
can
you
build
a
slightly
different
erc20
token.
E
Okay,
sure
so
I
I
could
definitely
you
know,
I
can
definitely
hop
into
that
topic.
So,
first
things.
First
ercs
are
eips
they're,
a
subset
of
eips,
so
that
might
kind
of
help.
First,
understanding
them
they're.
Just
one
category.
The
two
most
well-trod
categories
of
the
eips
in
general
are
core
which
is
kind
of
like
the
protocol,
layer,
eips
and
then
the
ercs.
E
Kind
of
like
an
optional
standard
like
say,
http
or
tls,
are
you
allowed
to
make
a
website
that
does
not
use
tls
or
ssl?
Well,
of
course,
it's
not
like
the
ssl
ninjas
are
going
to
come
for
you
or
anything,
but
if
you
want
to
conform
to
the
https
standard,
so
then
there's
a
standard
there
for
you
to
conform
to.
E
E
Now
it
doesn't
even
tell
you
what
those
functions
should
have
written
in
them
in
terms
of
code,
which
is
how
you
could
have
a
viper
erc20
or
a
solidity
erc20
so
long
as
they
have
a
function
called
this
and
a
function
called
that
and
an
event
called
this.
An
event
called
that
then
they'll
still
be
and
they'll
still
be
an
erc20,
and
what
you
put
in
those
functions
is
up
to
you,
which
is
how
erc20s
are
so.
E
On
top
of
that,
also
you
can
put
in
additional
functions.
You
can
do
additional
things.
All
the
erc20
is
is
a
standard.
Now
what
the
standard
does
is.
It
allows
for
an
ecosystem
to
kind
of
converge
on
one
idea
and
then
make
it
very
easy
to
integrate,
with
that
ether.
Scan,
for
instance,
does
a
lot
of
wonderful
things,
because
it
can
already
make
certain
assumptions
about
an
erc20
contract.
C
Great
summary,
I
think
of
erc's
and
their
purpose
and
kind
of
like
the
the
greater
goal-
and
I
guess
just
to
kind
of
summarize
everything
a
little
bit
because
we
are
coming
to
the
end
here
is
like
ercs,
are
important
like
like.
If
I
had
like
a
sentence
from
what
I've
learned
today
and
like
what
I
would
take
away
from
from
the
presentation
and
everything
is
that.
E
C
Are
important
features
of
the
ethereum
network
because
it
allows
for
us
to
gain
consensus
and
build
standards
to
build
like
different
things
off
of,
and
so
it
kind
of
built
a
lot
of
opportunity
for
the
for
the
network
and
the
people
involved
in
it
to
make
money
or
build
whatever
and
subset
of
like
an
erc,
for
example,
would
be
like
the
non-fundable
token,
and
then
also
security
is
a
major
concern
with
these,
because,
if
you
get
it
wrong,
they
can
affect
like
more
than
you
bargained.
For
is
that
you
think
I.
E
Would
say
security
is
a
funny
topic
when
it
comes
to
erc's,
because
essentially
all
they
define
when
you
take
a
look
at
something
like
erc,
20
or
erc,
721
and
1155.
So
that's
the
basic
fungible
tokens
and
then
also
the
basic
non-functional
tokens
right
there.
The
funny
thing
with
security
is
that
the
standards
all
they
define
is
basically
what
your
function
needs
to
be
named.
E
Maybe
they'll
define
an
event
or
two,
but
they
won't
tell
you
anything
more
than
that.
I
mean
as
an
example
for
erc20.
I
don't
have
the
the
precise
list
of
what's
canonically
an
erc20
and
what's
not
off
the
top
of
my
head,
which
is
one
of
the
reasons
why
I'm
not
giving
names
transfer
for
sure
is
one
of
the
ones
both
transfer
the
lowercase
t
as
a
function
and
then
with
an
uppercase
t
as
an
event.
But
theoretically
I
could
write
a
contract
in
which
the
transfer
function
anytime.
E
This
is
one
of
the
reasons
why,
when
people
are
interacting
with
token
contracts,
they
insist
on
verified
code,
so
they
can
see
what
code
is
on
the
blockchain,
because
it's
not
enough
to
know
that
crc20
compatible.
You
have
to
know
what's
going
on
in
those
functions.
The
salmonella
guy,
for
instance,
did
not
verify
his
contracts
because
he
didn't
want
anybody
seeing
that
he
was
gonna
like
you
know,
be
wrecking
their
bots
beforehand,
so
that
should
always
be
just
like
a
red
flag
off
the
bat
like
wait,
a
second.
E
Why
is
this
code
not
verified,
but
being
that
it
is
just
a
standard?
I
mean
there
are
probably
ways
to
do
malicious
things
with
ssl,
also,
maybe
a
poison
certificate,
or
something
like
that.
The
standard
isn't
necessarily
coming
to
define
all
of
the
different
things
that
could
be
bad.
A
better
example
might
be,
if
I
have
ssl
or
not
me,
but
somebody
else:
malicious
has
ssl
on
their
scam
site.
So
that's
not
vulnerability
in
ssl.
What
what
do
you
mean?
The
website
has
https
yes,
but
https
wasn't
necessarily
trying
to
stop
that.
E
It
won't
fit
in
with
platforms
that
are
expecting
certain
functions
to
behave,
a
certain
way
that
that
would
be
my
my
kind
of
take
with
that
trying
to
make
standards
that
are
naturally
that
that
more
naturally
stop
people
from
foot
gunning
themselves,
though,
is
definitely
a
a
major
topic
and
one
that
people
put
a
lot
a
lot
of
effort
into,
because,
obviously
having
an
interface
that
at
least
helps
people
make.
The
right
choices
is
very,
very,
very
beneficial.
A
Thank
you,
william.
Thank
you,
and
I
mean
these
are
all
good
questions.
I
mean
like
the
explanation
of
erc.
It
seems
very
beautiful
for
people
who
are
who
have
just
started
to
learn
about
it
thanks
so
much
for
bringing
up.
So
these
popular
standards,
which
are
available
for
project
developers
just
to
throw
out
one
fact
here,
as
we
were
discussing
about
corey,
ips
and
erc's
number
of
ercs,
those
are
registered
on
eips.ethereum.com
on
the
date,
is
almost
equal
to
number
of
core
eips.
A
That
means
many
people
are
pushing
these
things
to
be
a
standard,
although
I
believe
the
group
that
you
are
working
with
an
ad
maybe
will
be
helpful
to
push
more
and
more
because
the
percentage
of
the
ercs
who
can
attain
the
final
status
is
really
low,
like
out
of
141
ercs,
only
20
has
reached
to
the
final
status,
so
the
number
is
low.
People
are
working
more,
there
are
more
and
more
projects
coming
out.
A
A
That
is
interesting,
so
people
who
are
watching
us
on
the
youtube
later,
you
know
whom
to
reach
and
I'm
gonna-
provide
the
details
of
the
working
group
as
well
as
contact
the
twitter
handle.
So
you
can
reach
her
directly
with
your
questions
and
comments
with
that.
We
have
hit
the
time
for
this
episode
today.
Thank
you
once
again,
annette
and
william
alita
and
everyone
for
making
this
episode
really
interesting.
With
a
lot
of
questions.
A
Generally,
we
discussed
either
one
or
two
proposals.
This
was
really
enlightening
to
have
more
than
one
proposals
in
one
episode.
Now
we
can
go
one
by
one
and
understand
in
depth.
If
you
want
to
learn
more,
so
do
let
us
know
if
there
is
anything
specific
if
you
are
interested
to
learn
about
on
this
note,
thanks
to
all
our
youtube
viewers
for
watching
this
episode
hit
like
button
and
share
it
with
people
you
care
about
who
are
willing
to
learn
more
and
more
about
ethereum
improvement
proposals
or
erc's
ercs
are
really
important
for
new
developers.
A
They
are
learning.
They
are
providing
a
lot
of
stuff
to
build
a
new
project.
As
always,
we
would
love
to
hear
feedback
and
improvement
suggestions.
Do
let
us
know
which
eip
would
you
like
to
see
in
future?
Episodes
see
you
soon
again
with
another
proposal
till
then
stay
tuned.
Keep
watching,
keep
sharing
your
love
with
your
catholics.
This
is
all
of
us
signing
out.
Thank
you.
Everyone.