Ethereum Cat Herders PEEPanEIP, 15 May 2023

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From YouTube: PEEPanEIP #107: ERC-5773: Context-Dependent Multi-Asset Tokens With Steven Pineda & Jan Turk

Description

Topics covered
-------------------------
0:00 - Promo
0:36 - Intro to ERC & team
1:30 - Meet Steven Pineda
1:54 - Meet Jan Turk
2:30 - Presentation begins
2:42 - NFT - Problem & Solution
5:15 - ERC-5773 - One NFT, multiple assets
8:07 - ERC-5773 UseCases
15:44 - Project Implementation
19:45 - Tools for dapp developers
21:55 - EIP Process experience
27:45 - Related EIPs
30:46 - Resources list
31:10 - How to get in touch?
33:45 - Why “Multi-Asset Tokens” instead of “Multi-Resource Tokens”?
36:20 - Why as an Ethereum standard when implemented on Kasuma n/w?
42:00 - Is there a way to migrate Legacy NFT to NFT 2.0?
45:04 - EIP process comments
46:50 - Message to the community

Follow at Twitter
---------------------------
Steven @stoicdev0 | Jan Turk @JA_JanTurk | Pooja Ranjan @poojaranjan19

Resources
-----------------
Slides:
https://www.canva.com/design/DAFidQ1BeFg/cLRPHvH7JRVRjfre1Emi6A/view?utm_content=DAFidQ1BeFg&utm_campaign=designshare&utm_medium=link&utm_source=publishsharelink
EIP: https://eips.ethereum.org/EIPS/eip-5773
Discussion: https://ethereum-magicians.org/t/multiresource-tokens/11326
PEEPanEIP Playlist - https://www.youtube.com/playlist?list=PL4cwHXAawZxqu0PKKyMzG_3BJV_xZTi1F
ERC Playlist - https://www.youtube.com/playlist?list=PL4cwHXAawZxqXee9EMQDIEz2CslTnsW0K

Contact Ethereum Cat Herders
---------------------------------------------------
Discord: https://discord.io/ethereumcatherders
Twitter: https://twitter.com/EthCatHerders
Medium: https://medium.com/ethereum-cat-herders
Website: https://www.ethereumcatherders.com/

A

I would like to invite everyone to take a look at our still open proposal.

B

We invite you to be part of the nft's super zero Revolution come build with us and we'll be there to help. You.

C

If you are into blockchain application development, looking for an interface for multi-asset tokens continue listening to this special episode on nft ethereum standard.

C

C

Today we will talk about ERC, 5773 context, dependent multi-asset tokens with Team remark and co-authors of this EIP originally proposed in October 2022. This proposal isn't final status, meaning it is recommended for project developer to implement it to provide an overview of this standard on people, the only EIP Focus series dedicated about learning for eips and ercs. Let me invite Stephen Pineda and Ian Turk. Thank you all for joining us today. Thank.

A

You for having us thank you.

C

Maybe begin with a quick round of introduction before getting into the presentation followed by q, a if time permits.

A

Okay, sure Stephen: you can go ahead.

B

So I'm Steven I've been doing software for a bit over 10 years now uh and the last year and a half I've been deeply into blockchain and more specifically into nfts uh last year, doing it from remark and and yeah I'm, a quarter of five VIP now, two of them in final together with Jan and the team so glad to be here.

A

um And hi yeah, uh my name is Jan uh I've been developing solidity, smart contracts and all blockchains. Since 2016. uh It's been a wild ride. Since then, I've done a blockchain iot defy smart cities, even 5G implementation, collaborative Robotics and now uh I'm working on the future of the nfts.

C

Well, thank you so much for the introduction, um so without further Ado, let's peep in.

A

Amazing, so, uh as as mentioned before we're here to talk about our ERC 5773 context, dependent multi-asset tokens. So let me just do a brief intro of how we came to the idea of doing this uh EIP in the first place. So we all, we all, probably know what nfts are. But you know just for for the sake of clarity, uh so nfts are unique digital tokens. They can be images, audio files, computer code, art or basically any other format that can be stored, digitally and nft.

A

uh Ownership is secured by blockchain, so they can be traded, frictionlessly globally uh and it's a huge industry. So blue weaves estimate for the market growth by 2028 is 19.5 billion dollars.

A

That's quite a lot, uh so the problem that we saw with the nfts is that they're, mostly static and they're static, not in a sense that they don't move because you have gifts, you have videos animations all of audio files as well, but no matter where you access the nft, you will always get the same result so it this is still kind of a benefit of an nft, because it's reliable that you'll get what you expect, but on the other hand, it's limiting, so these nfts cannot evolve and be flexible for many businesses or creative users, and there have been attempts to do more with entities.

A

So individual projects have developed their systems of their own, but the issue there was that they couldn't be displayed on conventional marketplaces in wallets that were not developed by the teams. So at remark we tackle this, so we designed a set of protocols to bring nfds to the next level. We call it nft 2.0, so we allow businesses and creatives who want to benefit from this exponential growth to use our standards, and we started on kusama network, where we uh polished all of our standards.

A

All of our logos and now moving to evm, we already have quite a lot of battle experience, uh so we want to give the ability for nfts 2.0 to to our every developer out there. um Okay. So let's talk about ERC 5773, so in its Essence it means one of t. One nft has multiple assets, so this allows for context dependent output, which allows the nft to be viewed from different contexts.

A

This means uh either from a Marketplace or your wallet or a different application, so it could be a an ebook reader or it could be a audio player and the nft would load differently based on the context in which it is open to, and even you know in the marketplace, you cannot really show the full 3d uh avatar from the game that has full range of motions and everything, but you can show the Sprite or you can show the image that represents it.

A

um So assets can be thought of independent of one another, but they are not complete. Standalone entities so not like nfds, which can be traded, which can be sent around assets, are tied to the Token itself.

A

So this extends utility of tokens to to be used in multiple scenarios like you could have a gaming skin NFD that can be used in game a let's, not use names but, let's just say game a and you could also add an asset that is the same skin, but in the format of game two, so one could be high definition, 3D asset and another one could be pixelated Sprite and you could also have an asset that represents it in the marketplace.

A

So it's like three contacts that work very well together and this also kind of introduces forward compatibility.

A

So if you have a game engine that supports certain files and certain assets, but then you want to go to game version two, and you want to upgrade your game engine. You need new assets.

A

um This would mean that with Legacy nfts nfds 1.0, you wouldn't be able to use the same nft in the next game. So this would basically mean that all the nfts that you had for the original game would be lost. But this way with the ability to add assets to the nft you basically allow for the nft to just evolve, be further compatible with the next game.

A

um So you don't have a bloat of nfts in your wallet and on chain that cannot be used after game cycle is finished. So let's review some potential use cases and then Steven will jump into the actual use cases that are already being implemented. uh Do you want to take the first one Stephen sure.

B

uh So one of the most basic cases uh we have seen this being used is for reveal.

C

B

So there are many games, for instance, that you buy either a box, a mystery box or a neck from some creature and from them eventually it will open or hatch, and you will discover your actual nft. This is very common in NFC collections, especially on gaming.

B

So with this initially every nft will have some asset, or maybe a different asset, According to some ranks and then once the reveal time comes, the issuer will add a new asset, we'll send a new asset with a catch version will be open or the final reveal version to each of the nfts and something interest is important here: it's up to the holders to either accept it or not. We wanted to give holders the full control.

B

We still like have all these abilities to to evolve the nft, but in the end we want to also prevent uh Rock poles by default. We already saw the case when uh our collection I, don't even remember the name but better, not to say it anyway. So there was this collection where holders were not paying royalties, so one of the developers said: oh, you don't want to pay okay and then he replaced all the assets for some I.

B

Don't know what kind of image so with this we have all these forward compatibility, but still the holders they have control I'm going to take next yeah.

A

Yeah sure I I just have a great example that uh you know is from my childhood and probably a lot of lot of other listeners as well. It's so with evolving. It's basically similar to the Pocket Monsters game that you could do on a color handheld console when your pocket monster started evolving. If you could, if you started spamming B, it would wouldn't evolve. So this is kind of this except acid mechanic, but yeah, let's go to the next next example.

A

So our next example is iot internet of things, so you have a lot of devices and sensors and you need a assistant to manage them and if each sensor or a device is represented by the nft, this means that you can store a lot of information in it. So you can store a data sheet of what the actual device or sensor can do is capable of in what conditions it can operate.

A

You can also keep track of the firmware. That's been loaded onto the device as well as geographical location of the device, multiple other things, so basically you can have all of uh so your whole iot system, virtualized with nfds, and you don't need to have a hundreds of nfts for a single device. You just need one and that one has hundreds of assets so.

B

Any kind of well.

A

Okay, the next.

B

Concept is I'll, show you the one which excites me the most, which is something we call forward. Compatibility and I find it really really interesting, because you, as a collection issuer, you don't have to know in advance everything that you want to do or every place or uh dub or game that you want your NFC to be compatible to. So you can start even with a single image just for the marketplace and as your collection evolves over time, you can start adding assets for different metaverses or for different games or different types of media.

B

So this is for me, it's it's the most powerful thing that this ERC provides and.

A

If we go back to the multimedia, which is currently one of the most common use cases for nfts, um you could have a different types of content like ebook, for example, represented by multiple assets. So one would be the uh the ebook cover that you would see in the marketplace in the library and then another asset could be a sort X script of the book.

A

So you know the preview to get the feel of how the book is written, what it's written about so that you can decide whether or not to buy it and then the whole PDF that would load into an ebook reader and an audio file. It would load into audio reader and similar to similar goes for music, where you could have a preview of the album and then songs as assets or metadata.

A

That attributes the authors and the producers and the whole team. That's working behind it as well as lyrics as another asset and ticketing, is also a really potent use case for multimedia ERC 5773 use where you could have a ticket that is a PDF, and then you can have QR code as another asset. And then you can have bonus content for the event that you're going to so it could either be an additional song, If you're, going to the concert. It could be a treasure hunt map if you're going to a festival.

A

um So it's it really just opens up a lot of possible. It is when you buy a ticket.

B

As mentioned sorry, as Jen mentioned previously, we have tested already this protocol ecosama for over a year, one of the things or of the ways I've seen artists use. This is that they have an asset for the art piece, which is a static image, and then they also have a video of the making of another piece. So it also adds more value to the nft another.

C

B

But I think I also I already mentioned it is Multiverse, so you can have, you can add assets to make your nft compatible with different metaverses or platforms, and just as long as the user or as the holder accepts it, he will be able to use it. There.

A

And the last example that we have is backup, so it's it's as simple as it sounds. If you are able to have multiple assets, this means that you can have the same asset added to the token and host it on various protocols and in various ways, so either centralized or decentralized. We root for decentralization, but uh you know it's worth mentioning that either can be implemented, but totally up to the implementer. So this means that if once a service becomes unreachable, something goes wrong with the network.

A

You can still access the other, the other one and still get the asset that you want, and you can another benefit of. Our uh of our proposal is that you can prioritize the assets, so you can also decide which service you trust the most and have that as your primary Service uh to to serve the asset. And then uh you know go down the line of trust to to the most unreliable service. On the last place,.

B

Okay, so uh before we actually published the first draft proposal uh to The Forum and up in the discussion we're working on this uh protocol for several months, uh so by the time we publish it, we already had an internal package which we had shared with our community and we have been improving it and, as we apply all the suggestions from The Forum. So if you want to use this ERC, there is a ready-to-use implementation. Actually a few ready to use implementations on this uh npm package. We will add the link later on Olympic.

B

uh An important thing to note here is that we have two versions we try to be. We were inspired a lot, but we have open sampling does uh and also how ERC 721 is implemented. So what we did is we have like a core implementation, which has the minimal functionality uh that this, uh like a smartphone contract, needs to have in order to be compliant with this ERC, and we also have some internal methods for advanced things. So, for instance, erc721 doesn't include Mint or burn functions, but they are very common.

B

uh So here in this core implementations, we just have internal functions. To do the burning or meeting and other actions is adding an asset or adding another to a token, and then, on top of that, we built three different opinionated versions. So by opinionated I mean that we took some decisions, for instance, who should add an asset.

B

We should add an asset to a token who should be able to meet or not, and what's the payment method, for instance, so on the opinionated versions, We have a premium version when only the issuer or a contributor has access to the meeting and it doesn't have to pay. And then we also have two other versions which are payable, which is lazy, meeting schema. That means each NFP is Minted as a holder buys it, uh and we have a version of this for payments with Native token and with erc20 token.

B

So it's a really as simple as using open sampling like if you have, if you're familiar with smart contracts and nfts, you probably have used this package uh where you just import uh the implementation from them and just inherit it and add your custom logic. We have the same uh for.

C

B

Opinionated version where you get or you have to add all the rest of the functions like minting and adding assets and.

C

B

Also provide these two opinionated, which are entirely ready to use, so there are already uh besides the implementations in kusama there.

C

Are already some.

B

Implementations on evm to a gaming collections, one is next soldiers which I'm the one of the authors and another one is everlut, their vote focus on gaming and they use these VRC together with others. We have proposed so, for instance, on snakes holders. I use the multi-asset to for the reveal of the of the X, which then hatch into snakes, and everyone also does it. There is another uh app which is still in testing, but it has another interesting use case and it's a short-term rental dap.

B

It's called bombo and it uses multi-assets to handle or to manage the different pictures associated with a property. So you create a property, an nft which represents the property you're putting into rent, and you can add, multiple assets to it, one for each image that you want to show and maybe later they could also add an asset for the contract or for the location or it's it's a a matter of creativity, actually, okay.

B

So, uh as I mentioned, we have been building this for actually over a year now, I think so we have plenty of documentation from all the npm package. So uh we've been very careful with documentation, especially young here, it's very detailed on it. So all the methods of all our implementations are well documented and all these uh is available in the documentation site. We will share in the link tree. uh I personally did some video tutorials.

B

So it's a series of so far of only 15 videos uh 5 to 15 minutes where I explain how to use these in other ercs in a real project. Those next whole years, which I mentioned earlier, so it can give people um of a good feel or a good idea or of how they can use this ERC to to do their custom implementations.

B

We have some Journeys, also uh like some some basic use case samples where we go through yeah, a development or yeah like a journey of coding and adding different assets and accepting them and replacing them and doing all the interactions that we support. We.

C

Also have a GitHub.

B

Template which you just fork and has everything ready to use you just do yarn or npm install, and it will have all the packages it uses hard Hut in the npm package. We mentioned also open, settling and several other tools, so you can just for that, and it even comes with a sample contract, and so you can start already in a matter of minutes, deploying this ERC to a test net and for me, the most important tool or the most important thing that this ERC provides to that developers is the forward compatibility. As I mentioned.

B

You don't need to know in advance every use case that you want to your nft to be able to handle. You can just start with something simple and in the process start adding more assets to give it more functionality. Yeah.

A

So this is it for uh the implementations and use cases and we want to share. We wanted to share our EAP process, so we faced some of the challenges and mostly they they haven't been from the community, but rather from the process itself. So uh one of the things that that had us bewildered was uh when we did a simple I think it was maybe two sentences update uh the The Continuous integration, Bots failed, I, think three or four checks- and this was due to uh the previously valid EIP references were renamed to ERC references.

A

So um I, remember that at that point we were kind of flip flopping, whether or not we broke the whole thing and deleted half of the proposal, but yeah or we. Luckily there are still errors reported at the end, so we figured out what was going on.

A

um Another thing that was was kind of interesting is that we we really imagined this timeline of the process being Maybe shorter and then I think that when we were discussing hey yeah we're ready to go to the last call, because there haven't been many uh I mean there haven't been many complaints and then uh Sam uh introduced uh introduced us to the review stage.

A

um So yeah it got postponed a bit, but it's it's still a good stage from what we've experienced so far with this and all the other proposals. So it was a change for the better. It just had a surprise, and for so this was for most of us uh first proposal. For me it was the second one, but we weren't really sure of the timeline. So uh we just tried to get it into draft and then we kind of waited.

A

We weren't sure when to you know, move it to review or last call so for this one, that this was a learning experience for for us and.

C

A

Thing was that when we first discussed should we write the proposal or how do we write a proposal for a multi-asset? um My thoughts were hey. Yeah I did one proposal in 2018, so um it should be a piece of cake right here. I've seen the process I've known lately, let's go, we can do it and uh unsurprisingly, the process has changed a lot. I just somehow didn't connect the dots.

A

um So uh if I remember correctly, I I think that the first, the first PR that we opened uh had about 50, commits or something like that, because we kept fixing stuff and we I I didn't go to the whole list of errors, but I went through some and then fixed those, and you know they were more. Of course.

A

Cool thing to note is that now we can do it in two and just takes some practice so to commit one for the content and another one for the pr number and we're happy with what we've done and yeah on the personal anecdote I mean uh or when ERC 5773 was merged to draft was the same day that uh my my newborn daughter came from the hospital. So it was, it was a really great day.

B

Yeah I I wanted to add something which will sound very very dumb now after this nice story of your daughter, uh but uh two things that I like from process uh is that all that we were assigned a reviewer, uh which is something I, think very valuable. But it's also a bit complex because, uh as a reviewer I mean reviewers are just uh like giving away their time right or the community, uh but sometimes you would, if you like, or expect the reviewer to do comments faster right. So I think this. This is a problem.

B

uh Many phases I also was assigned reviewer at some point to an EIP, and the author was really mad at me, because I was taking so long, um but one cool thing that happened that, like that really gave me I, don't know. Positive feelings was that we were using this inside like internally uh the the sample implementation.

B

We would pushed inside the assets folder and we discover an error and- and we fixed it internally, but we hadn't taken the time to update the assets on the AIP, the sample implementation there, and a few days later, our reviewer told us that there was a bug that he thought there was a bug in the test implementation and it was precisely what we just had fixed.

B

So it was really nice because I mean he really took the time to to go through it and test it, and he also added a few tests, uh like first suggested a few tests that were missing so I, really like that part of the process. uh Also by by the final weeks, we received a good suggestion on how on to improve one of the events which we also applied so from this Erp I think it was a mostly learning process, but we also got really good feedback uh and valuable feedback from the community yeah.

A

Yeah I agree, so I really think that whoever comes into the thread usually has some strong opinions and they help shape the ERC to be better so that this was. This was a really great part of it. Yeah I think that we can move on to the related eaps. Okay,.

B

So, during their process, we were suggested uh that there was a similar EIP, uh namely 4955, which is vendormit data extension for nfts, uh but it was really different to what we are doing. uh This EIP focuses on net. Sorry at first I want to clarify it's not that I don't see value on this nft, but it's just very different from what we have. uh So it focuses on metadata only while we are proposing a set of functions so an interface this one.

B

This goes only for metadata and with that metadata you could uh arguably achieve uh kind of the same functionalities of having multiple assets into or yeah multiple Associated uh assets into this same nft. But the problem with using only metadata for that is that you have one of two cases. First, uh you have to put it all up front. So from the beginning, you need to know what metadata or all the assets you want to include. So it's not upgradable.

B

uh That is in the case that, where you cannot update the token your right, like the issuer, cannot do it, and the second case is if the issuer can do it. uh It's also a bad thing because they can update at any time and they could replace your nft with something on valuable or for something completely different to what you bought. So we don't like either case uh and we think- or we are very confident that 5773 solves both issues by making it upgradable but giving control to the holder.

B

uh There was also a suggestion to use permissions as in 712, uh which we think is very valuable, but we didn't not did not include it in this proposal because uh we wanted to have. uh We wanted to build on top of 721 and 721 uses the uh approved and set approval for all.

B

So we use the same uh for assets, so we actually have, uh though, that pair of approvals we also have it for assets specifically, so you can have different parties manage your NFP, like transfer and another party to manage the assets uh so basically for consistency. We just went for the same thing as 721 has, but it doesn't mean that we cannot use uh this kind of of sign approvals uh because they can always be implemented in the future.

B

We want to do also ready to use implementation or core implementations with this kind of approvals, because they are clearly valuable. They avoid signing one message, so they avoid gas for for one message and they're totally yeah. We can totally extend uh unimplementation to include this besides the the already existing ones. So.

A

We also prepared a list of additional resources that include our documentation or the implementation of multi-asset EAP, also the link to the EAP itself and our npm package that that can be used to start developing uh way to move the asset, tip and and so much more and yeah. That was it from us.

A

Thank you for uh taking the time, uh and we will, of course be open to responding to any questions right now, but we're also available to be reached on Twitter uh I am j, a underscore Jan Turk and Stephen s stock Dev zero. So if you have any questions or comments after this live session is completed, please don't hesitate to to reach out to us.

B

Oh one thing we didn't mention in inside the the link tree. There is also this link to the remark. Implementers uh telegram chat.

C

B

I think around 500 users, in all of the team from remark, is their uh it's ready and happy to answer your doubts. We have helped several collections to use these standards on evm, uh it's since, since it's so fresh there are still few deployments, but we know many things working on that and we're happy to receive more teams to work this with dcrcs.

C

Wonderful, thank you so much for the presentation I like that. You have used FAQ kind of thing in the proposal and that too, without adding any external link and the additional resources are also added in fem. uh Definitely helpful. I am hoping to have all the resources that you have shared here in the description section for people to follow.

C

I learned an interesting term today, nft 2.0 that was quite interesting to me and use cases and implementation that you have shared were also great. uh This is something new that I have noticed about. The GitHub template I think that should be great and helpful for people who are trying to implement this proposal on their project. We.

A

Really wanted to help people and we actually were part of zk6 era hackathon, where people already use the template. So uh we didn't get any complaints there. So it seems that it's it's built in a way that it helps developers of.

C

Course I mean, like I, was thinking of the use case of hackathons, only good thing that you mentioned about that. So when, when we are having participants in hackathons, we encourage them to use eips and ercs. Sometimes they're stuck around how to use that and if they will get templates. That would be super helpful for them. Yeah.

A

This is a ready-to-use type place with all of our eips and drcs already included awesome.

C

Word asset, but that asset is uh different than what we usually use in web 3 world. Would you maybe Define a set with respect to proposal? I I read a few sentences in rational and why this proposal is called as multi asset token. Instead of multi-resources token, this.

B

Was a an internal discussion for over a year this uh we call this erps Legos internally, because you stuck them together to create a more more functionality, so this Lego was actually named multi-resource for over a year uh and I think it was Sam suggested asset I want to take the opportunity to to thank Sam and you fuja. You have been a part of you very helpful during this entire process, uh so I think it was some who suggested or questioned us using asset.

B

So that's part, an internal discussion where we uh evaluated the definition for similar words and I I have the the definitions here, which I sent to convince our team to use asset instead of resource, which is a useful or valuable thing person or quality. So with resources, we're usually like, at least in the dictionary. They are more like related to things like like gold or carbon, like this kind of resources like natural resources or other or other type, so yeah, we I, don't remember which other options we had.

B

But in the end uh we agreed that as it was the the most appropriate because it's it's very wide, but but.

C

Also, not that wide.

B

So yeah uh we we with this- we we like include uh any type of media that was also one of the options. I think multimedia. That was also limiting, because not everything that can be attached is a media file so yeah. This was like The Sweet Spot uh from looking at the dictionary literally to define the word. That's.

C

A pretty interesting yeah I mean, like obviously I said in the webto world, is considered as I said, that I can see here in The Proposal, but in battery normally speaking, asset means a token a coin. A currencies right, so I just wanted to have a clarification here for people to follow it correctly.

C

um My next question is with respect to proposing this as a standard. I understand that, uh while working with project remark, this may have evolved to be clear, nobody needs a standard to create a project. Help me understand when this project, like remark, was uh created, documented or developed. uh It was done on pasuma network I, believe that is a polka dot Network.

C

uh So uh why did you choose, like the team uh choose to propose this as an ethereum standard? Well,.

A

We're moving to evm, uh so we also have our own Marketplace called singular, and we want to give this and if these 2.0 power to everyone on the network, because I remember in 2016, when it you know when I came in, the ecosystem was really I, at least to me. It felt really exclusive really friendly, and this is something that we approached like in remark as well.

A

So we wanted to help everyone move forward with the nft with the utility, uh because the nfts are, you know, currently being underutilized being just some tokens to be traded because they can actually represent something that brings Joy to the people or you know, actually helps them in their real lives. Yeah.

B

I would like to add a couple of things, so our company is focused on nfts, so, yes, we could have done this uh on our own and, as we did with Kazama, uh although in kusama there was another at least another uh project which started supporting those nfts with these capabilities on kusama.

B

So we could have done that gone that way, but it would be selfish and it will limit the users to only our Marketplace or people, knowing us so I think having a standard, it's it gives to everyone in the AVM ecosystem the chance to work with this with, what's with what we believe is the future of nfts and which makes them much more valuable. So it's great to have more people on board and doing the ERC process gives us feedback to improve our proposal and and yeah it puts it out there.

B

It makes makes it more credible or more reliable to use it. So we hope in the future to see other marketplaces also supporting this standard in several different applications using it and I have to mention that young here was a big part of it. He arrived at a great Point uh in his great documenting, has experience with another EIP. So it gives us like that final push to to go in this crazy Road of publishing everything as cips a.

A

Really great uh great experience developing this for everyone- and you know coming in seeing this this ready to to document implementations uh was really fun as well and another thing that is really beneficial. If we do this as eips is that uh you we can have wallets Implement them, so you can have assets that show you your nft in your wallet as well. So this is really cool, because if we did it proprietary and only our Marketplace would support it, then yeah it would still show in your wallet but with only the top assets available.

A

But this way I mean you can have like The Full Experience from the get-go from your phone or you know a plug-in. uh Whatever you use, you can see your an nft 2.0 now.

B

One more thing on top of that, so, as you all know, or if anyone listening doesn't know yet uh when people propose erc's or eips, they they have or they are supposed to go on their uh a license, which is completely free to use and completely free to like you, don't even have to to tell or give attributions is what I was looking for.

B

So, of course, we are, as our Founders say, we're giving away the keys to the to the castle or something like that is the same uh and in the but there's a tiny caveat on the npm package that we provide, where we have all this core non-open United version and all the opinionated ready to use implementations. It uses Apache to license. So it's completely free to use. You don't have to pay it, but we just expect you to say hey what we're using so far developed by these guys.

B

uh So it's just the only thing we ask for in exchange um yeah, that's it that's.

C

Amazing I have always loved this idea of you know, helping others right and I feel that that is one of the key element of ethereum ecosystem that has helped many other developers to come across the part of having standard, ethereum standard. Why we want to have you know specs getting into final status? We want to make these things free and accessible for people.

C

um The template that we are talking about here right now is not mandatory for people in terms of implementing this proposal. I'm, assuming that people can even implement this proposal without you know providing royalty or yeah. You know the Apache fee license that you mentioned in the template, so either way you guys have done a great job over here. Thank you for sharing, but I would like to continue the discussion of nft 2.0 a little bit more.

C

um So just wondering. Is there a way for a project developer to maybe convert their legacy? Nft, as you say, uh to nft 2.0? Yes,.

B

This is a pressing point and it's one of the critiques we have received in other efps, because we we claim to be bug, wars compatible, but maybe we we use the wrong wording there. We say that in the in the way that any NFC or any collection that is built using these standards will be able to use all the tools that are out there for 721 for the regular Industries. But uh that doesn't mean that if you already deploy a smart contract, you get these capabilities that that's just not possible on the smart contracts right.

B

But we have thought of this and we have we're still working on it. We haven't released it yet, but we have a sort of a great either that which we plan to release soon. So the idea is very simple. uh The collection issue has to take a first step to wrap the collection, so this step will generate like a mirror version of the Legacy Collection, but using uh these ercs either just this or or the other ercs we have together and then it's up to each holder to opt in and wrap their nfts.

B

So at any time they can wrap and unwrap and get their original token back. But it's as simple as if the collection is your agreed and saw the value on these ercs and once all the holders to benefit from this it starts the process because we we still, we could go over the issuer, but we don't want to to do that. We want to be friendly with issuers out there. So let's say you have a collection on Legacy Collection, just 721.

B

You want to use multi-asset, you will uh like start this process, so we are uh aware that you as the issuer- and we checked that for the contracts, uh want your holders to migrate if they want and then once we have that we create the mirror contract in each holder, we can wrap and generate a new version with this nf2 points to zero version attending their nfts to the to this broad version. So it's as simple as that. In that moment we meet the nft.

B

We add a single asset, which is whatever you're talking URI was pointing to, and then on top of that, the issuer can start adding more assets and you, as the holder, get to a sector accept them if at some point, for whatever reason you want to go back, you can uh unwrap it and get your original token back. So it's entirely possible.

C

That's good to know, I mean uh if something new is coming up and uh even if the proposal does not give a full solution to it. If we have work around that is helpful for implementers, they can probably make use of the new proposal that is coming up. My last question was around the EIP process, but I think Ian has already explained it. um I have a few uh comments to add over there.

C

I'm I was really happy and surprised to see that you were here since 2018 and I literally tried to find out a proposal. I guess it was proposal 1129 that is currently in a stagnant status. I hope, if you feel like this proposal, is right to be brought back to active status. Please go ahead and do that and we are here to support you, um but thank you so much for like following the process and yes, uh the process has changed a lot.

C

Ethereum characters came into a picture since 2019 and since then we have tried to organize it a lot like earlier. It was just draft last call final, but now we have added a status review and now last call is defined for just 14 days and so on so forth. The change that you mentioned about EIP and ERC. That is also like I'm happy that an author is catching these changes, so we are trying to uh automate a lot of things like you know. Editors do not have to work too much.

C

Some of the things can be automated with helper bot. So this is a small change. Hopefully, uh rest of the proposals that you guys have came across would not be affected, but it's commendable like to have three to five proposals in this process with whatever process changing, you guys are um going through. Thank you so much uh for uh contributing to the ethereum ecosystem. Well,.

A

Thank you for helping us to contribute to the ethereum ecosystem.

B

Thank you. It's really an honor to be part of this and to have our names there, as CRC authors really exciting. Well,.

C

It's time to wrap up any final thoughts or message to the community yeah.

A

I would like to invite everyone to uh take a look at our still open proposals, so these are immotable uh repository, which is uh right.

B

A

I needed to take a look at the keyboard to the code number and we we also have a minimal transferable proposal already, which is uh which, which is almost ready to go to final I, think we we ironed out all of the Kinks that that came up during the proposal and uh yeah. If anyone has any comments about our proposals, we still take a look at the threads. uh Even if they're final, we can still discuss any of your concerns or questions there.

A

uh We're available in our implementers telegram we're available on Twitter, so don't hesitate to reach out with any thoughts or comments. Yeah.

B

We invite you to be part of the nfts super zero Revolution. It's come build with us and we'll be there to help you.

C

Awesome- these are some great words. It's kind of Revolution. Yes, of course. uh Well, thank you, Stephen Ian. We really appreciate you taking out time to provide an overview of ERC 5773.

C

We look forward to see standard being adopted by wider blockchain application community. On this note, uh thank you. Youtube viewers and ech podcast listeners for following this talk. Should you have any question on this or any other topic? Let us know at eat. Cathode is Discord, uh don't forget to like And subscribe. This channel for more talks on eips and protocol upgrade cheers.