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ERC-721 is a template type that most developers follow to do coding because following same standard or template, coding in blockchain gets easy, simple and predictable. ERC-721 token was created for Ethereum network as per smart contract standards. It's proposal was presented in 2017 by Dieter Shirley. It was introduced with goal of no expiration and exchangeable token. It means each token created will be unique and it is not possible to destroy the token.
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Uses and Applications of ERC-721 Standard
A token is a piece of code on the Ethereum Blockchain created through smart contracts. An ERC-721 token is created in Solidity programming language that is following the same code base. After you write basic code, you can now finalize what unique features or details you want to create in this token. As each ERC-721 token is unique, it helped a lot in popularization of idea of single asset on Ethereum blockchain such as in case of NFTs.
The ERC-721 token is known also as deeds of ownership that means the owner of the token have full rights to use it anywhere. The first two examples of such token was in Decentraland (MANA) and CryptoKitties cryptocurrencies. In CryptoKitties, the user need to match virtual felines and each feline is unique ERC-721 token with different and unqiue characteristics. So you can search for unique cats that have special attributes.
In Decentraland (MANA), you can buy the land where you can build, sell or build a property to rent it. It is also similar to the CryptoKitties because each land has it's own attributes and it is unqiue ERC-721 token. However, ERC-721 is not only in these online games but users can also protect their real-life possessions with ERC-721 token. In real-life possessions, property, home, and vehicle are included.
Differences Between ERC-20 and ERC-721
| ERC-20 | ERC-721 | |
|---|---|---|
| Fungibility | Fungible | Non-fungible |
| Identity of Token | No Specific Discrepancies between tokens | Each token has specific identity |
| Collectible Tokens | Not collectible ERC-20 tokens | Collectible ERC-721 tokens |
| Adoption | Easy to adopt | Different levels of adoption |
| Divisibility | Can be divided into decimals | Can not be divided |
| Property functions | No special functions assigned | Allow holders special functions |
| Substitutes | Easy to replace | Not possible to replace |
Both ERC-721 and ERC-20 are foundations of Ethereum ecosystem. These standards allow the basis for the operation of smart contracts on the network which are essential building blocks of decentralized applications that are built within the Ethereum blockchain. Understanding differences between both is quite critical for the developers who are looking for ideal standard.
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