In a new round of technological changes, blockchain has presented itself in a leading method and is becoming one of the ecological genes of the new economy. The heyday of bitcoin has become the yesterday of the blockchain industry, and it represents blockchain 1.0 era being replaced by blockchain 2.0 and is in turn, represented by ICO. However, the red sea of ICO is almost saturated. A variety of players have entered the arena with various stories, but fewer and fewer people pay the bills, so the call for blockchain 3.0 is gradually coming to surface.
In 2017, an Ethereum game called CryptoKitties attracted players from many virtual game worlds around the world, making the headlines of major media and websites. In the game, players can buy, sell, trade and develop new blockchain CryptoKitties in the game. The price of a CryptoKitties can go up to 100 million CNY. It drives players crazy because of the technical logic behind it, the ERC721 standard. If ERC721 were replaced by ERC20, the game would not have reached such a peak.
ERC721 brings greater possibilities to the blockchain industry and may be more widely used than ERC20, directly driving the advent of blockchain 3.0.
What is ERC721? How does it symbolize the advent of blockchain 3.0?
ERC is the standard abbreviation of the Ethereum currency. Currently, there are two major agreements, ERC-20 and ERC-721. Most of the ICO project tokens issued by Ethereum adopt the ERC20 standard. ERC721 is interpreted as “Non – Fungible Tokens”, also referred to as “NFTs”. It is easy to understand as each token is unique, irreplaceable, and has its own independent token ID number. In terms of diamonds, each diamond represents an NFT and is not interchangeable with each other. Each diamond is an individual, but the two are still a different token from the same intelligent contract.
An ERC20 token is a standard interface and the ERC20 token can be subdivided infinitely, even as far as to a factor of 10 ^ 18. However, the smallest unit of the ERC721 token is 1, which cannot be further divided. The standard token of ERC20 is replaceable, which means that all tokens are directly indistinguishable, and all tokens are the same.
Obviously, compared with ERC20, the ERC721 standard can be developed to distinguish tokens. For example, in the popular game, the kitties in CryptoKitties are endowed with genes, and the genes of each one are different. The zero generation cats are the most valuable collectible. In some cases, a certain cat with certain attributes will also be sought after.
This means that the ERC721 token has the collectible value. Because of this, the ERC721 standard will achieve further breakthroughs in the blockchain industry, especially in the field of cryptocurrency collection and online games with great potential.
More and more people are keeping an eye on the ERC721 and are looking forward to its potential.
CRT: First ERC-721 and ERC-20 standard dual currency model
The core concept of CRT is to use blockchain technology to build blockchain management, including the traceability system from mining, production, and production of raw rocks to the sales of finished products, as well as management of diamond mineral investment channels through the certification of public blockchain. The system combines virtual assets with real diamond resources is committed to the fields of payment, circulation, exchange, financial investment, etc., so as to build a global diamond industry ecosystem of blockchain + diamond.
As a pioneer, CRT recently announced that it will build a diamond investment trading platform by adopting the ERC-721 and ERC -20 standard dual currency model. The ERC -721 standard enables digital assets to become collectible, and it can also realize the unbreakable substitution of assets with unique property rights. The CRT model innovation based on ERC -20 and ERC -721 standards will give each diamond a unique value.
In the traditional diamond industry, there are illegal diamonds, blood diamonds, insurance fraud, fake products and more cases like these, so it’s always important to trace diamonds back to where they came from. Regardless of how many people have tried so hard to figure out how to track diamonds, they never really addressed the pain points of the industry. Until the rise of blockchain technology, the traditional diamond industry seemed to find a consensus of order and chaos.
Solving the pain points
CRT’s current official annoucement is that it will build a C2C platform for diamond trading through blockchain tracing technology and anti-counterfeiting technology. The problem with the diamond industry right now is that the diamond trade is almost pure B2C, and there is no direct supervision of the expertise of a third-party agency, and it cannot do more to shape the diamond’s value in diamond lending, custodial duties, repairs, and diamond delivery services. The blockchain technology is used to ensure that the diamond certification and identification are accurate enough and are not easily tampered with. The nodes will record the whole process of diamond extraction, production, and finished products. It develops a comprehensive diamond service system by increasing product value. It introduces a third party to ensure the authenticity of merchants’ products and introduce credit data to ensure that users have sufficient purchasing power. Until that time, the platform will build a complete integrity mechanism, realize the identity authentication and authorization of both parties, guarantee the untamable transaction data, and provide safe and reliable point-to-point diamond investment trading service.
According to official news, the company has received tens of millions of Chinese Yuan in investments from Tianjin Venture Capital, super ecology alliance and other institutions. Tianjin Venture Capital has strategic cooperation agreements with Node Capital and the Huobi Group of the UK region. The super ecology alliance has teamed up with 13 Asian investment banking and other capital institutes to carry out strategic investment. The two powerful investors invested in CRT precisely to see the natural fit between the blockchain and the diamond industry and the concept of constant diamond reserves in this project.
Constant diamond reserves, the release of the token to the diamond reserves is 1:1
The valuation of a single diamond product is affected by factors of its original quality and processing, each of which makes an essential difference in its valuation. If there is a medium that can represent the value of the whole diamond category, the circulation of diamonds and their financial value will reach unprecedented popularity and height. That’s exactly what the CRT does. Using digital tokens to value diamonds.
CRT bases itself on each individual diamond, which has the attributes of diamonds and object values. CRT has a physical price from the start, effectively preventing the dilution of investors’ wealth due to economic factors such as inflation. The more miners excavate, the smaller the reserves will be and the CRT will only increase over time. According to the idea that the amount of solid diamond reserves to the token is 1:1, it is one of the major reasons why the CRT project has received much attention in the industry.
Through asset alignment, CRT will make asset digitization, transaction encryption, contract intelligence, data blockchain, link synchronization into a reality, and the same will be done for complete industrial chains from investment development to the finished product transaction.