ERC-1155 Token Standard Adoption And Future NFTs
NFTs will exist as ERC-1155 tokens on the Ethereum blockchain in the initial stages and future token standards that are backward compatible with the ERC-1155 token standard will be implemented to ensure interoperability across all blockchains within the TriumphX network.
ERC-1155 token standard was selected as it is able to manage multiple token types within a single deployed contract.
For example, a combination of fungible tokens, non-fungible tokens or even semi-fungible tokens can be created.
For NFT providers adopting the ERC-20 or ERC-721 standard would require the creation of thousands of unique smart contracts, each representing a unique NFT item.
The ERC-1155 standard would enable each NFT to operate on a single smart contract.
Transaction fees may also be lower as multiple token types can be swapped at once.
Aggregated Public Database on NFTs
While the in-game items that have been tokenized exist as NFTs on the blockchain, these NFTs can still be aggregated under the same subset of items.
For example, two “Legendary Dragon Sword” tokenized on TriumphX exist as two unique NFTs, but the blockchain recognizes these two NFTs as the same item, hence can be used interchangeably with the same price.
The key objective of having these items existing as NFTs is to enable tracing of ownership of the items such that when it is redeemed by the buyer, the blockchain will know which is the seller of the item and can conduct the transfers between the two accounts accurately.
Because of this ability to recognize different NFTs as representation of the same item, the TriumphX Explorer is able to group these items together to state useful statistics such as the total number of items tokenized and in existence on the blockchain, the total historical traded price of such items, the number of items owned by each user to identify if there is hoarding of items and more.
Interoperability Across Different Blockchains
TriumphX has a concrete plan for achieving interoperability through Polkadot, a cross-chain bridging network that Parity is developing in partnership with Substrate.
Through the connection with Polkadot, TriumphX will have true interoperability with all blockchains in the Polkadot network and cross-blockchain transfers of any type of data or asset can be accomplished.
This increases liquidity of NFTs and TRIX tokens as it increases access to the NFTs by the communities across a large number of blockchains.
For high-stakes transfers and trading, users may opt to have finality of their transactions occurring on a time-tested network such as Ethereum which has high security but also higher costs and longer time taken for finality onchain. Alternatively, if lower cost of transactions and speed is of essence for the user, a different blockchain such as EOS can be used by the user for quicker confirmation time.
It is also possible for users to leverage on more complex strategies such as obtaining speed via an initial EOS transaction, and automatically finalizing the transaction on Ethereum after a pre-defined period of time helping users manage the trade-offs between transaction costs of short term trading (e.g. scalping/swing trading of NFTs) while ensuring security for items that are held as a store of value by the users.
In the future, if there are additional networks capable of enabling cross-chain transferability and interoperability, TriumphX can be further integrated with these networks to further increase the cross-chain transferability of NFTs ensuring that TriumphX blockchain is future proofed regardless of how new platforms are developed and forward compatibility of the NFTs with blockchain networks that have yet to exis.
