Dual Protocol Leaseable NFT Standard “ERC-4907” Becomes Ethereum’s Last Standard

An extension of ERC-721, the standard ERC-4907 implements the time-limited ‘user’ role and grants automatic expiration through the innovative ‘expiration’ function. The addition of the ‘expiration date’ feature is an integral part of the NFT lease process and no longer requires NFT owners to manually withdraw user rights – complicated by multiple simultaneous leases of NFT assets – resulting in reduced gas costs.

Why was a standard needed and what does it mean for users?

The rise in popularity of NFTs has seen a demand for assets to be purchased with the introduction of metaverse and play-to-earn (P2E), which provides unprecedented functionality and utility. Gamefi, currently priced 21 billion dollars In the $170+ billion gaming industry, it requires unique contributions from NFTs, while in the metaverse, NFTs help create virtual communities and digital economies, further increasing NFT availability.

However, exorbitant acquisition costs and hyperinflation have reduced accessibility for the mainstream user. Evidence of asset value and value-in-use has quickly made NFT rental platforms an unavoidable necessity, with the added ability to influence the liquidity of the NFT market.

The critical paradox in providing a risk-free, seamless rental experience was NFT’s need to separate ownership and usage rights. Although various solutions exist to protect lenders from loss of NFTs, such as the use of collateral, non-distribution of property rights has rendered models ineffective and large mandatory deposits have failed to increase access to NFTs.

Dual-Role through ERC-4907, set to become one of the most important token standards, has proven to be the best architecture for separating owner and user rights due to its easy implementation, security and high degree of composability. The ‘user’ role allows access to addresses, allowing use for a period of time without granting the right to transfer NFT. Adopting this model as the standard for NFT construction will enable faster innovation and growth in the NFT ecosystem.

Gamefi projects without the standard require long codes for the integration of Dual Protocol. With the ERC-4907, no coding is required and the timer feature allows another on-chain tra to be eliminated.action.

ERC and EIP

Ethereum Request for Comment (ERC) is a special subtype of EIP – Ethereum Improvement Proposal, dealing with application-level changes that do not affect the Ethereum protocol itself. Simply put, EIPs are idea blueprints for new features or design functions put forward by any community member for review by stakeholders in the Ethereum ecosystem.

The lifecycle of an EIP includes different stages. A ‘idea’ must firstprepared’ allowing the offer to be placed in the EIP repository by an EIP Editor. bid later ‘review’ The stage at which an author requests a date for peer review. An Editor, an offer ‘last call’ status to be awarded at the end an ‘end’ condition, usually after 14 days.

Any EIP, ‘stable‘ state if left without progress for six months. A high level of technical competence is required to deliver an EIP, and a successful ERC is one that has not only entered the ‘final’ state, but is also used by projects.

Some of the most important standards currently in use are ERC-20, ERC-721, ERC-1155, ERC-4626 and ERC-777.

ERC-20 provides the implementation of all exchangeable tokens based on the Ethereum network.

ERC-721 allows non-tradable tokens (NFTs), while ERC-1155 is the standard by which bulk trading of multiple token types (both tradable and non-tradable) can be performed.

ERC-4626 is a highly composable Tokenized Vault standard, facilitating any yield tokens.

ERC-777 is an extension of ERC-20 and extends its functionality by defining the interface of token contracts and allowing the owner to reject tokens or ban them from addresses.

Purpose of Dual Protocol

ERCs facilitate the realization of Ethereum’s cross-platform portfolio. The release of ERC-4907 will simplify collaboration between all applications under another unified standard.

Double Protocol is building GameFi and the metaverse infrastructure. It has been their aim to provide unlicensed 0 code access to partners through continuous optimization of the partner access process. ERC-4907 provides seamless integration with no code required, increasing interaction between all adopters of the standard.

For Dual Protocol, this latest ERC implementation is possible due to unfinished NFT contracts. However, projects unable to similarly upgrade their own contracts can use ‘Wrapped Binary Roles’, a comparably complex ERC-20 compliant solution where new NFTs are “wrapped over the original” and printed with user information.

The ratification of the leased NFT standard marks the beginning of further mainstream implementations of the Ethereum network, with Dual Protocol as the pioneer.

SOURCE Dual Protocol

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