Ethereum[Crypto 4NE1] What is ERC-721 Standard?

The standard was launched at the end of 2017 and introduces a new function within smart contracts by making it easy to exchange unique tokens known as “non-fungible” tokens. All ERC20 tokens are identical (fungible) in the sense that one token can replace another. On the contrary, an ERC721 token is unique; it corresponds to the possession of a specific asset.

What is ERC-721 Standard?

The ERC-721 (Ethereum Request for Comments 721), proposed by William Entriken, Dieter Shirley, Jacob Evans, Nastassia Sachs in January 2018, is a Non-Fungible Token Standard that implements an API for tokens within Smart Contracts.

It provides functionalities like to transfer tokens from one account to another, to get the current token balance of an account, to get the owner of a specific token and also the total supply of the token available on the network. Besides these it also has some other functionalities like to approve that an amount of token from an account can be moved by a third party account.

If a Smart Contract implements the following methods and events it can be called an ERC-721 Non-Fungible Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.

ERC721 applications

Blockchain models using ERC721 is said to develop strongly, in other sectors such as:

Real Estate

Art trading

Loan financing and other financial products

Agricultural Land Management

Identification

Data storage

In fact, the ERC721 tokens are perfect for physical assets such as land.

The use of ERC721

Whether they are landowners, real estate property owners, agricultural professionals or investors. Using the Meychain platform gives them a number of benefits:

• Low transaction and exchange rate: Fewer intermediation costs
• Simplification of research, acquisition and sale of land properties
• Assistance for management and administrative procedures
• Opportunity to create or participate in crowdfunding campaigns
• Possibility to trace all the history of production, all history of the land, upload documents, will be recorded on the blockchain.
• Better quality/price ratio: Faster transactions, land data traceability and management power enhance the value of the property. Fewer intermediation costs.
• Community feeling, user-friendly and fun: Empowering people to make a decision on their property in a playful manner through IT devices.

Non-fungible ERC721 tokens

The platform will ultimately create the 1st decentralized land property management global marketplace that enables the coordination of countries blockchain-based registry systems in order to facilitate transactions between individuals. It will enable you in the future, to buy non-fungible ERC721 tokens representing a whole land property ownership.

• ERC20 token holders will have access to the platform where they can exchange land properties.
• Specific ERC721 landholders will be able to manage their land from IT devices.
• Get crowdfunding and liquidities to develop agribusinesses on their land.