Explain in detail the recently popular ERC6551 token binding account agreement

If you want to ask which two things are the most popular in the NFT circle recently, it must be Azuki and ERC6551. Azuki disappointed the market, but ERC6551 gave the market hope. How popular is it? In the just-concluded ETHGlobal Waterloo hackathon in Waterloo, Canada, 4 of the 11 projects were related to ERC6551, and even covered social networking, trading markets, NFTfi and games. ERC6551 seems to have a tendency to form a self-contained ecology.

However, the hot ERC6551 was only submitted for the first time at the end of February this year, and it is still in the draft state, but even so, it still cannot resist the enthusiasm of the market. It is true that with the NFT as a whole, it has entered the deep bear, and the long drought is coming. The market also needs fresh stories, so what exactly is ERC6551? What's new? Does it really have industry significance, or is it just a gimmick?

ERC6551 can create a smart contract account for each ERC721 type NFT. This account has all the functions of an Ethereum account, so that the NFT of the bound account is composable, has NFT and Token assets, and interacts with the corresponding Dapp , and the most important thing is that all of this is forward compatible and can be transferred to each ERC721NFT smart contract account without permission.

In fact, interoperable and composable NFT is not a new story. ERC998 and ERC3664 have already appeared to realize the nesting and disassembly of NFT, and there are chains such as Flow and RMRK that support natively from the bottom layer, but why ERC6551 Will it set off such a big heat? I think the main reason is its license-free and forward-compatible features, because the previous agreement is a corresponding modification of the ERC721 code, which means that only the NFT issued using this agreement is composable, resulting in the already The issued stock NFT cannot be used, the huge stock market cannot be tapped, and it is necessary to go to BD to persuade new project parties to use it, which directly makes the promotion extremely difficult.

The way of ERC6551 to achieve composability is not to directly modify the ERC721 code, but to hang an account for the corresponding NFT through "plug-in". Even the existing NTF can be transformed using ERC6551. How did it come true?

The following figure shows the relationship between NFT, NFT holders, NFT-bound accounts and the registration center. I will interpret the following figure, and the logic will be a little convoluted.

The NFT holder User Account owns 2 NFTs, which are #123 of the contract address of A and #456 of the contract address of B. #123 has two accounts of A and B. Yes, ERC6551 allows one NFT to have multiple accounts, # 456 owns the account C, and these three accounts are all created by Register, but if the entire contract logic is created for each account, it will result in a huge gas fee consumption, and most of the contract codes are the same and only processed The parameters are different, so through the ERC1167 minimum proxy contract, it is only necessary to create a "big contract" for executing logic and proxy to point to it to pass in the corresponding parameters for execution.

The following figure shows the parameters required to create an account for an NFT, including the implementation execution contract address, chainId target chain Id, tokenContract corresponding to the contract to which the NFT belongs, tokenId corresponding to the Id to which the NFT belongs, and the obfuscation value salt.

According to the demo provided by Fast Dapp, to create an NFT account, you only need to enter the NFT contract address and ID, and other fields are automatically generated or filled in. The process is still very simple.

The current Register contract address on the Ethereum mainnet is:

0x02101dfB77FDE026414827Fdc604ddAF224F0921

It can be seen that 525 account addresses have been generated so far.

The typical application scenario of REC6551 is the composability of NFT. For example, NFT accessories can be disassembled and combined. Tables and cash are the NFTs owned by them, which realizes a complete set of composable NFT suites, and platforms such as Opensea have supported ERC6551. If an NFT has an account and holds assets, it will be displayed in Opensea It can be seen that ERC6551 has quickly been recognized by the mainstream.

Since NFT Summer last year, the story of NFT static small pictures has been very weak. The huge decline of the major PFP blue chips can also show the disappointment of the market. More interactive NFT may be the next direction to lead the market. Games , music, and even ARVR have a lot of room for imagination.

And because NFT has its own account, it can interact with Dapp, and the interaction data will be accumulated on NFT itself instead of the account holding NFT before, so that NFT has a "legal person" status on the chain, and NFT's Interactive data can make NFT different and grow, and to some extent NFT has vitality in the blockchain world.

For example, in a Web3 Pokemon game, the Pikachu NFT you hold is fighting monsters and upgrading in the blockchain world. It has accumulated 300 pieces of data on the chain and 200U of assets. Before that, these data were only Can be accumulated on Pikachu NFT holders.

However, after binding the NFT account, adding other assets to the NFT name may increase the risk of loss if the NFT is stolen, and this issue also needs to be considered.

Finally, it is worth noting that the founders of ERC6551 are Benny and Steve. Among them, Benny is also one of the founders of ERC721 and the once-popular CryptoKitties. First of all, the legitimacy is full, and secondly, as the father of NFT, the understanding of NFT itself , Thinking about the current predicament and imagining future development must be unique.

It is expected that ERC6551 can inject new vitality into this dead NFT market.