ERC-998 is a smart contract standard that was proposed by Ethereum developer Phillip Nguyen in 2018. It is a multi-token standard that allows for the creation and issuance of multiple tokens within a single smart contract. It is similar to the ERC-1155 standard, which also allows for the creation of multiple tokens within a single contract.
One of the main benefits of the ERC-998 standard is that it allows for the creation of “composable” tokens, which can represent a combination of multiple underlying assets. This allows for greater flexibility in the types of assets that can be represented on the Ethereum blockchain.
Another benefit of the ERC-998 standard is that it allows for the creation of “hybrid” tokens, which can represent both a physical asset and a digital asset. For example, a token could represent a physical gold coin, as well as a digital in-game item.
One of the main use cases for the ERC-998 standard is in the realm of gaming. The ability to create “composable” tokens that represent a combination of in-game items could greatly streamline the process of buying and selling items within a game. It could also make it easier to manage in-game economies, as the smart contract could enforce rules such as supply and demand.
Overall, the ERC-998 standard is an innovative smart contract standard that offers a number of benefits over the more commonly used ERC-20 standard. It allows for the creation of “composable” and “hybrid” tokens, which adds flexibility and versatility to the types of assets that can be represented on the blockchain. While it is not as widely used as the ERC-20 or ERC-1155 standards, it has gained traction within the Ethereum community and is likely to see continued development and adoption in the future.
“Please note that the content on this page was generated by a machine learning model and may not be entirely accurate or reflect the views of the website. It is intended for informational purposes only and should not be relied upon as professional advice.”