Rangers Protocol’s NFT Protocol: Data Inheritance and Reuse Are Key

After we have recently introduced a series of optimizations carried out by REVM — Rangers Ethereum Virtual Machine — based on EVM (Ethereum Virtual Machine), readers may have learned that the current blockchain infrastructure has excellent room for improvement. The EVM instruction set expansion was mentioned in the “Rangers Protocol Virtual Machine” series. The Rangers Protocol team will also increase NFT — Non-Fungible Tokens — relevant instructions, functions, and extended standard libraries to reduce the difficulty of application development and improve the efficiency of business landing. In addition, strengthening the standard protocol of NFT will further expand the commercial application scenarios of NFT so that the NFT asset protocol can carry ecological value better.

What Is NFT Standard Protocol?

Following Bitcoin, the Ethereum network has attracted many blockchain developers by its smart contract technology. Smart contracts push blockchain technology from the previous era of asset transactions to the age of blockchain applications. The development of smart contracts has brought unlimited possibilities for the implementation of complex business logic.

NFT, the hot topic of recent time, is also created through smart contracts and is an asset agreement that can describe unique asset attributes. Compared with FT — Fungible Tokens — such as Bitcoin and Ethereum, NFT is irreplaceable, and each NFT is a unique token. Developers can describe the unique attributes in the NFT to be well used in various scenarios of decentralized applications. For example, blockchain game props, game character distribution, land assets, event tickets, and even the currently widely discussed digital artwork can all be undertaken by NFT asset protocols.

That’s how the NFT standard protocol was born. As the forms of NFT assets become more diverse, each platform must adapt to different NFTs efficiently. There must be a universal and standard asset protocol in the industry so that various applications can quickly read and analyze the data in the NFT understand their purposes.

Nowadays, the NFT standard protocols popular on the market are ERC721 and ERC1155. They regulate how to generate a single NFT and batches, allowing developers to create a batch of NFT assets that look alike quickly. At present, these protocols have been widely used by developers in various applications. Because of the wide-spreading use of these protocols, the market has proven its advantages and stability. Rangers Protocol has also learned from these superiorities and expanded on that basis.

Rangers Protocol NFT Standard Protocol

Rangers Protocol is compatible with Ethereum NFT protocols, including ERC-721. By being compatible with mainstream NFT protocols, Rangers Protocol will better receive the high-quality NFT assets in the Ethereum network and deliver the corresponding value more efficiently. Besides the value of NFT itself, the Rangers Protocol technical team believes the reusability of data and inheritance of NFT is key, meaning NFT can more accurately capture the value gains from different applications when multiple decentralized applications could be reused.

To achieve more application value of NFT, Rangers Protocol has expanded the NFT protocol as follows:

Rangers Protocol has designed an NFT shuttle mechanism. Having locked the NFT in a specific decentralized application A to which it belongs, the user can request to shuttle to the decentralized application B. After obtaining the consent of the decentralized application A and B, the NFT can shuttle from A to B.

Based on the mainstream NFT protocols, Rangers Protocol will add space to describe the data required by NFT in different decentralized applications. This data space will describe the performance of the NFT in a specific decentralized application and can only be modified by the application where the NFT is located. The content in this data space can be easily accessed in the blockchain environment, allowing users to check the functions and performance of NFT in different applications and previous usage scenarios.

Besides, Rangers Protocol also has its own NFT lease mechanism. This mechanism allows NFT to have functions similar to renting in real life — but in the blockchain network. It distinguishes the ownership and use rights of NFT assets and provides more possibilities for NFT commercial applications.

Summary

In general, Rangers Protocol has given NFT applications more opportunities to achieve potential value and enriched business acceptance capabilities. With the support of Rangers Protocol’s NFT protocol and the relay chain technology mentioned in the previous articles, the value capture and commercial capabilities of NFT could give developers and users more room for imagination.

About Rangers Protocol

Rangers Protocol is the backbone of a Web3 Engine for creating immersive Web3 applications. It minimizes the development difficulty for Web3 developers and maximizes the user experience of its Web3 applications. Rangers Protocol provides comprehensive infrastructures for efficient complex-app development, successful cross-chain and mass distribution, diverse in-app NFT and DeFi features, and more. Through its full EVM-compatibility, strategic industry partnerships and its curated all-in-one IDE, Rangers Protocol supports AAA and indie developers to succeed in the Web3 world.