Hey everyone, my name is Caleb Applegate. I'm
the COO of Enjin. I'm joined today by our CTO and Co-founder Witek Radomski and our Co-CTO
Lukasz Orlowski. Guys, welcome.Thanks for spending a few minutes with me today, I appreciate
it because I know how busy you both are. So this is our second bi-weekly update. Again the
goal with these videos is to provide the community with some of the most important information about
projects we're developing, features that we've prioritized – some of which have come directly
from the community – and special announcements. All of this is an effort to keep our community
up-to-date with the latest Enjin news. But before we jump in, I just wanted to personally
take a minute and thank our community for all the support around our EFI token launch this last
We continue to see incredible momentum and the launch itself was an epic success. So many
thanks. Alright with that, let's get started. So many of you already know this and it probably
goes without saying, but Witek you're the author of the ERC-1155 standard. And for those who
are new to Enjin and even NFTs and this space, can you perhaps give a quick overview of ERC-1155?
Sure ERC-1155 is a token standard for Ethereum. So what does that mean? When you're building on
Ethereum, you typically create a smart contract, deploy it out to the Ethereum mainnet, and
that smart contract if it has some kind of token functionality, whether it's currencies or
NFTs, you want to follow a standard so that other applications and smart contracts can recognize
those tokens, currencies, NFTs – wallets for example.
So there's ERC-20 which is pretty much
used by every token currency type of application on Ethereum. And then for NFTs we have ERC-721
and ERC-1155. So ERC-721 is made for one-off, unique NFTs. But with ERC-1155 you can actually go
a lot further. You can do NFTs and fungible tokens in the same contract. And it's more like a vending
machine where you can create different kinds of tokens, and you can add functionality around
those. Some of the cool features of ERC-1155 why people would use it is, you know, you
can do batch transfers. You can send over 100 tokens at once. You have localization in your
metadata so you can have different languages and different version of your metadata.
We have a lot of efficiency improvements. You can essentially do transactions
cheaper. And any block explorer, anyone reading the data from the blockchain gets a lot
of information about what exactly happened with those tokens, whether they were minted, burned,
or what exactly is going on.
So it's a very good standard and you can even do things like respond
to, you can build a smart contract that actually can do something when it receives a token. So
if you send a token out to an exchange contract, it can immediately do something. And when you
send a token out to a game contract, it can do something in the game. Awesome, thank
you for sharing that. I wanted to intro with that for a reason. I wanted to provide
our community with some background context because as we develop Efinity on Polkadot, you and
your team are now working on a brand new standard, and this is a huge deal. Walk me through what
you both are working on. So we're working on something called a Paratoken standard. This
is for the Polkadot and Kusama ecosystem, but the goal of the standard is to really make
these tokens interoperable, both in the whole Polkadot Substrate Kusama ecosystem for all
the parachains being built, and also for other blockchains. So you can bring tokens in from
Ethereum, have them expressed as a paratoken on a parachain like Efinity.
And we're trying to
do some new things to make the standard really powerful and extensible. You can use the standard
in something called pallets, which is one of the core ways to really build software and parachains
on Polkadot and Kusama. You can also use them in smart, these tokens in smart contracts. Some of
the functionality that we have defined already is the ID of your token, the actual token ID and
asset ID, can contain information about what network the token came from, so whether it came
from Bitcoin Ethereum, or whether it came from another parachain or whether it was minted
directly on that parachain that you're on right now.
So that gives you efficiency. Now why
are we building a token standard? Well if you do this on smart contract like with ERC-1155, 721,
there's a lot of difficulties in efficiency like every smart contract is implemented in a
different way. You can't trust it because of that, because you don't know if that smart contract is
going to do something crazy like steal tokens. So every token contract on Ethereum has to be
super paranoid and by being super paranoid, it costs a lot to operate and it's very, there's
a lot of friction in moving those tokens and doing things with those tokens. So by building it
for Substrate and for Kusama and Polkadot, we can use native tokens now, and those
have predictable functionality. And we can, we went further into that by doing something
called monetary policies, so if you own a token, you know exactly how that token will behave based
on its policy.
So whether it's the total supply, for example, you'll know by the policy if the
token supply can be minted further or not, whether it has some sort of time locked minting, who the
owner, who's allowed to mint it, things like that. So, another thing that we have in the standard
is extensions. And this is a powerful way to, actually for any team building on Polkadot to
extend the functionality, build cool efficiencies into these things. So maybe Lukasz talk about
a couple of the extensions that we have. Sure, thanks. I mean that was really packed what
you just said. I just gotta mention that you know the extensions that we put into that are you
know batch transfers which allow you to send millions of tokens.
There's also chunking, which
basically allows you to send a range of them whether or not they fit on one block or not. We
just gotta keep it future-proof this way. Yeah and so what we're trying to do with the standard
now is we're getting very close, we've defined most of the functionality that's in scope for the
standard. Now we're going to be connecting with different parachains, the whole ecosystem
on Polkadot and Kusama, talking with them, cause the whole point of a standard is to get it
So we want to get people's feedback. We want to talk to all of teams, people building
wallets, and get their feedback, revise the standard, improve it, and post it out to the
community to get the general public's feedback. And that way we can make a really good standard
that, the whole reason we're building it is for everyone to be able to easily send things in
between parachains and in between blockchains and we think this will help achieve that goal.
Got it, amazing work guys. So where can the community find more information on this if they
want to dig deeper? So you can look at a general overview of what we're achieving in Efinity
on efinity.io, but in the coming weeks we're actually gonna release the standard open-source
onto the Substrate open working group's GitHub. And so it'll then take some time for everyone
to review it, provide feedback, comments, and we'll improve the standard and then we'll look
at posting it further and finalizing it.
Awesome, well on a personal note I work day in and day out
with you both, and I just wanted to say thanks. Witek and Lukasz, I can personally attest
to how hardworking and driven you both are, and what a great job our entire development team
continues to do, so many thanks to you both. We have a busy remainder for Q3 and going into
Q4 with probably some of the most critical and important products Enjin has ever released,
so lots to talk about.
In the next episode, we're gonna be discussing some
updates we have regarding NFT.io. So to our community, you do not want to miss those.
We have some really exciting things to talk about. Thanks everyone for your support, we'll
see you in the next episode.Cheers.