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FANCHAIN
FanChain tokens are based on the ERC20 standard but also adopts ERC721-style features when they are distributed or accepted within the FanChain ecosystem (including any wallet that adds support for our DApp.)
Similar to the concept of a “colored coin,” FanChain tokens are the synthesis of a fungible token with a non-fungible token. Although the FanChain token is fully ERC20-compliant, its implementation of the ERC20 specification allows for additional information to be stored on a per-address basis. This additional metadata contains the breakdown of an addresses’ token balance by team, league or event.
FanChain tokens can be transferred and monitored by any ERC20 compatible wallet without care or concern of the extra metadata (“stamps”), but the extra data associated with each stamped token (e.g. team or league breakdown) becomes visible in FanChain-aware systems.
Storing the stamped-metadata at the address-level, as opposed to the token level (as in the case of ERC721), allows for enhanced functionality. This includes:
- Divisibility: Unlike pure ERC721-tokens, FanChain tokens can be decimalized to allow for fine-grain and micro transactions. FanChain tokens can be transferred and stored as fractions of a token, instead of only in whole-token increments.
- Lower Gas Prices: Transfers between addresses do not require a transaction per token, but can be executed using a simple, low-cost group operation (even when transferring team, league or event-specific tokens). This significantly reduces the Gas consumed when using FanChain’s DApp. Consequently, transactions only consume slightly more Gas than a basic ERC20 operation, especially when compared to ERC721 bulk transfers.
While FanChain tokens have non-fungible aspects, they are at their core a fungible (ERC20) token. This fungibility allows for existing systems to utilize FanChain tokens without regard for the stamps.
WHEN USED IN ERC20 ENVIRONMENTS
FanChain tokens can be used, transferred and monitored in standard ERC20 environments such as MyEtherWallet. However, in these instances, stamp metadata will not be visible, nor will they be stripped or able to be changed. Transfers initiated in wallet software clients without FanChain token support will transfer tokens without being able to choose which specifically stamped tokens to use in the transfer.
WHEN USED WITHIN THE FANCHAIN ECOSYSTEM
When FanChain tokens are earned or accepted within the FanChain ecosystem, stamps are fully visible and accessible. Users are able to choose which stamped tokens they want to send during transfers, facilitating trades and other features.
MODIFYING AND STAMPING FANCHAIN TOKENS VIA MINTS
To ensure the integrity of stamps, only Mints will have the ability to distribute new stamps and modify existing stamps. Mints, via a whitelisted origin address, will have access to the DApp that will allow them to modify and transfer FanChain tokens. In addition, we will develop a RESTful API alternative for Mints that will allow for easy integration into existing platforms without requiring a fully token-aware backend. The process works as follows:
Any sports-related website, app or media partner that facilitates user-generated content (“UGC”) may apply to become a Mint.
Mints are required to have a vetted process of categorizing the UGC (live streams, blogs, vlogs, images, memes, activity) that is produced on its platform
Once a Mint is approved, it will have access to functionality that allows it to modify stamps during transfer of FanChain tokens to content or value creators.
As a user produces content or creates value, the Mint will categorize the activity by team and/or league.
The user will receive FanChain tokens which are stamped with the respective teams or leagues that the user generated value for.
If a user creates general sports content or value on a Mint that is not related to a particular team or league (or creates content about a team or league that is not currently supported by the Mint), the user may receive FanChain tokens that contains a generic stamp reserved for uncategorized content. These tokens can then be traded on the FanExchange for team-specific tokens if desired.
Looking forward, we may explore additional ways for Mints to come into existence with the goal of being as decentralized as possible while maintaining the integrity of stamped FanChain tokens.
Bitcointalk Username : nhochime