The digital realm has always been a hotbed of innovation and expansion, and with the rise of NFTs (Non-Fungible Tokens), it has taken yet another significant leap. However, with great innovation comes the challenge of ensuring security. Recognizing the pressing need for more robust protective measures, CyberKongz's lead Solidity Developer, OwlofMoistness, presents the ERC721x standard - an evolved and safer incarnation of the ERC721.
The Breakthrough of ERC721x
In the vast and intricate web of the decentralized universe, NFTs have emerged as valuable assets. Just as any other asset, they demand protection from potential threats. The ERC721x standard, championed by CyberKongz, aims to deliver this much-needed security. It is an embodiment of the commitment to pushing Web3 technology forward.
Introducing ERC721x: A safer implementation of the ERC721 standard ⚔️— CyberKongz (@CyberKongz) June 26, 2023
This technology gives you the convenience of a hot wallet, with the added security of a cold wallet.https://t.co/DGwuSRrI5d pic.twitter.com/7DoNivnMwv
The fundamental premise of ERC721x revolves around layered security for your NFTs. Imagine enjoying a night of restful sleep, knowing that your digital assets are shielded with on-chain 2-Factor Authentication (2FA). This multi-layered protection assigns a secondary wallet, termed as the ‘Guardian’, which acts as a sentinel. Without this guardian's authorization, your invaluable NFTs remain immutable.
Locking & Guarding: Double Fortification
ERC721x introduces two core pillars of protection: ‘Locking’ and ‘Guarding’.
- Locking: This involves the employment of the lock registry. Interfaced with the traditional ERC721 standard, this system uses minimal gas and permits whitelisted addresses to secure assets in their position. Once locked, these assets remain stationary until disengaged from the lock registry. A notable application here is stakeless staking, as demonstrated in CyberKongz's Play & Kollect experience. This system locks (or virtually stakes) VX Cyberkongz assets, letting users earn fuel rods daily without sacrificing ownership.
- Guarding: Taking a step further, the Guardian Contract provides an enhanced layer of defense. The guardian, an auxiliary wallet, has the authority to doubly secure the assets. With the guardian's intervention required for asset transfers, the idea of on-chain 2FA is realized. For heightened security, a hard or cold wallet is recommended as the guardian.
A Testament to its Robustness
OwlofMoistness, in a deliberate move, leaked his private key. An act, not of recklessness but to showcase the robustness of the system. Even under potential threat, the ERC721x stood firm, proving its mettle. It harnessed the LockRegistry to prevent unauthorized transfers, demonstrating the standard's potential to guard against unforeseen threats.
Hot wallets, with their easy access, are the go-to for most digital enthusiasts. Yet, they come with their vulnerabilities. The Guardian Contract bridges this gap. It lets users relish the convenience of a hot wallet while bolstering it with the security reminiscent of a cold, hardware, or multi-sig wallet. This duality ensures that scams, hacks, or accidental leaks become almost ineffectual, saving potentially millions in NFT value.
Paving the Way Forward
This isn’t just a passing trend. The Lock Registry can seamlessly integrate with any ERC721 implementation, leading to innovative systems that amplify security and provide unique staking dynamics. It's a beckoning call to future on-chain games and myriad unexplored potentials.
In the spirit of continued advancement, the CyberKongz Genkai mint has integrated this new standard. Testament to its growing influence, notable collections like 9gag & Keungz have also adopted the ERC721x. The horizon seems promising, and as the digital world gravitates towards more secure frameworks, the future appears even more decentralized and protected.
For those eager to dive deeper into the technicalities and applications, OwlofMoistness's exhaustive insights on Medium and Github offer a treasure trove of knowledge.