Developers are the lifeblood of the Radix Ecosystem. Each month, more developers join the Radix community and build more innovative dApps and tools.
Recognizing the contributions of these Radix Ecosystem members, RDX Works set out to reward the valuable contributions of its developers and the wider community.
As part of the Scrypto Developer Incentives Program, Radix community members who “Impress the CTO” will receive a prize of $1500 in XRD; let’s dive into the latest Impress the CTO prize.
Building ERC-404 with Scrypto by Austin.XRD
ERC-404 is a token standard that combines the features of fungible (ERC-20) and non-fungible (ERC-721) tokens into a hybrid form, that enables both unique and divisible asset representations on the blockchain. Inspired by this innovative yet complex token standard, Austin.XRD set out to simplify this using Radix Native Assets, this new token standard on Radix is called RRC-404.
Learn more about ERC-404 in the Kucoin Learn post “What is ERC-404 Token Standard On Ethereum”
Austin.XRD recently delved into the ERC-404 standard, highlighting its unique blend of fungible and non-fungible token traits. While appreciating the standard's potential to create fungible liquidity for NFTs, he also expressed concerns over its unpredictable behavior and its complicated relationship between fungible and non-fungible tokens.
The full discussion can be found here.
Building RRC-404 with Scrypto has allowed Austin.XRD to address these issues innovatively. The key is simplifying the process: in RRC-404, a token is either fungible (referred to as 'Water') or non-fungible (referred to as 'Ice') at any one time, eliminating the risks and complexities of ERC-404's hybrid approach.
RRC-404 is designed to ensure easy and safe transitions between its fungible and non-fungible states, offering clearer fractional ownership and more predictable behaviors.
It's an exciting step forward in the journey to enhance token utility and versatility.
Further Reading
- Read more about this tool in the following blog: Advancing Beyond Solidity: How Scrypto Perfects the Vision of ERC-404
- For further insights and details, Austin.XRD’s announcement of the RRC-404 can be found in this X post here.
- The entire project is open-sourced on his Github repository.
- Innovate with Scrypto: try building around the NFT warehouse concept.
Reward for Outstanding Community Contributors
Another pillar of Radix and reasons for its continued growth is its invaluable community members, who, day in, and day out, help spread the Radix mission to all of Web3 and DeFi.
As a way to say thank you and recognize these efforts, a $500 reward will be distributed to the following community members:
- @Aus87
- @Avincigu
- @Yoyo6705
Get Involved
Teams can keep the RDX Works team updated on their progress by submitting updates via the Ecosystem Success Form.
If this post has motivated you to contribute your concepts, designs, and resources to the community, please register for the Radix Developer Program.
Together, let's raise the tide so that everyone in the Radix Ecosystem is lifted!