A New Approach to ERC-404 Token Standard
A group of crypto developers has introduced an alternative implementation of the experimental ERC-404 token standard. Their goal is to achieve the same results in a more efficient way. The original ERC-404 token standard was designed to combine ERC-20 tokens and NFTs, allowing for native fractionalization of NFTs. However, this resulted in increased Ethereum transaction fees.
Introducing DN-404
The rival group of developers released their version, called DN-404, on Feb. 12. They claim that their implementation reduces the transaction fee impact by 20%. Instead of using a single contract, DN-404 uses two separate contracts – a “base” ERC-20 and a “mirror” ERC-721. This approach aims to address the potential exploits and breaking of standards associated with the original ERC-404.
However, it’s important to note that the code is unaudited and carries some risk. The developers have not yet introduced their token-NFT hybrid using this code.
“I want to be clear – while I had a ton of fun building this, I still see 404 as more of a gimmick than anything else. However, the space has shown a desire to continue using it, and so we decided it was worth making an implementation that was efficient and safe to use,” said one of the pseudonymous developers behind the project.
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