Introducing MINER
Last updated
Last updated
Miner is a collection of 10,000 counterparts or avatars enabled by ERC-X, an experimental token standard.
ERC-X is a fully optimized, experimental standard that enables the use of multiple standards in one (ERC20, ERC404, ERC721, ERC721A, ERC721Psi, ERC1155, and ERC1155Delta).
This standard is particularly notable for its gas efficiency, making transactions like purchasing and selling 500 tokens significantly more affordable—costing between $50 to $150 depending on gas prices on Ethereum. This is a stark contrast to the prohibitive costs associated with the original versions of these operations, which were often so high as to be impractical.
Average gas costs per 100 NFTs:
| Standard | Gas | Scalable? |
|---|---|---|
ERC-404 Legacy | >1 ETH | No |
ERC-404 v2 | >0.3 ETH (predicted) | No |
DN-404 | >0.2 ETH | No |
ERC-X | ~0.015 ETH | Yes |
It's also important to note in the table above, that DN404 gas costs is not fully comparable as DN404 allows for skipping NFT mints in order to "save" on gas costs. ERC-X is engineered to be scalable, accommodating projects of nearly any size with its flexible tokens-per-NFT ratio. It brings back essential features from the ERC20 standard, such as anti-snipe mechanisms, to ensure smoother project launches. Moreover, with minimal adjustments, ERC-X allows for the presentation of NFTs as either ERC721 or ERC1155, catering to different project requirements.
The innovation primarily stems from incorporating elements of ERC1155Delta, an extension of the ERC1155 standard, which significantly contributes to the optimization process. When operated with the ERC1155 mode enabled, ERC-X also generates ERC721 tokens, thereby enabling compatibility with marketplaces that support either standard. This dual-functionality approach aligns with the "404" concept of hybrid tokens + NFTs, where selling one essentially equates to selling all, underlining the versatility and efficiency of ERC-X in handling combination tokens and dual NFT formats.
