Author | Callum@Web3CN.Pro
In March of this year, BRC20 tokens were successfully deployed on the Bitcoin chain through Ordinals. Based on a fair distribution mechanism, simple protocol design and decentralization, it has attracted the attention of a large number of users and the participation of funds. BRC20 has created a new era, not only for the Bitcoin ecology, but also for other public chains to think about the concept of fair currency issuance.
As the Mainnet chain with the largest ecology at present, Ethereum has always had a disadvantage in its ERC20 currency issuance protocol, that is, the customization of smart contracts may lead to unfair phenomena in the token issuance process of some projects, such as malicious contracts. , blocking attacks, and exchange manipulation all disrupt the fairness of token issuance. Bitcoin has the advantages of relative simplicity and decentralization in terms of equal distribution, while Ethereum provides more flexibility through smart contracts and programmability. The combination of the two to achieve a fair distribution model on Ethereum has always been an industry consideration The goal.
Recently, a new protocol based on the ERC20 scheme - FairERC20 is active in various communities, through smart contracts on Ethereum (and other EVM chains) to realize the concept of BRC20's fair coin issuance. This protocol has developed a simple and fair on Ethereum The token issuance platform, where everyone can issue tokens, enhances transparency and community participation, and realizes technology inclusiveness and decentralization. Therefore, the second day after the protocol was launched, various communities were detonated.
Regarding the current phenomenal product, Web3CN interviewed jackygu and made a detailed report on the protocol. (An interview with Mr. Gu Qianfeng is attached at the end of the article)
What is FERC20
We know that ERC20 is a standard token issuance protocol based on the Ethereum network. With ERC20, developers can mint tokens for their own projects efficiently, reliably, and at low cost. There is a public function in ERC20 called totalSupply. This attribute will show the current total circulation of the token, which can be called by all functions. Whenever a new token is added to the circulation market through mining, the logic will update the value of the internal variable totalSupply_.
totalSupply generally has two issuance methods: one is to first issue the entire amount of mint, transfer it to the management account, and distribute it to the target account; the second is similar to Bitcoin, start mint from scratch through the contract, and directly print the mint without going through the management account For the target account, cap it by setting a hardcap.
At present, the first model is well known to everyone. This model is more centralized. The management account is generally controlled by the team, which is easy to do evil, but users feel better because totalSupply will not issue additional shares. The second mode makes people mistakenly think that there will be additional issuance, but in fact it is only from zero additional issuance to hardcap, which makes people mistakenly think that it is continuously issuing additional tokens, but this mode will not mint all the tokens first , which will reduce the risk of the team doing evil to a certain extent.
FERC20 is essentially based on the ERC20 standard. It combines the decentralized issuance method of BRC20 and the programmability of ERC20 smart contracts to create a new set of token protocol standards to make token issuance on Ethereum more fair. .
Features of FERC20
FERC20 is based on the ERC20 standard protocol, so it has features that BRC20 does not have, including but not limited to:
- It is convenient to transfer money in wallets familiar to the public, without downloading new wallet software;
- It can be used in Ethereum's powerful DEFI ecosystem, including DEX, lending, multi-signature, etc.;
- FERC20 tokens have no owner authority, that is, no owner tokens;
- Tick characters can be upgraded;
- There is no pre-mining, the total amount of tokens is mined from zero until the hardcap is reached;
- Highly decentralized, the system architecture is serverless, including search, search and other functions, all carried out in smart contracts;
- Users interact directly with the contract.
However, FERC20 is implemented on Ethereum after all, and it still needs to prevent Sybil attacks and smart contract robots. Therefore, the protocol adds three sets of attributes based on the ERC20 standard contract:
- Freeze period:
When the user mints coins for the first time, he will enter the freezing period. If he wants to continue minting coins during the freezing period, he needs to pay a tip to the platform. For every additional coin, the tip is doubled. For example: 0.00025 ETH will be paid for the first coin minting during the freezing period, 0.0005 ETH will be paid for the second time, and 0.001 ETH will be paid for the third time ·····
It should be noted that for FERC20 with a freezing period set, it is not possible to mint coins in batches (Rollup Mint)
- Position conditions:
Deployers can set holding conditions to prevent large-scale rapid minting of witch accounts.
Holding assets include NFT and other ERC20 tokens.
- Pre-sale/crowdfunding:
Deployers can set the pre-sale/crowdfunding price of tokens to charge a certain fee when minting tokens.
According to the different combinations of the 3 groups of attributes, there are a total of 8 subtypes. When deploying the token contract, the issuer can set the above three groups of attributes by itself according to the needs.
Deploy FERC20 tokens:
Free (only Gas fee is paid)
Cast FERC20 without freeze period:
Free (only Gas fee is paid)
Minting FERC20 with freeze period:
The first time is free, after entering the freezing period, 0.00025 ETH will be charged for the second time, and 0.0005 ETH will be charged for the third time, doubling each time. Until the end of the freezing period, have a free cast and enter the freezing period again.
Minting Crowdfunding FERC20:
A 1% handling fee is charged each time. If the crowdfunding price is 0.1 ETH per FERC20, the handling fee will be 0.001 ETH, and 0.099 ETH will be transferred to the account of the crowdfunding organizer immediately.
Cause Analysis of FERC20 Explosion
The reason why FERC20 has caused great repercussions in the community in just a few days is because its appearance has allowed the community and users to see a consensus-building, fair and free currency environment, and brought a more decentralized environment to Ethereum. practice. As with Bitcoin, technical value, consensus value, and the idea of fairness combined to drive the success of FERC20.
1. From an ecological point of view, as the first token on the erc20.cash platform, $ferc has created a new chapter in the fair issuance of tokens on Ethereum. The huge traffic on Ethereum gives it plenty of room for imagination. In the future, $ferc will empower the ecology of various projects. The perfect underlying protocol and sufficient ecological construction make users have higher and higher expectations for it.
2. From a fundamental point of view, $ferc now has 4000+ addresses, and the currency-holding addresses are scattered, indicating that the token has been fully changed hands, and the degree of decentralization is high. In terms of the transaction volume of the FERC20 sector, the currency-holding addresses, and the amount of the pool They are all ranked first, and funds are naturally willing to gather here.
3. From a social point of view, all communication is now spontaneous in the community, reflecting a strong community consensus. A community space held on the evening of June 5 lasted nearly 4 hours, with a total of 1,500 participants. Speakers and audience Many of them are KOLs, and there is also a lot of attention from overseas communities, which means that the consensus of FERC20 has been initially formed, and the next step is the process of continuous diffusion.
FERC20 Opportunities and Risks
opportunity
Since its release, FERC20 has quickly spread the screen in major communities. FERC20 puts the mechanism of BRC20 (no vc, no reservation, and no mouse warehouse) on the ETH chain to issue coins with one click, which not only absorbs the fair issuance characteristics of BRC20, but also Combining the composable gameplay of the DeFi ecosystem in Ethereum, it can be used in the Ethereum ecosystem, and may be the main battlefield of Ethereum’s meme currency in the future, which is also the reason for the sensation.
Of course, its greatest competitiveness is still backed by the Ethereum network. Ecosystems such as Defi and wallets may be seamlessly integrated. Combined with a more decentralized token issuance mechanism, the next round of FERC20 craze may no longer be a pure meme coin, but based on the unique DeFi ecology of FERC20 to promote the narrative.
risk
One is that the contract has not been audited, and the other is that FERC20 only solves the problem of fair issuance of tokens. The tokens have not yet been empowered and have low Liquidity. Therefore, you should be cautious when participating and beware of token price speculation.
Attachment: Teacher Gu Qianfeng's interview record
Web3CN: At that time, what was the idea and purpose of building a platform like erc20.cash? Approximately how long did it take to deploy the platform?
jackygu: In mid-April, I started to get in touch with BRC20, and felt its two characteristics: fair sale and ownerless tokens. At that time, I didn't think about whether this mechanism could be applied to Ethereum, but I think it should be feasible. When I consulted with several friends, they raised a question, that is, there are too many robots on Ethereum. If this mechanism is implemented on Ethereum, it is technically feasible. However, Bitcoin's BRC20 naturally prevents brushing robots through the slow mechanism of Bitcoin. Although Ethereum has a large amount of traffic and users, in order to implement this mechanism on Ethereum, the problem of "swiping robots" must first be solved. If this problem is solved, then it must be a great product. So, I started working on this problem and started writing contracts and frontends on May 26th. Within 5 days, the deployment was completed.
Web3CN: The first token you deployed, $ferc, was mint within a few hours of its launch. In just a few days, the price of $ferc has also skyrocketed. Is this within your expectation? Did you expect this matter to cause such a big reaction in the community?
jackygu: In fact, this matter was completely unexpected, because I originally guessed that the mint of FERC20 would take three to four months to complete. This is because it took @domodata more than two months from proposing the BRC20 protocol to completing the issuance of the first token $ordi. Also for this reason, I only minted one (1000) as a test myself.
Regarding another question, I would like to say that I have always had some thoughts on the current currency circle, which is completely different from the Bitcoin era. In the era of Bitcoin, people tend to pay more attention to sharing, co-construction, consensus, and fairness, but in the era of Ethereum, especially the ICO in 2017, it caused a series of very bad effects, such as a large amount of capital entering, making the currency circle It has become a purely profit-seeking tool. I always thought that there would be something new to change this situation, and this new thing would cause a lot of repercussions in the community, but I never expected that this new thing would come so quickly, let alone that I had no intention of A small application made by inserting willows.
Web3CN: Why do you think $ferc has risen, and what is the reason for its success? What kind of people are holding $ferc or even pushing the price of $ferc?
Jackygu: Many people don’t believe the reason for the rise in $ferc. Many people think that I must be manipulating the market and must have injected millions of Liquidity, but in fact there is none. Our team’s poor salary has not been paid for more than half a year. up.
I think the reason why ferc20 is sought after is the same as bitcoin, and there are three forces driving it together. The first is technology, which represents productivity and products; the second is culture, which represents the power of communication and can promote and form consensus, just like the "coin giving campaign" I launched on Twitter today, which is essentially a cultural movement; The third is fairness. There is a picture on the homepage of my Twitter, which vividly explains what is fair, what is equality, and what is the status quo. Everyone can understand this picture. In human history, it is very difficult to achieve fairness, but it can be achieved through technical means. We keep big capital and scientists (the name for people who use scripts to operate in batches and cheat) out of the door through the fair launch mechanism. At present, FERC20 has been upgraded to version V2, but there are still not all cheaters. We hope that the next upgraded version, V3, will be able to keep most scientists out and allow everyone to participate in a fair launch.
These three points are the reasons for the rise of $ferc.
As for what kind of people are holding or even pushing the price, I think everyone who has this consensus is holding and pushing.
Web3CN: We saw that you are launching a "coin donation campaign" on twitter. Your point of view is that the recipients of the donated coins will not sell them, thus achieving a state of locked-up deflation. But from the perspective of human nature, most people buy cryptocurrencies are still driven by profit, and not realizing them is actually anti-human. I don’t know how you think about this issue?
jackygu: I have thought about these issues from a human perspective. AirDrop are very popular among crypto projects, but I have my own opinion. If tokens are AirDrop to strangers who just provide an account, those strangers will resell them as soon as they get the tokens. However, if these tokens are given among friends and relatives, especially those who have heard about cryptocurrencies, heard about Bitcoin, but never owned these things, they will cherish this gift and appreciate it. Probably won't sell it. I have experienced this situation myself.
The value of gifting cryptocurrency is that the gift is immutable, like an eternal brick. This kind of favor means a lifetime, and the cost is not high, the real courtesy is light and affectionate. In addition to favors, there is also knowledge sharing. When you teach your friends how to create a wallet, you are actually sharing knowledge invisibly, sharing the knowledge of the future digital world. This cryptocurrency is part of the digital world of the future.
Therefore, the social value of gifting cryptocurrencies is enormous. It can even be said that the reason why Bitcoin has come to this day is closely related to the large-scale gift of Bitcoin in the early days. It should be noted that if a stranger just leaves the address and asks me for coins, I will not give them. I will only send tokens to offline friends I know, such as relatives and friends in WeChat. By donating tokens, we expand the circle, making the currency circle warm, sunny, and full of positive energy, and making the currency circle an industry that is respected by others. Isn't that a good thing?
Web3CN: The success of $ferc has also caused many imitation disks. They have deployed this model to arb, zksync and other chains. What do you think of these imitation disks? Do they dilute the value of $ferc?
jackygu: In fact, I welcome imitation disks very much, because it can expand the influence of this matter, which is a very good thing. However, more important than technology and products is the spirit of fairness. If those platforms recognize and practice this spirit, the possibility of working together to promote it cannot be ruled out.
$ferc is certainly important, but I am more looking forward to seeing how this matter will promote the cryptocurrency industry. I think it is very good to have one more platform to participate in the action together.
Web3CN: I saw you said in Moments that $ferc will become an important empowerment of the web3 social project Chatpuppy you are working on, can you share it in detail?
jackygu: This empowerment is a series of actions. I have a list of actions, but this list cannot be announced for the time being. I think that in addition to technology and applications, the empowerment of the currency circle cannot ignore cultural empowerment and fair empowerment. Fairness occurs at the contract layer, and fairness is achieved through technologies such as smart contracts. Cultural transmission occurs at the social layer. For example, the "coin donation campaign" is actually social, with cultural attributes, and it is to let all people participate in this matter, own this coin, and then make friends. Social networking requires tools. We can’t do it on Web2 social tools such as Telegram or discord, because they don’t have wallets and encryption asset holding filtering mechanisms, so we need to use Chatpuppy. For example, there are many $ferc holders on Chatpuppy, you can set a requirement of 100 $ferc, you must own these assets to join the group.
The above-mentioned $ferc empowering Chatpuppy is just a case of experimenting with needles on oneself. As an example, I hope that more people will make good use of $ferc and other social attributes, cultural attributes and fairness of FERC20.
Web3CN: $ferc itself represents a concept of complete decentralization and fair distribution. If artificially empowering $ferc, will it destroy this spirit and cause it to become centralized?
jackygu: It is true that many people in the community are asking how to empower $ferc. I always answer that there is no empowerment plan, because the biggest empowerment comes from the community, not from a certain project or individual. I also It is not possible to empower $ferc, the only empowerment can only come from the respective communities, which is the spirit of decentralization.
In the past few years, we have seen too many "empowerment" clichés, empty words, and flicks, and heard too many "ecological" myths, but we have been constantly cut off. This time, let us let go, no empowerment, no empty words, no stereotypes, no ecology, no officialdom, let each community play their own initiative, and see if we can open up a new sky.
Web3CN: The explosion of $ferc has also made everyone pay more attention to you personally, and also understand that your physical health may have a little problem, and everyone also has some concerns. Can you share your current physical and mental state? ? Do you have any new thoughts and inspirations about life?
jackygu: I am in a very, very good state of mind now, maybe because of the medicine, I am quite hyperactive! I originally wanted to keep it a secret, but because of a small negligence, I was picked up by netizens. Let me tell you the truth now, I discovered it by myself in February this year, and then went to Shangzhong and Ruijin for examinations, and was finally diagnosed in early April. After the diagnosis, I was quite uncomfortable for a period of time, not physically, but psychologically. Then I figured it out, I can’t stop everything just because I’m sick. Then I went to Hong Kong to participate in the Web3 conference. As you can see, my overall state in Hong Kong should not look like I am sick! But after returning from Hong Kong, he was admitted to the hospital and started treatment the next day.
Regarding the question of new ideas and inspirations for life, this is the case. In fact, I have often asked myself a question: If I can only live for one year, what do I want to do most?
For this question, I believe everyone has their own answer. My answer is, if I can only live for one year, then I will use this year as ten years, whether it is at home or at work. I believe that with the current level of technology and medical treatment, there will be no problems in five or six years, and it is also possible for more than ten years. If I lived for ten years, wouldn't I live longer than anyone else in the world based on the above calculation of one year as ten years?
Some of the things you see now may be driven by this motivation.
Write at the end:
Health is the foundation of time, and success comes from having dreams! I hope Mr. Gu will take care of his health and recover soon! Be firm in your original intention and bring more vitality to the industry!
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