Introducing Ethereum Request for Comments 1001 (ERC-1001)

[XTech]

The development of blockchain technology as well as the crypto market leads to an increasing demand for NFT expansion and based on those advantages, the establishment of specific and effective standards is being paid attention to and researched for improvement through many stages. The idea is simple and seeks to create a smart contract interface that can represent and control any number of fungible and non-fungible token types

However, the early formation of standards has caused many problems such as the case of ERC20 which was very popular in the early stages but had high costs: With the Ethereum network becoming increasingly congested, using ERC to trade, buy and sell or interact with smart contracts can be time-consuming and expensive. In addition, there is the problem of security that ERC 20 Tokens can be attacked by vulnerabilities in smart contracts on Ethereum. Fraud at ERC 20 also occurs frequently because the creation of ERC 20 is so easy that almost anyone can create their own ERC 20, so fraud in the crypto market with ERC 20 tokens is more common. The static structure of ERC with few flexible rules makes ERC Tokens not diverse in features.

In the case of ERC 1155 is a token standard on Ethereum that allows the creation of ERC-20 tokens and ERC 721 tokens (NFTs) in a single smart contract. It seems that the creation of ERC 1155 is to solve the remaining technological problems of ERC-20 but ERC 1155 still has many limitations such as difficulty in understanding and using due to the complex nature of ERC 1155, it can be difficult for those who are new to blockchain or do not have in-depth knowledge of it. In addition, there is the problem of changing state because ERC 1155 allows the issuance of both fungible and non-fungible tokens in the same contract, changing the state of one token can affect all other tokens in that contract.

In order to accommodate the growing need for a comprehensive standardization of a certain standard for NFTs as well as the related functions within it, we’re excited to announce the upcoming launch of the Ethereum Request for Comments 1001 (ERC-1001) - a new open standard optimized for the XTech ecosystem and current generation multi-purpose NFTs. ERC 1001 aims to optimize the need for NFT usage combined with Web3 domain name services based on the core performance and compatibility from ERC 1155 as well as the time-saving ability of ERC 20 to build the most complete and superior standard.

Why XTech establishing an unique standard
Building a secure and efficient technical standard for both token movement and general control across all blockchain networks is no simple task. However, the historical reliability of each step of ERC development, alongside a growing XTech ecosystem and specific non-fungible token technology improvements make it the most suitable technical standard to become a global standard.

Decentralized Oracle Network (DON) & Technical standard conversion
An indispensable part of ERC 1001 is The Decentralized Oracle Network, or DON for short, which combines multiple independent Oracle node operators and multiple reliable data sources to establish end-to-end decentralization. DON performs the data normalization process and randomly the Mintpass permission becomes Mintpass with the number of characters displayed.

DONs enable the creation of hybrid smart contracts, where onchain code and offchain infrastructure are combined to support advanced decentralized applications (dApps) that react to real-world events and interoperate with traditional systems.

Many XTech services, such as XTech Price Feeds, incorporate three layers of decentralization—at the data source, individual node operator, and oracle network levels—to eliminate any single point of failure. XTech Price Feeds already help secure tens of billions of dollars across smart contract ecosystems through this multi-layered decentralization approach, ensuring smart contracts can safely rely on data inputs during their execution.

Additionally at XTech, DON 1.0 controls the coding and distribution of the Mint Pass output. Specifically, DON 1.0 performs an algorithmic randomization process to determine the specific number of characters assigned to each individual Mint Pass. In this version, Mint Pass with ERC 20 standard will be changed to technical standard due to security cross-chain encryption issues and to ensure optimal testing science. The Contract Application Binary Interface (ABI) to create an interface to any ERC-20 Token we will use a simplified ABI, to make it a low friction example, then the technical coordination is converted to ERC 1155 to accommodate Batch Transfer & Batch Minting as well as ERC 1155 compliant Multi-Token Contract consideration. In addition to the predefined factors, we have to consider ID and Amount because ERC 1155 uses an ID system to identify each token, along with an amount indicating how many tokens exist. However, the ID at ERC 20 of Mint Pass will remain the same, and only the attribute will change.

Technically, the Contract interface is the most important part of the ERC-1155 standard, including all the functions and events needed to define the functionality of the smart contract, so we decided that DON 1.0 recomputes the entire Mint Pass ERC 20 and provides a separate optimized interface for the XTech SDK. The main problem of Mint Pass ERC 20 may be the security and data leakage, while Mint Pass in ERC 1155 standard is equipped with SafeTransfer to ensure the safety of token transfer, ERC-1155 supports the safeTransferFrom and safeBatchTransferFrom functions, ensuring that transactions are only executed if the recipient is a valid smart contract and has the function to process the transfer. The rules and structure of ERC 1155 make this standard a powerful tool in developing diverse blockchain applications, from games to DeFi projects, so it can be applied in the construction of XTech's Web3 Name Service.

Duplicate Data Reporting System (DDRS) & Quality assurance technology
Security is a fundamental element of Mint Passes, which are intended to directly secure high-value contracts. To that end, ERC 1001 is secured by a newly invented duplicate management system never before seen in the blockchain industry called the Duplicate Data Reporting System (DDRS). DDRS is used to control domain name requests and check domain duplicates based on Reporting technology that automatically distributes from DDMC and responds to the request. DDRS will consist of decentralized oracle networks whose sole purpose is to monitor the services revolving around Mint Passes for malicious activity that could lead to financial loss. Importantly, DDRS will consist of node committees that are completely independent of the node committees they are responsible for monitoring, completely separating anomaly detection and domain name services.

The Duplicate Data Reporting System operates independently as a verification layer and is also tasked with periodically sending heartbeat checks when the system is operating normally. If the Duplicate Data Reporting System’s heartbeat messages stop or its readers detect any nefarious activity, an emergency shutdown is automatically triggered to stop a particular Mint Pass service. The pause allows for the protection of user funds from a potential black swan event that impacts the service. While the Duplicate Data Reporting System will initially consist of high-quality readers that are independent of the ERC 1001 services they protect, dApps that secure a large amount of value through an ERC 1001 service can join the Duplicate Data Reporting System to provide their users with greater assurance that any anomalous activity or duplication issues will be detected and mitigated.

Duplicate Data Reporting System is a decentralized implementation of risk management commonly used when securing high-value Mint Passes. The Duplicate Data Reporting System revolutionizes the way risk is managed within the XTech infrastructure by establishing a system of checks and balances that separates responsibilities and minimizes any one group’s control over the operation of ERC 1001 services. Importantly, the system is also scalable and future-proof through additions such as AI to enhance detection techniques.

This special system built by XTech is also responsible for controlling the Mint Pass's operational capabilities, with a fixed standard from ERC 1001, Mint Pass in the form of NFT requires high-end technology due to highly secure encryption. All NFTs have a uint256 tokenId variable called tokenId, so for any ERC-1001 Contract, the pair contract address, uint256 tokenId must be globally unique.

The core of ERC 1001 Seamlessly Connected to X Name Service
The introduction of ERC 1001 is designed to rapidly expand what developers can build on top of Web3 Name Services. Entirely new technical standard technology applications can leverage NFTs across all chains at once, as well as leverage the unique properties of specific chains or applications and assets on those chains.

This opens up a whole new range of NFT and Web 3 Domain applications such as projects that leverage the scalability efficiency of one feature for an NFT, the diversity of another domain, the storage capabilities of a third system, and the payment security of a fourth checker to create a unique hybrid smart control application with superior functionality. The possibilities are truly limitless and we are excited to bring an initial implementation to the blockchain industry in the near future.

Whether you are a user, interface, application, NFTs or existing Web3 Name Service, we would like to hear your feedback on ERC 1001 for further improvement. Please share any feedback with us. Through community feedback, ERC 1001 can meet the new technical standard needs of all blockchain ecosystems and use cases, ultimately driving a huge wave of development and innovation that will bring the hybrid NFT industry and Web3 Name Service across all ecosystems to the next level of adoption and maturity.

If you’re interested in building technical standard functionality with ERC 1001 and want to learn more, visit (blog XTech) to learn more and reach out to an expert.

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