Dappros Platform supports two major types of tokens: fungible (ERC-20) and NFT (ERC-721). Our mobile client application, Ethora, has the same situation, however the default setting in the user-facing interface is that we simply call them Coins (for fungible tokens) and Items (for non-fungible ones). This is to make it simple and avoid confusion for end users who might not necessarily be aware of blockchain terminology. This is especially useful given that Ethora engine sometimes powers communities that have no idea of blockchain technology, and we are super proud of being able to bridge the technology gap that way!
What blockchain is super good in is keeping an immutable ledger of all transactions. Hell, the whole system is built on it! Not only we know that certain token or crypto coin has been transferred from Alice to Bob on that specific date, the system will break and not compute in case we lose that knowledge or somebody tries to replace it with a fake transaction.
We have already written about provenance supported by distributed ledger technology in the case of supply chain and specifically agriculture / food and groceries chain. The history of any tokenized item can be easily and transparently tracked on blockchain.
Now, tracking fungible tokens such as ERC-20 is less of an interest for average users typically. It doesn’t matter where each coin in your wallet is coming from. Assuming you are an average user and not a financial institution that have obligations to enforce KYC and AML policies. Imagine you have 2,000 crypto coins, you don’t really think of them as of individual items, that’s why they are called ‘fungible’.
With NFT tokens however it is a completely different scenario. Their history, or provenance, is an important ingredient contributing to their value. Be it a digital art, a part of a real-world asset, some rare breed virtual animal or artifact, it is super important for users to be able to easily check the history of each NFT item.
This is why we have rolled out the feature of checking NFT provenance in our mobile app Ethora engine. This is now being tested within selected projects based on our engine.
The way it works is mobile users can simply tap on any Item (NFT token) in their own profile, other users profiles, social walls or chat rooms where said item is mentioned, which opens a separate screen with NFT details (full-size image and other multimedia, name, description) as well as full history of the item under “Provenance” section.
Every time an NFT token is minted on Dappros Platform, is transferred between users and wallets or burned, these transactions are recorded in the Ethereum blockchain and Dappros Platform caching layer, and displayed in the abovementioned Ethora engine interface.