Will Ethereum metaverses be transformed by ERC 6551 NFT-owned wallets?

A recent episode of the Unchained podcast addressed how ERC 6551 could revolutionise the crypto market by providing NFTs with their own wallets. The planned ERC 6551 token standard for NFTs has piqued the curiosity of crypto fans since it would allow digital assets to hold other tokens, a development that has the potential to radically alter the NFT and metaverse scene.

Pritish Bagdi

ERC 6551

What exactly is ERC 6551?

The token standard proposal, announced in February, aims to create a system that provides a smart contract account to every ERC-721 (non-fungible token). These tokens will be able to hold assets and interact with applications without requiring any changes to existing ERC-721 smart contracts or infrastructure.

The key components of this system are a permissionless registry for deploying token-bound accounts and a standard implementation interface.

Each ERC-721 coin will be assigned a unique smart contract account, allowing it to interact with the blockchain, record transaction history, and possess on-chain assets. The owner of the ERC-721 token has control over each token-bound account, allowing them to initiate on-chain operations on behalf of their token.

The proposal aims to be as backward compatible as possible with existing non-fungible token contracts. EIP-155 chain IDs are also used to uniquely identify ERC-721 tokens, allowing for the optional support of multi-chain token-bound accounts.

What are the benefits of ERC 6551?

The ERC 6551 standard was a potential solution to past attempts to standardise NFTs owning assets, such as the requirement for custom logic in their smart contract. The ERC 6551 standard eliminates these limitations by offering NFTs the same rights as Ethereum users, allowing them to hold assets and execute actions.

While ERC 721, ERC 1155, and soul-bound tokens exist as means to own objects on Ethereum, the podcast panelists emphasised that ERC 6551 is not a token standard in the traditional sense because it offers every current ERC 721 its own wallet, unlocking a new layer of compatibility for NFTs.

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Know How Can We Develop a New Approach to Cybersecurity & National Security with I.T.

Cybersecurity is very important to all of us because we’re living in an era where information and data are our most valuable assets. That’s why today’s world is so focused on data privacy and personal information. Cyberattacks are a potential threat to everyone, with viruses and phishing able to target individuals’ mobile devices, companies, and governments. So it’s crucial for us to focus on developing and producing secure technologies.

Dr. Jassim Haji

A New Approach to Cybersecurity and National Security

Information security is like an onion in that it has multiple layers. People assume that technology is everything, but it is only one layer and perhaps the easiest one, People tend to overlook that ecosystem ownerships, patents, regulations, laws, directives, cyber strategies, processes, standard operating procedures, best practices, and cyber diplomacy are equally important. And sometimes even more challenging.

Huawei's goal is to provide a fresh approach to cybersecurity and national digital sovereignty. Complying with national legislation and taking a responsible attitude to the legal context of security, is something that every 5G network vendor has a responsibility to do.

Huawei’s 5G networking equipment allows nations to use their own encryption algorithms, the encryption keys of which are not available to Huawei, outsiders, or other governments – only local mobile operators are allowed to perform decryption when legally required to do so. Thus they don't have access to data that is flowing through their equipment. Central our strategy is to support the national data sovereignty of every country.

The Importance of Standards in Cybersecurity

Huawei is a strong advocate for cybersecurity standards that are globally recognized and agreed upon. They believe that trust needs to be based on facts, facts need to be verifiable, and verification needs to be based on common standards. Based on industry practices, certification is the most effective way to address security issues. Certification is verification that everyone reads standards in the same way and it therefore guarantees interoperability. That means that different vendors’ equipment can work seamlessly together.

5G Security Challenges

5G faces security challenges due to new services, architectures, and technologies, as well as higher user privacy and protection requirements. However, 5G is the most secure telecommunications standard that the industry has developed to date.

The assets of wireless and core networks, computing resources, accounts, passwords, logs, configurations, and charging data records (CDRs) are operated and maintained by operators, not equipment vendors. Hackers attack wireless networks in an attempt to steal and tamper with users’ personal data or compromise the availability of networks or computing resources. The way in which equipment vendors work together with operators to make this more difficult for hackers is by implementing 3GPP specifications.

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Amitabh Bachchan's Ikonz Ventures Into Generative AI

Amitabh Bachchan, an Indian film legend, is launching a generative AI studio, aggregator, and digital IP monetization platform called Ikonz.

Ikonz, which already collaborates with Indian graphic books franchises such as Amar Chitra Katha, Tinkle, and Chacha Chaudhary, has expressed its goal of "bringing together advanced technologies and cultural icons to create a new era of interactive entertainment."

Swati Bhat

Generative AI is a form of artificial intelligence (AI) system that may generate text, graphics, or other media in response to prompts, with current notable examples including ChatGPT and Bing Chat.

The Ikonz team is collaborating with Bachchan to capture his iconic characteristics and give an experience to fans all around the world. Customers in India will be able to interact with Bachchan at various locations and have him interact with them instantly when it launches at the end of 2023.

"It's a momentous day for Ikonz as the true symbolism of our name has been derived with the icon Amitabh Bachchan joining forces with us," stated Abinav Varma Kalidindi, founder and CEO of Ikonz. We will work together to harness the power of generative AI to build immersive experiences that transcend physical bounds. With our cutting-edge technology, fans will be able to connect with their favorite actors like never before. Who knows, maybe you'll be able to take selfies with Amit-ji in your town."

"I am fascinated by the way technology is evolving and the rate at which new innovations are emerging globally, one of which is generative AI," Bachchan remarked. I am thrilled to be a part of such an exciting future world of generative AI and have thus joined with Abinav-endorsed Ikonz. We will begin on this new metaverse world together."

Village Global, a venture capital group supported by Mark Zuckerberg, Jeff Bezos, Bill Gates, and Reid Hoffman, is among the investors of Ikonz. Woodstock and Polygon have both invested in the startup, as has "Baahubali" star Rana Daggubati and Prasad Vanga's Anthill Ventures.

#thecommunique #tcn #tc #metatainment #AI #NFT #Future #digital #business #AmitabhBachchan #Ikonz