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This article understands the difference between homogeneous tokens and non-homogeneous tokens



During this period of time, the industry has been talking about NFT, and it is considered a good direction and opportunity. To understand NFT, one of the core concepts of NFT is non-homogeneity.

Let's first understand the difference between non-homogeneous tokens and homogeneous tokens through comparison?

Homogeneous tokens are replaceable, unified, and nearly infinitely divisible tokens. For example, BTC and ETH are both homogeneous tokens.

Yantai Uses "Blockchain Evidence Verification" to Resolve Financial Disputes: According to news on November 27, recently, the Laishan District People's Court of Yantai City used the "Blockchain Evidence Verification" technology for the first time to hear a financial loan contract dispute case. An example of a dispute resolved using blockchain technology.

In this case, the defendant Zhang signed a loan contract with Laishan Branch of China Construction Bank on the Internet through mobile banking, with a loan of more than 30,000 yuan, and agreed on the loan term and interest rate. However, after the loan expired, Zhang did not repay the loan in full as agreed. After repeated collections failed, the Laishan Sub-branch of China Construction Bank filed a lawsuit with the Laishan District People's Court, requiring the defendant Zhang to pay off the loan in full and fined interest. The speedy judgment team of the Laishan District People's Court immediately delivered electronic service to the parties to the case, and Ding Jing, the judge in charge, quickly sorted out the facts of the case. All the original materials of Zhang’s loan application are stored in the “Blockchain Electronic Certificate Deposit System”. The Laishan District People’s Court and the China Construction Bank system have realized data connection and information sharing, and realized the automatic generation of complaints and the identity information of debtors. Automatic extraction and fixation and preservation of original electronic evidence. [2022/11/27 20:56:55]

In a broad sense, the U.S. dollar is actually a homogeneous token. Although the codes on the banknotes are different, the U.S. dollar is also a homogeneous token, because the face value is the same and has unity. So when trading, you only need to pay attention to the number of token transfers.

Terra founder released 2022 encryption industry forecast: The cognitive shift to Web 3 has begun: On December 31, Terra founder Do Kwon released his prediction for the industry development in 2022 on his personal social media platform. He said that in 2021 2019 was a great year for Terra and the encryption industry. The encryption industry continued from the DeFi boom to the NFT boom. Layer 1 has also developed rapidly, generating billions of dollars in revenue. Although many people criticize: DeFi is a Token money printing machine, "GameFi is just income farming in disguise", and NFT is just JPEG, but this view is wrong. For me, the most exciting thing about encryption is to facilitate the great migration of human activities from the physical world to the Internet, and create a world that is not bound by the laws of physics such as gender, geographical location, etc., but only by human intelligence. DoKwon believes that Web3 will definitely not just integrate into Token's Minecraft (My World), and DeFi will also change. Today's popular DeFi applications are still some applications in the Web2 world, such as trading platforms, insurance, etc., but now, to Web3's The cognitive shift has already begun. [2021/12/31 8:16:10]

Homogeneous tokens make everyone's transactions very convenient. For example, when buying and selling goods, according to the price, use the banknotes issued by the central bank uniformly, and purchase according to different face values, which promotes the development of the commercial economy.

Jiang Changjun, academician of Tongji Xinke: Provide security guarantee for the healthy and orderly advancement of digital renminbi: Jinse Finance reported that on November 18, the list of academicians of the Chinese Academy of Sciences and the Chinese Academy of Engineering in 2021 was officially announced. Jiang Changjun, School of Electronics and Information Engineering, Tongji University The professor was elected as an academician of the Chinese Academy of Engineering. At present, Jiang Changjun is leading the Shanghai Internet Financial Security Collaborative Innovation Center to strengthen in-depth cooperative research with relevant financial institutions and business units such as the Digital Currency Research Institute of the People's Bank of China, the Bank of China, and the non-bank payment institution network payment settlement platform (Network Union) , To provide a security guarantee for the healthy and orderly advancement of the digital renminbi. (The Paper) [2021/11/18 22:01:06]

The emergence of non-homogeneous token tokens is to make up for the part of real life that has practical value and is irreplaceable, such as a contract, house property rights, works of art, notarization certificates, and so on.

In addition to being irreplaceable, another biggest feature of non-homogeneous tokens is that they are indivisible. A Bitcoin can be divided into many shares, but a cryptokitty on Ethereum cannot be divided. For another example, indivisible concert tickets, property rights certificates, etc. are all indivisible assets, and these are all non-homogeneous tokens.

Here is a chart that compares the difference between non-homogeneous tokens and homogeneous tokens. If you are interested, you can get non-homogeneous tokens by replying to the background of the official account.

The last column of the chart mentions that the most essential difference between FT and NFT lies in the protocols used. The former is ERC-20 and the latter is ERC-721.

The ERC-20 protocol is an earlier and more popular token specification protocol on the Ethereum blockchain. If both tokens on the Ethereum platform are issued in ERC-20, they can be freely swapped between them.

Compared with ERC-20, the ERC-721 protocol has more functions and more advanced technology. Its protocol is Ethereum's first standard for non-fungible token NFT digital assets.

Although ERC-721 currently has fewer use cases than ERC-20, and its functions are still being explored, the advantages of assets under the ERC-721 protocol—paintings, bonds, houses, or cars—are that they can guarantee the security of ownership, Ease of ownership transfer and immutability and transparency of ownership history.

With the continuous popularization of game virtual assets in the future, the continuous application of 5G and VR, equipped with blockchain technology, the prospect of the 721 agreement is bright.


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The article is contributed by Biquan Beiming, the columnist of Jinse Finance and Economics, and his remarks only represent his personal views.

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This article understands the difference between homogeneous tokens and non-homogeneous tokens

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