Crypto developers have introduced a new token standard dubbed DN-404 to rival the widely used ERC-404 standard that attracted the attention of enthusiasts. As per the announcement, this move signals a significant shift in the quest for achieving similar results but more efficiently within the crypto sphere.
DN-404 Challenges ERC-404
The Ethereum Request for Comments (ERC) standards have long served as the backbone for creating and deploying smart contracts and decentralized applications (DApps) on the Ethereum (ETH) blockchain. ERC-404 was initially proposed as a standard for token transfer, aiming to enhance interoperability and efficiency within the ETH ecosystem.
Excited to launch the "Divisible NFT" standard (DN404) which aims to be a hybrid ERC20/721 token.
ERC404 took the crypto world by storm over the past few days, but it doesn't follow existing standards, is inefficient, and breaks at certain edge cases.
Here's how DN404 works 🧵: pic.twitter.com/3kj504Gb97
— cygaar (@0xCygaar) February 12, 2024
However, developers saw room for improvement as the crypto community continuously seeks optimization and advancement. DN-404 emerges as a challenger to ERC-404. According to Cygaar, a pseudonym developer, the new token standard promises to fix the limitations of the ERC-404 while delivering the same functionalities with greater efficiency.
DN-404 Promises to Deliver with Greater Efficiency
Efficiency in this context encompasses aspects such as transaction speed, cost-effectiveness, and scalability- all crucial factors for widespread adoption and seamless user experience. By optimizing smart contract execution and storage mechanism, DN-404 aims to alleviate congestion on the blockchain, thereby enabling faster and more cost-effective transactions compared to its predecessor.
As the battle for token supremacy, there’s reportedly tension between the Pandora team, the creators of ERC-404, and the DN-404 team after initial discussions between the two teams failed. Meanwhile, the creators of the DN-404 have cautioned traders that the code lacks a formal audit and has no associated tokens with their experimental standard as of yet.
In conclusion, DN-404 sets a new benchmark for future developments in the crypto space, driving innovation and propelling the industry toward greater heights of success and adoption.
Ethereum Shares Ambitious Roadmap for 2024
Ethereum’s co-founder, Vitalik Buterin, recently shared Ethereum’s roadmap for 2024. As Dencun approaches, talks have started regarding its successor, Pralectra.
The community is currently divided on whether to integrate Verkle Trees into the execution layer or prioritize a series of smaller Ethereum Improvement Proposals (EIPs) for the upcoming upgrade. Meanwhile, Ethereum is moving forward with the redesign of the staking overhaul. In the process, some changes will be made to staking pools as well as mining pools.