TiFi Released Stateful Universal Token Standard for Bridging Metaverse and Universe
TiFi recently released the TiFi Allverse Protocol Whitepaper that introduced a new token standard: Stateful Universal Token (SUT for short). The standard is designed to enable seamless interaction between the Metaverse and the Universe. One of its primary use cases is the representation of real-world items using smart contract on the blockchain. The new token standard enables the migration of traditional applications to Web3 platform.
While the use of NFTs as a digital carrier of commodities has been developed on centralized e-commerce platforms like Amazon, there are limitations to using NFTs to bring real world products. The key is that the exchange of an NFT for a real-world commodity is determined by centralized platforms, for example, an NFT bought on Amazon cannot be redeemed for a real-world products on other platforms like OpenSea. NFTs do not possess interface for integration into other platforms to determine their own status, such as whether a commodity is new or used.
Moreover, NFTs are non-fungible tokens, and real-world transactions require fungible commodities with arbitrarily divisible units. For instance, at a gas station, one customer might purchase 20.5 gallons of gas for his car, while another need 10.36 gallon. It requires the characteristics of fungible token.
One of TiFi’s missions is to bring blockchain to millions of households through decentralized e-commerce. The TiFi Allverse Protocol introduces the concept of stateful based on EIP-1155, so that the token can represent various states of items in the real world and realize state changes. The relationship between the Stateful Universal Token standard introduced by the protocol and the existing standards is shown in the figure below.
Once the Stateful Universal Token standard is adopted, producers and consumers can buy and sell real-world goods on different decentralized platforms just like buying and selling cryptocurrencies. For example, a manufacturer can mint some tokens, some of which are sold on platform A, and some are sold on platform B. No matter how many times the Stateful Universal Token is transferred during the period, the final consumer can get the goods directly from the producer with the token. This can maximize the circulation of goods and reduce logistics procedures, and this transaction mode can avoid the problems of impulsive consumption and insufficient supply.
May you want to know more about the Stateful Universal Token Standard, please refer to the TiFi Allverse Protocol White Paper: https://docs.tifi.net/#/TiFiAllverse/Whitepaper .
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