The Potential of ERC721 Social Wallets

As you might be aware crypto has gone beyond just the trading of cryptocurrency. Thanks in great part to the work that has been done on Ethereum last year we have seen an explosion of new blockchain assets.

The Assets can be broken down like this:

Old school cryptocurrency. Bitcoin is a perfect example as it had no crowdsale, ICO, airdrop and it operates on an entirely public blockchain. Bitcoin is decentralized with thousands of people mining and securing the network.

Tokens/colored coins are typically associated with some form of distribution outside of mining. Many are issued on another blockchain such as Ethereum or Waves. They can be even further broken down into several subgroups. One, they are tied to an outside market and source of value that is fungible. This could be physical, like oil and the Petro is a great example.

But the asset definitely does not have to be tangible. PAX has joined the ranks of the USD Tether tokens.

The often forgotten one-time use token or coupon. These come in a lot of flavors and can even be on their own blockchain. Factoids are a hybrid of a crypto and a token. They allow a user to write data to the Factom blockchain and then they are gone from the market. They have real utility and have been used by Custom and Border Patrol to record data for IoT devices.

Not all digital assets are interchangeable. There is also the nonfungible digital asset. These can be a digital representation of something like real estate. Where every house or unit of property is unique or a digital collectible - CryptoPunks - they don't have a game

These can also be used in games like or cryptokitties.

If we are going to be creating ways to represent both online and offline forms of value using cryptocurrency and tokens, then we need a secure place to put all this value. Wallets have come to a long way over the last few years.

We now have new wallets that not just hold all the flavors of tokens that we have, but also give us access to decentralized exchanges. The waves client, not only holds several cryptocurrencies, but it also lets you create new ones and trade from within your wallet.

Another wallet that was created just for collecting your new digital collectibles is Vault and Lumi. These are wallets that were created to secure and display your ERC 721 assets. ERC 721 is the standard that many collectibles use when they are created on Ethereum.


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