This lets you trade NFTs across the Cosmos Network, Interchain NFTs

Name: This lets you trade NFTs across the Cosmos Network, Interchain NFTs
Uploaded: 2023-02-09T14:00:33.000Z
Duration: 1 h 4 min 32 s

Introduction

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Introduction Continued

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Iris Net and Interchange NFTs

Hai Fung, co-founder of Iris Net, talks about how Iris Net was one of the first projects to launch using the Cosmos SDK. They launched their mainnet before the Cosmos Hub even launched. He also discusses how they built an NFT module that was open-sourced from day one and used by other teams in the Cosmos ecosystem. This led to discussions about creating a base NFT module located within the SDK that handles basic storage of NFT data, making it easier for tools like wallets to handle display and processing of NFT data. With sponsorship from ICF, they implemented this new base NFT module and designed a specification for interchange NFT transfer with XNFT capability in mind.

Iris Net built an open-source NFT module that was used by other teams in the Cosmos ecosystem.

Discussions began about creating a base NFT module located within the SDK.

With sponsorship from ICF, they implemented this new base NFT module.

They designed a specification for interchange NFT transfer with XNFT capability in mind.

What Can People Do With This Standard?

Hai Fung explains that ICS721 is an IBC application level specification that enables people to transfer non-fungible tokens across different chains. It's not running code itself but allows application teams to develop tools like Osmosis for non-fungible tokens such as marketplaces or rental facilities. This increases liquidity of existing assets. Other applications can include gaming, where NFTs represent different equipment and gadgets in the game that can be transferred to other chains.

ICS721 enables people to transfer non-fungible tokens across different chains.

Application teams can develop tools like Osmosis for non-fungible tokens such as marketplaces or rental facilities.

Other applications can include gaming, where NFTs represent different equipment and gadgets in the game that can be transferred to other chains.

Interoperability of Chains using ICS 721

In this section, the speaker discusses how different chains can interoperate using the ICS 721 standard. The speaker explains that the specification work is done and two streams of implementations are in beta status.

Implementations of ICS 721

Two streams of implementations are in beta status: one led by Iris 19 and another led by Stargaze.

Private test nets have been run among these teams to test out these two implementations.

Successful NFT transfers have been conducted among these three test nets.

This effort is part of their preparation for launching the game of NFTs.

Interoperability between Cosmos Hub and other chains

To enable interoperability with Cosmos Hub, it needs to be upgraded to a version that depends on Cosmos customer SDK version 0.4 46 and above.

Once upgraded, a module implementing the ICS721 protocol can be loaded into Cosmos Hub, allowing it to send and receive NFTs.

Interoperability between non-Cosmos enabled chains

If a chain has implemented the ICS 721 spec but does not have Cosmos capability, it can still send and receive NFTs from a chain like Stargaze that has Cosmos capability but no NFT module running.

Internal tests have been successful so far among different implementations involved.

The Interchange FD Equal System

In this section, the speaker discusses the two phases of The Interchange FD Equal System.

Incentivized Testnet Phase

This phase is designed for blockchain project teams and service providers.

Participants will build a solid understanding of The Interchange NFT features and test out the capabilities and performance of this protocol.

This phase will be divided into three or four sub-phases with increasing levels of difficulty in terms of tasks involved.

Hackathon Phase

This phase is for all developers and builders interested in using SS721 to build applications.

Consists of two challenges: General Challenge and Sponsor Exclusive Challenge.

Teams are required to complete sponsor-specified tasks to build d-apps like NFP Marketplace or other use cases around the NFTs and interchange NFTs.

Learning Experience for Developers

In this section, the speaker talks about the learning experience provided for developers during the whole process.

An in-depth learning experience will be provided for developers throughout the hackathon.

Recorded workshops, mentoring sessions, and brainstorming sessions will be open to all developers.

Dates for The Interchange FD Equal System

In this section, the speaker provides information on dates that people should look out for regarding The Interchange FD Equal System.

Originally planned to start on February 15th but has been postponed due to logistics issues and bugs that needed fixing during internal testing.

Launch date towards the end of February with an end date at the end of April.

Postponement Reasons

In this section, the speaker explains the reasons for postponing the launch date.

The implementation of different teams had bugs that prevented correct processing of ICS721 to NFT data packages.

Bugs needed fixing, especially how to process null values and empty strings correctly.

Getting sponsorship for both phases of the project took longer than expected.

Interoperability Across Different Chains

In this section, the speaker answers a question about interoperability across different chains.

If ICNS and Stargaze names are attempting to be interoperable across different ICS721 enabled chains, then they need to speak this.

Introduction to Interchain NFTs

In this section, the speaker discusses the challenges of naming and standardizing interchain NFTs.

Naming Standards for Interchain NFTs

There were discussions about introducing a DID-based standard for naming interchain NFTs.

However, it was decided to keep things simple for the first version of the specification to avoid introducing unnecessary complexity.

The next version of the specification may introduce a DID-based standard to handle mutability and standardization of naming across different chains.

Standardization Across Different Chains

Different chains will have different schemes for identifying and naming NFTs.

A prefix will be appended to the class ID as an NFT travels across different chains to ensure uniqueness globally.

Upgrades to the ics721 specification may not be backward compatible, but tools like Kepler can decide how to display different versions of NFTs.

Interoperability with EVM Ecosystem

Once there is a standard for Cosmos, interoperability with the EVM ecosystem can be achieved by invoking methods in ICS IBC stack or ERC 721 contract standards.

Gravity Bridge and Non-Fungible Tokens

In this section, the speaker discusses how the Gravity Bridge protocol can be used to bridge heterogeneous blockchains in terms of fungible and non-fungible tokens. The speaker explains that the Gravity Bridge will eventually load the Golan module that implements ICS721 so that it can accept NFT transfers from Cosmos world and use ERC standard to pass NFT data back and forth.

Using Gravity Bridge for NFT Transfers

The Gravity Bridge protocol can be used to transfer non-fungible tokens across different blockchain networks.

For successful transfer of NFTs, they must follow a common standard in terms of off-chain metadata standards.

Off-chain metadata is stored in a read-only distributed data file like IPFS or another network.

The Cosmos xnft module supports specifying a URL that points to an off-chain metadata file compliant with similar metadata standards.

Opportunities Created by Gravity Bridge

Applications like NFT marketplaces will work with gravity bridge and together with the ICS721 standard will soon be able to leverage openc.

The protocol creates opportunities for assets to be transferred across all the way to a heterogeneous environment.

Game of MFTS

In this section, the speaker talks about Game of MFTS, which is an upcoming competition aimed at encouraging developers and hackers around the world to build innovative applications that take advantage of NFT features.

Preparing for Launch

Preparation for launch includes putting final touches on both implementations, getting as many external sponsors as possible, and getting the website up and running.

Service providers are encouraged to participate in the first phase of the game to have a solid understanding and hands-on experience of operating relayers and applications to support the ICS721 protocol.

Developers and hackers around the world are encouraged to join the second phase to build innovative applications that take advantage of NFT features.

Prize Amounts

The proposal has allocated 20,000 atoms, which is close to $280,000 for the first phase.

For the second phase, funding comes from Cosmos Hub, not from ICF. Participating projects include Iris net stargaze in Juno and external sponsors like idg and AWS.

AWS will sponsor compute capacity by providing cloud computing resources to support the competition.

AWS and Blockchain

In this section, the speaker discusses how many blockchain projects are running their infrastructure on AWS and Google Cloud.

Blockchain Projects on AWS

Many blockchain projects are running their infrastructure on AWS.

This fact is alarming unless they have taken proper security measures.

AWS and Google Cloud

The speaker mentions that they are talking to both AWS and Google Cloud.

It is unclear what the purpose of these discussions is.