Disclaimer
- The RiveX team is not responsible and committed to the development, roadmap and marketing initiatives of YRX Swap as this is a social experiment and community driven project.
- The RiveX team is only here to kickstart the development work. The upcoming development work should be held responsible by the YRX community.
- This will be the first and the last time that YRX Swap will be posted on RiveX medium channel due to the urgency of the article. The YRX community should be putting up the article themselves.
Introduction
NFTs are slowly tokenizing the world as we know it. Each new tokenized asset on blockchain represents a small step forward towards a new virtual digital economy.
Most of us who have played with cryptocurrencies are familiar with cryptocurrency tokens and know about the ERC-20 standard tokens that reside on the Ethereum blockchain. These are still the go-to tokens for many digital assets. However, one size does not fit all. ERC-20 unlocked the possibility to tokenize fungible assets such as shares, voting rights, money, and loyalty points to name a few — but what happens when an asset is non-fungible?
To put into perspective what a non-fungible asset is, imagine a set of assets where each one is unique. One asset is not directly exchangeable for another. As time goes by, each asset can appreciate or depreciate in value, independent of the other assets in the set. Good real-life examples of these are trading cards and collectible card games.
In the popular game Magic: The Gathering, over 21,000 unique cards exist for the game over hundreds of subsets. A card from an early set printed back in 1993 called the “Black Lotus” broke records with it trading hands for a whopping $166,100[1]. Meanwhile, Basic Land cards that are essential to the gameplay are sometimes sold for a mere 10 cents or even given out for free.
Experimental “colored coins” on the Bitcoin blockchain were the earliest known experiment with putting non-fungible assets on the blockchain. It was only when the Ethereum blockchain implemented the ERC-721 standard that the blockchain was open for business and ready to take on a whole new world of tokens — Non-Fungible Tokens or NFTs were born.
The most successful pioneering application was called Cryptokitties and it is exactly what the name suggests — tradable kittens on the blockchain. While it ran from the same contract, each kitten was unique. Each kitten had its own individual value. Even better, kittens could be mated with each other to breed new kittens. Every single operation took place on the blockchain. Every Cryptokitties kitten in existence was a blockchain asset. Each was unique.
How it works?
Yrxswap is a decentralized NFT trading platform. Anyone is able to trade, swap or sell NFT on this platform.
Anyone with a NFT is able to add their NFT into the respective NFT project pool. The contract will then mint 1000 ERC20 representation tokens for that respective NFT that belongs to the NFT project.
These ERC20 representation tokens are tradable on any DEX.
You can easily exchange 1000 ERC20 representation tokens which belong to the NFT project for any NFT in the NFT project pool.
For an example, there are 10 Cryptokitties NFT in the Cryptokitties NFT pool on Yrxswap. The contract will then mint 10,000 Cryptokitties ERC20 representation tokens (CRYP20) for that pool. Anyone can easily create a CRYP20/ETH pair on Uniswap or Sushiswap. 10,000 CRYP20 is always needed to exchange for any Cryptokitties NFT in the Cryptokitties NFT pool.
This will be the initial development for Yrxswap and the future development work after this shall be handed over to the community.
