What I Found Interesting: Week of 1/17
NFTs for Authentication, Ethereum's EIP, $134,358 loss in Ether
Content that caught my attention last week.
I have always been fascinated by the ways NFTs are being used beyond the public’s fixation on it being an asset class. As I have gotten deeper into understanding how NFTs work through building NFT smart contracts, I have started to think about how we have not even scratched the surface of what is possible with this form of token. One example that is highlighted in this article is the use in user identity and authentication. I wasn’t familiar with Unstoppable Domains before I saw this headline, but I thought it was an interesting alternative to what many believe is ENS’ game to lose.
This feels like something I should have discovered early on in my Ethereum journey, but I’m glad to have come across it as I started playing around with deploying NFT contracts. EIP’s are community-driven standards for different facets of the Ethereum platform. When I started learning about deploying “tokens” and “NFTS”, I always came across references to ERC## like ERC20 and ERC721 and had no clue what these terms meant and if they were what I was supposed to look for. It felt robotic on the surface, but after reading through the EIP, it made sense that ERC means Ethereum request for comment and the number is in reference to the index value of that ERC. Now that I am educated on this website, I find it to be a handy document to have when going deeper into the development of certain types of contracts.
This was a tough tweet to look at and a reminder of what can happen when not being careful due to the volatility in trading tokens. A user inputs the incorrect value amount for a transaction to buy a coin, bots pick up on this slippage event, and then executes on the arbitrage situation. For those who aren’t familiar with “slippage”, it is when traders settle for a different price than what was initially requested due to a movement in the price between the time they send the transaction on the market to its actual execution. When executing any transaction through your wallet, double-check the details of your transaction before submitting it.