Welcome
Unfound Labs is a Web3 collaboration consisting of team members from all walk's of life. We are unordinary, unorthodox and generally unrelenting in our pursuit of innovation.. We are Unfound.
The main focus of the Unfound Project is around the new ERC404 Token Protocol developed by Pandora, but with our own fork implementation. These Docs will walk you through the ERC404 token protocol as well as our innovative approach to Token ID management.
Introduction
ERC404 is an innovative new token standard which introduces some new concepts, tricks and work-arounds for the limitations of both ERC20 (standard tokens) and ERC721 (NFT's or Non-Fungible Tokens) and creates a hybrid concept which is pushing the boundaries of what is possible with tokenization and digital art in ways never thought possible.
ERC-404 introduces an experimental token standard, enabling unique ownership structures where a single NFT can belong to multiple wallets, unlocking endless possibilities for future applications. At it's core, it solves many of the issues of NFTs such as illiquidity and native on-chain fractionalization in a seamless way.
Prior to ERC-404, you either owned the NFT or you didn't, and this fact especially for high value NFT's with low trading volume would be a barrier for entry to most speculators/investors. With ERC404 the token (ERC20) follows the NFT(ERC721) the two are one in the same. When any wallet gets transferred one whole token, a new NFT is minted, and appears in that wallet, if the NFT is sold, the token is also sold automatically. If a fraction of the token is sold (say 0.5) then the NFT is burned and the tokens are fractionalized between two wallets. When one of those wallets amasses another 0.5 tokens, a new NFT with different traits is minted to that wallet. This high level (and high learning curve) concept is revolutionary in a few ways, which we will explore below. First let's take a look at this diagram:
Resources For ERC404
Unfound Labs Github
Pandora ERC404 Token Standard
Ready to Get Started? Lets Get Familiar with ERC404
Last updated