Tokens can also be turned into wallets. What is INCEPT of the ERC-40 concept?

Original author: Zhouzhou

The $INCEPT/WETH trading pair traded on Uniswap suddenly saw a strong rise, the price of the $INCEPT token fluctuated greatly in a short period of time, and the trading volume also soared. This not only reflects the markets renewed interest in this emerging project, but its innovative ERC-40 standard has attracted the attention of many investors.

INCEPT’s protocol mechanism

INCEPT is the first token built on ERC-40, an experimental dual-root token standard that incorporates the concept of multi-dimensional assets.

INCEPT combines the functions of ERC-20 and ERC-6551. It can be used as a freely tradable asset, but also as a wallet that can store other assets (called a liquid token binding account). In other words, each $INCEPT token is not only a token, but can also hold other tokens or assets.

After INCEPT went online this morning, it attracted the attention of many community members. The ERC-6551 standard adds a smart contract account to NFT, in which other assets can be placed. ERC-40 moves this function to tokens. Each token is not just a token, but can also hold other things. In other words, the tokens in the users account are no longer just simple digital assets, but pocket assets that can be used to store different assets, and even manage a series of resources.

The ERC-6551 token account will hold the original ERC-20 token that created it, forming a cycle of ownership, which increases the complexity and uniqueness of the token. The ERC-40 standard uses the ERC-6551 token account root structure, and the ERC-721 NFT components it contains operate in a double-ended queue (Deque) manner. This means that assets can be operated in a first-in, first-out (FIFO) or last-in, first-out (LIFO) manner as needed.

The emergence of Incept is a good example of innovation having no boundaries. Although its “multi-dimensional token” is still in its infancy, the direction it explores is worth paying attention to. For players who like to try new things, the possibilities behind this new mechanism are more attractive than short-term price fluctuations.

Existing Tokens Interactive Experience

$INCEPT: The $INCEPT token was released at 2 a.m. on June 26, and reached a maximum increase of about 20 times at noon. Although the price has a certain correction, it still maintains a high popularity. The 24-hour trading volume reached 13.9 M, the number of transactions was nearly 7,000, and the market transactions continued to be active.

Currently, INCEPT has not updated other interactive experiences, and BlockBeats will continue to follow up on the project progress.

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