ERC-404：NFT 分片化的典範轉移釋放了新的可能性

ERC-404 標準是一種創新的混合代幣實施方式，已在 NFT 領域出現。這項非官方的以太坊標準結合了 ERC-20 和 ERC-721，為 NFT 引入了部分所有權，並有可能解決其流動性問題。 Pandora 專案體現了這一標準，利用可替代的 ERC-20 代幣 (PANDORA) 和獨特的 ERC-721 NFT 集合 (Replicants)。鑄造和銷毀功能允許分批購買 PANDORA，在達到等值代幣時自動鑄造 NFT。這為 NFT 融入代幣項目和 DeFi 生態系統開闢了新的可能性。

ERC-404: A Paradigm Shift in Non-Fungible Token Fractionalization

ERC-404：不可取代代幣分割的典範轉移

The advent of Pandora, an experimental hybrid token, has ignited a surge of interest in the non-fungible token (NFT) ecosystem. Introducing the ERC-404 standard, Pandora seamlessly blends the fungibility of ERC-20 tokens with the uniqueness of ERC-721 NFTs, heralding a novel paradigm for fractional NFT ownership and liquidity enhancement.

實驗性混合代幣 Pandora 的出現引發了人們對不可替代代幣（NFT）生態系統的興趣激增。 Pandora 引入了 ERC-404 標準，將 ERC-20 代幣的可替代性與 ERC-721 NFT 的獨特性無縫融合，預示著部分 NFT 所有權和流動性增強的新範例。

The Essence of ERC-404

ERC-404的本質

ERC-404, an unofficial Ethereum standard, harnesses the benefits of both ERC-20 and ERC-721 standards. By leveraging the fungibility of ERC-20 tokens, which govern token issuance on the Ethereum blockchain, and the distinct nature of ERC-721 tokens, ERC-404 creates a new standard for semi-fungible tokens that support NFT fractionalization.

ERC-404 是一種非官方以太坊標準，它利用了 ERC-20 和 ERC-721 標準的優點。透過利用管理以太坊區塊鏈上代幣發行的ERC-20 代幣的可替代性，以及ERC-721 代幣的獨特性質，ERC-404 為支援NFT 碎片化的半可替代代幣創建了新標準。

Pandora: A Pioneering Implementation

Pandora：開創性的實施

The Pandora project exemplifies the transformative potential of ERC-404. It utilizes two assets: the ERC-20 token (PANDORA) and an ERC-721 token representing unique NFTs in the Replicants collection. Upon purchasing a PANDORA ERC-404 token, buyers automatically receive a Replicants NFT in their wallet. Each NFT possesses a rarity level denoted by the color of its box, with red signifying the rarest and green the most common.

Pandora 計畫體現了 ERC-404 的變革潛力。它使用兩種資產：ERC-20 代幣 (PANDORA) 和代表 Replicants 集合中獨特 NFT 的 ERC-721 代幣。購買 PANDORA ERC-404 代幣後，買家會自動在錢包中收到 Replicants NFT。每個 NFT 都有一個由其盒子顏色表示的稀有度級別，紅色表示最稀有，綠色表示最常見。

The mint-and-burn feature of ERC-404 ensures that when a PANDORA token is sold, the associated NFT is burned. However, buyers retain the option to store rare NFTs when transferring PANDORA tokens. Conversely, when selling or transferring an NFT, only the fungible portion of the PANDORA token is transferred to the buyer's wallet along with the Replicants NFT, preserving the integrity of the PANDORA token.

ERC-404 的鑄造和銷毀功能可確保在出售 PANDORA 代幣時，相關的 NFT 會被銷毀。然而，買家在轉移 PANDORA 代幣時保留存儲稀有 NFT 的選擇。相反，在出售或轉讓 NFT 時，只有 PANDORA 代幣的可互換部分與 Replicants NFT 一起轉移到買方的錢包，從而保持 PANDORA 代幣的完整性。

The mint-and-burn mechanism enables fractional purchases of the PANDORA token. When a buyer accumulates sufficient fractions to form a whole NFT, an NFT is automatically minted and added to their wallet.

鑄幣和銷毀機制允許分批購買 PANDORA 代幣。當買家累積足夠的分數來形成整個 NFT 時，NFT 就會自動鑄造並添加到他們的錢包中。

The Promise of Semi-Fungibility

半可替代性的承諾

ERC-404 opens up new avenues for token utilization on the Ethereum platform. It facilitates the exchange of non-fungible tokens, providing developers with a groundbreaking approach to integrating NFTs into token projects. This standard could catalyze the financialization of NFTs, particularly if existing ERC-721 NFT collections can be wrapped into interchangeable ERC-404 tokens.

ERC-404 為以太坊平台上的代幣使用開闢了新途徑。它促進了不可替代代幣的交換，為開發人員提供了將 NFT 整合到代幣專案中的突破性方法。該標準可以促進 NFT 的金融化，特別是如果現有的 ERC-721 NFT 集合可以包裝成可互換的 ERC-404 代幣。

The Competitive Landscape

競爭格局

Since Pandora's inception, several competitors have emerged, recognizing the transformative potential of ERC-404. Divisible NFT standard (DN-404) and Injective Protocol's CW-404 standard aim to capitalize on the hype surrounding ERC-404. Additionally, Solana's SPL-20 tokens mirror the functionality of ERC-404 tokens, redefining the NFT experience on the Solana blockchain.

自 Pandora 成立以來，已經出現了一些競爭對手，認識到 ERC-404 的變革潛力。可分割的 NFT 標準 (DN-404) 和 Injective Protocol 的 CW-404 標準旨在利用圍繞 ERC-404 的炒作。此外，Solana 的 SPL-20 代幣反映了 ERC-404 代幣的功能，重新定義了 Solana 區塊鏈上的 NFT 體驗。

Innovation and Opportunity

創新與機遇

Creators and developers are enthusiastic about the potential for further innovation with the ERC-404 standard. It presents opportunities for integrating NFTs with the DeFi ecosystem, tokenizing in-game assets through native fractionalization, and introducing novel monetization models within the Metaverse.

創作者和開發者對 ERC-404 標準進一步創新的潛力充滿熱情。它提供了將 NFT 與 DeFi 生態系統整合、透過原生分片化對遊戲內資產進行代幣化以及在 Metaverse 中引入新穎的貨幣化模型的機會。

Risks and Considerations

風險和注意事項

As with any emerging technology, ERC-404 is not without its risks. The standard has not been recognized by the Ethereum Foundation and has yet to undergo vetting through an Ethereum Improvement Proposal. This raises concerns about potential exploitation by malicious actors. Furthermore, the standard is still in its experimental phase, with a new v2.0-beta version under development to address bugs, optimize logic, and reduce gas costs.

與任何新興技術一樣，ERC-404 也並非沒有風險。該標準尚未得到以太坊基金會的認可，並且尚未通過以太坊改進提案進行審查。這引起了人們對惡意行為者潛在利用的擔憂。此外，該標準仍處於實驗階段，新的 v2.0-beta 版本正在開發中，以解決錯誤、優化邏輯並降低 Gas 成本。

Despite these risks, the immense potential of ERC-404 in unlocking NFT liquidity and fostering collaboration within the Web3.0 ecosystem warrants attention from investors. The standard could revolutionize the creation of digital assets on the Ethereum blockchain, setting the stage for a transformative shift in the NFT landscape.

儘管存在這些風險，ERC-404 在釋放 NFT 流動性和促進 Web3.0 生態系統內協作方面的巨大潛力值得投資者關注。該標準可能會徹底改變以太坊區塊鏈上數位資產的創建，為 NFT 格局的變革奠定基礎。