ERC1973 enters college blockchain programs, bringing in more real-life applications
Earlier this may, ERC1973 (EIP1973) proposed by KrawlCat was added to Ethereum’s official list of EIPs (Ethereum Improvement Proposal). Just as how blockchain technologies have been evolving since its onset, ERC is being refined and upgraded regularly. With a simple click, anyone can follow the details and development of KrawlCat’s ERC1973 on EIPs.
In the past few months, KrawlCat has partnered with George Brown College in Toronto, Canada as its industry partner, contributing to the school’s blockchain course programs and teaming up with students to apply ERC1973 to real-life project designs. What are some examples of the applications? How has ERC1973 solved some of the most challenging problems in different industries?
ERC stands for “Ethereum Request for Comment.” The numbers following ERC refer to the number of each proposal.
ERCs are application-level standards and conventions, including contract standards such as token standards (ERC20), name registries (ERC26, ERC137), URI schemes (ERC67), library/package formats (EIP82), and wallet formats (EIP75, EIP85). Once an EIP (Ethereum Improvement Proposal) is approved by the Ethereum committee, it becomes an ERC.
Scalable Rewards, or simply ERC1973, is a layer-2 scalability solution for the Ethereum network. It is a proposed standard to distribute token rewards in a scalable and efficient way to tens of thousands of participants.
With ERC1973 developers can build sustainable crypto economic environments without any centralization concerns. For instance, KrawlCat’s token distribution system is based on ERC1973. As a decentralized data feed provider, KrawlCat’s infrastructure consists of a distributed network of computers specifically manufactured to scrape the web for internet statistics. As each computer scrapes data, they are rewarded in the form of KrawlCat tokens; the more they scrape, the more they earn. Thanks to ERC1973, KrawlCat’s reward-payouts are carried out in an accurate and efficient way.
There are a lot of EIPs in various stages of development, however many of them are not ready to integrate with current projects. In contrast, ERC1973 has been proven to provide efficiency for DApps and create tangible values for various projects.
In the past few months, KrawlCat has been working diligently to promote ERC1973 as well as to collaborate with others to improve the Ethereum network. One of KrawlCat’s prominent partners is George Brown College in Canada.
George Brown College is the first to launch a comprehensive certificate program in blockchain technology offered by a Canadian college, which aims to address a serious shortage of developer talent in the growing field. In addition to learning blockchain knowledge in class, students will also further their skills by working with industry leaders to solve real-life problems.
As a proud industry partner with George Brown College, KrawlCat has teamed up with program students on several blockchain projects. Using the improved token distribution system proposed by ERC1973, students have designed various applications, ranging from Decentralized REIT to Dividend Sharing and Crowdsourcing.
One of the applications of ERC1973 is a student-designed DApp that allows users to leave reviews on services offered by various businesses, such as restaurants, shops, and even airlines.
Most of the time, consumers leave a review about any service when they are not satisfied or extremely satisfied; and if they do leave reviews, there is no reward for spending to do so.
Every day, a specific number of tokens will be minted and added to the “Token Pool”. Once a review is posted, the reviewer will earn some tokens from the pool. The tokens can also be used for future purchases in participating businesses.
In another example, a student came up with a decentralized REIT application that enables investors to own shares of real estate properties similar to REIT. Shares are given in the form of tokens. Just like REIT, every six months a reward will be distributed to all investor who has shares.
However, as the number of investors grows, it can cause some problems on the application. For one thing, the number of investors going in and out differs throughout the period making the calculation of the rewards a challenge. For another, once there is a substantial number of investors who have joined, the application will have a challenge in distributing the rewards over time.
To overcome these challenges, the student utilized ERC1973 in the project design, which allows reward distribution in a scalable manner to all the participating investors throughout the reward period. Every six months tokens are minted and the number of rewards will be calculated per investors at the time the reward is minted depending on how many investors participated. Once the investor withdraws his/her share, the total rewards will be calculated depending on when the investor started his/her investment together with the investment amount.
For instance, below is a sample of rewards distribution based on 100,000 tokens minted for each round:
6th Month (100 participants) — Rewards per participant: 1000 (100,000/100)
12th Month (500 participants) — Rewards per participant: 200 (100,000/500)
18th Month (2000 participants) — Rewards per participant: 50 (100,000/2000)
24th Month (5000 participants) — Rewards per participant: 20 (100,000/5000)
30th Month (10000 participants) — Rewards per participant: 10 (100,000/10000)
36th Month (20000 participants) — Rewards per participant: 5 (100,000/20000)
For a full list of ERC1973-related applications, check out our Github repository: https://github.com/yesbit/ERC1973-Projects
2019 marks only the beginning of the partnership between KrawlCat and George Brown College. Even though the partnership is at its nascent stage, we have already seen the advantages and practical uses of ERC1973 in various DApps and other blockchain development projects.
ERC1973 is expected to be finalized by Ethereum in 2021. Suffice to say, ERC1973 will continue to bring tangible values to the blockchain community. KrawlCat will continue to update ERC1973 and collaborate with the community to perfect the Ethereum ecosystem.