Tech Highlights
Summary
BoxCatPlanet is a non-fungible token(NFT) based on ERC721 protocol on etheruem. The page will introduce our smart contract features in details as follows:
Dual-NFT model. A brand-new structure based on smart contracts.
ERC721PSI. The gas saver standard.
Randomness. VRF random number generator.
Arweave metadata. A permanent storage as same as Mirror.
Treasury management. A new web3 way to manage team.
Dual-NFT Economy/Model
People paid little attention on Economy/model of NFT projects. However, an excellent business model can determine the project future.
Current NFT dilemma
What should NFT do after mint and reveal? Most NFT projects are hype during minting or revealing. But what's next? How to make the project always creative and attractive?
How to make community build easily? We will see lots of great artists or brands, who have solid work. They are willing to step into web3, but it's really hard to do it from scratch. How can we solve this problem systematically?
Is there a sustainable revenue for a NFT project?
Dual-NFT solution
Inspired by dual-token model, CatchOn labs designed a unique dual-NFT model for BoxCatPlanet to make sure a long-term and sustainable business.
There will be two kinds of NFT in the BoxCat ecosystem:
BoxCat Planet
BoxCat Arena
BoxCat Planet is a PFP NFT with a fixed cap(never increase). It help to identify our community members as a digital assert. Community is the key point of this collection. It will grant BoxCat member's utilities and rewards.
BoxCat Arena is a hall of NFTs based on BoxCat IP. Based on BoxCat Origin, every holder can create a new variety with helps of BoxCat Planet team. BoxCat Arena is a tool box to help create your own work/memory in web3, and bridge it to reality with great BoxCat art. Meanwhile, it will help community expanding. All build together!
Advantages
Dual-NFT model will never increase the BoxCat Planet amount, and always create new things in BoxCat Arena.
It's easy for artists or brands who don't want to create a brand-new NFT from scratch.
There is a sustainable revenue created by BoxCat Arena project.
ERC721Psi
ERC721A gives dev a really good example that gas optimized smart contract can help people to have a better on-chain life. Inspired by awesome ERC721A, we found another game changer, ERC721Psi.
As we all know, ERC721A significantly reduces the gas used by batch minting with one ownership SSTORE. That means minting 1 NFT gas cost is similar with minting 5 NFTs.
However, what's the drawback of ERC721A? The ownerships storage of NFTs are inconsistent, which means gas will increase when transferring ERC721A NFT, such as buying a NFT on opensea. For example, if token id 1,2,3 are batch minted, token 2,3 are not in ownership map storage. A consumer wants to buy token id 2 on OS, then he/she has to pay gas for SSTORE twice to make sure new ownership updated for token id 2 and 3 both.
Is there an optimization for the above scenario? Of course, let's introduce the ERC721Psi. Great thanks to 0xEstarriol.
Based on ERC721Psi github, ERC721Psi manages to solve the scaling issue of token transfer through the mathematical power of the de Bruijn sequence.
Here are the experiments we did:
Deployed two contracts with 721A and 721Psi. They have the same top level distribution contracts.
Batch minted 3 NFTs on both smart contracts.
Sold token id 2 on OS.
Gas results are as follows:
Contract deployment
4,721,027
5,187,902
Batch Mint
323,809
322,357
Opensea buy
255,223
232,109
Based on experiments, the mint gas cost between 721A and 721Psi is almost the same. As expected, the 721Psi opensea buy/sell gas cost is around 20,000 less than 721A. What does this mean? ETH transfer costs around 20,000 gas. Save the gas, save your money!
However, the deployment costs more gas. No worries, we covers it!
Randomness
Fair launching is the key point of a successful NFT project. How to make sure everyone has the same chance to get a 1/1 box cat when revealing? Oracle can help us a lot.
As we know, there is no random value if we use on-chain data, Oracle provides a good tool for us to realize real randomness for etheruem.
How to make distribution fair?
Implement a VRF randomness functions in smart contract.
Call random number request right before the reveal to make sure no body knows metadata distribution even if the project team holds all traits information.
These operations can be monitored on-chain. It's totally transparent and fair.
Arweave metadata
IPFS is a popular P2P network for sharing data in a decentralized way, but it lacks one feature: Permanence. Content on the IPFS network can disappear. If no-one hosts the data, it could be lost forever.
The Arweave blockchain is another solution, which can store and pin files and keep them available permanently. If you are familiar with Mirror.xyz, it's powered by Arweave. CatchOn labs is using Arweave to ensure the BoxCat Planet metadata storage permanent and secure.
Treasury management
How to prevent a rug pull? How to make sure team can keep delivering? Can dev do something to connect between community and BoxCatPlanet team? We will use smart contract to establish trust systematically.
Multi-sig
Treasury will be divided into several parts. All treasuries will be held by multi-sig. Board will decide the treasury usage. It will ensure the project development and avoid centralization.
Vesting contract
In web3, most NFT projects are not transparent as expected. We need to use a web3 way to manage the team and make sure our community keeps expanding. A smart contract for team management is required.
Catchon Labs is helping team to develop a team vesting contract to make sure management team will be paid directly by smart contract. The management team is monitored by community and all payments will be distributed through code with time lock. Community is the key. Votes will really make difference and help community expand steadily and consistently.
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