#ERC-7231 vs ERC-721 comparison

[crypto195]

ERC-7231 Has Finally Unlocked The Door To A Truly User-Owned Internet

Introducing ERC-7231: The Future of Digital Identity Management The Ethereum blockchain world has unleashed a host of innovations over the last couple of years, with its switch to a proof-of-stake consensus algorithm through “The Merge” and the adoption of its ERC-721 token standard, which led to the introduction of smart wallets. Now, we’re witnessing yet another monumental change with the introduction and growing adoption of the new ERC-7231 standard, which promises to forever change the way people perceive and manage their digital identities. It’s a potentially revolutionary development that has major implications for non-fungible tokens and soul-bound tokens, representing the latest beacon of progress in blockchain privacy and data ownership. Introducing ERC-7231 The ERC-7231 standard is really just an extension of the popular ERC-721 standard that provides a set of guidelines and rules for minting fungible tokens and NFTs on Ethereum. ERC-721 has become widely known as the “NFT standard”, and has been used to mint millions of NFTs already. With ERC-7231, that standard is evolving to introduce an idea known as “identity binding”, which enables the possibility of numerous individual identities from Web2 and Web3 to be merged. The identities are all linked to the same, unique NFT. In addition, it also allows for those identities to be represented as an SBT, which is a special kind of non-transferable NFT that has emerged as a popular solution for identity applications, proving someone’s credentials, reputation and achievements without revealing their identity.

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