Still In The Trial Stage, ERC-404 Offers A Lot Of Potential For Digital Assets

JAKARTA - ERC-404 offers a lot of potential, but this standard is still in the experimental stage and has not been thoroughly audited. This means there is a possibility of bugs, vulnerabilities, or errors that could harm users.

One example is the Emerald case, a project that claims to be the first to use the ERC-404 standard, but later became known as a scam. The project turns out to be using ChatGPT, a service that allows users to talk to bots that use artificial intelligence, to pretend to be developers.

The project was later taken over by a group of anonymous developers who changed its name to Pandora, and launched the PANDORA token as the first legitimate ERC-404 token. However, the project has not yet proven safe and reliable, and still requires further audits and testing.

In addition, ERC-404 standards have not yet received official recognition from the Ethereum community, and still have to compete with other standard tokens of the same purpose, such as ERC-1155 and ERC-998.

Therefore, users must be careful and do research before investing or participating in projects that use ERC-404 standards, and be prepared to face the risks that may arise.

ERC-404, Receives Support From Crypto Market

Although still in its early stages, the ERC-404 standard has gained support and enthusiasm from some parties in the crypto market. Several leading crypto exchanges, such as OKX and Binance, have announced their support for the ERC-404 token in their Web3 wallet, which adds to the legitimacy and accessibility of this standard.

In addition, several other crypto projects have also adopted or explored ERC-404 standards, such as DeFrogs, which created bull-shaped NFTs associated with FROG tokens, and CryptoPunks, which plan to create ERC-404 tokens associated with their iconic NFT.

Meanwhile, the PANDORA token, which is the first ERC-404 token, recorded a remarkable price increase, from around 250 (Rp 1.9 million) per token in early February, to around $31,900 (Rp 23.5 billion) per token at the end of last week, with trading volume reaching $76 million (Rp 560 billion) in 24 hours.

This shows that there is a high interest and demand for ERC-404 standards, which are considered one of the newest and most important innovations on Ethereum. If this standard can continue to grow and improve its drawbacks, it could open up new opportunities for digital assets and the crypto ecosystem as a whole.