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Understand ERC6551 that redefines how ERC-721 tokens interact with the Ethereum blockchain by giving every non-fungible token its very own smart contract account.
EIP6551 is a proposal made to extend the functionality of every ERC-721 token by attaching them to specific smart contract accounts, effectively providing on-chain identity to these tokens. Each non-fungible token gets a unique, global identifier which gives it a distinct identity.
EIP6551 operates by creating uniquely, deterministically addressed smart contract accounts for each ERC-721 token via a permissionless registry. It maintains complete compatibility with existing ERC-721 token contracts, therefore not requiring any changes to previously deployed ERC-721 contracts. Control over each token-bound account is given to the owner of the ERC-721 token, enabling the owner to initiate on-chain actions on behalf of their token.
The unique feature of ERC6551 lies in its ability to turn each ERC-721 token into a standalone entity capable of owning assets and interacting with applications on the Ethereum blockchain. This expands the functionality of non-fungible tokens, allowing them to accumulate assets and record transaction history.
ERC6551 is a breakthrough in enhancing the capabilities of non-fungible tokens. Through ERC6551, ERC-721 tokens not only represent a unique digital asset but can also interact independently with the blockchain and other on-chain applications. This opens a plethora of possibilities in the world of non-fungible tokens on the KodaDot platform.