GEMMA Blockchain Token

GEMMA Blockchain Token

GEM-20

GEM-20 is a token standard for the GEMMA Network. It extends ERC-20, a popular Ethereum token standard. GEM-20 will define how the tokens can be spent, who can spend the tokens, and other rules for their use. The GEMMA Blockchain network was envisioned as a platform to facilitate cross-chain architecture. Because of this architecture, heavy emphasis was placed on cross-chain compatibility. It also makes GEM-20 token compatible with ERC-20 token standard.

GEM-721

The ERC-721 token standard is the first token standard that represents NFTs on the Ethereum blockchain. However, the gas fee for NFT transfers and settlement time are too high in Ethereum. To overcome this, GEMMA Blockchain network came up with the GEM-721 token standard, an extension of the GEM 721 token with improved transaction speed and low transaction fees.

GEM-1155

GEM-1155 combines the characteristics of GEM-20 (tokens) and GEM-721 (NFTs). It is a multi-token standard that offers the fungibility of GEM-20 and non-fungibility of GEM-721 in a single contract. The availability of alternatives depends on the amount. Tokens with a quantity of 1 are irreplaceable, while in the case of multiple quantities, they become replaceable NFTs.

GEM-733, GEM-1177

GEM-733 is the same token as GEM-721, but cannot be transferred. GEM-1177 is the same token as GEM-1155, but cannot be transferred. GEM-733 and GEM-1177 have very low initial issuance fees and are suitable for services for non-transferable authentication. For example, GEM-733 is suitable for personal identification, and GEM-1177 is suitable for giving a large number of NFT certification numbers to product lines such as toothbrushes that do not require used transactions.

Low Fee

Considering the remarkable amount of transactions on a distributed trading platform, the value of funds locked up in a rapidly increasing DEFI loan and loan platform, increased user participation in the platform, and numerous regularly issued NFTs, Ethereum's network is bound to be "busy."

Ethereumโ€™s high popularity leads to huge demand for block space and increases transaction costs.

Considering this, in today's scenarios, small transactions worth $10 are typically sent through ERC-20 and transactions worth $50-100 are carried out in Uniswap. Of course, without a doubt, it is not an ideal situation as some users may be considered unhappy with the Ethereum ecosystem.

Tier scaling refers to a method of amplifying the continuous function of the block finality layer, that is, the result reflection layer, by managing transactions in the block generation layer in an off-chain manner. The GEMMA Blockchain solution simultaneously improved transaction speed and throughput, while significantly reducing transaction fees. The GEMMA Network will be an independent blockchain solution with very low transaction fees.

Last updated