Explaining $FUR, our Ethereum ERC-20 utility token
This article’s purpose is to get into detail on $FUR, an ERC-20 token that will be used to provide utility for holders of the Non-Fungible Token (NFT) Toby The Goat (TTG).
— By the end of the article we want our readers to know:
- What is an Ethereum ERC-20 token
- How we are going to create $FUR, our ERC-20 utility token
- How will the NFTs be able to grow $FUR
- What are the use cases of $FUR
- When can I start growing $FUR
Let’s dive right in, what is ERC-20?
ERC-20 is a standard that defines a common list of rules that all Ethereum tokens must adhere to. Some of these rules include how the tokens can be transferred, how transactions are approved, how users can access data about a token, and the total supply of tokens [1].
ERC-20 is similar, in some respects, to bitcoin, Litecoin, and any other cryptocurrency; ERC-20 tokens are blockchain-based assets that have value and can be sent and received. The primary difference is that instead of running on their own blockchain, ERC-20 tokens are issued on the Ethereum network [2].
How we are going to create $FUR, our ERC-20 utility token
We will create $FUR the way every ERC-20 token is created, through a smart contract. This contract will not only implement the ERC-20 standard, but also implement the method that will allow users to obtain tokens using their Toby The Goat NFTs.
How will the NFTs be able to grow $FUR
Whoever owns a Toby The Goat NFT will be able to grow $FUR with a single interaction with the token’s smart contract. We will use a method similar to staking, but better.
Normally when you stake an NFT, you transfer its ownership to the smart contract that handles the staking. This requires you to spend gas by transferring the token every time you want to stake or unstake your NFT. Furthermore, if you want to sell the NFT while you’re staking you can’t, since you’re not its owner during that period.
With the method implemented in our smart contract, you will start growing $FUR without having to transfer your token’s ownership. This will require a single interaction with the token’s smart contract, after this interaction the NFT will grow $FUR during it’s lifetime. This means that even if you sell the NFT, the new owner won’t have to make that interaction to keep the NFT from growing $FUR.
On the other hand, this also means that if your sell your NFT with unclaimed $FUR tokens, you will lose the right claim them after the NFT has been transferred to the new owner. So be sure to claim the tokens if want to use them in our ecosystem (Check out the use cases next).
What are the use cases of $FUR
FUR will give the holders of Toby The Goat NFTs the option to perform art-based upgrades, earn passive income, and play on our web-based NFT game Galactic Goats.
— Upgrades on your NFT
Using $FUR you will be able to upgrade your NFT using art elements that were not available in the original collection. You will have different paths to choose from, and it’s up to you to decide where you start your upgrades.
— Earn passive income
Holders of Toby The Goat NFT will be able to start a process called growing. A form of staking that enables them to claim FUR without having to transfer the ownership of the NFT.
Holders will be able to swap FUR for other fungible tokens. The team will create an initial eth-fur pair for the liquidity pool. Additional pairs are created as per community request.
— NFT Game
Those who own a Toby The Goat NFT will be able to use a special skin that represents their Toby in-game. FUR will be used to perform actions in-game.
Play 2 Earn NFT game — Endless runner browser-based game.
When can I start growing $FUR
The smart contract for $FUR will be deployed on January 2nd. From that moment on, users are allowed to start growing $FUR.
Wrapping up…
We want to create something that is different from everything else and provide utility to our NFT for years to come.
If you are interested in our NFT collection, want to catch up on the latest news or chat with us, be sure to check our website, follow us on twitter and join our Discord server.
https://twitter.com/TobyTheGoatNFT
-See you in the metaverse-
