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An Open Creative Economy Revolutionized by the Throne

Throne is excited about an innovative form of digital asset called a non-fungible token, or NFT. NFTs have unique qualities: they are one-of-a-kind, rare, liquid, usable across various applications, and programmable like digital assets.

Throne acts as an NFT marketplace for the future generation of creators and collectors. It is a platform where everyday users can explore, collect, and trade their work as digital assets.

Our vision revolves around the belief that open protocols like Ethereum and interoperable standards such as ERC-721 (and ERC-1155) will facilitate thriving new economies where creators and collectors truly own this groundbreaking type of digital item. We are actively developing tools in collaboration with a community of passionate users, developers, and creators to empower these new creative economies.

We prioritize the importance of technology and contemporary culture in all our endeavors, setting ourselves apart as a dynamic force in the market.

Understanding THN with Throne

THN serves as the utility token for the Throne community, network, and marketplace. By establishing our own token economy, we can provide a commission-free platform for creators who prefer to transact in THN. This approach offers a logical and sustainable solution that drives the advancement of a new creative economy.

THN is an ERC-20 token on the Ethereum network, enabling the execution of smart contracts and consensus-based transactions. It operates on a blockchain system that utilizes tokens, which can be bought, sold, or traded. In the Ethereum system, tokens represent a wide range of digital assets, and ERC-20 has emerged as the technical standard for all smart contracts on the Ethereum blockchain for token implementation.

Similar to Bitcoin, Litecoin, and other cryptocurrencies, THN is a fully programmable blockchain-based asset with value that can be sent and received. The primary distinction is that ERC-20 tokens are issued on the Ethereum network instead of having their own blockchain. Fortunately, due to the popularity of ERC-20 tokens, there are numerous wallet options available, making THN accessible and operational for individuals worldwide.

Enhancing Interoperability with Throne

Non-fungible token standards enable seamless movement of NFTs across multiple ecosystems. When a developer launches a new NFT project, these NFTs can be immediately viewed within numerous wallet providers, traded on marketplaces, and even displayed in virtual worlds. This level of interoperability is made possible by open standards that provide a clear, consistent, and reliable API for reading and writing data.

Expanding Tradability with Throne

The most captivating aspect of NFTs is the ability to freely trade them on open marketplaces. For the first time, users can transfer items from their original environments to a marketplace where they can take advantage of advanced trading options, such as eBay-style auctions, bidding, bundling, and the ability to sell in any currency, including stablecoins.

Maximizing Liquidity with Throne

Instant tradability of non-fungible tokens leads to increased liquidity. NFT marketplaces cater to a diverse range of audiences, from experienced traders to newcomers, thereby exposing assets to a wider pool of potential buyers.

Ensuring Immutability and Provable Scarcity with Throne

Smart contracts enable developers to set hard limits on the supply of non-fungible tokens and enforce persistent properties that cannot be altered once the NFTs are issued. For instance, developers can ensure that only a specific number of a rare item is created, while allowing the supply of more common items to be infinite. Developers can also ensure that specific properties remain unchanged over time by encoding them on-chain. This feature is particularly valuable for art, which heavily relies on the provable scarcity of an original piece.

Embracing Programmability with Throne

Like traditional digital assets, NFTs are fully programmable. Many NFTs today incorporate complex mechanics such as forging, crafting, redeeming, random generation, and more. The design space for NFTs is filled with endless possibilities.

Exploring Non-fungible Token Standards with Throne

Standards play a vital role in the power of non-fungible tokens. They provide developers with the assurance that assets will behave in a specific manner and outline how to interact with the fundamental functionality of the assets.

Understanding ERC-721 with Throne

ERC stands for Ethereum Request for Comment, and 721 is the proposal identifier number. ERCs are application-level standards within the Ethereum ecosystem, serving as smart contract standards for tokens like ERC-20. The author of an ERC is responsible for building consensus with the Ethereum community, and once the proposal is reviewed and approved, it becomes a standard. ERC-721 was created to propose the functionality of tracking and transferring NFTs within smart contracts.

In our ecosystem, we utilize ERC-721 as an open standard that outlines how to create Non-Fungible tokens on EVM (Ethereum Virtual Machine) compatible blockchains. It provides a standard interface for Non-Fungible tokens and establishes a set of rules that simplify working with NFTs. While NFTs can also be ERC-1155 tokens, at Throne, we primarily utilize ERC-721.

ERC-721 incorporates certain functions that comply with ERC-20, making it easier for existing wallets to display basic token information and events defined in the ERC-721 standard:

ERC20-like Functions with Throne:

• name: This function defines the name of the token, enabling other contracts and applications to identify it.
• symbol: This function defines the shorthand name or symbol of the token.
• totalSupply: This function determines the total number of tokens on the blockchain, which doesn't have to be constant.
• balanceOf: This function returns the number of NFTs owned by a specific address.

Ownership Functions with Throne:

• ownerOf: This function returns the address of the owner of a token. Since each ERC-721 token is unique and non-fungible, it is represented on the blockchain by an ID. Other users, contracts, and apps can use this ID to determine the token's owner.
• approve: This function grants another entity the permission to transfer tokens on behalf of the owner.
• takeOwnership: This optional function acts as a withdrawal function, allowing an external party to take tokens out of another user's account. It can be used when a user has been approved to do so.