Welcome, Commanders, to another edition of our Weekly Developer Update. This week, we delve into the intricate world of token development on the Internet Computer (ICP).

Tokens are the backbone of any game economy, and Cosmicrafts is no exception.

Our journey begins with a retrospective look at our current token, CXP, developed in 2021 under the EXT standard, and progresses towards understanding the significance of the new ICRC1 standard in the evolving landscape of ICP.

The Evolution of Token Standards

In the early days, the EXT standard was the only viable framework for interoperable token development on ICP. However, the landscape of tokens has undergone significant changes since then.

We saw the introduction of DIP20, inspired by Ethereum’s ERC20 standard, marking a pivotal moment in token standardization.

The ICP Mercury phase was a period of exploration and innovation, where developers were in the search to create their own standards.

But this freedom came with its challenges, especially in terms of interoperability.

The Importance of Interoperability

The Ethereum community’s journey towards establishing ERC standards showcases the value of interoperability. It wasn’t an overnight success, but the eventual widespread acceptance of ERC standards paved the way for a flourishing ecosystem encompassing DeFi, NFTs, and gaming.

In contrast, the Web2 framework allows games on platforms like the App Store to operate with their own currency systems.

However, even these platforms adhere to certain standards for currency implementation and utilization.

The Future with ICRC1 Standard

Now, let’s shift our focus to what it means to develop a token on ICP today and how the ICRC standards signify a major leap towards interoperability in the Internet Computer’s Titanium phase.

The adoption of ICRC1 is more than just a technical upgrade; it’s a strategic move towards a unified and cohesive digital ecosystem.

As we embark on this transition, we’re not just updating a token standard — we’re aligning with a vision that bridges the gap between diverse environments.

The ICRC1 Standard

Understanding the ICRC1 Standard

The ICRC1 (Internet Computer Request for Comments 1) standard is a foundational element for creating fungible tokens on the Internet Computer.

Basically, it sets forth the basic requirements that any ICRC1 token must fulfill.

While we won’t delve into the nitty-gritty details in this update, we’ll touch upon some key aspects of the ICRC1 standard. For those craving a deeper dive, there’s a wealth of information available, almost enough to fill a book!

Key Features of the ICRC1 Standard

• Account Management: The ICRC1 standard introduces a flexible account management system. A principal, which is the primary identifier on the Internet Computer, can have multiple accounts.
• Token Properties: The standard includes a set of methods to access various properties of a token. These include the token’s name, symbol, the number of decimals it supports, its default transfer fee, and the total supply of tokens across all accounts.
• Ledger Functions: At its core, the ICRC1 standard provides essential ledger functions. These include checking the balance of an account, transferring tokens between accounts, and accessing a comprehensive list of metadata entries associated with the ledger.

Rosetta API and Coinbase

The Ledger is compatible with Rosetta, which is an open standard introduced by Coinbase to streamline the integration of blockchain tokens in exchanges, wallets, and block explorers.

Since $ICP is compliant with this API and is already listed on Coinbase, we’re aiming to list our tokens on exchanges for a wider adoption.

We envision a future where users might be able to purchase ICRC1 tokens directly through interfaces like Plug wallet.

We can’t wait to get our hands on this API to do some testing via the Rosetta node, our research indicates that there are many tools available for this matter, including using Docker images for integration.

The ICRC2 Extension

Building on the foundation of ICRC1, the ICRC2 serves as an extension to the original standard. It enhances the capabilities of ICRC1 by introducing advanced features similar to those found in Ethereum’s ERC20 standard.

These include support for recurring payments and token swapping with allowances for slippage due to price fluctuations.

The Art of Staking

We’ve been discussing for a long time now what’s the best way to upgrade our game NFTs. While we could follow the traditional Web2 gaming model, the capabilities of the Internet Computer allow us to innovate.

We’re introducing a unique yet familiar concept in the Web3 space to improve your assets over time.

Staking is a common function in Web3, where users can stake tokens to earn an Annual Percentage Rate (APR). However, this APR/APY concept is still unknown to the average player.

A Dash of Cosmicrafts Sauce

In this scenario we’re gonna assume you’re a seasoned DeFi degen, you go to your preferred liquidity protocol and want to leverage your assets for more benefits.

Quick Guide

Here’s the scenario: You’ve got your arsenal — a shiny Cosmicrafts Game NFT, a stack of Spiral premium Tokens, a heap of Neutrinos, and a bunch of CXP.

Step 1- Mix and Match Your Assets

• What You Need: Cosmicrafts Game NFT, Spiral Tokens, Neutrinos, and CXP.
• The Magic Formula: Dive into the staking pool, blend your assets, and mint a new, power-packed NFT.

The result of staking is minting a new NFT with awesome properties, the metadata of this NFT is determined proportionally by the amount and type of tokens you staked.

Step 2- Use your NFT

• Play With It: Use your overpowered NFTs to play and earn rewards
• Rent Your NFT: Your newly minted NFT isn’t just a trophy; it’s a rental goldmine for other players.
• Trade: You can sell the NFT at the marketplace, it comes with the ownership of the staked pool.

Your newly minted NFT isn’t just a trophy, it’s a beast you’ve just awaken and is hungry for real use cases.

Step 3- Harvesting Rewards

• APR/APY: Yes on each token you stake, you earn it, but that’s not all.
• Restake: You can always compound your yield returns to keep upgrading the NFT and earn more APY.
• Unstake: Dissolve your staking pool and get your assets back, this way you can run experiments depending your strategy.

Upgrading NFTs in Cosmicrafts is a true goldmine for stakeholders, as long as you hold ownership of the NFT, you still own all the assets staked in the pool along with its benefits.

Neutrinos to pay for Staking

All these transactions can’t be for free, staking is recursively expensive on blockchain and as a core game feature we expect to be used a lot, we gotta make sure to at least afford operating costs, so our advise is to make sure you still have a bag of SNS Neutrinos to afford making your moves.

Wrapping Up: The Road Ahead in Cosmicrafts

As we reach the finale of this week’s journey, let’s take a moment to reflect and gaze ahead.

ICRC Standards: Pioneering the New Era

Development in Progress: ICRC standards are like puzzles being pieced together. We’re excitedly grabbing snippets of code and weaving them into our canisters.

Staking: Plans in the Pipeline

Our wizards in the R&D department are busy creating the magic formula for our staking feature. Patience is key — great things take time.

Drawing Inspiration: Eimolad has been staking NFTs since the dawn of time (a big shoutout to our friends). They’re the guiding stars in our quest.

A Call to Arms for Fellow Developers

Join the Odyssey: Ideas are a dime a dozen, but bringing them to life? That’s where the true challenge lies. We’re not just innovating; we’re inviting collaboration.

Sharing is Caring: As we carve our path, we’re leaving breadcrumbs for others. Our progress is not just for us; it’s a beacon for all those who dare to build on the Internet Computer.

In the spirit of cosmic unity and technological exploration, we sign off this week’s update. Remember, in the vast expanse of the Internet Computer, we’re all explorers, charting new territories together.

Stay Tuned, Stay Cosmic.