How does ERC 2981 improve the efficiency of token transfers in the cryptocurrency industry?

3 answers

• May 01, 2022 · 3 years ago
  ERC 2981 improves the efficiency of token transfers in the cryptocurrency industry by introducing a standardized royalty mechanism. This allows creators and developers to earn royalties on their tokens whenever they are sold or transferred. It eliminates the need for manual tracking and enforcement of royalties, making the process more streamlined and automated. Additionally, ERC 2981 reduces the risk of unauthorized token transfers and ensures that creators receive their fair share of the value generated by their tokens.
  527

  264
• May 01, 2022 · 3 years ago
  With ERC 2981, token transfers become more efficient as the royalty mechanism is built directly into the token standard. This eliminates the need for separate contracts or additional steps to track and enforce royalties. By automating the royalty process, ERC 2981 reduces the administrative burden and potential errors associated with manual tracking. This improvement in efficiency benefits both creators and users, as it simplifies the token transfer process and ensures fair compensation for creators.
  505

  169
• May 01, 2022 · 3 years ago
  ERC 2981 revolutionizes token transfers in the cryptocurrency industry by introducing a standardized royalty mechanism. This mechanism allows creators to earn royalties on their tokens, similar to how artists earn royalties on their music or authors on their books. By incentivizing creators and developers, ERC 2981 encourages innovation and the creation of high-quality tokens. This improvement in efficiency and fairness strengthens the overall ecosystem and promotes the growth of the cryptocurrency industry.
  513

  129