What are iTokens in the Harmony Blockchain?


What Are iTokens?

The Harmony blockchain defines the iToken standard, which is a kind of token. Azuki, Doodles, Meebits, and Clone-X are among the iTokens that have been mapped and are now living on Harmony. BAYC’s initial integration is with DefiKingdoms.

The Harmony blockchain defines the iToken standard, which is a kind of token. It is a read-only mapping of Ethereum‘s ERC721 tokens to the Harmony blockchain, which is currently under development.

Any NFT tokens that have been issued on the Ethereum blockchain are eligible to apply for the mapping iToken on the Harmony blockchain. Once their iToken has been approved/launched on Harmony, NFT token holders will be able to utilize the same account and identity to participate in the GameFi and metaverse initiatives. BAYC’s initial integration is with DefiKingdoms, which is described below.

iTokens on Harmony
Source: Harmony Medium

Azuki, Doodles, Meebits, and Clone-X are among the iTokens that have been mapped and are now living on Harmony. BAYC, MAYC, and BAKC are also among the iTokens that have been mapped and are currently living on Harmony.

Why choose iTokens?

Many new NFT initiatives have been created on the Ethereum network in recent years, particularly for public-private partnerships (PFP) projects. When Twitter blue accepted verified NFT as profile images, token holders expressed an interest in using the same profile picture across a variety of other services and blockchain ecosystems, according to the company.

As a result, they would want to give NFT token holders on the Ethereum network with a cross-chain identification, allowing them to utilize their PFP as their IDs in the Harmony ecosystem instead of their NFT tokens.

Despite the fact that Harmony offers a cross-chain NFT bridge to allow NFT tokens from Ethereum to be transferred to Harmony, NFT holders may be hesitant to bridge their tokens because to security concerns, or they may miss out on possible airdrop possibilities, among other things. There have been several instances of NFT theft, and people are worried about the hacking of bridges as well as other infrastructure. As a result, Harmony developed the iToken standard to map NFT ownership without the need to bridge the NFT tokens.

iToken is nothing more than a read-only mapping. The original NFT is remains in the possession of the token holder and is stored in his wallet. There is no authorisation, nor is there any message signing, which puts the NFT at danger. Token holders may continue to utilize the same account across both Ethereum and Harmony without having to transfer their assets between the two platforms.

iTokens increase the potential of the Harmony Ecosystem

It gives chances for the Harmony ecosystem to grow its user base and reach out to non-fungible-tokens (NFT) participants on the Ethereum blockchain. Examples include DefiKingdoms, which already allows users to use their BAYC PFPs as their profile images. Metaverse projects hosted on Harmony may also make use of the iToken in order to broaden the range of participants and avatars available.

GameFi projects may naturally be produced on the Harmony blockchain because to the cheaper gas charge and faster finality provided by the network. iToken may be used by NFT projects that are released on Ethereum to map the NFT and create games on Harmony to boost the usefulness and engagement of their projects.

How Can iTokens Be Launched?

Any NFT project may submit an application to launch an iToken on the Harmony blockchain. The application procedure is permissionless, and the team will only do some basic verification after receiving your submission.

A smart contract with the appropriate parameters will be published on the Harmony blockchain shard 0. Using a trustworthy relayer, the NFT ownership map will be initiated, and the smart contract on Ethereum will be monitored continually, with the ownership map being relayed from Ethereum to Harmony. Holders of NFT tokens are not required to take any action.

Using the same account across Ethereum and Harmony by switching networks in MetaMask, you will be able to utilize iToken as your identity in all of the enabled decentralized applications on Harmony.

Future plans and Usage

They have developed an application form for the creation of iTokens on the Harmony blockchain, which will be used to map the NFT projects that have been established on Ethereum. It is a procedure that does not need authorization. Any project may submit an application for an iToken. Applicants just need to give the necessary information, and the team will check and process the application within a week of it being received. The application form may be found here.

All of the iTokens that have been released will be shown on the horizon bridge (https://bridge.harmony.one/itokens). On Harmony, a total of 7 blue chip NFTs have already been mapped to an iToken.

On the future roadmap, they plan to implement the ERC1155 token standard and to make it totally trustless and permissionless with the launch of the permissionless Ethereum bridge, which will eliminate the need for an application procedure entirely.

Any NFT/GameFi/Metaverse projects running on Harmony are urged by the development to incorporate the iToken into their ecosystems in order to grow their user base and revenue.

Related articles

When is the Ethereum Merge? What we know about it

The Ethereum Merge BenefitsThe Ethereum merge is set to...

New Update: Terra Explains The Current Situation on Luna And UST

An Update By Terra has been released on Twitter...

What is the Amp cryptocurrency & Flexa – How Do They Work?

What is the Amp Cryptocurrency?AMP is a decentralized cryptocurrency...