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From being an inventory system for gaming to being used in DAOs, Future Primitives Jayden Windle and Benny Giang spoke about use cases for ERC-6551. 848 Total views 6 Total shares Listen to article 0:00 Interview Join us on social networksDevelopers have recently published an Ethereum Improvement Proposal (EIP) introducing a new way to use nonfungible tokens (NFTs). With this system, all NFTs can have a smart contract account, allowing them to store other NFTs or crypto tokens.

Cointelegraph spoke with Future Primitives Jayden Windle and Benny Giang, the authors of EIP-6551, to explain the use cases of the proposal and its implications for the crypto space. Jayden Windle and Benny Giang explain ERC-6551. Source: Cointelegraph

According to Windle, while there are a lot of complicated workings behind the feature, the simplest way to explain it is that they are giving NFTs their own crypto wallets. He explained: The real simple idea behind the ERC-6551 is that every NFT has a wallet. So, your NFT has a full wallet that your NFT owns. That means your NFT can own any asset on-chain, and your NFT can do anything on-chain. By giving NFTs wallets, NFTs now become users on Ethereum.

When asked how the idea came to life, the Future Primitive developer explained that the team went down what he described as a rabbit hole of experimental oddities. He shared that they were working on an NFT project where they wanted to add equipping as a mechanism. The project lets NFTs wear clothes and other accessories, which are also NFTs.

What we realized was nothing really sets the use case that we really wanted to achieve. We really wanted to have NFTs own their own items in kind of a self-sovereign way. We really wanted to be able to do that in a way that would just work with all the existing tooling, he explained.

Moreover, Windle also shared that they wanted other projects to be able to also take advantage of this new mechanism and build something that could apply to NFTs in general. Potential use cases for ERC-6551

In terms of use cases, the developer said that this could be applied to blockchain gaming and take the form of an inventory system. Furthermore, it can be used in decentralized autonomous organizations (DAOs), where instead of the history of a DAO member being separated by an NFT and a wallet, it can be placed into the NFT itself. Airdropping assets into NFTs can also potentially increase the value of the assets.

Related: Nike NFTs to make their way into EA Sports games and its millions of fans

As the new mechanism seemingly has many possibilities, Cointelegraph asked Giang what this could mean for the crypto space. The NFT veteran said that apart from asset ownership, this can also bring social identity to NFTs, adding new functionality to buying, selling or trading NFTs. He explained: Were trying to introduce three new actions you can pursue with the NFT. Its become, interact and use. You can become your NFT, you can interact with it, and you can use your NFT.

Giang believes this will make NFTs entirely different from jpegs, becoming new internet identities. Furthermore, the Future Primitive executive explained that if artificial intelligence (AI) is employed, it can turn NFTs into fully on-chain network playable characters in blockchain-based games.

Giang highlighted that ERC-6551 is already live on the Ethereum mainnet. Its not a conceptual idea. Its not like a testnet thing. Its real, he explained, adding thatit has already been applied to an NFT collection called Sapienz.NFT inception: NFTs that own NFTs inside NFTs

Cointelegraph asked the developers if there is a limit to how far putting NFTs inside NFTs can go. According to the duo, this can get crazy really quickly and go on infinitely. They demonstrated a family tree of NFTs within NFTs.Demonstration of an NFT family tree with NFTs being used as wallets. Source: Cointelegraph

You can build applications around NFTs that own NFTs that own NFTs, and all this is accessible on-chain. You can build on-chain applications that use that hierarchy of NFTs in order to build really cool experiences, Windle explained.

AI Eye: 25K traders bet on ChatGPTs stock picks, AI sucks at dice throws, and more# Wallet # Ethereum # NFT # ERC-721

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Add reaction Related News Can artificial intelligence prevent the next financial crisis? Ethereums Shanghai upgrade made it easier to detect criminals Crypto phishing scams: How users can stay protected Nifty News: Bitcoin surges to 2nd-largest NFT chain, StepN integrates Apple Pay and more The Sandbox CEOs Twitter was hacked, used to promote alleged airdrop scam Another dormant Ethereum wallet reawakens after 8 years, moving millions

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Former Centrica chief Laidlaw in frame to chair embattled BP

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Former Centrica chief Laidlaw in frame to chair embattled BP

Sam Laidlaw, the former boss of Centrica, is among the candidates being considered as the next chairman of BP, Britain’s besieged oil and gas exploration giant.

Sky News has learnt that Mr Laidlaw is being considered by BP board members as a potential successor to Helge Lund, who announced in April that he would step down.

BP’s chair search comes with the £62bn oil major in a state of crisis, as industry predators circle and the pace of its strategic transformation being interrogated by shareholders.

Elliott Management, the activist investor, snapped up a multibillion pound stake in BP earlier this year and is pushing its chief executive, Murray Auchincloss, to accelerate spending cuts and ditch a string of renewable energy commitments.

Mr Lund’s departure will come after nearly a quarter of BP’s shareholders opposed his re-election at its annual meeting in April – an unusually large protest given that his intention to step down had already been announced.

BP’s senior independent director – the Aviva chief executive Amanda Blanc – is said to be moving “at pace” to complete the recruitment process.

A number of prominent candidates are understood to be in discussions with headhunters advising BP on the search.

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Mr Laidlaw would be a logical choice to take the role, having transformed Centrica, the owner of British Gas, during his tenure, which ended in 2014.

Since then, he has had a long stint – which recently concluded – on the board of miner Rio Tinto, which has been fending off activist calls to abandon its London listing.

He also established, and then sold, Neptune Energy, an oil company which was acquired by Italy’s Eni for nearly £4bn in 2023.

Last December, Mr Laidlaw was appointed chairman of AWE, the government-owned body which oversees Britain’s nuclear weapons capability.

He also has strong family connections to BP, with his father, Christopher Laidlaw, having served as its deputy chairman during a long business career.

One person close to BP said the younger Mr Laidlaw had been approached about chairing the company during its previous recruitment process but had ruled himself out because of his Neptune Energy role.

The status of his engagement with BP’s search was unclear on Saturday.

Another person said to have been approached is Ken MacKenzie, who recently retired as chairman of the mining giant BHP.

Mr MacKenzie headed BHP during a period when Elliott held a stake in the company, and is said to have a good working relationship with the investor.

Shares in BP have continued their downward trajectory over the last year, having fallen by nearly a fifth during that period.

The company’s valuation slump is reported to have drawn renewed interest in a possible takeover bid, with rivals Shell and ExxonMobil among those said to have “run the numbers” in recent months.

Reports of such interest have not elicited any formal response, suggesting that any deal is conceptual at this stage.

BP is racing to sell assets including Castrol, its lubricants division, which could command a price of about $8bn.

This weekend, BP declined to comment, while Mr Laidlaw could not be reached for comment.

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SpaceX Starship Rocket Explodes During Ground Test at Texas Launch Pad

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SpaceX Starship Rocket Explodes During Ground Test at Texas Launch Pad

An explosion rocked SpaceX’s Starbase facility in Texas late Wednesdaynight after a Starship rocket exploded on the test pad during a routine ground test. The blast occurred at about 11:00 pm (0400 GMT Thursday) and created a huge fireball in the sky, with no immediate reports of casualties. The test, intended as a so-called static fire of the Starship system, caused the total destruction of the entire vehicle and some damage to nearby infrastructure. A security cordon was already in place, and all staff were safe and accounted for during the security alert.

SpaceX Starship Explosion During Test Linked to Pressurized Tank Failure in Nosecone, Says Company

As per a statement issued by SpaceX, the explosion was caused by “a sudden energetic event” during preparations for a static fire involving the Super Heavy booster. Initial analysis suggests a pressurised tank, known as a COPV (Composite Overwrapped Pressure Vessel) in the rocket’s nosecone, may have failed, though a full investigation is underway. Officials clarified that there were “no commonalities” between the COPVs on Starship and those used in the Falcon series. Fires broke out following the explosion but were quickly contained as the area had been cleared of personnel.

Starship, the rocket that is 403 feet tall, is billed as the most powerful large launch vehicle built. Intended to lift up to 150 metric tonnes and return to Earth, the Starship is a central part of Elon Musk’s dream of building a human settlement on Mars. Musk downplayed the explosion, referring to it as a “scratch” in an official statement. The vehicle was preparing for what would have been its 10th test flight.

The latest failure is the latest in a series of high-profile setbacks for Starship, including a prototype that literally blew up over the Indian Ocean in May. On that mission, the rocket launched as planned, but its booster did not accomplish a planned splashdown. Previous tries also saw the upper stage breaking apart during mid-flight. Notably, despite its own trials and tribulations, SpaceX doubled down on its frenetic development tempo of “test aggressively and iterate quickly”.

In recent days, the Federal Aviation Administration approved a plan by the company to conduct up to 25 launches a year of such craft, turning aside environmental concerns cited by conservation groups. NASA, which uses another SpaceX project, the Dragon, to ferry astronauts to orbit, also continues to support Starship as another deep-space transportation system down the line, so the long-term plan appears to remain on track.

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NASA Postpones Axiom Mission 4 Launch to Ensure Space Station Readiness After Repairs

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NASA Postpones Axiom Mission 4 Launch to Ensure Space Station Readiness After Repairs

NASA has postponed the launch to the International Space Station of an Axiom Space commercial crew mission, Axiom Mission 4 (Ax-4), that was planned to launch on or after June 22 to allow more time to assess the readiness of the station’s configuration. The station is undergoing inspections following recent repair operations on the end of the Zvezda service module. Because the station’s life support systems and other onboard subsystems are interrelated, NASA is scrutinising all available data, including these dates, as the agency considers a new target launch date to ensure that the station has some tasks to remain operable before beginning to support more crew.

NASA Delays Historic Axiom Mission 4 to Ensure ISS Systems Are Ready for International Crew

As per a NASA update, the decision to stand down was made as part of standard operations to validate the readiness of all systems onboard the ISS to accommodate additional crew. The Zvezda module on board, which is central to sustaining life and propulsion, had been recently serviced. Because the space station is such a conjoined system, the agency is being extra cautious, requiring more time than usual to pore over technical data before giving the mission a green light.

Former NASA astronaut Peggy Whitson is serving as Axiom’s Director of Human Spaceflight, leading the remarkably important orbital mission. She is part of the crew accompanying Indian Space Research Organisation (ISRO) astronaut Shubhanshu Shukla as pilot and two mission specialists – Sławosz Uznański-Wiśniewski (Poland) and Tibor Kapu (Hungary). It is a great operation in space, international co-operation, and it’s a great credit to all the countries involved.

While the astronauts remain in quarantine at NASA’s Kennedy Space Centre in Florida, SpaceX’s Falcon 9 rocket and Dragon spacecraft are reported to be in excellent condition at Launch Complex 39A and ready for flight whenever a new launch date is established. Postponing is a precaution, but one that underscores NASA’s prioritisation of crew safety and mission success.

NASA and its collaborators have stressed the symbolic and scientific significance of the mission — its effect on not only the nations involved but on the future of commercial space travel as well. A new date and time for launch will be determined once ongoing evaluations are complete on the station’s readiness to host the incoming crew.

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