Meme Factory, a decentralized meme market based on Ethereum’s smart contracts

Meme Factory, a decentralized meme market based on Ethereum's smart contracts

Based on the district0x network, a network of decentralized markets and communities built on an open source standard framework composed of Ethereum smart contracts and front libraries, called d0xINFRA, Meme Factory is a very interesting project.

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This platform was launched in early 2019 by the district0x team as the third district of the district0x network focused on memes. And what is the grace, taking into account that memes normally circulate freely on the web? Well, Meme Factory aims to create them, issue them and exchange them as if they were collectible objects from the real world.

Just as stamps, coins, stickers or other objects are collected, Meme Factory collects memes present in the chain of blocks of Ethereum using tokens.

In the same way that stamps, coins, stickers or anything else are collected, Meme Factory collects digital elements of a certain rarity, specifically memes, present in the chain of blocks of Ethereum.

In Meme Factory, users send original memes to a community execution list, usually known as a tab-cured record, or TCR, which is known as the Dank Registry.

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Those in possession of DANK tokens are those who decide which memes are added or not to the register through an economically incentivized voting game. They approve or dismiss according to their tastes.

As if it were players’ trading cards, they can freely trade with the memes and resell them.

“Although DANK is an ERC20 chip standard and therefore interchangeable, the actual memes themselves are the ERC721 standard , more commonly known as non-fungible tokens (NFTs). This allows a unique identification, property and demonstrable rarity for each meme created in the Meme Factory platform “, as the platform explains.

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Once approved, the memes are launched in a kind of open auction with certain stocks. Once the initial supply of any meme has been exhausted, no more will be created, thereby ensuring its exclusivity. Collectors, as if they were trading cards, could freely trade with memes and resell them thanks to the chain of blocks, both within Meme Factory and outside through the system of intelligent contracts.

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Aakash Molpariya
Aakash started in Nov 2018 as a writer at Revyuh.com. Since joining, as writer, he is mainly responsible for Software, Science, programming, system administration and the Technology ecosystem, but due to his versatility he is used for everything possible. He writes about topics ranging from AI to hardware to games, stands in front of and behind the camera, creates creative product images and much more. He is a trained IT systems engineer and has studied computer science. By the way, he is enthusiastic about his own small projects in game development, hardware-handicraft, digital art, gaming and music. Email: aakash (at) revyuh (dot) com

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