The Aura token is a utility token with governance rights based on Ethereum, operating on a third-party Layer 2 chain to lower gas costs and improve transaction time.
The market for Ethereum-based Layer 2 processors is rapidly commodifying. Ready intends to abstract the Layer 2 processor from core ecosystem functions, enabling easy switching between processors as they compete with each other on pricing, up to and including the potential for parallel processing, with “just in time” switching between competing Layer 2 providers based on real-time processing costs. This will ensure the Ready ecosystem gets the best possible pricing and fastest processor in the market. This is similar to Real-Time Bidding (RTB) algorithms in online ad networks, where buyer decisions are made in real-time on a per-impression cost basis, to pass an ad unit to the winning network.
Ready intends to use Layer-2 processors to support the ecosystem’s need for smart contracts:
- ERC-20, to support the Aura token.
- ERC-721 and ERC-1155 protocols to support the minting of digital assets and trading.
NFT minting will depend on smart contract design:
- The first version is being developed in Solidity, an object-oriented and statically-typed programming language designed to allow developers to create smart contracts.
- Over time, migration may occur to the Vyper language, which deliberately has less features than Solidity with the aim of making contracts more secure and easier to audit.
- Users will have the option to list and sell their assets on third-party markets, such as OpenSea, programmatically on NFT creation.
Ready will treat the blockchain network as the canonical database, giving it highest authority in terms of state. In some cases, client applications, such as the Ready API, serving as a proxy, may connect directly to the blockchain to gather inventory about item properties, such as:
- Asset properties, e.g.:
- Creator ID.
- Current owner ID.
- Transfer history.
- Transaction state.
In the long term, depending on how transactions scale in the ecosystem, it may become more efficient for Ready to develop its own blockchain to further optimize transaction time, and cost.