Man discovers fire and decides to wrap it up in cross chains of immutability
As we craft modern stone tablets engraved with modern hieroglyphics, runes and memetic spells history does not only repeat itself, but it folds into itself forming a fire that burns enough to be contained within a stone tablet. For there was a time when calls to move chains with fire were with ill intent as now we have arrived at a time when said intent, while at times destructive paves way to new dimensions of communication. Where one burns in a ritualistic fire with proof of ash and destruction another wraps a gift in a holy mirrored blanket and yet both achieve a cross of chains.
Lots of text sir, what happened?
Counterparty tokens have been sold on Rarible using an ETH smart contract. There have been two different methods deployed one involves burning the counterparty token and minting a new ETH token, the other involves using a gift code that is redeemed at a noncustodial wallet that is wrapped in an ETH token. In other words, two workarounds to a cross-chain bridge have been implemented in the wild using existing tools. This opens up more possibilities for more cross-chain and the sale of other digital goods in the form of NFTs. As with the dark ages of proto NFTs Rarepepe, such workaround hacks were key to the success of Rarepepe and we would not be here now talking of collecting digital bennie baby bearer assets without such hacks. But sir, I thought blockchain trustless?!?!
Sir that is not wrapped Rarepepe, smart contract needed sir
In a world full of admin keys for Decentralised Finance and Sushi dev funds dumping to be bought back, the question remains, how trustless is trustful smart contracts, sir? In under two weeks, two methods of cross-chain NFT sales and transfer were developed with zero extra smart contracts needed and a much more transparent and easy to understand trust model deployed.
In the case of the burn model you are trusting that the original rarepepe was indeed burned, you can check by verifying the tx does indeed match the tx that is the claimed burn, but how can you verify it. UPDATE, I was wrong this is a very clean way to burn a counterparty token and mint an ETH token. The key is the MEMO that goes with the Counterparty token, that is the address of the new ETH token. There is no clear way to fully verify such a burn, however, you can infer that it is indeed the correct tx of the burn and that the person in question has an incentive not to lie, as to -burn- their reputation. The end result is clean, now that rarepepe lives on the ETH blockchain.
Gift Wrap
In the case of the gift wrap model, you are trusting that there is indeed a valid gift code there when you unlock the NFT at rarible. There is no way to verify this beforehand, so you are trusting the seller. If the NFT has been sold once, then the secondary sales should be treated as the sale of a wrapper, not the counterparty token NFT. While this method might seem more complex and involve more trust, it does not damage the original goods and encourages people to take care of their NFTs where said NFTs were birthed.
Yield Farming with Bitcoin Tokens
To add to the multidimensional factors you could indeed mint a counterparty token, burn it, or create a gift card for it, sell it on rarible and farm $Rari token. Thus you have farmed $Rari with a bitcoin token. The first-ever cross-blockchain yield farming. Yes, indeed we have arrived where a fire contained inside a stone tablet yields value into existence when it changes hand and all that without someone burning their hands.
*Do your own research
**This is not investment advice
Post Scriptum
I am more than willing to discuss any and everything on a voice or video livestream with neutral third party host. I have taken part in hundreds of youtube panels, countless real-life panels, and informal discussions. Ask around. If one would like to see the references of said panels, I am more than willing to reference them as to provide evidence with the aim of reassuring anyone potentially involved that I do indeed debate in good faith. Maybe I am wrong. Let me know on twitter, telegram, or below in the comments.
With the power of Zeus and the fury of Hades,
Theo Goodman
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