Re: ERC-721 Non-Fungible Token Standard on Ethereum vs. VCs on Hyperledger Indy

Offhand, one use case is when you only need proof-of-authority and not
necessarily a public blockchain, then Hyperledger Indy with VCs covers that
need. When we were researching various ledgers and blockchains in 2017,
Ethereum was experiencing a spike in price and the transaction costs and
contract creation costs were swinging wildly.

In our case, we wanted verifiable, auditable, tamper-proof sharing of
credentials but we didn't necessarily need that to happen on a public
blockchain, so we went with Indy.

Another way of putting that is, if the project is not currently using a
ledger, has a finite audience and a finite number of authoritative actors
then Indy could solve it, whereas if the project is already leveraging
Ethereum and wants to target a mass audience (e.g. everyone) then it would
seem to make more sense to do it there. Or in a use case where contract
creation and transactions will be high volume enough that the costs matter
then Ethereum may not make sense.

(*These opinions are my own and don't represent the Kiva project)

On Thu, Feb 11, 2021 at 3:05 PM Michael Herman (Trusted Digital Web) <
mwherman@parallelspace.net> wrote:

> I hope this isn’t stretching the favorable use of the CCG mailing list…
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> When are Hyperledger Indy/Sovrin VCs better than Ethereum smart contracts
> for NFEs/NFTs (non-fungible entities/tokens)?
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> It seems obvious but I don't have a detailed/worked out answer.  One
> project I'm associated with wants to use the ERC-721 Non-Fungible Token
> Standard on Ethereum but I believe VCs are a better route to take. Part of
> the desire to stay on Ethereum is there is quite a vibrant NFT community on
> Ethereum and lots of different EC-721 tokens.
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> https://eips.ethereum.org/EIPS/eip-721
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> What are the considerations/decision points/knock-offs?
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> Best regards,
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> Michael Herman
>
> Sovrin Foundation Self-Sovereignist
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> Self-Sovereign Blockchain Architect
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> Trusted Digital Web
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> Hyperonomy Digital Identity Lab
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> Parallelspace Corporation
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