carlo.mallone
about 1 year ago  Karma: 50
Why did the Loom team mapped the membership concept to ERC-20 tokens instead of ERC-721?

As per my understanding the membership concept (aka owning the right to do something, in this case) is similar to owning something else, like a company share. In this context wouldn't non-fungible tokens have been a better choice?

Am I missing something from a token economy point of view?

token
ERC-20
ERC-721
Loom
carlo.mallone
about 1 year ago  Karma: 50
Why did the Loom team mapped the membership concept to ERC-20 tokens instead of ERC-721?

As per my understanding the membership concept (aka owning the right to do something, in this case) is similar to owning something else, like a company share. In this context wouldn't non-fungible tokens have been a better choice?

Am I missing something from a token economy point of view?

token
ERC-20
ERC-721
Loom

2 ANSWERS
bruno
about 1 year ago Karma: 1094

No, why? Your membership is identical to mine, and mine is only "better" than yours if I have "more membership" i.e. more tokens. Non-fungibility makes no sense in this case.

No, why? Your membership is identical to mine, and mine is only "better" than yours if I have "more membership" i.e. more tokens. Non-fungibility makes no sense in this case.

carlo.mallone

If you're membership is *better*, than is not identical to mine. One cannot have *more* membership, just a different one! The fact that is more pricey has nothing to do with the need of "more ERC-20 tokens" but with "a different ERC-721 token", paired with a different amount of ETH.

Mar 15 '18 at 8:06 am
matt4
about 1 year ago Karma: 588

There is no reason to give a unique identifier per membership. also we will have other services that use loom tokens. For example the Loom SDK requires 10 loom tokens at lower tiers. We will continue to add new services that use the tokens, so it makes sense to use ERC20 tokens, read the token faq https://medium.com/@jamesmartinduffy/loom-token-faqs-you-got-questions-we-got-answers-2d3c9185b4d0

There is no reason to give a unique identifier per membership. also we will have other services that use loom tokens. For example the Loom SDK requires 10 loom tokens at lower tiers. We will continue to add new services that use the tokens, so it makes sense to use ERC20 tokens, read the token faq https://medium.com/@jamesmartinduffy/loom-token-faqs-you-got-questions-we-got-answers-2d3c9185b4d0

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