Some definitions

There are many new words and terms used for crypto stamps. Below is our explanation of some of these new terms we use on our platform.

Smart contract

The address of the smart contract recorded on the blockchain used to mint the NFTs. This guarantees the authenticity and provenance of the NFT or in other words it will always be provable that the NFT was issued by the smart contract owner and is therefore 100% original. In the case of our crypto stamps, the owner of the smart contract is the postal organisation issuing the stamps.

Token ID

Unique code that appears on the NFT image and thus gives the NFT its uniqueness or rarity.

Owner

The Metamask wallet address of which you are the owner. This address provides access to the blockchain and allows you to conduct transactions on it. It is publicly visible on the blockchain that the owner of that wallet address owns the NFT. The wallet address and the transactions carried out with it are anonymous.

Image

Unique code defined by the smart contract in the NFT that refers to the NFT image and details. With CIphers.me, this information is captured on a decentralised storage called IPFS such as the blockchain and therefore always remains linked to the NFT. 

Contract address

Refers to the smartcontract. The smartcontract is also on the blockchain and also has a unique address. The contract cannot be deleted or modified. Once it is placed on the blockchain, it will remain there immutable.

Transaction hash

This is the transaction number of the NFT. The first transaction number visible on the blockchain at the NFT is the record of the NFT realisation by the smart contract. Under the transaction number, it is possible to trace which wallet address the NFT issued. In the case of a crypto stamp, this is the postal organisation issuing the stamps. If a new transaction takes place with the NFT e.g. by sale, this will be recorded on the blockchain as a new transaction number with the NFT. The blockchain will then reflect that a transaction with the NFT has taken place from the seller's wallet address to the buyer's wallet address.

Token Standard

A Non-Fungible Token (NFT) is used to identify something or someone in a unique way. This type of Token is perfect to be used on our platform that offer collectible items. This special type of Token has amazing possibilities so it deserves a proper Standard, the ERC-721 came to solve that! The ERC-721 is now the most widely used standard for NFTs. This type of Token is unique and can have a uniquely different value from another Token of the same Smart Contract such as difference in numbers like our TokenID, but also design or colour, etc. 

Royalties

An NFT royalty is a predetermined percentage of the cost of selling an NFT that is paid to the author or original owner of the work each time it is resold. This feature allows publishers to continue profiting from their NFTs after the initial sale.

If you have any other subject or definitions you want us to explain in more details, please let us know and send us your question here