Provably Rare Gems
A collaboration between Alpha Finance Lab and swit.eth
Provably Rare Gems sets a new industry standard by providing an innovative approach to prove rarity of ERC-1155 tokens which are used as gems in the metaverse.
Anyone can mine these GEMs (see the section below for how to mine these GEMs). Once the mining starts, mining a GEM requires the miner to find a salt that together with the GEM type hashes to a small number, similar to how Bitcoin and Ethereum’s Proof-of-Work operates. The smaller the output number, the higher the chance of success.
Precisely, each GEM maintains its own difficulty, which reflects the expected number of hashes from random salt required to compute in order to satisfy the PoW requirement. The higher the difficulty, the longer it may take to find a solution. Each time a GEM is mined, the GEM’s difficulty will increase exponentially, making the next mining more difficult.
In summary, you can think of Provably Rare Gems as a smart contract that implements the PoW requirements on the contract itself, in which this contract is deployed on Ethereum blockchain.
Last modified 11mo ago