CrossBoneCoin Decentralized Blockchain Project

MetaMask transaction through the Polygon Mainnet
Code on remix.ethereum.org

Inspiration

The inspiration for this project came from the current decline of digital assets such as cryptocurrency and NFTs. The problem with Bitcoin and Ethereum and all the major cryptocurrencies is that they do not integrate minting of NFTs into their blockchain structure. This is because they use outdated technologies. Bitcoin still uses Proof of Work, and Ethereum uses ERC-20, neither of which is efficient or easily able to support NFTs. With the advent of the Metaverse, we wanted to create a blockchain structure that could change the way that the world thinks about the complexity of cryptocurrency and NFTs.

What it does

The CrossBoneCoin (CBC) is based off of a very similar blockchain structure that Ethereum uses, ensuring security. Instead of the ERC-20 smart contract, we used the ERC-1155 contract, which essentially combines the NFT minting process with the cryptocurrency minting process. Usually this contract is used to only support NFT minting, but it was modified in CBC in order to support both. With CBC, we are now able to mint NFTs and create .json files, but also able to process transactions.

How we built it

The ERC-1155 contract from openzepplin.com was modified to support a multi-asset cryptocurrency with the minting of NFTs. We then imported the contract into remix.ethereum.org and were able to edit and deploy the contract with Solidity to a VPN. We then created a MetaMask wallet and linked an account with Alchemy that was connected to the Polygon Mainnet.

Challenges we ran into

Some challenges we ran into included creating the currency of CBC. We wanted to make a standardized set of coins that were subsets of the base CBC. This way, it would make it easier for the average consumer to understand. We wanted to make three sub coins, CBC Gold, CBC Silver, and CBC Bronze similar to the currency of pirates. The problem we ran into was standardizing this set of coins with the Ether standard. In order to be able to process transactions on the back end, it was difficult to create a conversion function that minted our CBC coins on the Ether standard. Eventually, we were able to make it work with our minting function.

Accomplishments that we're proud of

We are proud of the fact that we were able to create authentication for .json files verifying the integrity of NFT ownership, just like NFT minting blockchains. We were also able to process transactions of all three of our CBC standard coins. We are so proud that we were actually able to implement this custom blockchain contract on the Polygon Mainnet and make it work with MetaMask, one of the most popular cryptocurrency and NFT wallets.

What we learned

We learned a lot about the function of blockchain development in the Metaverse, and are much more confident with how cryptocurrency works. We never knew that it was actually a .json file that makes the NFT yours and are excited to learn more about how we can expand our skills to become better contributors to expanding technologies. Also, we learned how to code with Solidity to edit our smart contract, and learned the differences between Proof of Work and Proof of Stake. We also learned about the differences between ERC20 and ERC1155 smart contracts, and how these contracts contribute to blockchain development.

What's next for CrossBoneCoin Decentralized Blockchain Project

This dual-faceted blockchain approach can be utilized with the advent of the metaverse to support a wide range of digital assets, including transactions and NFTs. We want to modernize the banking process, and make it easier for consumers all over the world to become more involved with the Metaverse. We hope to expand this across more platforms, and become better coders.