Creating and Controlling Token Bound Accounts
Creating a Token Bound Account involves a few essential steps. As we transition from theory to practice, let’s explore each step through code snippets. The below code samples provide a glimpse into the process, but for the complete source code and detailed deployment scripts head over to the Base Guides GitHub page.
Step 1: Mint Your Unique NFT
Before delving into the world of TBAs, you’ll need an ERC-721 token —more commonly known as an NFT. This unique digital asset represents ownership of a distinct item, whether it’s a piece of art, a collectible, or even a game character. You can create and mint your own ERC-721 token using a suitable platform or library like OpenZeppelin.
Here is an example of minting an ERC-721 token using OpenZeppelin’s ERC721 contract that can be using an online IDE or on your local computer:
Step 2: Creating and Deploying the Registry
At the heart of ERC-6551 lies a decentralized registry, functioning somewhat like a virtual art gallery curator, but without the limitations of physical space or exclusive invitations. Imagine a place where NFTs establish their identity and ownership through a permissionless and trustless process. This registry creates an unbreakable bond between NFTs and their smart wallets, comparable to how a driver's license is issued by the DMV. The key distinction is that the ERC-6551's registry is fully permissionless and decentralized, empowering users to interact without intermediaries. This registry revolutionizes the NFT landscape, much like the internet transformed communication, by keeping tabs on the relationship between NFTs and their associated Token Bound Accounts.
Here's the astonishing twist: thanks to this registry, ERC-6551 is backwards compatible, allowing existing ERC-721 tokens, created before this proposal, the ability to have their own TBAs. It's as if a door to enhanced ownership has been opened for legacy NFTs, breathing new life into their potential. This compatibility bridges the gap between the past and the future, allowing both old and new to coexist harmoniously within the realm of ERC-6551.
The `createAccount` function in the provided sample ERC6551Registry contract facilitates the creation of a TBA by deploying a smart wallet with specified parameters.
By combining these parameters and hashing them using `Create2`, the function computes the TBA's address. The `_creationCode` function generates the bytecode for the smart wallet using the provided parameters. Once the TBA is created, the function emits an `AccountCreated` event containing relevant information about the newly created TBA.
Here's a snippet of the registry contract:
Step 3: Smart Wallet Deployment
Deploying a smart wallet is like setting up a personal bank account for an NFT. Just as you'd choose a bank to manage your funds, deploying a smart wallet assigns a contract to manage your NFT. Smart wallets are the guardians of your digital assets, equipped with essential interfaces for interaction and validation. They empower NFT owners to execute transactions, unlocking the full potential of their assets. Simply put, this contract enables the functionality of Token Bound Accounts.
Here's a simplified code snippet for a smart wallet contract:
Step 4: Computing the Token Bound Account Address
With your ERC-721 token and smart wallet in place, it's time to compute the TBA address for each NFT. This address acts as the unique identifier for the NFT's interaction with the blockchain. This is where an NFT can be airdropped new tokens (ERC-20, ERC-721, etc.), sent ether, or viewed their transaction history on a block explorer like Basescan.
For a detailed look at how to implement ERC-6551 including deployment scripts visit the Base Guides github.