Before Ethereum, blockchain technology provided an immutable ledger to track the flow of value, and cryptocurrencies (tokens) represented that value. When Ethereum emerged, it introduced a sort of "operating system" (OS) that runs on top of the blockchain. This OS supports a multitude of different types of tokens and smart contracts that allow decentralized applications (dAPPS) to interact with a new global financial backbone. It is an immutable, secure, decentralized network to exchange tokens representing a plethora of value propositions.
Inside of this OS, were a few standards for tokens that have evolved to introduce the ERC-721 standard, otherwise known as the Non-Fungible Token, or NFT. This NFT is meant to represent any singular, unique thing of value as a token on the Ethereum network.
There are many different pros and cons of working within the Ethereum ecosystem. Depending on who you talk to and when, the opinion for each can vary dramatically. For the purposes of this litepaper, we would like to address one of the most popular cons.
For every transaction on the Ethereum mainnet there is a fee required to process the transaction. This fee is referred to as "gas" and is payable in ETH, the native currency of Ethereum. As it stands, this fee can be quite high depending on an array of circumstances and the price of ETH itself.
Although, we have been working hard to mitigate the causes of excessive gas fees, gas fees are important to note as Nemus will launch its Genesis Drop on the Ethereum mainnet.