### What is Pandora?

Pandora is a cryptocurrency project that utilises the ERC-404 token standard, combining features of ERC-20 and ERC-721 tokens. It represents a collection of 10,000 unique "Replicant" NFTs, each linked to a fungible token. The primary goal of Pandora is to provide a hybrid token model that integrates the liquidity of ERC-20 tokens with the uniqueness of ERC-721 NFTs.

### How does Pandora work?

Pandora operates using a unique ERC-404 token standard, which allows each PANDORA token to be associated with a "Replicant" NFT. This system merges the fungible properties of ERC-20 tokens and the non-fungible characteristics of ERC-721 NFTs. When a PANDORA token is purchased, a corresponding NFT is minted. Conversely, when the token is sold, the associated NFT is burned. This enables fractional ownership and a dynamic system of rarity and value for digital assets.

### What are the potential use cases for Pandora?

The potential use cases for Pandora include:
- Fractional ownership of NFTs, facilitating more flexible and liquid markets for digital assets.
- Utilisation of tokens for loans or staking, leveraging the ERC-404 standard's unique mechanisms.
- Creating a dynamic rarity system for NFTs, enhancing engagement and liquidity in digital asset markets.
Pandora tokens are usable within its own ecosystem for trading and fractional ownership, and are also integrated with platforms such as decentralised exchanges (DEXs) and NFT marketplaces.

### What is the history of Pandora?

Pandora originated from a previous, unsuccessful project called EMERALD, which attempted to combine ERC-20 and ERC-721 tokens but failed due to security exploits. A team comprising 0xacme (an ex-Coinbase engineer), ctrl, and searnseele developed Pandora to successfully implement this concept. Pandora was launched on February 2, 2024, quickly reaching a market capitalisation of over $100 million. It employs the ERC-404 protocol to manage token and NFT interactions and is integrated with various trading platforms. Major updates or forks have not been noted in the available information.

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