Friday, June 2, 2023

Token Standard

by Hideo Nakamura

Token Standard

A token standard is a set of rules that defines the structure of blockchain-based tokens and how they can be used. Token standards are key components in the development, deployment, and use of digital tokens like utility tokens or security tokens. They provide an agreed-upon format for representing digital assets on a blockchain network and enable interoperability between different blockchains.

The most popular token standard is ERC20, which was developed by Ethereum developers to facilitate the creation of new types of digital assets on its platform. This standard has since become widely adopted across other platforms such as Tron and NEO, enabling users to transfer their assets from one chain to another. Other popular token standards include ERC721 (non-fungible) and BEP2 (Binance Chain).

When creating a new type of asset on a blockchain platform, it’s important for developers to select an appropriate token standard so that their project will be compatible with other projects running on the same network. The chosen token standard should also meet all regulatory requirements imposed by governments around the world if applicable. Developers must also consider future updates when selecting a particular token standard as some may not support certain features in upcoming releases.

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