Let’s talk about various XRC Tokenization Standards On XDC Network.

Summary

An XRC token standard is a framework for programming how a token launched on XinFin will function. XRC-20 is the most widely used XDC Network token standard, but it is far from the only standard in use.

Contents

  • Introduction to XRC Token Standards
  • What Is XRC-223?
  • What Is XRC-777?
  • What Is XRC-1155?
  • What Is XRC-1337?

Introduction to XRC Token Standards

The crypto ecosystem is populated by two main types of blockchain-based digital assets: cryptocurrencies and tokens. Cryptocurrencies are the native assets of particular blockchains, while tokens represent units of value developed on top of pre-existing blockchain networks. For example, the XDC network’s native cryptocurrency is XDC, and the other digital assets the network supports — such as GBEX, SRX, and XSP — are XinFin tokens.

What Is XRC-223?

XRC-223 was conceived to help prevent tokens from accidentally becoming permanently lost due to mistakes made when transferring tokens between wallets or smart contracts. The XRC-20 token standard noticeably lacks any sort of recovery mechanism for tokens sent to incompatible addresses or smart contracts. If, for example, XRC-20 tokens are sent to an XRC-721 smart contract, or to any smart contract that isn’t designed to support XRC-20 tokens, the tokens would not be rejected and returned — instead, they would be lost forever. This is because the receiving contract simply would not be able to recognize incoming transactions of XRC-20 tokens. These accidents happen more often than many consider, with several dollars’ worth of tokens permanently lost due to incompatible addresses and other errors made during token transactions.

What Is XRC-777?

Similarly to XRC-223, XRC-777 is characterized by efforts to improve upon the widespread XRC-20 tokenization standard platform, featuring the addition of several advanced features for token interaction.

What Is XRC-1155?

The XRC-1155 multi-token standard introduces a powerful smart contract interface that enables smart contracts to manage any amount of fungible and non-fungible token types. Typically, XRC-20 tokens, XRC-721 tokens, and other token types are wholly managed by their own respective smart contracts. XRC-1155, however, is designed to allow for any number of token types to be supported and managed by a single smart contract. This functionality has the potential to greatly reduce computational overhead for decentralized applications (dApps) composed of different types of tokens and smart contracts.

What Is XRC-1337?

XRC-1337 is a proposed XRC token standard designed to accommodate blockchain-based recurring subscription models, such as monthly subscriptions to access particular content. Monthly subscription models — and other Software-as-a-Service (SaaS) models — are widely used by traditional providers of popular web-based services such as editorial content, streaming platforms, cloud-based storage, and countless other applications. XRC-1337 is designed to help bring the same recurring payment structure to the world of blockchain and decentralized services.

Final thoughts

The tried-and-true XRC-20 token standard is still the most widely used as of 2022 — and for good reason. Many believe it presents the narrowest surface area for potential attacks, and that other more complex tokenization standards But as XinFin and its DeFi ecosystem continue to grow exponentially, perhaps the need for more complex, interoperable, and accident-proof tokenization standards might trump the simplicity and ubiquity of established standards like XRC-20.

If you wish to deploy an XRC-20 token or create a new token on XDC Network check out the required tools at https://xinfin.org/xdc-chain-network-tools-and-documents or check out my previous article https://ruslanwing100.medium.com/how-to-create-and-deploy-an-xrc-20-token-on-the-xinfin-blockchain-network-939a300267c4 or you can use XDC Origin where a non-technical person can easily create their own token on XDC Network

For support, let’s connect via XDC Network’s Social media communities on Slack, Twitter, and Discord.

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