![]() The melt operation is very similar, but requires a melt output. More details later) Token Destruction (melt) (The image above is not entirely correct, because it's missing the token mint deposit. It also creates a new mint output so the user can mint new tokens in the future. The image above shows a transaction (txB) minting 20 new mytoken. When spending a mint output, the traditional consensus of a transaction may be broken, in the sense that the sum of outputs may be larger than the inputs. In order to mint new tokens, one needs a mint output. Minting tokens, on the other hand, basically increases an existing token's supply. The creation involves creating a new token UID, name and symbol, with an initial supply. Token creation should not be confused with issuing/minting tokens. If one creates a token and there are no mint and melt UTXOs, this token is guaranteed to have a fixed supply, equal to it's initial supply. This transaction can also have mint/melt outputs, so the token owner can issue or destroy tokens in the future. The token UID, which uniquely identifies the token, is the same as the token creation transaction hash. It has the name and symbol of the new token and its initial supply. Token creation happens in a special transaction, called the token creation transaction. Therefore, if one wishes to retain mint/melt ability, he should create new mint/melt outputs when spending the original UTXO. If one uses it to mint/melt tokens, it cannot be used again - that would be a double spending. The same is valid for melt operations.įollowing the UTXO model, these special outputs can only be used once. For instance, after someone creates token MyToken (MTK) with initial supply 100 MTKs, he can only mint new MTKs if he has an unspent mint output (UTXO). These operations are represented by special outputs and can only be performed by the owner of these outputs (exactly like spending a regular output). These are not in the ERC-20 standard, but many ERC-20 tokens implement this additional functionality. In addition, there's also the ability to create (token mint) or destroy tokens (token melt). Hathor tokens are compatible with ERC-20 tokens, meaning that all functionality provided by ERC-20 tokens can also be performed on Hathor tokens. In a valid transaction, the sum of inputs and outputs for each token has to be the same. There's also an extra field token_data, which references the token UID. An output has the same fields as Bitcoin: value and script. In Hathor, transactions are UTXO-based, following Bitcoin's model. different tokens will always have different UIDs, but may have the same name and/or symbol. You can also give a token a name and a symbol, but these are not guaranteed to be unique in the network - i.e. HTR tokens are the only special case and don't have a token uid (we consider it 0). ![]() Tokens are built-in in our network, which allows them to operate exactly as HTRs.Įach different token has a 32-byte hash as unique identifier (token UID), similar to a transaction hash. Under the hood, Hathor takes a different approach for building tokens: there are no smart contracts, solidity or anything of the sort involved. Transactions with multiple tokens are useful to allow users to exchange their custom tokens and HTR with no intermediary exchange (and no fees). It is possible to perform atomic swaps between tokens, including HTR and custom tokens. In other words, they are highly scalable ownership is secured by digital signatures and there's no fee for exchanging tokens among users. They behave exactly under the same technical assumptions as Hathor's native tokens (HTR). On Hathor Network, any user has the power to create new tokens. ERC-20 tokens have a market cap over $5 billion. It implements tokens using smart contracts and its ERC-20 token standard is widely known and used. On top of decentralized networks, these can be exchanged freely, without a central authority or intermediary.Įthereum is the dominant blockchain for tokens and has shaped the market. ![]() A token can serve multiple purposes: financial participation in a company ("stock"), mileage or loyalty points of a specific store or network, votes, ownership of digital goods such as website domains, etc. The token economy is the most impacting transformation blockchain and distributed ledger technologies have brought us so far. ![]()
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