One aspect of the FT Chain that we would like to explore further is what we call Standardized Token Assets, or STA’s. To explain STA’s, first let’s have a look at how current public chains deal with tokenization and smart contracts.
Each public chain has its own native token, such as Bitcoin — BTC and Ethereum — ETH. Balance data of these native tokens can be stored in the platform layer in the blockchain system. Native tokens can use the functions of the native components, and are protected by the native components, which will not be affected by the logic of the application layer. We called these native tokens — Standardized Token Assets.
Token Issuance (referred to as Asset Issuance) is a regular function for the blockchain system. As this is the first step in the token economy, this process should be safe, convenient and standardized. Currently, it is not!
In the other existing blockchain systems such as ETH ERC20, if users would like to issue an asset, is it made through the development of a smart contract. We refer to the type of assets that store key data such as asset balances in smart contracts and are defined by way of writing contract components as “contract assets”.
As the contract asset is issued inside a smart contract, each contract asset is matched to the independent smart contract. This causes the process of issuing a contract asset to be complicated and non-standardized. The smart contract development process will bring many asset safety risks. In essence, the assets that are issued in this form are status data within the contract, and not as safe as Standardized Token Assets.
Token Assets on the FT Chain
FT Chain will open access to the native components to users, so they can issue their own Standardized Token Assets on the FT Chain. Users no longer need to develop the smart contract to issue assets on the FT Chain, but only need to fill out the asset information on the wallet interface and issue the token directly.
FT Chain uses native components to define and restrict the assets. Digital assets will no longer just be data in the contract, but more like a native token on the public chain, so we have called this a Standardized Token Asset.
Standardized Token Assets utilize the function provided by the native components, and they are protected by the native components. This allows for much greater security when compared to other public chains.
All assets will be equal on the FT Chain. There is no difference between a primary asset and sub-asset. Meanwhile, due to standard unification, all assets on the FT Chain are easily integrated with applications such as wallet browsers, and can also be used uniformly by smart contracts on-chain.
Standardized Token Assets will bring huge changes in the whole blockchain industry. This method of issuing a token is more safe, convenient and standardized, and lowers the cost of issuing an asset. Fragmented assets also can be tokenized, and they can have more application scenarios on the chain.
A house or even a car can be tokenized and traded on the chain, and according to the holding proportion, distribute rights and interests, and exercise rights. This improved token economy market will allow more time to be spent on the construction and improvement of tokenized application scenarios and business models.
Have you read the FT Chain Whitepaper yet? Check it out here!
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