ICRC Token Standard

$WASTE is built on the ICRC token standard of the Internet Computer Protocol (ICP), offering several advantages:

Interoperability: Compatible with all ICP-based services, including NNS, Oisy, and other wallets
Low Fees: Minimal transaction costs compared to Ethereum-based tokens
High Performance: Fast transaction finality
Energy Efficiency: Environmentally friendly consensus mechanism

Fungibility: ICRC-1 tokens are interchangeable, meaning one token is equivalent to another of the same type. This makes them suitable for representing currencies, commodities, or other assets with no unique characteristics.
Divisibility: ICRC-1 tokens can be divided into smaller units, allowing for fractional ownership.
Transferability: Tokens can be easily transferred between accounts on the ICP blockchain.
Minting and Burning: ICRC-1 tokens can be minted (created) and burned (destroyed) to control the supply.

Uniqueness: ICRC-2 tokens represent unique assets with distinct characteristics. It enables the approve-transfer-from pattern that became popular in the Ethereum ecosystem with the ERC-20 token standard. It specifies a way for an account owner to delegate token transfers to a third party, usually a canister, on the owner's behalf.
Indivisibility: ICRC-2 tokens cannot be divided into smaller units.
Ownership: ICRC-2 tokens can be owned by a single entity, ensuring exclusive rights.

Key Features of Both Standards:

Security: Both ICRC-1 and ICRC-2 leverage the security of the Internet Computer blockchain, ensuring the integrity and safety of token transactions.
Interoperability: Tokens adhering to these standards can interact with other dApps and protocols within the ICP ecosystem.
Standardization: ICRC-1 and ICRC-2 provide a common framework for token development, promoting consistency and compatibility.
Flexibility: While the standards provide a foundation, developers have flexibility to customize tokens to meet specific use cases.

Last updated 3 months ago