# 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

#### ICRC-1: Fungible Tokens

* **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.

#### ICRC-2: Fungible Tokens Extension of ICRC-1

* **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.