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Buterin said Ethereum's Token system

2022-08-03 10:54:18Wisdom howhi

An important application of Ethereum is to use smart contracts to issue tokens on it.In the white paper, Vitalik (known as "Vitalik") discusses the so-called "Token system" in detail.

His discussion can lead us to think: What kind of value or asset can tokens represent on the blockchain?How to use tokens to represent assets?And how to form an application system after representing assets with tokens?

The following is Vitalik's discussion in the Ethereum white paper.In order to distinguish it from the general "token" statement, the Chinese translation quoted here refers to token as "token".

token systems

There are many applications for an on-chain token system, from sub-currency representing assets like USD or gold, to company stocks, individual tokens representing smart assets, secure, unforgeable coupons, and even no correlation to traditional values ​​at alltoken system, such as point rewards.

It is very easy to implement a token system in Ethereum.The key point is to understand that all currency or token systems are fundamentally databases with the following operations: subtract X units from A and add X units to B.The prerequisites are:

  1. A has at least X units prior to the transaction;
  2. Transaction is approved by A.

Implementing a token system is to implement such a logic into a contract.

Blockchain can easily carry the Token system because of its special storage mechanism - it stores the state.The database we are familiar with does not store the state, and the records of the database can be modified repeatedly; while the blockchain stores the state, that is, the information saved at a certain time.

In the book Blockchain for Business, blockchain expert William Mujaya proposes a taxonomy of things that can be represented by a token system.He formed the word "ATOMIC" from the initials of things that can be stored in the blockchain:

  • Programmable assets.
  • Programmable trust.
  • Programmable ownership.
  • Programmable money.
  • Programmable identity.
  • Programmable contracts.

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