Aion Fungible Token Standard (AIP #004)
In the coming months, numerous applications will be launching on the Aion blockchain. As decentralized applications, many of these applications are creating innovative token models to incentivize stakeholder behavior, or are launching creative digital assets for the economy of the future. In order to develop a thriving and accessible ecosystem of digital assets, practical standards are required for developers to build upon.
The creation of a token standard allows for a predetermined set of interfaces and specifications to which digital assets on the network will adhere, allowing for optimal performance and feature adoption including (but not limited to) interoperability, low transaction fees and robust scalability thresholds — all hallmarks of the Aion network.
We are pleased to announce the submission of the Aion Token Standard (ATS) to the Aion Improvement Proposal process, authored by Sam Pajot-Phipps, Yao Sun and Stephane Gosselin. The ATS is an innovative token standard that provides comprehensive functionality for fungible token developers, and — for the first-time in the industry — introduces native cross-chain methods into a token standard. This will enable all standard compliant tokens to have out-of-the-box cross-chain functionality.
The proposed ATS is designed to address the shortcomings of token standards on other existing blockchains. At the core of the design is the ability to perform cross chain token transfers while maintaining security and stable total supply. Additional features include safe transfers, token callbacks, and mint/burn interface. This standard aims to provide a reliable interface which 3rd party tools can use when building products on top of Aion.
(When we refer to the proposed ATS, we’re referring to tokens which are interchangeable (fungible). A practical example of a fungible token would be a cryptocurrency, as most tokens launched on similar platforms (such as Ethereum) in the past year were all cryptocurrencies or exchangeable digital assets.)
The proposed Aion Token Standard has been submitted through the Aion Improvement Proposal (AIP) process and is currently in Draft status and open for community feedback. Please check the Aion github to review and comment on the AIP process and provide your feedback on the ATS.