Why the Newly Launched Cardano Token Registry Is Important
CoinEdition
Published Apr 16, 2021 03:45AM ET
Updated Apr 16, 2021 04:00AM ET
Why the Newly Launched Cardano Token Registry Is Important
- Cardano just launched a native token registry.
- The Cardano Token Registry is expected to track tokens minted on the blockchain.
- Users can now mint tokens and submit them for authentication.
The Cardano (ADA) network has reached another important goal with the launch of its Cardano Token Registry. The blockchain announced the new update via a recent tweet.
We are delighted to reveal the #Cardano Token Registry for #On-chain Identifiers. This is one of the first and most important steps in formalizing and supporting our growing ecosystem. Read more here: https://t.co/lA069PCVPm
— Cardano Foundation (@CardanoStiftung) April 15, 2021
In fact, the Cardano Foundation stated that the registry marks a vital step towards formalizing and growing the ADA ecosystem. However, why is the launch of the token registry so important?
Why the Cardano Token Registry is Important
ADA also posted a detailed blog that explains the role the registry will play. It seems the registry will serve as a centrally managed register for all the tokens minted on Cardano.
Despite only launching its multi-currency era a few weeks ago ADA users minted over a 1 000 native tokens to date. As such, it is becoming very hard for the network to track detailed data about each minted token within the system.
Thus, the Cardano Token Registry will help fill this major gap. As such, the registry will store ‘on-chain identifiers’ like public keys, hashes, token addresses, minting policies, and more. Also, the registry will store token data in a non-developer-friendly format.
The readable format will provide users with the token name, a short function description, asset name, and minting policy. This data will also soon be available on ADA’s Daedalus and Yoroi wallets.
Further, the readable on-chain identifiers will also let users easily find tokens on the registry. A benefit that is likely to enhance DApp and NFT use on the ADA network.
Finally, since multiple users can mint tokens with the same name, the register will also let users authenticate their tokens. However, users must submit their tokens to the registry to enjoy these benefits.
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