🚀🚀🚀 #solana #blockchain Introduces’ Token Extensions’ Allowing More Programmable Rules for Tokens
Solana Blockchain has revealed the introduction of "token extensions" as part of the evolution of the Solana Network's SPL token. These extensions set a new standard for SPL tokens, providing advanced functionalities comparable to Ethereum's #ERC-20 token standard.
In a press release on January 24, the Solana Foundation announced the debut of token extensions, specifically tailored "to meet the needs of builders across various industries," including payments, stablecoins, and real-world assets (RWA). Described as "the next generation of the SPL Token standard," these extensions offer controls similar to permissioned blockchain environments, unlocking innovative possibilities for businesses, institutions, and developers.
Token extensions bring forth several use cases, such as advanced token interactions, transfer fees for each swapped token, and confidential transfers using zero-knowledge proofs. The primary objective is to equip businesses with tools for seamless transition to on-chain operations while ensuring robust security, compliance, and other services within the Solana network.
Solana Labs launches token extensions to leverage the platform's developer-friendly features, enhancing the Solana ecosystem. These extensions introduce features like transfer hooks, transfer fees, confidential transfers, permanent delegate authority, and non-transferability, offering intricate control, new revenue models, privacy enhancements, control options, and issuer-only permissions. This flexible framework targets various industries, fostering sophisticated token interactions for stablecoins, real-world assets, and payments. Solana Foundation aims to simplify compliance processes for enterprises, attracting early adopters like Paxos and GMO-Z.com Trust Company. The initiative positions Solana as a preferred blockchain for large, regulated enterprises entering the Web3 space.
Source - Cryptonews.com