$1.11 0.80%
WAVES · 74w

Following the launch of the Tokenization Standards Association — BetterTokens, Waves team decided to subsidise eligible projects

Decentralised Token Verification: Our Vision for the Future and a Fix for the Present

We will subsidise eligible projects and replace the verification fee with 10 WCT while our token certification ecosystem becomes established.

Following the launch of the Tokenization Standards Association, which operates under the brand name BetterTokens, we received extensive feedback from the community about the review fees for token projects. We want to use this blog post to address those concerns.

While BetterTokens will maintain their 1,000 WAVES fee, we want to start by saying that the review process is not mandatory. Token issuers do not have to submit their project for review; all tokens created on Waves platform will continue to trade, unrestricted, on DEX, using their token id as their identifier.

Decentralised Protocol

However, we will also be facilitating a decentralised review process, based on the Waves Asset Verification Protocol. This uses DataTransactions to upload information about assets to the blockchain, and allows any company or individual to provide information about tokens, and/or to verify projects that have issued a token on the Waves blockchain. This information will be publicly accessible, so any Waves application can use the information recorded by these providers.

The vision behind this is to allow a range of providers to connect to Waves and assess and verify token projects in the future. These initiatives may set their own criteria for the review and classification of tokens. As things stand, we can work with further providers if they arise, making token certification a fully decentralised process. The Waves Client already supports a choice of data providers — users can select the provider they want, whether BetterTokens or another initiative. In short, BetterTokens will ultimately be one of many such providers.

Waves Subsidy Programme

However, at the present time, BetterTokens is the only token certificat...

Continue on blog.wavesplatform.com
Recent news