Nervos announced the launch of its own token standard which is aimed to compete with Ethereum as we are reading in our crypto news today.
Nervos is one of the biggest blockchain projects in China. Recently, Nervos announced the launch of its own token standard- sUDT. Since its launch in 2019, the platform made major improvements to its infrastructure in order to support a huge range of DeFi apps from payment and lending solutions to decentralized exchanges so now they are taking the next step. The new token standard will compete with Ethereum’s ERC-20 standard with one of the main differences being that the platform has a new standard that eliminates smart contract risks by making the asset tamper-proof.
This week, we’re celebrating the first anniversary of Lina, the #Nervos mainnet 🙌 🥳 🎈On 11/16/19, the Nervos dev team & community reached this significant technical and cultural milestone. pic.twitter.com/8HmnFkmTi3
— Nervos (@NervosNetwork) November 17, 2020
The sUDT or the Simple User-Defined Token will allow the developers to create and to issue their own tokens on the Nervos network in order to benefit from a scalable, faster network that will have lower fees. Similar to Ethereum’s ERC20 token standard, there’s no need to deploy a new smart contract on the chain for each token. sUDT defines the implementation of the token standard not only the interface. The new programming library and the tools available will allow the developers to integrate the tokens into the new decentralized apps.
The sUDT standard will be a critical addition to the Nervos infrastructure since it will be taking Nervos from a single asset platform to a multi-asset platform. By enabling the deployment of tokenized assets secured by Nervos’s Proof of Work-based layer 1 blockchain, the new token of Nervos will have a multi-asset store of value blockchain which will further boost the utilities for DeFi apps. Kevin Wang, the co-founder of Nervos, said:
“This achievement represents the culmination of months of diligent effort to reimagine what is possible and push the capabilities of DeFi to the next level.”
The team claims that the unique implementation and capabilities are quite important for creating a Defi app and will introduce many advantages over other token standards. This includes more features like the possibility of tokens not being modified or seized without the users’ consent not even by the token’s creator. In the meantime, Wang noted that the growth of the DeFi sector brought with it the need to improve legacy blockchain networks:
“With sUDT, developers can now issue all kinds of tokenized assets on Nervos, scale transactions on our layer 2, and stay secured by our layer 1.”
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