The people have spoken! The ICRC-1 token standard is officially the token standard of the Internet Computer blockchain following an overwhelming vote of approval on the Network Nervous System (nns) for proposal 74740. What are the advantages of the ICRC-1 token standard?
What role did the InfintySwap team play in accomplishing this goal? Why are we willing to set aside the IS20 token standard we worked so hard on to adopt the ICRC-1 standard? Here is what you need to know.
What Are the Advantages of the ICRC-1 Token Standard?
First of all, the obvious advantage is that we finally have a token standard on the IC that has almost universally been agreed upon. That’s a big deal, and it likely happened because the community trusts the DFINITY Foundation and the many projects and devs that collaborated on making the token standard a reality.
Additionally, the ICRC-1 token standard is secure while remaining scalable, two musts for community adoption. It has a modular design, which will allow extensions in the future as the need for modification arises. At the same time, this built-in modular structure will ensure that backward compatibility is safe.
"InfinitySwap’s support for the ICRC-1 standard shows us that they understand the value of compromise for the sake of progress." - Andra Georgescu, co-founder of Distrikt
What Role Did the InfinitySwap Team Play in Achieving the Goal of a Token Standard on the IC?
This token standard is a collaborative effort, starting with the first meeting of the Ledger and Tokenization technical working group, held by the Foundation back in April 2022. It was an open discussion, allowing developers and others to contribute ideas to the ultimate token standard that was created.
InfintySwap is proud to have been part of the discussion. But we also have to credit many other voices that helped the Foundation develop this token standard, including team members from Distrikt, Demergent Labs, ICDevs, the ORIGYN Foundation, Tomahawk.VC, Enoki, LIFTECHNOLOGY, and Internet Identity Labs.
Our team's main contribution to the project was to suggest the account identifier format for payment flows to keep things transparent. We didn't want to risk the potential loss that other crypto communities have seen due to government regulation of non-transparent transactions. This is the two-component account structure mentioned in the proposal. It allows for subaccounts while at the same time tying them to a principal ID to form an account identifier.
Why we are Happy to Set Aside Ego to Support the ICRC-1 Token Standard
First of all, ICRC-1 doesn’t replace all other token standards. We’re working hard to make IS20 interoperable, so anyone who wants to take advantage of the benefits of IS20 still can, while also making it useable across other platforms on the IC that adopt the ICRC-1 token standard.
Second, we believe that cooperation is what’s best for the Internet Computer, especially as it is still in its infancy. To dig in our heels and insist on our token being the best wouldn’t benefit the community. What we really need is teamwork to work toward mass adoption of the Internet Computer blockchain. We are more than willing to put that goal ahead of our own interests, despite all of the hard work we’ve put into IS20 over the past year.
In the words of our InfintySwap Editor:
“In the end, in the spirit of collaboration and community growth, we decided that it would be in everyone's best interests to put ego aside and create a token primed for mass adoption.”
We hope this emphasizes even more to the Internet Computer community that we are here to serve your needs and not just our own. We can’t echo the crypto cry of WAGMI if we don’t prove by our words and actions that we really want everyone in the community to make it.
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*Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of InfinitySwap itself.