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Author: BESSIE LIU, BLOCKWORKS; Compilation: Deng Tong, Bit Chain Vision Realm
Token extension is a function on the Solana blockchain that allows developers to integrate functions into their issued assets.
These functions are different, such as integrating confidentiality or creating token door control access for specific products or services.
In an interview with BlockWorks, Solana’s strategic person in charge described the multiple purposes that the tokens could achieve, and how it introduced the interests of the institution to the blockchain.
The following is the Blockworks interview with Federa.
Blockworks: Can you introduce the tokens expansion on Solana?
Fedra:The tokens are summarized for about three years, which actually started from the turning point in 2021.This work was fully completed by the engine team of Solana Labs. The goal of the plan was to build the next generation of token programming on Solana.
Solana is a bit different from other blockchains, because each time deployment of tokens or NFTs, the controller or contract will actually not be deployed.On the EVM chain, if I cast a NFT, I actually deploy a contract and then deploy data. This is why NFT is more expensive because you must deploy more contracts.
Solana has adopted a concept called programming can be designed as a concept of programming that can be used by anyone on the network.Therefore, if I want to cast a tokens, what I do is not to deploy the entire token program, but to input a bunch of data in the existing program on the chain.
Therefore, token extension and this new token program are designed to bring a series of new features for you to use tokens’ functions and options.You can do everything you do on the private blockchain or private sub -network on the public Solana main network. It is designed as you can use this single tokens to issue all different typesFeatures and functions.
Blockworks: What functions are available?Can you introduce some in detail?
Fedra:It is difficult to limit who can hold your tokens on the blockchain.For example, if you are suddenly added to the OFAC sanctions list, I will not only seize your assets, but also need to take them away.Or if you lose your passwords and seed phrases, then you will not have a second chance in Web3, which is necessary for many web2 financial products.
We see that token issuers are very interested in the function of transferring the transfer HoOK permissions.This is a transfer Hook token extension, which is basically a program that can be called at each transfer.This is very important because the program can be approved or refused.It basically uses data on the chain for compliance inspection or only authorized transfer inspection.This allows you to build a variety of complex token interactions.
Paxos has just launched PAX USD on Solana, and GMO has just launched two regulated stablecoin ZUSD and JPY stablecoins.These three stablecoins use different tokens to execute their functions that they cannot execute on other networks.
Blockworks: What is the current token expansion on Solana?What functions are available at present and what are the ongoing?
Fedra:The tokens extended procedures and concepts have not been completed.It is not an unchanged program today, and it needs to be updated and improved.Some errors may be found at some point, so it is still experiencing the development process.
People of Solana Labs and Foundation are very happy to add new token extensions. If the community has demand, but so far, most feedback come from large institutions and financial companies.There are not many feedback on Degens. I believe that they have a lot of creativity about new token extensions. We are happy to see.
I think maybe we can enter such a world within one or two years: people can release their own tokens expansion plans, and anyone can submit a pull request.It will be very cool to have a complete token extension.There are currently about 15 or 16 extensions.Therefore, the tokens are not fully completed, but it is also available and audited.
