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Nervos, one of China’s largest blockchain and crypto projects, announced the launch of its token standard, the sUDT, today as from a shared version with CryptoSlate.
Since its launch last year, Nervos has made significant improvements to its infrastructure to support a wide range of DeFi applications, from payments and lending solutions to decentralized exchanges (DEX). Now he is taking the next step.
The new token standard aims to compete with Ethereum’s ERC-20 standard, with one of the key differences being that the Nervos standard eliminates the risk of smart contracts by making assets tamper-proof.
Is Nervos sUDT better than Ethereum ERC20?
The sUDT, short for Simple User-Defined Token, will allow developers to create and issue their own tokens on the Nervos network to benefit from a faster, more scalable network and lower fees.
Launch of SUDT 🚀
To commemorate Lina’s anniversary, we launched SUDT, the new token standard on Nervos that allows any developer or #dApp relying on Nervos to launch tokenized assets on CKB.
Find out more 👉 https://t.co/BJXh9TdMjU
– Nervos (@NervosNetwork) November 17, 2020
Similar to Ethereum’s ERC-20, sUDT is a technical standard behind smart contracts that drives the distribution of tokens on the blockchain. It allows users to create an unlimited number of tokens with any sUDT-enabled Nervos wallet.
However, unlike ERC-20, there is no need to redistribute a smart contract on the chain for each new token. sUDT defines the implementation of the token standard, not just the interface. The new libraries and programming tools currently available will also allow developers to easily integrate sUDT tokens into decentralized applications (dApps).
The sUDT standard is a critical addition to Nervos’ infrastructure, leading Nervos from a single asset platform to a multi-asset platform. By allowing anyone to distribute tokenized assets protected by Nervos ‘Proof of Work Level 1 blockchain, sUDT defines Nervos’ design as a multi-asset blockchain store of value and greatly expands its usefulness for DeFi applications.
Built with DeFi in mind
Kevin Wang, the co-founder of Nervos, said in a statement that the launch of the sUDT standard was a “significant milestone in the progression of DeFi on Nervos.”
He added:
“This achievement represents the culmination of months of diligent effort to reimagine what’s possible and push DeFi’s capabilities to the next level.”
The Nervos team says its implementation and unique capabilities are essential for building DeFi apps, and it introduces new benefits over other token standards. This includes features like all Nervos-issued tokens that should not be changed or seized without the user’s consent, not even from the token creator.
Such “user authority,” according to Nervos, always gets the better of the actual smart contract governing the asset, mitigating the risk of smart contracts and preventing costly smart contract hacks.
Meanwhile, Wang noted that the exponential growth of the DeFi industry has brought with it the need to improve legacy blockchain networks, which developers at Nervos have taken care of. “With sUDT, developers can now issue all kinds of tokenized assets on Nervos, scale transactions on our tier 2 and stay protected on our tier 1,” he explained.
The launch is one of many Ethereum competitors launched this year, with others including Solana, Serum, and Flamingo. But so far, Ethereum remains the network of choice for both users and developers.
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