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Based in China Nervous, a major blockchain-based public network, would have launched its own token standard, Simple User-Defined Token (sUDT), in order to compete with the widely adopted ERC-20 standard by Ethereum.
As mentioned in a statement shared with Crowdfund Insider, the sUDT standard will allow blockchain or DLT (Distributed Ledger Tech) developers to create and issue their own tokens on the Nervos network.
As explained in the announcement, the sUDT standard is somewhat similar to ERC-20. It is also a technical standard behind DLT-enabled smart contracts that aims to drive the distribution of tokens on blockchain networks. The token standard was designed to allow users to issue an “unlimited” number of cryptographic tokens with any sUDT supported Nervos digital wallet.
But unlike ERC-20 tokens, there is no need to redistribute a smart contract on the blockchain for every new token created and issued. The sUDT specification defines the entire implementation of the token standard and not simply the interface design. As indicated in the release, the new libraries and programming tools currently available will also allow software engineers to integrate sUDT tokens into decentralized applications (dApps).
As explained in the announcement:
“The sUDT standard is a critical addition to Nervos’ infrastructure, which brings 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. “
Kevin Wang |, Co-founder of Nervos, said:
“The launch of the sUDT standard is a significant milestone in the progression of DeFi (decentralized finance) on Nervos. This achievement represents the culmination of months of diligent effort to reinvent what is possible and push DeFi’s capabilities to the next level. “
Nervos’ implementation and capabilities are important or useful for DeFi platforms as they offer key advantages over other widely used token standards. Nervos’ SUDT is notably the first token standard to “incorporate the concept of first-class goods, a Nervos design principle in which user authority takes precedence over everything else to give users full ownership and control of one’s resources “.
These tokens cannot be altered or modified or seized “without the consent of the user, not even from the creator of the token,” the statement noted. User authority “overrides that of the smart contract that governs the asset, which mitigates the risk of smart contracts and aims to prevent costly smart contract hacks.”
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