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Cardano Introduces Registry for Native Tokens

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Thu, 04/15/2021 - 16:08
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Alex Dovbnya
Cardano has introduced a token registry for on-chain identifiers
Cardano Introduces Registry for Native Tokens
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The Cardano Foundation has announced a registry for native tokens, which is a centrally-managed collection of on-chain identifiers.

The registry is meant to provide all the necessary information that includes the name of a certain token, its ID as well as a list of its main functions:

Essentially, the Cardano Registry gives users access to the true character of native tokens deployed on Cardano through human-readable metadata and other descriptive information. Eventually, this data will be available to view alongside native tokens through both the Daedalus and Yoroi wallets.

It is not mandatory for developers to register their tokens. However, by doing so, they will make sure that the token is authentic, meaning that its name will not be replicated on the blockchain.

Other advantages include the ability to verify tokens with the help of a Policy ID and viewing the most relevant metadata.

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600 native assets

Native tokens arrived on the Cardano blockchain following the activation of the much-awaited Mary hard fork in early March. They are similar to ERC20 tokens that run on top of the Ethereum network.

Overall, there are now more than 600 assets on the fifth-largest blockchain.

As reported by U.Today, Cardano is also expected to roll out smart contracts with the Alonzo hardfork by the end of August.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.