Cardano Foundation Launches Native Token Registry For On-Chain Identifiers

Cardano Foundation Launches Native Token Registry For On-Chain Identifiers

The Cardano Foundation has launched the Cardano Token Registry. The team made the announcement via Twitter:

We are delighted to reveal the #Cardano Token Registry for #On-chain Identifiers. This is one of the first and most important steps in formalizing and supporting our growing ecosystem.

Cardano applied the Mary hard fork on their mainnet on March 1st, which enabled the creation of native tokens. The community has minted over 1,500 tokens on its testnet environment, out of which 600 tokens are live on the ADA mainnet.

New Registry Aimed At Orderly Growth Of Cardano

The Cardano Registry manages Cardano’s native token data and information in a centralized register. The registry is expected to function as a true source at its core. It can eventually consolidate the location of on-chain identifiers’, which include public keys, hashes, token addresses, minting policies, etc.

The registry will map these identifiers to attributes that non-developers or users of Cardano and other service providers can easily read. This could be a token’s name, a short description of its function, an asset name, and a minting policy ID.

Registry To Aid Easy Access To Relevant Token Data

There are hundreds or even thousands of tokens being minted every week. Collecting the information of each token will be time-consuming and challenging. The registry is designed to provide access to the most relevant data. 

Eventually, this data will be available alongside native tokens on both the Daedalus and Yoroi wallets. The Cardano Registry is a centrally accessible resource managed by the Cardano Foundation. The team states,

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.

How To Submit A Token To The Registry

Cardano will maintain the registry on an opt-in basis where token owners must submit a single JSON file and a GitHub pull request, allowing them admission to the registry. Existing entries will require a pull request if it needs modifications. The pull requests will be approved through automated checking and human manual approval.

Registration is not required to mint or use a token, but Cardano highly recommends their users to do. The token creator benefits just as much as the entire ecosystem does. It gives token creators and holders an opportunity for a better experience in the ecosystem.

Benefits Of Registering A Token

Registering a token gives users proof of authenticity. By submitting it to the registry, users can verify its minting possible. Descriptive on-chain identifiers like metadata will be available for users to view and explore through the registry. This could be essential for users of a dApp or NFT token. 

Verification will be easier with human-readable policy IDs, token names, and tickers. Token holders and users can easily verify native assets on the blockchain.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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