ORC-20 Tokens Definition
ORC-20 is a token standard on the blockchain ecosystem known as the Oasis Network. These tokens function similarly to the widely recognised ERC-20 tokens in the Ethereum blockchain, providing a blueprint to design and create interoperable tokens within the Oasis ecosystem.
ORC-20 Tokens Key Points
- ORC stands for “Oasis Request for Comments”.
- The “20” refers to the specific proposal that the token design adheres to.
- ORC-20 tokens can be transferred, swapped, and used as a unit of account within smart contracts in the Oasis Network.
- ORC-20 tokens are not native to the Oasis Network, but are created by developers and users within the blockchain.
What are ORC-20 Tokens?
ORC-20 tokens represent an essential aspect within the versatile environment of the Oasis Network. They enable various types of value and information to be tokenised, digitised, and unboundedly transferred within the network through smart contracts built on the Oasis blockchain.
Why are ORC-20 Tokens Significant?
These tokens offer a standard interface for tokens interacting within the network, thereby aiding in their efficient operation. They are significant in building decentralised applications (DApps) on the Oasis Network. They also facilitate the creation of new financial applications and services on the blockchain.
Where are ORC-20 Tokens Used?
ORC-20 tokens are primarily used within the Oasis Network’s blockchain. They can be utilized as the foundational building blocks in creating DApps, financial services, and establishing token economies within a decentralised, privacy-preserving framework.
When are ORC-20 Tokens Used?
These tokens can be leveraged anytime a developer or user wants to create, deploy, or interact with applications on the Oasis Network. They can be used in creating a multitude of token economies, from service tokens, to asset tokens, and even utility tokens.
Who Uses ORC-20 Tokens?
ORC-20 tokens are used by developers, end users, and organizations who build or operate on the Oasis Network. Developers use them to design and create new tokens for their DApps, while users can use these tokens for transactions within the network.
How Can ORC-20 Tokens Be Created or Acquired?
ORC-20 tokens can be created through a smart contact in the Oasis network and these tokens, once created, can be traded, sold or bought within the network. They can also be obtained by participating in the network’s various activities or services.
