Fungible tokens in Venom network
Fungible token
First, let's make sure we've chosen the right type of token for our purposes. In this article, we will implement the fungible token type. This type of asset is divisible, non-unique, and interchangeable, i.e. one unit is equivalent to any other unit of this asset.
If you need to implement a different one of the most popular token types is NFT (Non-fungible token), follow this article
Venom network uses the standard of fungible tokens TIP-3
What is TIP-3?
Just as ERC-20 is the most popular standard in the Ethereum network, TIP-3 assumes the same role in the Venom network. TIP-3 was designed to match the distributed system design of the Venom network and is cost-effective for its fee-paying model.
TIP-3 provides the following functionalities
transfer tokens from one account to another
get the current token balance of an account
get the total supply of the token available on the network
mint and burn tokens
Some words about differences with ERC20
As you may know, ERC20 contract main value is a balances mapping. So users just have a records about their balances and works only with this contract. TIP-3 working flow is a different because of async nature of TVM.
Safety of TokenWallet - TokenWallet interaction is provided by address calculation mechanics. Each contract in Venom Blockchain can store some contract code and has a possibility to calculate an address by using some state variables. Next, this address can be compared with msg.sender address. And if it same - the call is safety and correct. We will look through this mechanic in details later.
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