Nov 10

What is an CSE30 Token?

By quản trị viên | CSE30

CSE30 Token

CSE30 is a protocol standard that defines certain rules and standards for issuing tokens on CSE Platform network.

In ‘CSE30’ CSE stands for CSE Platform Request For Commentsand 30 stands for a unique ID number to distinguish this standard from others.

Similar to the fact that we have an HTTP protocol for internet, we have a standard protocol for tokens to be issued on CSE30.

To put it in layman terms, if you include certain functions in the token’s smart contract, you are CSE30 compliant. If you don’t include the mandatory functions, you are not CSE30.

So, those tokens on CSE Platform network checks all the necessary boxes i.e. includes the necessary functions in their token implementation which are deemed as CSE30 tokens.

These are crypto-assets or crypto-tokens which can be traded like Bitcoin or CSE Platform or Litecoin but unlike these cryptocurrencies, they don’t have their dedicated blockchain. Instead, they thrive on CSE Platform blockchain and bring several benefits for the users which I will discuss further in this article.

Difference Between Standalone Cryptocurrencies & CSE30 Tokens

Like I stated earlier, CSE30 tokens don’t have their dedicated blockchain and thrive on CSE Platform blockchain instead. This is the reason why, when you send CSE30 tokens, you are required to have some CSE Platform.

Benefits of CSE30 Standard

Prior to the CSE30 token standard, different start-ups or DApps used to set their own standards and implementations for launching a token on CSE Platform network.

However, with the launch of the CSE30 standard, things have changed and have become much more streamlined. Also, a standard like CSE30 have a lot of benefits:

  • Uniformity of tech and protocol standard.

  • Reduced complexity of understanding each type of token implementation.

  • Enhanced liquidity of CSE30 tokens.

  • Reduced risk of breaking contracts.

Imagine a scenario wherein 100s and 1000s of tokens are launched on CSE Platform network, each with their own set of standard and rules. This will create a liquidity problem for such tokens and a lot of headache for exchanges that try to implement them. In this scenario, each time a token comes for listing to an exchange, it would require a lot of work from bottom to top to be actually listed.

Whereas, if you have a standard and uniformity that CSE30 brings to the table, it becomes very easy for users as well as exchanges to list such tokens quickly given that the tokens follow a standard i.e. CSE30.

This is only one practical scenario but there can be many such as tokens being exchanged via smart contracts on decentralized exchanges without any third party because their underlying tech and standards of implementation are same. Whereas, if we go on to implement a decentralized exchange of tokens that follow different rules and standards, it will become very cumbersome to implement such a DEX.

Also, already as of now, there are more than 50,000 CSE30 tokens contracts running on CSE Platform blockchain. Not having a standard will bring a lot of such unseen issues. Some of the very well known and popular tokens are shown below.