The Internet Computer blockchain recently concluded its proposal 74740 on the NNS (Network Nervous System) The voters approved the ICRC-1 token standard as the official network standard.
Furthermore, InfinitySwap also announced support for the token standard. While ICRC-1 will be the official token standard, it will not replace other standards. The InfinitySwap team is trying to make IS20 interoperable, making it usable throughout every platform on the IC.
The most obvious advantage of the approval is to possess a token standard on the Internet Computer network. The fact that the community approved the proposal, showcasing trust in the DFINITY Foundation, makes the development even more sustainable.
In addition, the ICRC-1 standard is secure and scalable, possessing the two critical properties for community adoption. It will also support extensions in the future with its modular design to ensure the backward compatibility remains intact.
Andra Georgescu, distrikt’s co-founder, also talked about the development. According to Andra, InfinitySwap’s support for the token standard proves their understanding of the innovation’s progress.
This standard is a collaborative effort initiated with the Ledger and Tokenization group meeting. InfinitySwap is delighted to join this discussion that took place back in April 2022. Names like ICDevs, Tomahawk.VC, ORIGYN Foundation, Internet Identity Labs, distrikt, Demergent Labs, and LIFTECHNOLOGY also participated in the development.
The primary contribution of InfinitySwap was to choose the payment flows account identifier format, and it ensured that the project did not face similar losses as other cryptocurrency communities. The projects use a two-component account structure, supporting subaccounts while connecting them to a primary ID for another account identifier.
The development shows that the Internet Computer community aims to serve users’ needs and not just their own.