Tokens can represent virtually anything in Fuel ⚡️:
- reputation points in an online platform
- skills of a character in a game
- lottery tickets
- financial assets like a share in a company
- a fiat currency like USD
- an ounce of gold
- and more...
Such a powerful feature of Fuel must be handled by a robust standard, right? That's exactly where the composability labs TOKEN plays its role! This standard allows developers to build token applications that are interoperable with other products and services.
The composability labs TOKEN introduces a standard for Fungible Tokens, in other words, they have a property that makes each Token be exactly the same (in type and value) as another Token. For example, a composability labs TOKEN Token acts just like the ETH, meaning that 1 Token is and will always be equal to all the other Tokens.
The composability labs TOKEN, proposed by the SWAY GANG TEAM on December 2022, is a Token Standard that implements an API for tokens within Smart Contracts.
Example functionalities composability labs TOKEN provides:
- 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 (soon)
- approve whether an amount of token from an account can be spent by a third-party account
If a Smart Contract implements the following methods and events it can be called an composability labs TOKEN Contract and, once deployed, it will be responsible to keep track of the created tokens on Fuel.