Understanding Tokens
What is token?#
A typical blockchain supports at least 1 cryptocurrency natively, cryptocurrencies on the ArcBlock chain are called tokens, a token is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
- The native token on main chain is ABT
- The native token on beta chain is TBA
Developers can create as many tokens as needed on the ArcBlock chain by sending CreateTokenTx
.
Users can do more with tokens on ArcBlock chain than other blockchains without any smart contract, such as:
- Transfer tokens to his/her friend
- Pay with tokens to purchase digital properties in NFT format
- Exchange between tokens at some fixed rate
What is foreign token?#
Foreign token is used to correlate a token on ArcBlock chain with a token on EVM compatible chain. The token on both chains has the same symbol, decimal, and supply.
For example: ABT on Arcblock main chain and Ethereum mainnet are the same
The foreignToken
field is defined when sending CreateTokenTx
and can not be updated after creation:
type ForeignToken = {
type: string;
contractAddress: string;
chainType: string;
chainName: string;
chainId: number;
};
A token with a valid foreign token should set up an ArcBridge to allow users to move their tokens between ArcBlock and Ethereum chain.
Move Token Across ArcBridge#
TODO: more about ArcBridge should be added here