Please describe your proposed solution.
Currently, token projects (NFT or FT) have no mechanism to register the intent, details, decimal places or feature set of their minting policy on-chain. This CIP creates a method that is backwards compatible and enables projects to declare, and update over time, the contact information, supported feature set, and metadata details pertaining to their tokens.
The lack of on-chain token policy intent registration has been cited as both a centralization and security concern.
Currently, token projects must register their information with a centralized repository, such as the Cardano Token Registry. This can lead to a single point of failure and can make it difficult for projects to update their information. Additionally, the current metadata standards are not secure and can be easily manipulated.
This CIP proposes a new method for registering token policy intent on-chain. This method would be backwards compatible and would allow projects to declare and update their information over time.
The CIP would also introduce a new metadata standard that is more secure and robust than the current standards.
The proposed solution would provide a number of benefits for token projects and the Cardano ecosystem as a whole. It would improve the security and reliability of token projects, make it easier for projects to update their information, and reduce the risk of centralization.
This proposal directly addresses the following tasks:
- Finalize on-chain format: This task will involve finalizing the data schema for the on-chain token registration information. This information will include the token name, symbol, decimals, image, and other metadata.
- Build an indexer: This task will involve building an indexer that can watch for new token registrations on the blockchain. The indexer will then validate the signatures of the registration transactions to ensure that they are valid.
- Get this indexer to marketplaces: This task will involve getting the indexer to marketplaces and other services that need to know about the token registrations. This will allow the marketplaces to get a list of all of the tokens, their decimals, their images, and other metadata.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
The challenge is addressed in several ways. By creating technical standards, as well as technical documentation we help improve token project discoverability and trust in this space. In addition the tooling of an SDK for projects and marketplaces will provide critical infrastructure to the Cardano community.
- The proposed solution would improve the security and reliability of token projects.
- It would also make it easier for projects to update their information and to interact with other projects and services.
- Additionally, the proposed solution would be more decentralized and would not rely on a single point of failure.
Projects can benefit by having a template to follow for well-rounded contact information and project based disclosure and the community and third-party services can benefit by easily being able to consume, analyze, and report findings based on publicly published information.
How do you intend to measure the success of your project?
The main goal is to move this proposed CIP to an Active CIP status, and to create the open source software tooling that will make it easy to conform with this CIP. Based upon early discussion, this proposal is desired by the community and the technical considerations are not beyond the scope of capabilities of the team.
Please describe your plans to share the outputs and results of your project?
This work will be output in GitHub, and explainer videos and documentation will be produced.