- Layer-2 fungible tokens protocol and implementation
- Issue ERC-20 like tokens on Nyzo
- 1 µ∩ only transaction fee - no matter the transferred token amount
- Paid token registration to avoid spam (paid to the cycle wallet)
- Customizable decimal settings
- Public, open source specifications and reference workflows
- Explorer and API on nyzo.today
- Does not need any change to the core protocol nor verifier code
- Simple interface and use of nyzo strings to interact with tokens: no programming is necessary
- Can evolve and use the cycle to adjust various fees with time.
Nyzo fast block time and finality is a huge advantage. Supporting tokens on Nyzo will demultiply the possible use cases and allow awesome features, like for instance nETH nBTC (ETH and BTC wrapped on Nyzo), with fast and almost feeless transactions.
This tokens implementation is completely transparent to the first layer: no change to the protocol, consensus nor verifier is required.
Nyzo will be able to provide 7s finality tokens transfer, for many use cases (not only financial transactions).
This also addresses a critic of nyzo (high tx fees) since the tokens tx fees are 1 micronyzo only.
Devs: iyomisc and myself
Phase 1: Working baseline tokens implementation
Proposed amount: 50,000 ∩
Delay: 1 month from cycle tx validation.