Nervos, one of China's biggest blockchain and crypto projects, announced the launch of its own token standard, the sUDT, today as per a release shared with CryptoSlate.
Since its launch last year, Nervos has made significant improvements to its infrastructure to support a wide range of DeFi applications, from payments and lending solutions to decentralized exchanges.
The new token standard aims to compete with Ethereum's ERC-20 standard, with one of the key differences being that Nervos' standard eliminates smart contract risk by making the assets tamper-proof.
Is Nervos' sUDT better than Ethereum's ERC20?
The sUDT, short for Simple User-Defined Token, will allow developers to create and issue their own tokens on the Nervos network to benefit from a faster, more scalable, network and lower fees.
It enables users to create an unlimited number of tokens with any sUDT-enabled Nervos wallet.
The sUDT standard is a critical addition to Nervos' infrastructure, taking Nervos from a single asset platform to a multi-asset platform.
Kevin Wang, the co-founder at Nervos, said in a statement that the launch of the sUDT standard was a "Significant milestone in the progression of DeFi on Nervos."
The Nervos' team claims its unique implementation and capabilities are essential for building DeFi apps and introduce new advantages over other token standards.
Posted In: Ethereum, China, DeFi, Technology You might also enjoy.... China's BSN now features live integration of-Ethereum, EOS, Nervos, Tezos, and NEO Priyeshu Garg 2 years ago 2 min read. Report: China's national blockchain project could adopt Ethereum after Chainlink onboarding Shaurya Malwa 3 years ago 2 min read. Nervos Network integrates Chainlink oracles for off-chain connectivity Shaurya Malwa 2 years ago 2 min read. Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate.
China's Nervos launches own token standard to compete with Ethereum
Published on Nov 18, 2020
by Cryptoslate | Published on Coinage
Mentioned in this article
Recent News View All
The Dark Future Where Payments Are Politicized and Bitcoin Wins
Satoshi Nakamoto intended Bitcoin to be used for online payments.
Oasis Network mainnet launches touting privacy for loans and genomes
Oasis Labs has announced the successful launch of its Oasis Network mainnet, with more than 70 independent validators already live.