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Cardano has introduced native token registration. Why is this important?


According to the latest report from the Cardano Foundation, the Cardano Token Registry for on-chain identifiers has been released.

Following the report, the recent development is the first and most important step in supporting the growth of the Cardano ecosystem.

The Cardano Foundation tweeted:

“We are delighted to reveal the Cardano Token Registry for on-chain identifiers. This is one of the first and most important steps to formalize and support our growing ecosystem ”.

What is the meaning of Cardano Registry and why is it important?

According to a blog post captioned with the Foundation announcement, the Cardano Registry is a centrally managed registry of native Cardano token data and information.

The blog post reads in part as follows:

"In essence, the Registry is expected to function as a source of truth and potentially as an eventual consolidation location for 'chain identifiers.' These identifiers include public keys, hashes, token addresses, minting policies, and more.

The Registry will then map these identifiers to human-readable attributes. For those less technically inclined, this essentially means that you or other service providers will be able to read information about a token through the registry in a format that makes sense to a non-developer. This could include the name of a token, a short description of its function, an asset name, and a minting policy ID. ”

The report further stated that it is always difficult to collect detailed information on individual tokens in an ecosystem where hundreds or thousands of native tokens are minted weekly, hence the emergence of the Cardano Registry, which will be centrally managed by the Cardano Foundation. It is designed primarily to empower the ecosystem through access to the most relevant data.

In addition, the Cardano Registry gives users access to the true character of the native tokens implemented in the Cardano blockchain through metadata and other descriptive information that can be read by humans.

The report added that this data will eventually be available to view alongside native tokens through the Daedalus and Yoroi wallets.

The following are the main benefits of registering a native token with the Cardano Registry, as stated in the blog post:

  1. Authenticity– Like other blockchains, it is technically possible to mint a token with the same name as another token. To prove the authenticity of your token, you can submit it to the Cardano Registry, where users will be able to verify your minting policy.
  2. Metadata discovery– String descriptive identifiers, including metadata, can be viewed and explored through the Cardano Registry. This can be essential for users of a DApp or NFT token.
  3. check– Policy identifiers, token names, and human-readable tickers make it easy for token holders and users to verify native assets in Cardano.

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