Why is PSP22 important to the polkadot ecosystem

Learn more about SuperColony developed the first polkadot standard – PSP22 and its benefits to the entire POLKADOT ecosystem.

Standards are critical to the success of emerging technology, and polkadot is no exception. The reason is because the right time to set the appropriate standard help to improve interoperability, and establish trust in the technical ecosystem (open large-scale door).

Similar references are critical to enabling token-based interaction intelligence contracts. No one can develop and deploy your intelligent contract with no standards. The problem with this method is that they must disclose the same function signature to realize real interoperability.

This leads out the ETEF Improvement Proposal (EIP) and Erc). It develops as rolling snowballs, and we have seen different types of standards, contracts and agreements on the Etherous network. For example, alternative, irreplaceable, multiranding, and ERC-20, ERC-721, ERC-777 and ERC-1155 and other token contracts.

The most popular standard may be ERC-20, which is a token protocol for issuing 20 unique identification numbers to distinguish between other tokens. The development of ERC-20 helps to simplify the integration of wallets and go to the centralization exchange because they can trust the standardized signature of the called function.

Today, we use the ERC-20 token to create and distribute intelligent contracts on the ENF block chain. We can also use intelligent contracts to create a collection of money-based assets or build intelligent assets.

What is PSP22?

Polkadot Standards ProPosal 22 (PSP22) is the ERC-20 standard for the WASM section in the polkadot ecosystem. It is essentially an alternative token interface standard for WASM intelligent contracts running on the Substrate contract tray. It can be understood that PSP22 is like POLKADOT is better than ERC-20 in Taihang.

For a stack-based virtual machine, WASM or WebAssembly is a binary instruction format. WASM is designed to advanced programming languages, such as C ++ and Rust-like transplantable translation destination, which allows clients and server applications to be deployed as web form.

SuperColony Joint Founder and CEO Markian Ivanichok said: “The main purpose of developing PSP22 is to define a standard alternative to WASM intelligent contracts, such as EIP-20 EIP-20 EIP-20 in Taiquian ecosystem. Token interface. We have been committed to the PSP22 research to overcome the challenges related to interoperability and promote innovation. “

Therefore, the PSP22 is adopted by the Polkadot Community and the Web3 Foundation team, which has become the first acceptable standard in the polkadot ecosystem.

Why is this important?

If there is no standard such as a PSP22, then each contract has a different signature so that interoperability cannot be achieved. PSP22 solves this problem by defining an interface between application binary interface (ABI) sharing the same contract between all implementations.

Now you can use standard contract interfaces to make POLKADOT or KUSAMA to be implemented and reused by other applications (eg, from the wallet to the deposition exchange).

“Due to the WASM intelligent contract, we need a variety of standards that are different from ERC-20. This is necessary because there is a difference between EVM (Etheriquattue virtual machine) and Substrate. In this case, the PSP22 has a specific The rules and methods can distinguish between Ivankkk supplements in implementation with ERC-20.

The PSP22 also defines a large number of methods lists in the interface, including increase_allowance, and decrease_allowance, which is not available in ERC-20. This standard also defines metadata fields as part of a separate interface. The difference between PSP22 and ERC-20 is that if the recipient is a contract, the Before_ReceiveD method is called at the end of the transmission. The PSP22Receiver interface also makes it distinguished from ERC-20.

Since the PSP22 standard is located at the ABI level, the Substrate contract module can perform any WASM intelligent contract that implements its definition API. More importantly, PSP22 will not be limited to RUST or Ink! Languages, which can be implemented by compiling for any framework or language of WASM. For example, OpenBrush is a library for smart contract development, which is a key implementation written with INK!

The appearance of PSP22 is critical because the parallel chain with WASM intelligent contract functions appears in the parallel chain auction of POLKADOT. This is very important because PSP22 integrates each parallel chain with tray contracts to implement WASM intelligent contracts. The standard has also experienced many acceptance stages and has been supported throughout the polkadot community, and they also agree with the need to adopt such measures. What is the future of PSP22?

As our progress, PSP22 will affect and achieve true interoperability at the parallel chain level. In a multi-stranded future, PSP22 helps ensure that all token standards (present and future) interoperability between various parallel chains and other substere-based chains.

The PSP22 will also achieve the core of the detailed logic through a predefined interface of a particular token standard. This approach will enhance the ability to develop teams and their high performance security implementation.

Ivankike believes that PSP22 is just a beginning. “We expect more standards with the development and scale of ecosystems. Therefore, our SuperColony will continue to contribute to the innovation and evolution of the agreement.

Translator introduction

Zhu Gang, 51CTO community editor, 2019 CSDN blog experts top 20, 2020 Tencent Cloud + Community excellent authors, 10 years of first-line development experience, participated in headhunting service website architecture design, corporate intelligent customer service, large-scale e-government system development, leading The construction of large-scale centralized anti-leaks and electronic document safety monitoring systems, currently developing bidding software in BIM head enterprises.

Original title: why psp22 is important to the polkadot ecosystem, Author: Andrew Zola