DFINITY Community Releases Proposal To Explore New Standards For RWA And Stablecoin Ledgers
In Brief
The DFINITY developer community has released a proposal aimed at facilitating the exploration of new standards for managing real-world asset and stablecoin ledgers.
Developer community of DFINITY, which contributes technology to the Internet Computer (ICP) blockchain, has released a proposal to explore new standards for managing real-world asset and stablecoin ledgers.
The token working group is currently exploring standards tailored to the unique needs of managing ledgers for real-world assets (RWAs), such as those that need to adhere to CMTAT standards, as well as stablecoin ledgers. These types of ledgers often require special management operations to ensure compliance, security, and the integrity of operations.
According to the document, as part of this initiative, several management operations have been considered for execution by privileged parties. One proposed operation is the temporary halt of all transaction processing while maintaining read access to the ledger’s state. This operation is intended to be useful in situations where transactions must be suspended, such as during maintenance, security concerns, or regulatory actions.
The proposal also suggests the option of ledger deactivation, which would permanently halt all transaction processing. Unlike a pause, deactivation is irreversible, ensuring that the ledger cannot be used for transactions, though its historical data remains accessible.
Additionally, it is proposed to restrict specific accounts from being used in transactions. This operation could be applied to enforce compliance or respond to suspicious activity. Another proposed operation is to remove all tokens from a specific account, addressing scenarios such as fraud, regulatory action, or user-requested account closures, where tokens may need to be revoked or nullified.
These operations are intended to provide a strong framework for the compliant and secure management of token ledgers. DFINITY noted that further functionalities may be useful, and feedback from the community is welcomed.
DFINITY Proposes A Change To Default settings In Its Service Nervous System
DFINITY’s mission is to develop and contribute technology that supports the Internet Computer (ICP) blockchain and its ecosystem. The ICP is powered by an innovative technology known as “chain-key cryptography,” which enables it to operate at web speed with high efficiency. This technology allows smart contracts to directly serve the web to end users and enables on-chain computing to scale without limits. With these capabilities, mass-market Web3 services can be run entirely on-chain, paving the way for blockchain to potentially serve as an alternative to traditional IT solutions, such as cloud services.
Recently, the Governance team at DFINITY, which contributes technology to the ICP blockchain, proposed a change to the default settings of the Service Nervous System (SNS). The proposal suggests modifying the default value of the NervousSystemParameters.automatically_advance_target_version from false to true. This change would enable newly launched SNSs to automatically upgrade to the latest approved version without requiring manual intervention.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
