VENOM TOKEN
Token Standards
3min
There are two token standards in the Venom ecosystem:
TIP-3 is the token standard used by the Venom blockchain. It is designed to be cost-efficient and aligns with the network architecture of Venom as distributed system.
There are four key functionalities that the TIP-3 tokenstandard provides:
- Transferring tokens between accounts
- Minting and burning tokens
- Querying current token balance of an account
- Retrieving the network's total token supply
TIP-4 - Non-Fungible
The TIP-4 standard was created for non-fungible tokens (such as NFTs). It has been specifically designed for the Venom network and provides important functionalities that are optimal for creating, exchanging, and trading of non-fungible tokens.