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Why the Newly Launched Cardano Token Registry Is Important

Cardano Foundation announced the launch of the Cardano Token Registry calling it a critical step in the blockchain’s development. Read on.
  • Cardano just launched a native token registry.
  • The Cardano Token Registry is expected to track tokens minted on the blockchain.
  • Users can now mint tokens and submit them for authentication.

The Cardano (ADA) network has reached another important goal with the launch of its Cardano Token Registry. The blockchain announced the new update via a recent tweet.

In fact, the Cardano Foundation stated that the registry marks a vital step towards formalizing and growing the ADA ecosystem. However, why is the launch of the token registry so important?

Why the Cardano Token Registry is Important

ADA also posted a detailed blog that explains the role the registry will play. It seems the registry will serve as a centrally managed register for all the tokens minted on Cardano.

Despite only launching its multi-currency era a few weeks ago ADA users minted over a 1 000 native tokens to date. As such, it is becoming very hard for the network to track detailed data about each minted token within the system.

Thus, the Cardano Token Registry will help fill this major gap. As such, the registry will store ‘on-chain identifiers’ like public keys, hashes, token addresses, minting policies, and more. Also, the registry will store token data in a non-developer-friendly format.

The readable format will provide users with the token name, a short function description, asset name, and minting policy. This data will also soon be available on ADA’s Daedalus and Yoroi wallets.

Further, the readable on-chain identifiers will also let users easily find tokens on the registry. A benefit that is likely to enhance DApp and NFT use on the ADA network.

Finally, since multiple users can mint tokens with the same name, the register will also let users authenticate their tokens. However, users must submit their tokens to the registry to enjoy these benefits.

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.