Solana Offers New Features For Crypto Developers

JAKARTA - Solana, one of the fastest and most scalable blockchains in the world, offers a token expansion feature that allows developers to create crypto assets with various functions and uniqueness.

The token expansion is an activated feature on the Solana blockchain that allows developers to add special features to the tokens or NFTs they issue. These features can include confidentiality, token-based access, compliance checks, and others.

In an interview with Blockworks, a trusted foreign crypto media, Austin Federa, Solana's chief strategy, explained the various possibilities that could be done with the expansion of tokens and how it could increase Solana's appeal to developers and institutions.

Token Expansion: New Generation Of Token Programming In Solana

Federa said that the expansion of the token was the final result of about three years of work starting on the 2021tensurate. The work was carried out by engineering team Solana Labs, which aims to build the next generation of token programming in Solana.

Solana has a different approach from other blockchains in terms of deploying tokens or NFTs. On other blockchains, such as Ethereum, developers should depley smart contracts that control the tokens or NFTs they create. This makes the process more complicated and expensive.

Solana, from the start, was built with a concept called a "reusability program", meaning that every program on the network is designed to be used by anyone on the network. So, if developers want to create tokens or NFT, they don't need to deploy their own token program, but only need to provide data into the token program already in the blockchain.

This token program is a new token program designed to carry a variety of new features and options related to what can be built with tokens. Developers can use this token program to issue various types of tokens with different features and functionality, without the need to write additional codes.

Interesting Token Expansion Features

Federa explained several interesting and useful token expansion features for token developers and users. One of the most popular features is the transfer hook authority, which is an extension of the transfer hook token.

Transfer hook tokens are programs that can be invoked whenever tokens are transferred. This program can approve or refuse transfers based on on-chain data, such as blacklists, whitelists, deadlines, and so on. This allows developers to create tokens that have specific and flexible transfer rules.

The transfer hook authority is a feature that allows developers to appoint certain authorities that can control token transfers. These authorities can be in the form of accounts, programs, or other smart contracts. This provides more flexibility for developers to manage their tokens, such as confiscation, freezing, or moving tokens from problematic accounts.

Another interesting feature is the expansion of tokens that allow developers to create tokens that have token-based access. This means that tokens can be used as the key to unlocking certain goods or services, such as digital content, social platforms, or games. This can increase the value and utility of tokens, as well as create new business models.