Chia first news about Chia Asset Token — CATs

  • November 25, 2022

The first tokens Chia Asset Tokens — or CATs, have already hit the Testnet with very interesting names.

SPACEBUCKS = {      "asset_id": "78ad32a8c9ea70f27d73e9306fc467bab2a6b15b30289791e37ab6e8612212b1",      "name": "Spacebucks",      "symbol": "SBX",  }    MARMOT = {      "asset_id": "8ebf855de6eb146db5602f0456d2f0cbe750d57f821b6f91a8592ee9f1d4cf31",      "name": "Marmot",      "symbol": "MRMT",  }    DEFAULT_CATS = {      SPACEBUCKS["asset_id"]: SPACEBUCKS,      MARMOT["asset_id"]: MARMOT,  }

Link to the file itself, located on GitHub: /

The Chia team recently announced the beta release of their Chia tokens equivalent to Ethereum [(ERC20 and related derivative updates ERC223, ERC777, ERC1155)]. This standard opens a new era for Chia, when a real business can be built, allowing for the use of advanced smart contracts.

The interesting thing about CAT is that the token is divided into two parts: The CAT1 standard itself defines how the token behaves and works, and TAIL, a program that contains a unique identifier (GENESIS_ID) and emission characteristics.

There were some nuances — and the biggest nightmare in the calculation. First of all, we need to consider the basic question of how many CAT tokens there are in total.  It’s not easy to calculate at all! First, CAT can be converted by users. When a CAT is created using the default standard, you need to use 1000 mojos to create 1 CAT. Since 1 Chia is 1,000,000,000,000 mojos (i.e. 1 trillion), one Chia can create 1,000,000,000 tokens. If you want to get more than 1 billion, you need to spend more and more Chia. 10 XCH to get 10 billion, 100 XCH to get 100 billion, and so on. This means that all tokens have an intrinsic value of 1000 mojo, and the price really should never fall below this level, because otherwise you could swoop in and convert to XCH using the melting operation and make money.

At a video conference in Zoom, Chia developers shared their ideas and thoughts about the future of CATs and also demonstrated live how tokens are created on Chia and a lightweight wallet that supports CATs

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