Fuel network Fungible token standard: SWAY-GANG-TOKEN

INTRODUCTION

What is a Token?

Tokens can represent virtually anything in Fuel ⚡️:

• reputation points in an online platform
• skills of a character in a game
• lottery tickets
• financial assets like a share in a company
• a fiat currency like USD
• an ounce of gold
• and more...

Such a powerful feature of Fuel must be handled by a robust standard, right? That's exactly where the SWAY-GANG-TOKEN plays its role! This standard allows developers to build token applications that are interoperable with other products and services.

What is ERC-20?

The SWAY-GANG-TOKEN introduces a standard for Fungible Tokens, in other words, they have a property that makes each Token be exactly the same (in type and value) as another Token. For example, a SWAY-GANG-TOKEN Token acts just like the ETH, meaning that 1 Token is and will always be equal to all the other Tokens.

BODY

The SWAY-GANG-TOKEN, proposed by the SWAY GANG TEAM on December 2022, is a Token Standard that implements an API for tokens within Smart Contracts.

Example functionalities SWAY-GANG-TOKEN provides:

• transfer tokens from one account to another
• get the current token balance of an account
• get the total supply of the token available on the network (soon)
• approve whether an amount of token from an account can be spent by a third-party account

If a Smart Contract implements the following methods and events it can be called an SWAY-GANG-TOKEN Contract and, once deployed, it will be responsible to keep track of the created tokens on Fuel.