The community of a prominent privacy-centered AI network PlatON has recently started a proposal named PIP-12 proposal. It deals with the release of PRC-12 which is considered to be a unique standard that deals with the fungible tokens (FT) which are EVM-compatible. The platform shared this news on its Twitter handle.
Community of PlatON Proposes the Release of a New Fungible Token Standard PRC-12
The respective standard recognizes the operations of delegated transactions as well as the delegated authorization for people holding tokens. In this way, it simplifies the communication procedure between the smart contracts as well as the consumers. Moreover, it minimizes the transfer charges in addition to improving the token flexibility and security.
It is an optimization and extension based on contemporary standards like EIP-3009, EIP-2612, and EIP-20. Keeping that in view, PRC-12 chiefly provides several functionalities. They take into account delegated authorization. In this respect, the parties holding tokens can let 3rd-party application contracts invoke the “approve” operation by consenting to a message. Hence, this eliminates the requirement to send a transfer for authorization.
The Exclusive Token Standard Offers 3 Chief Functionalities
Another functionality is delegated transaction with which the token-holding parties can let 3rd-party application contracts invoke the transaction operation by consenting to a message. In this way, PRC-12 dismisses the requirement for the delivery of a transfer to carry out a transaction on PlatOn. The 3rd most important functionality is related to meta transaction.
With this feature, the people holding tokens can let 3rd-party callers recompense gas charges by consenting to a message. As a result, they can carry out any token activity without holding ETH tokens for covering gas charges. Additionally, the PRC-12 standard incorporates additional possibilities for the FT-related use cases, taking into account DEXs, NFT marketplaces, and lending forums.
