FT4 Token Protocol and Chromia Wallet SDK Released

FT4 Token Protocol and Chromia Wallet SDK Released

TLDR Summary:

  • Development of the MVP (minimum viable product) version of the FT4 Token Protocol has been completed, along with its accompanying documentation.
  • We have also completed an MVP version of the Chromia Wallet, and will be releasing it as part of an SDK (Software Development Kit) for dapp developers.
  • Developers are now able to import the FT4 library using the Chromia CLI package manager. This will streamline the process of integrating tokens into dapps.
  • The MVP Wallet will provide a working example of FT4 integration, as well as a ‘white label’ solution that developers can adapt for use on single chains for their Testnet or Appnet deployments.
  • The wallet team will use the MVP Wallet as a starting point to create a standalone “Official Chromia Wallet” for public use, that aggregates token balances across chains on the Chromia Network and routes token traffic to create a streamlined user experience.

Read on for a more in depth look at this development milestone, as well as a look ahead to our next steps.

The FT4 Protocol
The easiest way to understand FT4 is by making a comparison to Ethereum’s ERC-20. The majority of tokens (that aren’t NFTs) on Ethereum are ERC-20. When you buy and trade tokens, send them to exchanges, withdraw them etc., you are dealing with ERC-20 tokens.

Having a token ‘standard’ is important because it sets common design specifications of how an Ethereum based token will work. In this way, developers and exchanges don’t have to ‘reinvent the wheel’ every time they integrate a new token - they know that any ERC-20 will play by the same rules.

FT4 serves a similar purpose on Chromia based chains. By developing and providing a standard for all developers to use when issuing tokens, we can ensure that tokens are compatible across the various chains that make up the network, and that developers can build wallets, bridges, and other utilities.

As an analogy, imagine trying to build a house with a crew of people that speak 20 different languages. The task is made far more difficult. A token standard provides a common language that gets everyone on the same page.

How does the FT4 Protocol Relate to Chromia Originals?
Chromia Originals is a token standard that is designed for NFTs (Non-Fungible Tokens). FT4 and Originals share several common functions and rely on many of the same libraries. However, NFTs require additional features, metadata, programmability, et cetera. While the majority of development on Originals has been completed, there is additional work to be done before releasing the NFT protocol.

Chromia Wallet SDK

The three main functions of the MVP Wallet release are:

  1. Provide a concrete example of FT4 integration for developers
    The wallet code will be in the public domain immediately after release, allowing developers to cross reference this code with developer documentation to build a deeper understanding of how to leverage the protocol to issue tokens and perform essential functions (displaying balances, complete transfers, perform exchanges, etc.)
  2. To provide a ‘white label solution’ that dapp developers can use on a single chain basis for Testnet and Appnet Deployments

Developers will be able to fork the wallet in order to create versions that can perform single chain interactions. As an example, a game could have an in-game currency token that can be exchanged for in-game resources also represented by a token - however, these tokens can’t be sent to another dapps chain.

End users will not see publicly facing products right away. However, after developers have had time to deploy tokens and adapt the MVP wallet, users may begin to see usable examples of tokens and wallets they can interact with.

3. As an intermediate step towards completing a public “Official Chromia Wallet”, capable of cross-chain transfers and cross-chain balance aggregation.

The wallet team will now shift focus to further developing the MVP version into a fully featured wallet that will work across all dapps and chains on the Chromia Network. We are targeting a Q4 release.

One of the key features required for this wallet will be cross-chain balance aggregation. For example, you might hold a certain quantity of token XYZ on one chain, and another quantity of the same XYZ token on another. The wallet needs to be able to look at each chain’s balance individually, but also be able to show a ‘universal’ balance.

Another key feature is cross-chain transfers and routing. If a user wants to spend 20 XYZ  tokens in a specific game, we want to provide a seamless experience where there is no need to track down the location of those tokens elsewhere on the network.  

Finally, the Official Wallet will also act as a user interface for bridging assets to and from the Chromia Network to EVM Networks (Ethereum, Binance Smart Chain, Polygon, etc.)

Check the screenshots below for a preview:

Doesn’t Chromia have Metamask integration? Why do we need another wallet?
While Chromia is interoperable with EVM, it is not EVM-compatible. When you add a network (like Binance Chain or Polygon) to Metamask, it behaves exactly the same way as Ethereum. That’s because all of these chains are based on the Ethereum Virtual Machine.

Chromia users will not add Chromia as a network and view their tokens in Metamask the same way they would with an Ethereum fork.

Instead, by cryptographically linking your Chromia address to your EVM address, Metamask can be used to sign transactions that originate on Chromia. This will feel familiar, with some key differences. For example, there is no need to set or pay gas fees in Metamask. Instead, the user flow is more like:

  1. Initiate action from a Chromia dapp or wallet
  2. Click ‘sign’ in Metamask
  3. The action initiated in step 1 is carried out

As an additional benefit to this link, the process of bridging assets between Chromia and EVM chains is simplified. When assets are bridged from EVM to Chromia or vice versa, the destination address is predetermined. It should be noted that users will pay gas fees on the EVM side when performing bridging functions.

What are the Next Steps?

  • Developers will begin utilizing the FT4 Protocol and Wallet SDK to create dapp specific implementations
  • The wallet team will continue development on the “Official Chromia Wallet” outlined above
  • The next phase of Testnet development will focus on tokens, native CHR, NFTs, cross-chain transfers and bridging

About Chromia
Modern society runs on data and every online service you’re using is built upon underlying databases - ranging from your online bank to music streaming and gaming. Chromia is a relational blockchain - a combination of a relational database and a blockchain - making it easy to develop user-friendly decentralized apps for almost any industry, including DeFi, NFTs, gaming, and more.

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