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.10.2012 09:59 am Criptoicrat Offline Activity: 154 Merit: 100 Full MemberActivity: 154Merit: 100 Re: [ANN][IGT]Veritaseum - Developing a fork of the world's first public blockchain! March 20, 2013, 08:49:10 PM #113 Hi, First off thanks to a-S-A for posting on this forum and all the forum staff for making it possible for us to debate about Veritaseum and the IGT community. I recently posted a couple of questions on the Facebook Page and received great responses from igt community members, one of those questions was about the ERC 20 token. Many people have been asking me if there is a reason why we are not using the ERC 20 token standard, which is described in the www.erc20.org site. The answer is simple, we are not using any ERC 20 standard, nor will we be implementing one in the near future. A couple of reasons for this: First, the verification process is very expensive, this is one of the reasons why the current specification is not feasible to use and implement. This is why we have taken this approach, we believe the current specification is too expensive to be able to implement on a large scale. Also, if this ERC 20 standard was implemented, it would also be very expensive and it would be very difficult to maintain and maintain in a secure way in our implementation of the IGT Proof of Stake Chain. I believe it would be a major pain to maintain in a secure way. Second, the IGT coin will have a UTXO based blockchain, and we believe there is not enough demand for an ERC 20 token in this environment, a lot of exchange services are not adding support for it. We also believe that most ERC 20 tokens will be developed by the huge exchanges, they are also not adding support for it. This is a fact and we have discussed it with several exchanges and they agree. Now, there are some ERC 20 tokens that use the redeem script, one of those is the Waves token which is also based on the Proof of Stake Model. So, we decided that the implementation of an ERC 20 standard using the redeem script is not feasible for us, neither is it being developed or used by exchanges in this current environment. We believe this

 

 

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