ARC1 is a technical standard for smart contracts on the Aergo blockchain, designed to implement fungible tokens with improved functionality and security. It encompasses the best features of popular token standards like ERC-20 and extends them for enhanced usability and safety.
The ARC1 standard ensures that when tokens are sent to a contract address, the receiving contract implements a predefined tokenReceived function. This feature helps prevent token loss due to incorrect contract interaction.
ARC1 enables the direct execution of predefined functions in a single transaction alongside token transfers. This approach improves efficiency and reduces transaction costs.
By allowing users to delegate authority to a trusted contract through the setApprovedForAll function, ARC1 enables seamless interaction with other smart contracts, such as Decentralized Exchanges (DEXs). Users can trade without the need to deposit and withdraw tokens before transactions.
The ARC1 standard includes several extensions that further enhance its functionality:
The All Approval extension allows users to delegate authority to other accounts to spend tokens on their behalf.
Limited Approval functionality restricts the delegation of authority, preventing excessive access to user tokens.
This extension allows for the creation of new tokens, enabling dynamic token supply management.
The Burnable extension allows users to destroy tokens, reducing the total token supply.
This feature allows for the suspension of token transfers, providing greater control and security in case of emergencies or unexpected issues.
The Blacklist feature enables administrators to manage accounts flagged as malicious or non-compliant. Blacklisted accounts are restricted from transferring or burning tokens.
Please check the complete specification here.
The preferred way to deploy an ARC1 token contract is to use the Aergo Token Factory.
The factory is a smart contract that allows users to create new ARC1 token contracts with a single transaction.