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Summary

This video lesson delves into the concept of tokens on the TON platform, highlighting their importance in creating custom assets. It explains the distinction between fungible and non-fungible tokens, with the latter being unique and used for collectibles, utility tokens like TON DNS records, and financial agreements. The scalability of fungible tokens is emphasized, with TON's architecture allowing for independent contracts to manage token balances, ensuring performance and scalability. The video also touches on using tokens to represent various states of funds, showcasing their versatility in app development.

Takeaways

• 🔑 Tokenization is the process of breaking down value stored in a system into transferable chunks, allowing for the creation of custom assets like currencies, stablecoins, tickets, and financial contracts.
• 📦 Tokens in the TON platform can be either fungible or non-fungible, with non-fungible tokens (NFTs) being unique and not interchangeable, while fungible tokens can be exchanged for one another and are used for currencies and shares.
• 🏷 Non-fungible tokens are used for collectibles, utility tokens, TON DNS records, and Telegram usernames, each having unique attributes and ownership.
• 🔗 NFTs can be organized into collections, such as the TON DNS system's top-level domain and subdomains, creating a hierarchy of unique tokens.
• 💼 Non-fungible tokens can also be used for financial agreements, allowing for the transfer of businesses or control over financial transactions through token ownership.
• 💡 Fungible tokens in TON are implemented in a scalable manner, with multiple independent contracts known as token wallets, each communicating directly with users' wallets.
• 🔄 Scalability of tokens in TON means that transactions between users do not interfere with each other, thanks to the decentralized storage of token balances in individual contracts.
• 🌐 The architecture of TON allows for full scalability of custom assets without any limitations, ensuring performance and scalability for all users.
• 💰 Tokens can represent various states of funds, such as intermediate states with conditions applied, without necessarily being displayed as separate tokens in a user's wallet.
• 🛠️ Tokens, along with contracts, serve as building blocks for app developers, enabling the creation of scalable and performant systems for users at any scale.
• 🧠 Understanding how tokens work in TON is crucial for developers to implement assets that can be transferred directly and used as low-level building blocks within their applications.

Q & A

What is the significance of tokens in the TON platform?

Tokens in the TON platform represent any sort of value that can be transferred within an application, such as currencies, stable coins, tickets, receipts, and financial contracts. They are crucial for creating custom assets and implementing various features within the ecosystem.

What is the process called when you break down the value stored in a system into transferable chunks?

The process is called tokenization. It involves dividing the value stored in a system into individual, transferable units known as tokens.

What are the two main types of tokens mentioned in the script?

The two main types of tokens mentioned are fungible and non-fungible tokens. Fungible tokens are interchangeable units, while non-fungible tokens are unique and cannot be split or merged.

What are non-fungible tokens (NFTs) and how are they used in the TON ecosystem?

Non-fungible tokens are unique tokens with distinct attributes and owners. In the TON ecosystem, they are used for collectibles, utility tokens like TON DNS records, and for specific financial agreements, where each token represents a unique entity with its own set of attributes.

How are TON DNS records implemented as non-fungible tokens?

TON DNS records are implemented as non-fungible tokens where each domain name is a unique token with its own owner and attributes. They can be transferred between users and organized into collections representing different levels of the domain hierarchy.

What is the difference between non-fungible tokens used for Telegram usernames and TON DNS records?

While both are implemented as non-fungible tokens, Telegram usernames do not have hierarchies and are part of a single collection of independent tokens. In contrast, TON DNS records can be arranged in a hierarchical structure with collections for top-level domains and subdomains.

How can non-fungible tokens be used for financial agreements?

Non-fungible tokens can represent specific financial agreements, such as a subscription system where all payments are collected in a single token with an owner or manager. This token can be used to control financial transactions and can be transferred to change ownership or management of the agreement.

What is the role of fungible tokens in the TON platform?

Fungible tokens in the TON platform are used to implement currencies, cryptocurrencies, and any situation where there are interchangeable units of value. They have multiple units that can be transferred between users and are a key component in scalable token implementations.

How does the TON platform implement fungible tokens differently from other blockchains?

Unlike some blockchains that use a single contract to track all token accounts, TON uses multiple independent contracts called token wallets, each with the same code but different owners. This allows for direct communication between a user's wallet and their specific token wallet, enhancing scalability.

What does scalability of tokens mean in the context of the TON platform?

Scalability of tokens in TON means that transfers of tokens between users do not interfere with each other, even when multiple transactions are happening concurrently across the network. This is achieved by splitting the storage of token balances into individual contracts, allowing for high performance and unlimited scalability.

How can tokens represent different stages or states of value in a system?

Tokens can be used to represent various states of funds, such as intermediate states where money is delayed or subject to certain conditions. Fungible tokens can be used for this purpose, allowing the system to maintain scalability and performance without the need to track user accounts in a single, large list.

Outlines

00:00

📌 Custom Tokens and Tokenization in the TON Platform

This paragraph introduces the concept of tokens within the TON platform, emphasizing the ability to create custom assets that represent various forms of value. It explains the process of tokenization, which involves breaking down value into transferable units. The paragraph distinguishes between fungible and non-fungible tokens (NFTs), highlighting the uniqueness and indivisibility of NFTs and their applications in collectibles, utility tokens, and financial agreements. It also touches on the scalability of tokens in TON, which is achieved through the use of independent contracts for each user's token wallet, allowing for concurrent transactions without interference.

05:02

🔄 Scalability and Utility of Tokens in TON

The second paragraph delves into the scalability of tokens in the TON platform, which is a critical feature that allows custom assets to inherit the network's unlimited scalability. It discusses how tokens can represent different states of funds, such as intermediate states in financial transactions, without affecting the user experience or the performance of smart contracts. The paragraph also explains the use of fungible tokens not only as currencies or stable coins but also as technical means to represent value in various stages. The summary concludes by emphasizing the importance of understanding tokens for developers to create scalable and performant applications for users at any scale.

Keywords

💡Tokens

Tokens in the context of the video refer to digital assets that represent value within an application or platform. They can be customized to represent various forms of value, such as currencies, stablecoins, tickets, or financial contracts. Tokens are integral to the functionality of the TON platform, enabling the transfer of value in a decentralized manner. For instance, the video mentions that tokens can be used to represent collectibles, utility tokens, and financial agreements, showcasing their versatility in the ecosystem.

💡Fungible

Fungible tokens are those that are interchangeable, meaning each unit of the token is identical and can be freely exchanged with another unit of the same token. In the video, fungible tokens are used to represent currencies and cryptocurrencies, where one unit is the same as another. They are also used to represent shares or rates, where the value is interchangeable. The video explains that fungible tokens in TON are scalable and implemented through multiple independent contracts called token wallets.

💡Non-fungible

Non-fungible tokens (NFTs) are unique and cannot be interchanged on a one-to-one basis with other items. Each NFT has distinct attributes that make it non-fungible. In the video, non-fungible tokens are used to represent collectibles and utility tokens, such as TON DNS records and Telegram usernames, which are unique and have their own owners. They are also used for specific financial agreements, where the token represents a single entity with an owner or manager.

💡Tokenization

Tokenization is the process of breaking down the value stored in a system into transferable chunks, which are represented as tokens. This process allows for the creation of custom assets that can be transferred within an application or platform. The video emphasizes that tokenization is a key feature of the TON platform, enabling the creation of various types of tokens, both fungible and non-fungible, to represent different forms of value.

💡TON Platform

The TON platform is a decentralized ecosystem where tokens play a central role. It allows for the creation of custom assets and the implementation of various financial instruments and services. The video highlights that the TON platform supports both fungible and non-fungible tokens, and its architecture enables scalability, which is crucial for handling a large number of transactions without performance degradation.

💡Scalability

Scalability in the context of the video refers to the ability of the TON platform to handle a growing amount of transactions or users without a decrease in performance. The video explains that the TON platform's token architecture, which involves multiple independent contracts for token storage, allows for high scalability. This means that transfers of tokens between users do not interfere with each other, ensuring that the platform can scale to accommodate a large number of users and transactions.

💡TON DNS Records

TON DNS records are mentioned in the video as an example of non-fungible tokens. Each domain name within the TON DNS system is a unique token with its own owner and attributes. These records can be transferred between users, and the system can be organized into a hierarchy of names, with each element being an independent non-fungible token. This demonstrates how non-fungible tokens can be used to represent unique digital assets within the TON ecosystem.

💡Telegram Usernames

The video uses Telegram usernames as an example of non-fungible tokens that are implemented on the TON platform. Each username is a unique token without a hierarchical structure, existing as a single collection of independent tokens. This example illustrates how non-fungible tokens can be used to represent individual identities or properties within a decentralized system.

💡Financial Agreements

Financial agreements in the video are discussed in the context of using non-fungible tokens to represent specific contractual relationships. For example, a subscription system where users subscribe to content and payments are collected in a single token. This token, owned or managed by an individual, can be used to control financial transactions and even transfer the business itself by changing the ownership of the token. This showcases the utility of tokens in representing and managing financial relationships.

💡Token Wallets

Token wallets are independent contracts on the TON platform that manage the balance of fungible tokens for each user. As explained in the video, each user's wallet communicates directly with its own token wallet, which handles transactions such as incrementing the amount of tokens. This architecture allows for the scalability of fungible tokens on the TON platform, as it分散 the storage of token balances across individual contracts, preventing performance bottlenecks in the system.

Highlights

Tokens are an important aspect of the TON platform, allowing for the creation of custom assets.

Custom assets can represent various types of value, including currencies, stablecoins, tickets, receipts, and financial contracts.

Tokenization is the process of breaking down the value stored in a system into transferable chunks.

Tokens can be either fungible or non-fungible, with non-fungible tokens being unique and not interchangeable.

Non-fungible tokens (NFTs) implement features like collectibles and utility tokens in the TON ecosystem.

TON DNS records are non-fungible tokens, each with unique attributes and ownership.

Non-fungible tokens can be arranged in collections, such as the top-level domain doton in the TON DNS system.

Telegram usernames are also implemented as non-fungible tokens in a single flat collection.

Non-fungible tokens can be used for specific financial agreements, such as subscription systems.

Fungible tokens have multiple units that can be interchanged and are used for currencies and shares.

In TON, fungible tokens are implemented through multiple independent contracts called token wallets.

The architecture of TON's fungible tokens allows for scalability without a single contract tracking all accounts.

Scalability of tokens in TON means transfers do not interfere with each other, maintaining performance.

Tokens can represent various states of funds, such as intermediate states with conditions.

Fungible tokens can be used as a technical means to represent value stages while maintaining scalability.

Tokens, along with contracts, serve as building blocks for app developers in the TON platform.

Understanding token functionality is crucial for creating scalable and performant systems for users at any scale.

Transcripts

[Music]

in this lesson we will talk about tokens

an important aspect of ton platform is

that you can create your own custom

assets and this means really all sorts

of things of value that you are going to

transfer in your application this means

currencies uh this means stable coins

any types of tickets receipts any any

Financial contract anything that makes

sense to transfer this is what we called

tokens and whenever you break down the

value stored in your system into

transferable chunks uh it is a process

that we call tokenization so token is a

technical term that means anything of

value in your system so let's take a

look at uh what kind of tokens exist in

town uh first of all the tokens could be

fungible and non-fungible what does it

mean non-fungible tokens are those that

are unique those that have an owner but

they cannot be split or merged and uh

freely

interchanged and the non-fungible tokens

Implement a lot of important features in

the ton ecosystem uh first of all it's

all sorts of

Collectibles uh and many utility tokens

for instance ton DNS records are

non-fungible tokens each each name each

domain name is a unique token that has

its own owner and its own set of

attributes and can be transferred

between the users and also those tokens

could be arranged in collections so the

ton DNS system has a

collection of the top level domain doton

and then every other token could also be

a collection to the other subdomains and

thus you could create the here Ary of of

the names in this domain system where

each element will be an independent

non-fungible token similar to tonns

there are telegram usernames they are

also implemented as tokens except there

are no hierarchies it's just a single

collection of telegram usernames and

then there just a flat list of

independent tokens for each

username uh finally you could use

non-fungible tokens for specific

Financial agreements so let's say you

have a subscription system where users

could subscribe to your uh content and

all the payments will be collected in a

single token that has an owner or

manager and this way you could transfer

your business or you could rotate the

keys and change the ownership of this

token and use this token as sort of a

tool to control the financial

transactions that are designed in your

financial agreement

and this is how you would use

non-fungible

tokens the fungible tokens add one more

Dimension the funable tokens not only

have owners but they also have multiple

units that could be

interchangeably uh transferred between

the users and in ton the funable tokens

are used to implement currencies

cryptocurrencies and pretty much any any

any situation where we have shares or V

rates where you have things of value

that are

interchangeable and in t those fungible

tokens are implemented in a scalable

manner how does it work unlike some

other blockchains in t you don't have

the single contract that keeps a track

of all the accounts that own portions of

the token or the units of the token

instead there is a multitude of

independent contracts with the same code

code that are called token balances or

token wallets and every user's wallet

communicates directly with their own

token wallet and this token wallet's job

is to pass the message that says uh

please increment some amount of tokens

to The Sibling the same contract that

has the same code but has a different

owner and this architecture we will talk

about it later in this of course in in

more detail but this architecture uh

allows to make tokens fully scalable in

ton uh platform so what does the

scalability of tokens mean it means that

while two users are making a transfer of

the to of one token between themselves

this transfer doesn't interfere with the

transactions of some other two users who

are doing the transfer of the same

tokens on some other end of the network

and this is thanks to splitting out the

storage of all the balances of these

tokens in those individual contracts

this scalability is the uh one of the

most important features of Taun platform

because in ton all these custom assets

that you create they inherit the full

unlimited scalability of the network

without any shortcuts you could also use

tokens to represent various States of

your funds so let's say you have a

system where there is a delay or you

have to put the money in some you know

intermediate State how do you represent

the state of the money in this

particular situation well you would use

fungible tokens uh of different sort uh

for this matter this means that you

would use the fungible tokens not just

uh for the face face value like like a

currency or a stable coin but you would

also use it as a just a technical mean

to represent intermediate states of your

value this doesn't mean that the user's

wallet has to even show this um this

token as independent token with its own

name or a ticker or price it could be uh

represent as just an ordinary token but

maybe with some additional information

like it's not available until tomorrow

or you know there's some other

conditions applied to

that uh but under the hood you would use

the all all sorts of tokens to represent

different stages of the value and keep

the whole system scalable so in no place

in um your application you would have to

keep track of the users accounts and one

big list that could break the uh

performance of your smart contract so to

conclude in T fible and non funable

tokens allow you to implement all sorts

of assets that you could transfer

directly and present to the users but

also use them as low-level building

blocks that represent different phases

or different stages of the value in the

system uh and together with contracts

tokens that are built with contracts

they themselves become one of the

building blocks in the Arsenal of a app

developer and understanding how the

tokens work is important to make your

system scalable and performant for all

the users at any

scale