What is KCT, KIP-7, and KIP -17?
Hello. This is Klaytn API Service team.
Please refer to the following information about KCT, KIP-7, and KIP-17.
Klaytn Compatible Token (KCT) is a special type of smart contract that implements certain technical specifications. Token standards are defined in Klaytn such as KIP-7 and KIP-17.
KIP-1 is a fungible token that has properties of uniformity and divisibility. Every fungible token is
interchangeable as each unit of token possesses the same value. A standard interface allows any
token on Klaytn to be re-used by other applications. KIP- 7 is derived from ERC-20 written by Fabian
Vogelsteller and Vitalik Buterin. Please refer to the information below about differences with ERC-20.
Differences with ERC - 20
- More optional functions are included (e.g. mint, burn and pause extension).
- Every token transfer/mint/burn MUST be tracked by event logs. This means that a Transaction MUST be emitted for any action related to transfer/mint/burn.
- The KIP-13 interface for each method group MUST be implemented.
Please refer to KIP-7 documents for further details.
KIP-17 is a non-fungible token standard. It has unique values and it is not interchangeable.
KIP-17 allows wallet/ broker/ auction applications to work any NFT on Klaytn. It provides simple KIP-17
smart contracts as well as contracts that track an arbitrarily large number of NFTs. It is also heavily
derived from ERC-721. Please refer to the information below about differences with ERC-721.
Differences with ERC-721
- Every token transfer/mint/burn must be tracked by event logs. This means that a transfer event must be emitted for any action related to transfer/mint/ burn.
- KIP-17 also supports the wallet interface of ERC-721 to be compliant with ERC- 721.
- More optional extensions are defined (minting extension, minting with URI extension, burning extension, and pausing extension).
Please refer to KIP-17 documents for further details.
For any additional questions, you may select ‘Inquiry Registration’ above the KAS Help Center page
where you can register your inquiry.
Klaytn API Service team.