IIP-34: Proposal for Integration of XRC20 Token Standard into the Rosetta API for IoTeX Blockchain

Governance Proposals IIP Discussion
1

Abstract
This proposal seeks to integrate the XRC20 token standard, native to the IoTeX blockchain, into the Rosetta API, a widely adopted framework that simplifies blockchain integration. The integration will enable broader access to IoTeX-based tokens, particularly XRC20, across various platforms, including exchanges, decentralized applications (dApps), and wallet services. By standardizing the interaction with IoTeX tokens through Rosetta, this initiative aims to promote greater adoption, streamline token operations, and enhance the overall utility and market presence of IoTeX-based assets.

Rationale
The IoTeX ecosystem is rapidly expanding, with XRC20 tokens at its core, including the newly launched DEPIN tokens designed for Decentralized Physical Infrastructure Networks. However, to maximize the potential of these tokens, especially DEPIN, it’s crucial to ensure they are easily accessible and widely adopted across the blockchain space. The Rosetta API, developed by Coinbase, offers a standardized integration framework that can significantly enhance the adoption and utility of these tokens.

Integrating XRC20 tokens into the Rosetta API will provide several key benefits to the IoTeX ecosystem, with particular advantages for new token launches like DEPIN:

  1. Facilitated Exchange Listings for DEPIN Tokens:
  • The integration will streamline the process for exchanges to list new IoTeX-based tokens like DEPIN, which are critical to the IoTeX ecosystem. Many exchanges already support Rosetta, making it easier to apply for and secure listings for DEPIN tokens, thereby increasing their market presence and liquidity.
  1. Increased Adoption and Utility for DEPIN:
  • By integrating DEPIN tokens into Rosetta, these tokens can be more easily adopted by various dApps, services, and platforms, boosting their utility and fostering innovation within Decentralized Physical Infrastructure Networks on IoTeX.
  1. Enhanced Cross-Chain Interoperability:
  • The Rosetta API’s standardized approach will enable DEPIN and other IoTeX tokens to interact more seamlessly with other blockchains, facilitating cross-chain transfers and expanding the potential use cases for DEPIN in a multi-chain environment.
  1. Broader Token Accessibility and Developer Engagement:
  • The integration will make DEPIN and other XRC20 tokens more accessible to developers and users across multiple platforms. This accessibility will encourage more projects to build on IoTeX, leveraging DEPIN tokens in new and innovative ways.
  1. Support for IoTeX’s DEPIN Ecosystem Growth:
  • As DEPIN tokens play a crucial role in IoTeX’s vision for Decentralized Physical Infrastructure Networks, ensuring their easy integration and widespread use is essential. Rosetta’s integration will support the growth of this ecosystem by simplifying token operations and increasing market reach.

Conclusion

Integrating XRC20 tokens, including DEPIN, into the Rosetta API is a strategic move that will significantly benefit the IoTeX ecosystem. It will facilitate exchange listings, enhance token utility, and support the broader adoption of IoTeX’s DEPIN initiative, driving growth and innovation across the ecosystem. This integration will play a crucial role in driving the adoption and growth of the IoTeX blockchain.

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