Announcing "Token Standard" as topic of the first meeting of the Ledger & Tokenization Working Group

skilesare · January 16, 2024, 6:21pm

I’ve updated the ICRC-4 spec given the discussions we’ve had during the NFT and Token WGs. Please send feedback.

skilesare/ICRC/blob/main/ICRCs/ICRC-4/ICRC-4.md

# ICRC-4: Batch Transfers for ICRC-1 Fungible Tokens

This document specifies the ICRC-4 standard for batch processing transfer transactions for fungible tokens compliant with the ICRC-1 standard. It is designed to optimize and reduce the cost of multiple transfers originating from a single principal.

|   Status   |
|:----------:|
| Draft (Pending Review and Acceptance) |

## Abstract

ICRC-4 extends the ICRC-1 standard to enable the transfer of tokens from multiple subaccounts owned by a principal to multiple recipient accounts in a single ledger call. This method significantly reduces the latency and cost traditionally associated with multi-account token transfers.

## Motivation

The primary motivation is to facilitate optimized batch transactions in DeFi applications where multi-party settlements or token distributions are common. Implementing a batch transaction method reduces the overhead of individual call cycle charges and minimizes latency associated with separate transaction submissions. This standard aims to align closely with the ICRC-7 batch patterns to ensure consistency across token standards on the Internet Computer.

## Specification

The keywords "MUST", "MUST NOT", "REQUIRED", "SHALL", "SHALL NOT", "SHOULD", "SHOULD NOT", "RECOMMENDED", "MAY", and "OPTIONAL" in this document are to be interpreted as described in [RFC 2119](https://www.ietf.org/rfc/rfc2119.txt).

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Most discussion seems to revolve around:

Do we include the transfer request with each response so that the implementation can dictate if it wants to process in order or not? Including it allows for more options and gives more power to implementors.
Do we dictate or leave open how to handle processing termination? We have removed a top level error that applies to the whole batch and allow the implementor to terminate with an error in the last entry or include entries with a null error if they are not processed due to termination.

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Announcing "Token Standard" as topic of the first meeting of the Ledger & Tokenization Working Group

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