I would like to preface this article by saying that this outline is based on my understanding of the topic and in no way should be taken as technical fact (If I am wrong notify hbar news). I struggle as many do in these new areas of technology and advances.
I write these articles for my own reference and try to articulate my understanding as it is a learning tool for me and may help others understand a bit more than they currently do. With that being said here is my take on the different token keys/types that are available on HTS.
Being as there are different types of keys you can apply to tokens and/or NFTs on HTS, I thought it best to give a brief description and example of each key in the simplest manner possible. That way users have an understanding and basic knowledge base regarding the different key options available when minting a new token on HTS.
- Immutable — According to Merriam-Webster Dictionary the definition is “not capable of or susceptible to change” This means that the information provided upon creation or minting of the token is not able to change or be edited. The title and the description are immutable or not capable of being changed and will remain attached to the token for eternity.
- Admin — Is the opposite of immutable really, Which means that information can be changed by the holder of the key. The title, the description can be changed at a later time or when the creator deems it necessary. The token allows for changes or edits to be made to the information that was originally provided upon creation or the minting of token.
- KYC — To put it simply all tokens on Hedera have to be associated by the person receiving the token by design on Hedera. This is a feature that is used to prevent unsolicited air drops and other security related issues. With a KYC key you are now requiring both parties to agree to the transaction. This can be used for a number of different applications and real life uses. An example of this can be that I mint an NFT Membership card that is a members only card that entitles members to access to a website or physical location. Members are required to submit an application to be approved as a member of my club. To control who has this NFT membership card, I can now control who has access to it by first approving the receipt of the NFT as well as control secondary market sales or transfers of the token.
- Freeze — This is quite simple to explain in my opinion and you can think of the creator in a similar manner to that of a bank that can freeze your account or assets. This key allows the freezing of an account just like your bank can do to you.
- Supply — Allows the change or control over the supply of the token. You can increase the supply when necessary, have a timed release of more tokens etc. Think of it as a stable coin whereas you can increase supply upon receipt of funds to match the currency that was paid to receive the token.
- Wipe — A wipe key is the opposite of the supply key whereas a supply key can increase the supply, a wipe key can decrease the supply of the minted token. The best way to describe this is a token burn. So if you had a 10,000,000 supply you can then burn some of those and reduce the supply’s or the quantity available.
Written and Submitted by NinjaBeef3