This document specifies the fantoken module of the BitSong chain.
The fantoken module enables the BitSong chain to support fan tokens, allowing actors in the content creation industry to create their economy. In this sense, they can generate new ways to monetize their music and brand and provide a unique and innovative channel to engage with fans. Thanks to this module, players from the content creation universe can start minting their fan tokens (which are fungible tokens) and listing them within a few minutes for low fees.
In the music industry, for example, fan tokens enable to empower a lot of different scenarios. For instance, it is possible to use them to crowdfund a tour or an album, or even to access exclusive content. The potential of such a system is very massive and, with these few examples, you can imagine what a contribution this tool can make to a world teeming with content creators.
Based on the concept of the ERC-20 Standard, BitSong fan tokens enable the user to a new way of value exchanging. Here, through tokens issued by a particular entity, the fans can deeply interact with their influencers or idols.
We can identify each fan token through its denom.
Moreover, even if its denom allow the global identification of the token, each fan token is also equipped with a name and a symbol, which helps in its recognition. The name and the symbol of a fan token, together with a uri and an authority (i.e., the address of the wallet which is able to manage those data) are part of the metadata of the fan token.
More specifically:
- denom is calculated by the tendermint crypto hash function through the block height of the transaction, the first minter, the symbol, and the name. For this reason, it is unique;
- symbol is defined by the user and can be any string matching the pattern
^[a-z0-9]{1,64}$, so any lowercase string containing letters and digits with a length between 1 and 64 characters. It cannot be empty; - name, on the other hand, is also defined by the user but it can be any string containing max 128 characters. It can also be empty.
Finally, thanks to the fantoken module, users on BitSong can:
- manage fan tokens, issuing, minting, burning, and transferring them;
- build applications that use the fan tokens API to create completely new and custom artists' economies.
Features that may be added in the future are described in Future Improvements.