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Is there a requirement to use the eosio.token account/contract for managing tokens?

EOS.IO Asked by tommccann on January 8, 2021

I understand that the eosio.token account/contract is used to maintain a ‘register’ of tokens and also maintains a balance for each user.

Alternatively, I could create my own account and implement the eosio.token contract to that account. I could take the opportunity to modify the eosio.token code to store additional information on each user (e.g. account type, registration date, etc).

If I take the latter approach I can effectively maintain my own version of a token ledger, however I suspect I will lose some functionality. For example, what if an exchange or another user (outside of my system) wants to credit one of my users with an amount of my token?

My question is: should I use the eosio.token account/contract to manage create/issue/transfer of my system’s tokens – or should I create my own version?

[I suspect that I will have to use the eosio.token account/contract as that is publicly available, and build any extensions, (e.g. user registration date, account type, etc) in my own multi_index_table]

One Answer

You can't create a token using the eosio.token-account because you would need the authentication of the contract to do so.

void token::create( const name& issuer, const asset& maximum_supply )
{
    require_auth( get_self() );
    ... 
}

Therefore, you have you to deploy your own token-contract.

Correct answer by cmadh on January 8, 2021

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