Elastos employs a main chain and sidechain structure. As such, one of the sidechains that is deployed on the Elastos Blockchain network is a Token sidechain. The Elastos Token Sidechain is a simple sidechain that lets users create both fungible and non-fungible tokens. The main difference between the tokens created using Token sidechain and tokens created using ETH and NEO sidechains is that there are no smart contracts features available on the Token sidechain.
Utilities of Token Sidechain
- Create fungible and non-fungible tokens
- Token Sidechain is not programmable which is the same way Elastos main chain works. This means that all a user/developer can do is create tokens utilizing this sidechain and any sort of logic needs to be scriped instead.
Differences between Elastos Token Sidechain, Elastos ETH Sidechain and Elastos NEO Sidechain
- You can create both fungible and non-fungible tokens using all three sidechains: token, eth and neo sidechains
- Token sidechain has no smart contract functionality while NEO and ETH sidechains do have it
- Token sidechain and NEO sidechain employ PoW consensus for block generation so the same proof of work is used for both of these sidechains as the proof of work for the Elastos main chain, thereby guaranteeing the security of the block generation mechanism while ETH sidechain uses DPoS consensus for all intents and purposes. It’s only when ELA is taken out of ETH sidechain that main chain is involved as it’s a cross-chain transfer feature