CIP 88

CIP 88, Token Policy Registration, introduces a systematic method for registering token policies, details and intent directly on chain. CIP 88 proposes a structure that includes a hybrid information schema, maintaining flexibility for the variety of use cases native assets might embody. This stands in contrast to current practices where token details are often centralized, in NFT marketplace databases or the Cardano Token Registry managed by the Cardano Foundation, which holds information such as display details, project information, and logos for FTs. By making use of this standard token projects can directly register and update their feature sets and metadata details, overcoming the concerns of centralization and security. It also addresses a vulnerability in the original NFT metadata standard (CIP 25), which linked metadata to the minting transaction, posing potential risks of malicious metadata injection.

Moreover, CIP 88 simplifies the management of token data by moving project-specific information, such as project names, social handles and links to a different level within the blockchain's ledger. This strategy contributes to reducing ledger size by eliminating redundant data across tokens.

The specifications within CIP 88 support future extensions, with placeholders for additional scopes like stake pools and dApps. It includes provisions for backward compatibility, ensuring seamless integration with existing standards such as CIPs 25, 26, 27, and 68.

Practical Application:

Imagine a digital art collection where the artist regularly updates the descriptions, the collection banner, and properties of the artworks. With CIP 88, he can securely update NFT metadata to reflect current themes or events, directly on the blockchain, without needing third-party approval or undergoing additional processes.

An Overview of how it works in practice:

• Project owners gather all the details they want to register (name, description, social links, thumbnails, banners etc.).

• They put this info into a special format defined by CIP-88.

• They sign the information using their token's policy key.

• This signed metadata gets included in a Cardano transaction.

CIP 88 Key Points:

• CIP 88 defines a structured way to include project details directly in a transaction. This info includes things like:

• Project name and description

• Social media links

• Details about what other Cardano standards (CIPS) the token uses.

• The project owners sign the metadata with their keys. This proves they're the real creators and helps prevent fake project information from being spread.

• CIP 88 is designed to adapt as new standards and use cases emerge. Projects can provide additional information in a way that existing tools can still understand.

• Marketplaces, explorers, and wallets can easily find the official information about a token project, ensuring they're showing correct data to users.

• CIP 88 is backward compatible - it works with your existing NFTs/FTs.

• Projects can register and share info without having to rely on a single website or repository.

• As new ways to use native tokens develop, CIP 88 can be updated to support them.