Token Minting and Management
Last updated
Last updated
CRE8 utilizes Solana’s native token standard (SPL) for creating and managing service tokens. The use of SPL ensures that service tokens benefit from security audited, standard functionality (minting, transferring, burning) just like any other token on Solana (e.g., SPL tokens are analogous to ERC-20/ERC-721 on Ethereum). Key points in this part of the architecture:
Token Mint Accounts: For each unique service type a provider offers, an SPL token mint can be created. This mint governs the total supply and authority of that service token. Often, for one-off services, the supply is set to 1 (making it an NFT). For repeatable standardized services, the provider could mint multiple tokens from the same mint.
Mint Authority & Control: The provider (seller) typically starts as the mint authority, allowing them to mint new tokens when they want to offer new service contracts. Once a token is sold, it might be prudent (for security) to revoke the provider’s ability to mint more of that exact token without creating a new listing, preventing inflation of promises that cannot be delivered.
Associated Token Accounts: Like all SPL tokens, these service tokens can be held in standard token accounts associated with user wallets. When a buyer purchases a service token, it can be sent to the buyer’s associated token account (or to an escrow holding account as we’ll see).
Metadata & Program Integration: The token mint is likely created via the SPL Token Program, and CRE8’s platform may integrate with the Metaplex Metadata Program to attach human-readable information to each token. This metadata includes the service details and potentially a link to the terms or any deliverable templates.
The use of the SPL standard is crucial for interoperability and security – rather than reinventing the wheel, CRE8 builds on battle-tested token frameworks. This also means that any wallet that supports Solana tokens can theoretically hold or view the service tokens, giving users flexibility in how they custody their assets (e.g., in the CRE8 Wallet or any Solana wallet they control).
