Enable to specifying the number of "base units" that make up one whole fungible token. This is important for token systems that require a decimal system. Currently precision is only calculated and enforced at the application level, however, it would be useful to specify immutably in the protocol so it can be used in wallets and the like.
This is a backwards compatible change for currently issued FAT-0 tokens. Precision is an optional field. Currently issued tokens are assumed to have a precision of 0 (1 base unit per whole unit, AKA a "fungible non-fungible token").
For example, a precision of 3 would mean that 3 decimal places are supported: There are 1000 base units per whole unit. A maximum value of 18 is proposed to match the de facto ERC-20 standard maximum precision.
Enable to specifying the number of "base units" that make up one whole fungible token. This is important for token systems that require a decimal system. Currently precision is only calculated and enforced at the application level, however, it would be useful to specify immutably in the protocol so it can be used in wallets and the like.
This is a backwards compatible change for currently issued FAT-0 tokens. Precision is an optional field. Currently issued tokens are assumed to have a precision of 0 (1 base unit per whole unit, AKA a "fungible non-fungible token").
For example, a precision of 3 would mean that 3 decimal places are supported: There are 1000 base units per whole unit. A maximum value of 18 is proposed to match the de facto ERC-20 standard maximum precision.