Learning Blockchain with ServiceNow and Hedera #5

Transferring tokens within and across instances

Original LI post: https://youtu.be/xjf7g8YAWNI

Learning blockchain with ServiceNow and Hedera #5 — Transferring tokens within and across instances.

Let’s see how to transfer tokens between users within the same ServiceNow instance and also across instances.

Remember that token contains a payload, and as such, they can represent c̳o̳m̳m̳e̳r̳c̳i̳a̳l̳ ̳d̳o̳c̳u̳m̳e̳n̳t̳s̳, p̳h̳y̳s̳i̳c̳a̳l̳ ̳i̳t̳e̳m̳s̳, a̳c̳c̳r̳e̳d̳i̳t̳a̳t̳i̳o̳n̳s̳, etc.

Three important concepts related to the token transfer.

Firstly, the concept of 𝒐𝒘𝒏𝒆𝒓𝒔𝒉𝒊𝒑 is vital for both fungible and non-fungible items. Think of ownership of trade items along the supply chains.

Secondly, the concept of 𝒕𝒐𝒌𝒆𝒏 𝒂𝒔𝒔𝒐𝒄𝒊𝒂𝒕𝒊𝒐𝒏. The user receiving the token needs to associate himself with the tokens, and he’s the only one who can do that (his key🗝 is required).

The automatic token association is also possible but doesn’t allow the user to control the token portfolio. He can still dissociate from unwanted tokens.

Thirdly, the concept of 𝒓𝒆𝒄𝒆𝒊𝒗𝒊𝒏𝒈 𝒔𝒊𝒈𝒏𝒂𝒕𝒖𝒓𝒆 is there to avoid users receiving unwanted tokens to their accounts.

A receiving signature enforces a double signature when the item is transferred (this makes transfer a 2-step process, that we’re not covering in the video but we will cover later.)

Also, remote transfer requires the instance to know the remote account, even if it’s not controlling their key (through an “address book”.)

This process is “𝒑𝒊𝒏𝒏𝒊𝒏𝒈”, in contrast to the creation of a new account on the ledger.

In the same way, the remote instance must have pinned the token before the user can associate with it.

The treasury administrator is the user owning the treasury of token — this is the admin of instance 1.

The Hedera Connector admin is the user managing the permissioning of keys to users (or other entities) — This is the admin on both instances.

Enjoy the video, and please leave a clap or comment if you find it valuable.