Skip to main content

Third-Party Transfers

Third-party transfers allow token operations to be performed by entities other than the token owner, under the owner's authorization. This capability is essential for creating dynamic and complex token ecosystems, supporting scenarios like automated payments, delegated voting, or multi-signature wallets.

Scenario Example​

Imagine a scenario where a user (Alice) wants to allow a service (Bob) to spend tokens on her behalf for automated payments. Alice would first use setOperator to mark Bob as an approved operator. She then specifies how many tokens Bob is allowed to manage using the transferFrom function. Bob's service can now automate payments up to the approved amount without further interaction from Alice. At any point, Alice can check the remaining allowance with checkAllowance or change Bob's operator status.

Key Methods Overview​

In the world of digital tokens, there are some important actions that can be performed with these tokens. Let's take a look at these actions in a simple way:

1. Approve Someone to Manage Your Tokens​

What is it? Sometimes, you might want to allow someone you trust to manage your tokens. This can include spending tokens on your behalf or performing certain actions.

How does it work?

  • You decide to approve someone (an operator) to manage your tokens.
  • You can either grant or revoke this permission.
  • This permission is recorded.

Click here Approve Operator to read in detail.

2. Check How Much Someone Can Spend​

What is it? You may have approved an operator to manage your tokens, but you want to know how much they are allowed to spend on your behalf.

How does it work?

  • You can check and find out the maximum amount of tokens the operator is allowed to spend.
  • This helps you keep track of their actions and ensures they don't spend more than you've allowed.

Click here Check Allowance to read in detail.

3. Transfer Tokens​

What is it? Imagine you have some digital tokens in your account, and you want to send some of them to your friend's account. This action is called "Transferring Tokens."

How does it work?

  • You (the sender) specify the amount of tokens you want to send.
  • You also specify your friend's account (the recipient).
  • The tokens are taken from your account and added to your friend's account.
  • A record of this transaction is created.

Click here Transfer Tokens to read in detail.

Last updated on