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I am interested in releasing a token that can only be traded within a closed community. There would be a privileged address that can dictate the set of addresses that are allowed to hold the token.

This seems to me like a case of adapting an ERC-20 contract to permit this functionality.

Since I have no hands-on experience yet, I expect that there are better practices for achieving this.

Is what I describe a sensible way of creating a permissioned ERC-20 token? If not, what is the most appropriate way of implementing this?

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  • From your description it looks like a "security token" (in the investment sense). I think PolyMath has implementations for these type of features.
    – Ismael ♦
    Commented Jan 27, 2022 at 2:10

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This "permissioned token" could be the answer to your question: https://tokeny.com/erc3643-an-official-standard-for-permissioned-tokens/ This company exists for several years and it is their business.

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You can modify the ERC-20 contract to have an "allowList" only the owner can update, subsequently transfer functions and other erc20 functions check if users are in the allow list before allowing them to use the token

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