Base58 Encoder in PostgreSQL

La funzione equivalente in PostgreSQL che mi è venuta in mente è la seguente.

CREATE FUNCTION base58_encode(num INT)
  RETURNS VARCHAR(255) AS $encoded$

DECLARE
  alphabet   VARCHAR(255);
  base_count INT DEFAULT 0;
  encoded    VARCHAR(255);
  divisor    DECIMAL(10, 4);
  mod        INT DEFAULT 0;

BEGIN
  alphabet := '123456789abcdefghijkmnopqrstuvwxyzABCDEFGHJKLMNPQRSTUVWXYZ';
  base_count := char_length(alphabet);
  encoded := '';

  WHILE num >= base_count LOOP
    divisor := num / base_count;
    mod := (num - (base_count * trunc(divisor, 0)));
    encoded := concat(substring(alphabet FROM mod + 1 FOR 1), encoded);
    num := trunc(divisor, 0);
  END LOOP;

  encoded = concat(substring(alphabet FROM num + 1 FOR 1), encoded);

  RETURN (encoded);

END; $encoded$
LANGUAGE PLPGSQL;