【The programmable Token brought by Smart Layer, or the next generation mainstream asset】

1 A new paradigm of digital assets

Smart Tokens are a new paradigm of digital assets brought by @SmartLayer, which uses TokenScript technology on the ERC-5169 standard token to create programmable Tokens.

Every innovation in assets brings about a wave of change and a huge opportunity. In the ICO era of 2017, smart contracts brought about new token distribution methods; in 2020, Defi obtained tokens through contributing TVL; in 2021, NFT, essentially a new asset, created a large number of myths of hundredfold and thousandfold wealth; and in 2023, the emergence of new assets like inscriptions once again led to exponential growth.

Those who missed out on the wealth from inscriptions should be able to empathize, and should pay special attention to new assets. Even if you cannot imagine its value now, the market will naturally discover it. And as the bull market approaches, what kind of story will programmable assets, this new type of asset, unfold? It is truly something to look forward to.

We can see the value of this new asset, Smart Tokens

1⃣ Smart Tokens carry complete information, making them more valuable. In the future, we will see NFTs like Fat Penguins that come with information about friends and family, adventures participated in, or the previous owner, perhaps a celebrity.

2⃣ Smart Tokens are more versatile and can be more easily called by other systems. In the future, we may see GameFi selling perfectly matched heroes and equipment.

3⃣ Smart Tokens' programmable objects add on-chain and off-chain functionality, making them more functional. In the future, we may see decentralized identities with complete privacy protection and functionality similar to Google ID.

2 Smart Tokens will lead the industry to further iterations and evolution

The world of blockchain revolves around Tokens, and the current Tokens only have two main attributes: 1) ownership, which is the wallet address of ownership, and 2) transaction history, which is the record of transactions on the blockchain. After more than a decade, this kind of world has undergone earth-shaking changes, and the demand and usage scenarios have shown explosive growth. Obviously, this thin attribute of Tokens has now become inadequate and inefficient in many scenarios. Therefore, this new paradigm of digital assets, Smart Tokens, has emerged, giving assets many attributes and bringing about greater possibilities.

Taking GameFi as an example, we know that real games are very complex, including various props, equipment, game mechanisms, and so on. For example, an NFT hero often comes with weapons, helmets, shoulder armor, and shoes, and these equipment items also need to be synthesized and upgraded. Not only that, the game also involves various experiences of the characters, and so on. Obviously, the existing NFTs cannot meet the demand, and game developers have to store a large amount of content on centralized servers. However, if Tokens are used for programmability, many problems can be solved by adding attributes and links to NFTs.

In Desocial, the core of social interaction is the users and their interconnected relationships. Currently, strategies like Cyberconnect and Lens use NFTs as user accounts and use smart contracts to establish social relationships. However, Smart Layer may be more perfect, as it only requires NFT as a user account and can naturally include account information, friends, blocked accounts, articles, likes, favorites, and so on.

Perhaps Defi can also undergo a huge transformation. We do not need to pledge Tokens to Dapps, we only need to define earning attributes in Tokens, and then stake and mine, so that even if the Dapp is hacked, the users themselves will not suffer losses.

3 Achieving the cornerstone of Web3 at a large scale

The large-scale application of Web3 is currently an important topic. Current efforts mainly focus on two aspects: one is to develop low-GAS high-concurrency public chains to meet the needs of a large number of users, and the other is to reduce the barriers for users to enter, such as AA wallets, and so on. However, I believe that Smart Tokens are also indispensable, because only programmable Tokens can meet the complex needs of the real world.

For example, in the real world, when we log in to many websites, we use Google ID for convenience. The result is that the user's behavioral data is controlled by Google, a centralized authority. We may tentatively trust that it will not have the risk of malfeasance, but the potential risk of data theft is real. It is worth noting that Google ID has tens of billions of users globally and has been used to authorize hundreds of billions of websites.

As blockchain enthusiasts, we hope to create an identity system like Google ID that can protect privacy and ensure that the data belongs to the user. At this point, the existing NFTs as identities seem inadequate in terms of functionality. This is where Smart Tokens can play a role. They can be programmed to log in to websites for authorization, revoke authorization when not needed, and record various authorized website data in NFTs. What's more valuable is that programmable objects can link to off-chain entities, bringing more functionality and gameplay, such as linking to the membership of physical stores offline, and so on.

4 Introduction to Smart Layer

The Smart Layer Network project aims to create a new type of asset—Executable Token/NFT (可执行代币/非同质化代币) by utilizing the ERC-5169 standard and TokenScript technology. These tokens not only exist as assets, but also have the characteristic of built-in executable code, providing high practicality and powerful scalability. By transforming tokens into multi-functional assets, they can be linked to external scripts, thereby greatly enhancing the circulation and integration capabilities of tokens.

TokenScript is a JavaScript/WebAssembly/XML framework designed to enhance the functionality, security, and usability of blockchain tokens in various ways. It allows token issuers and other trusted institutions to enhance specific tokens by combining a wide range of information, rules, and functionality. By using TokenScript, wallets and network services can easily, securely, and privately integrate a token and all its functionality (whether on-chain or off-chain) without needing to deeply understand its underlying smart contracts.

Smart Layer Network is not a public chain, but a decentralized network service, similar to The Graph. This network consists of three key components:

1⃣ Blockchain infrastructure: Smart contracts play a crucial role in this layer, not only ensuring that token transactions follow established rules, but also responsible for recording historical snapshots of token operations for future verification.

2⃣ Anchoring nodes: Well-known organizations elected by DAO operate these nodes, which are the backbone of the network, ensuring the stability, security, and service objectives of the network.

3⃣ Service nodes: These are the backbone of the network, providing essential services to make the network effective and efficient. They form a broader network, allocate service tasks through a distributed hash table, and provide TokenAPIs for various integrations.

Service nodes are an important component of the Smart Layer Network, providing essential services to make the network effective and efficient. They form a large node network. The incentive mechanism for service nodes is implemented through Smart Layer Tokens. These tokens can be paid by users who use their services or websites that need token integration. This payment is made through API calls, in the form of gradually redeemable commitments, which service nodes can redeem at the end of the session. Smart contracts play a crucial role in this process, not only handling payments, but also destroying a portion of Smart Layer Tokens to ensure the effective operation of the system.

Anchoring nodes are responsible for monitoring the entire system to ensure that everything proceeds as planned. As semi-trusted nodes in the network, anchoring nodes need to have extremely high availability. They regularly check whether service nodes have met the service levels specified in the contract. At the same time, they are responsible for recording key token operations and generating commitment summaries. These commitments are generated through information exchange between anchoring nodes, and each interval, an anchoring node with a randomly assigned role writes the commitments to the blockchain. Anchoring nodes are also responsible for maintaining the rules of the distributed hash table to ensure network redundancy and performance.

These three components work closely together to form a dynamic, secure, and efficient network. The Smart Layer tokens are not only the source of energy for the network, but also a means of incentivizing nodes to contribute resources. Both anchoring nodes and service nodes can earn Smart Layer tokens as rewards for participating in the network. The more resources they contribute, the more substantial the rewards they receive. This incentive mechanism ensures that the network can continue to grow and remain sustainable.

5 Investment Institutions

Smart Layer has gone through two rounds of financing, in 2021 and 2022, both raising $6 million. The second round was led by Liang Xinjun, co-founder of Fosun. Other investment institutions in Smart Layer include HashKey Capital, Okx Ventures, SevenX Ventures, Mask Network, Fubushi Capital, and more.

6 Smart Cat

SmartCat is a Smart Token built according to the Token Script standard. SmartCat is not just an NFT; its intelligence lies in the fact that we can directly interact with the little cat without redirecting to a third-party webpage. In comparison to past experiences, if you hold BAYC/Azuki, you would need to go to a third-party website to access more interactive features.

• Interactive page (can be added or removed at any time)
• Feeding
• Cleaning the cat's nest
• Chatting with playmates

According to official data, in the past week, the transfer volume of #SmartCat xNFT on Polygon reached as high as 2.68 million times, surpassing Optimism's 2.62 million times and the base chain's 2.28 million times, indicating the popularity of Smart Cats.

7 Conclusion

The Smart Layer team has been honing their skills for over 6 years and is about to officially launch in this upcoming bull market. The new asset paradigm of programmable Tokens is setting sail. Smart Cat has already made a small attempt, with over 1,000 developers registering within the first 10 days of the official Launchpad. The future looks promising.

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