Coreum Introduces “Smart Tokens” – The Next Generation of Blockchain-Based Assets, Supercharged with Smart Contracts
The Coreum Development Foundation has revealed the addition of Smart Token functionality to Coreum blockchain – A revolutionary technology for tokens to perform contract-like functions independently and with great flexibility while operating on-chain.
Currently, tokens hold value, while smart contracts contain data. By wrapping natively issued tokens around smart contracts, this new technology, termed a “Smart Token”, is able to manipulate the value of the token since it contains the data and built-in programmability necessary to authorize and execute transactions accordingly. Smart tokens on Coreum are highly customizable, as developers can extend the set of given functionality per token and add non-deterministic smart contract-like features to achieve greater flexibility for powerful use cases.
The Coreum blockchain has a unique perspective on tokens and assets, especially as it was born out of necessity to support Sologenic, a sophisticated ecosystem built to facilitate on-demand tokenization of a wide range of securities such as stocks and ETFs. Tokens and assets on Coreum are specifically designed to provide the essential tools and infrastructure for businesses of all sizes to build and run decentralized applications. With Smart Token functionality, businesses using the network can predetermine the behavior of specific tokens to perform hyper-specific transactions without the need for an intermediary.
“An integral part of the Coreum blockchain is support for the deployment and execution of smart contracts, as the flexibility offered by smart contracts offers countless opportunities for businesses using the network,said Bob Ras, co-founder of Coreum.Smart tokens are all about extending functionality – they extend the capabilities of smart contracts by increasing speed, cost-effectiveness, predictability, security and of course scalability. Taking it a step further, Smart Tokens have huge programmable value and can trigger other contracts. Think of a regular token that is ‘juiced up’ on utility, running on its own – that’s Smart Tokens on Coreum – that’s a game changer.”
Currently, the following features are available for smart tokens on Coreum: issuance, access control list, burning and freezing, whitelisting and blacklisting, inter-blockchain communication compatibility and smart contract integration. Also, each token can represent a different type of asset, such as a stablecoin, cryptocurrency, NFT, stock or CBDC.
“Smart tokens on Coreum present a highly efficient, customizable and secure way for asset issuers to fully maximize and expand the boundaries of tokenized fungible, non-fungible and hybrid assets on-chain,” added Reza Bashash, CTO and co-founder of Coreum and Sologenic.
Coreum is an enterprise-grade blockchain (EGB), a new infrastructure standard that provides essential tools for businesses to build and run decentralized applications. Originally developed by the Sologenic Development Foundation, Coreum processes up to 7,000 transactions per second with a unified group of 32 validators. Its layer-1 architecture prioritizes breakthrough speed, bringing a low-latency proof-of-stake blockchain to a wide range of audiences seeking access to a multi-chain, interoperable future.
Photo by Sharosh Rajasekher on Unsplash
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