Coreum Introduces “Smart Tokens” — Next Generation of Blockchain-based Assets, Supercharged with Smart Contracts
DUBAI, United Arab Emirates, Dec. 19, 2022 — The Coreum Development Foundation has revealed the addition of Smart Token functionality to the Coreum blockchain — A revolutionary technology for tokens to execute contract-like functions independently and with great flexibility while operating on-chain.
At present, tokens hold value, whereas smart contracts hold data. By wrapping natively issued tokens around smart contracts, this new technology denoted as a “Smart Token,” is able to manipulate the value of the token since it holds 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 provided functionality per token and add non-deterministic, smart contract-like functions 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 the necessity to support Sologenic, a sophisticated ecosystem built to facilitate the 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 enterprises of any size to build and run decentralized applications. With Smart Token functionality, enterprises utilizing the network can pre-determine behaviours of particular tokens in order to execute hyper-specific transactions without the need for an intermediary.
“An integral part of the Coreum blockchain is support for deploying and executing smart contracts, as the flexibility offered by smart contracts brings countless possibilities to enterprises utilizing the network,” said Bob Ras, co-founder of Coreum.
“Smart Tokens are all about extending functionality — they expand the capabilities of smart contracts by increasing speed, cost-efficiency, predictability, security, and of course, extendibility. Taking it one step further, Smart Tokens have massive programmable value, and they can trigger other contracts. Think of a regular token ‘juiced up’ on applicability, running on its own — that’s Smart Tokens on Coreum — that’s a game changer.”
At current, the following functionalities 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. Moreover, each token is able to represent a different type of assets, such as a stablecoin, cryptocurrency, NFT, stock, or CBDC.
“Smart Tokens on Coreum present a highly efficient, customizable and secure way for assets issuers to fully maximize and extend upon the limits of tokenized fungible, non-fungible, and hybrid on-chain assets,” added Reza Bashash, CTO and co-founder of Coreum and Sologenic.
Coreum is an enterprise-grade blockchain (EGB), a new infrastructure standard providing essential tools for enterprises to build and run decentralized applications. Developed initially by the Sologenic Development Foundation, Coreum processes up to 7,000 transactions per second with a federated group of 32 validators. Its layer-1 architecture prioritizes cutting-edge speed, bringing a low-latency proof-of-stake blockchain to a wide variety of audiences seeking access to a multi-chain, interoperable future.