Smartlink Create A ‘Next-Gen’ Crypto Escrow Platform Built On Tezos, With ‘SMAK’ Token Pre-ICO To Commence In April
Smartlink have created a ‘next-gen’ crypto escrow platform built on Tezos. A ‘SMAK’ token pre-ICO will also open in April. The project is currently live on the Tezos testnet and the platform is thought to avoid high transaction costs when making use of decentralized escrow services.
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Smartlink is a Decentralized escrow platform built for web 3.0.
As well as offering decentralized escrow solutions it will also be launching a marketplace for all kinds of different items, including NFTs.
This marketplace will also be available for users to trade more traditional physical items such as jewellery, cars and rental properties. The marketplace will support current and upcoming wrapped ERC-20 tokens as FA 1.2, giving users multiple options when using the platform.
It was not stated whether Smartlink will use the more recent FA2 standard, however in their whitepaper the FA2 standard was mentioned in relation to NFTs.
The Smartlink team are based out of Toronto, Canada led by Ben Constanty and they describe their platform as:
an innovative platform that allows real world people to meet real world needs by providing a safe, efficient, innovative space for everyone to buy, sell, and swap tokens, goods, and services. We’re building the future of transactions through a built-in escrow process, allowing people to buy without the risk of losing money to online scams and fraud.
In terms of how the platform works is through a smart contract and the process is described here:
Smartlink provides a decentralized escrow service that allows buyers and sellers to enter enforceable escrow smart contracts in a seamless way.
Smartlink library offers customizable sales agreements, allowing both parties to outline the terms of the transaction.
The seller delivers the product or service to the buyer, who, in turn, has a specific inspection period to verify the product and approve the payment.
As the underlying conditions of the agreement are met, Smartlink’s escrow smart contract processes the payment.
Smartlink offers dispute resolution through third-party, trusted arbitrators.
It is hoped the Smartlink system will help to mesh traditional and cryptocurrency markets together in a more seemless way. Decentralized escrow services like the Smartlink system will help to bridge the gap between traditional and cryptocurrency payments, making it easier to buy big ticket traditional financial products with cryptocurrency.
There appears to be a number of problems that the Smartlink system can address, including the following:
- Smartlink cuts the commission charges from 20% to 0%-1%
- Smartlink provides an escrow and inspection period to the buyer, providing protection against fraudulent transactions.
- A smart payment milestone management service that functions as a part of Smartlink’s escrow service.
- Smartlink provides a reliable third-party arbitration service to ensure integrity throughout the transaction.
- Automatic escrow transaction rewards
- On-chain governance for voting on reward rates and critical decisions
Smartlink Built On Tezos
One of the things mentioned in the Smartlink release here is that they have built the platform on Tezos.
…to minimize transaction costs and provide instant confirmations. Additionally, Tezos supports formal verification of smart contracts, which makes it the right choice for high-value transactions.
The Smartlink platform is currently being tested on the Tezos testnet.
The Smartlink Token – SMAK
Smartlink are to release a utility token alongside the platform named ‘SMAK’. They describe the SMAK token as:
…a utility token used on the Smartlink platform built on the FA 1.2 standard. It inherits all the properties of the TZIP-7 standard, including a ledger that maps identities to token balances, providing an interface to interact with external contracts or accounts for user balance transfers.
SMAK tokens allow users to benefit from a fee exemption on the Smartlink platform and other utilities such as escrow rewards, staking and participating in on-chain governance.
The token will have the following economics:
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