10 August 2023

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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

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:

The SMAK token will also live on the Tezos blockchain as an FA1.2 token.

Full tokenomics can be found in their whitepaper here. The full SMAK token information page can be found here.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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