Crypto Terms: Letter S

What is Smart Token?

Meaning:

Smart Token - it is just like a regular token except that it can authorize transactions.

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Let's find out Smart Token meaning, definition in crypto, what is Smart Token, and all other detailed facts.

A smart token is just like a regular token except that it does more than just transmit the value of user-generated assets. Smart tokens have the capability to manipulate the value of the token by holding all of the necessary data required for a smooth transaction. Smart tokens make use of smart contracts to do this.

On the other hand, your regular tokens only represent the value of a certain asset that the holder owns without doing any extra leg work.

In order to understand this term better, let’s have a look at an example.

Smart tokens became popular in 2017 when the Bancor decentralized trading protocol released a standard for smart tokens. They also decided to launch their own smart tokens that are based on smart contracts. In this case, smart contracts allow the implementation of direct convertibility within their smart tokens.

How do their smart tokens work? Users can easily buy or sell smart tokens at their own time and without the help of an intermediary just by the use of smart contracts that are implemented within these smart tokens. This translates to a straightforward transaction process that happens entirely on-chain.

There are three layers of completing a transaction within a smart token. The first layer is the source of value which is usually the asset. The second layer is regulations that outline the ownership of the asset, accessibility, and the conditions of the authorization. These regulations are determined by the token issuer. While the third layer is a state that tracks the value of an asset that's based on regulations.

Smart tokens facilitate enhanced data. Including but not limited to invoicing information or counterpart identity.

The tokenization process replaces data with a token. Therefore, when the payment authorization information is intercepted by a third party, said data is not available so it loses its value. This means that this information can hide in plain sight.

blockchain at a particular <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-block-height/">block height<\/strong><\/a>.<\/p>\nEssentially, it is used to document the amount and balance of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-token/">token holders.<\/p>\nSnapshots are widely used in production. Meaning that each time a person creates a backup, the system begins with a snapshot. However, full backups take way longer, from a few hours to all day. This is because of the system resources they require.<\/p>\nSnapshots cannot be an exact reproduction of the data on a person's hard drive. They are mostly metadata that describes the current condition of a person's information. They can also only be stored on the local server or device that produced them.<\/p>\nIn comparison, snapshots can be developed as frequently as desired and in a matter of seconds. It is also possible to deduplicate the information being snapshotted by employing different technologies.<\/p>\nTaking a storage snapshot or a snapshot is comparable to taking a photograph. A person photographs his server’s information at a particular moment.<\/p>\nSnapshots, if not correctly managed, can result in extremely complicated data chains and extremely lengthy consolidation times. They are only intended to be preserved for a limited time.<\/p>\nDuring blockchain <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hard-fork-blockchain/">hard forks<\/strong><\/strong><\/a>, snapshots are very essential. They mark the block height in which the main chain will be recorded prior to issuing a new chain. As an example, when Bitcoin Cash hard occurred, every blockchain address that had <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoins at block 478,558 had the balance replicated on the Bitcoin Cash blockchain.<\/p>\nThis is because both blockchains have the same historical information prior to the fork.<\/p>\nMoreover, snapshots give access to a huge number of clones of data, making it possible for a person to work on development without corrupting his regular routine. Workflows might be tested, iterated, and automated without the need for additional storage space.<\/p>\nAs a fast failsafe, if any error takes place, it is possible to roll the server back to an earlier version.<\/p>\n<h3>Snapshots and Crypto Airdrop Events<\/h3>\nSnapshots are routinely taken before each round of an <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-airdrop/">airdrop event. Tokens are allocated in proportion to the balance of every blockchain address accessible during the snapshot time.<\/p>\nSnapshots are used to capture each token holder's balance at a specific moment. After taking their snapshot, consumers can often transfer their cash without compromising their qualifications for that round of pay-out.<\/p>\n<h3>Cryptographic Snapshots<\/h3>\nIn <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrency, a snapshot is a record of the situation of the blockchain at a particular block height.<\/p>\nIt records the entire blockchain <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-ledger/">ledger. This includes all current addresses and their related information.<\/p>","definition":"The status of the blockchain at a particular block height is recorded via snapshot.","status":"published","meta_title":"What is Snapshot? Definition & Meaning | Crypto Wiki","meta_description":"Snapshot meaning: Snapshot - The status of the blockchain at a particular block height is recorded via snapshot.","meta_keywords":null}" :prev-section="{"id":726,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Smart_Home","level":"hard","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-17T12:05:34.000000Z","slug":"what-is-smart-home","title":"What is Smart Home?","section":"S","keyword":"Smart Home","content":"A smart home<\/strong> refers to a household that uses a system of appliances connected to the internet to manage chores or maintenance. Owners of smart homes can monitor and utilize the devices in their households remotely, even if they’re in a different country. Smart homes are part of the interconnected global network known as the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-internet-of-things/">Internet of Things (IoT)<\/strong><\/a>.<\/p>\nSmart home appliances can help make many chores and household processes automatic. From setting up sprinklers or a robot lawnmower outside to scheduling the coffee machine and putting a timer on the lights – tedious tasks can be controlled by just opening an app on the phone or a computer and adjusting the settings.<\/p>\nSmart home technology can be convenient and help improve the sustainability<\/strong> of your home. If you have to leave the house for a while, you can adjust the thermostat so you’re not wasting heat and then turn it back on again right before you get home. Some smart home devices are even designed to be pet-friendly – like automatic feeders.<\/p>\nThey can also help save money in the long term. While some smart home devices can be on the pricier end, their utility pays off quite quickly. The ability to automatically control heating or power usage can help cut down the money spent on monthly bills.<\/p>\nThe goal of smart home technology is to simplify many aspects of our everyday lives. These appliances can not only help with household upkeep but also our overall routine, such as maintaining our schedules or preparing shopping lists. New types of smart home appliances seem to pop up on the radar on a near-daily basis.<\/p>\nThe simplicity of smart home devices is especially advantageous for the elderly or people with disabilities who may struggle with household chores and may require some assistance. Smart vacuum cleaners can help ensure that the house is clean while home assistants can be set up with regular reminders to take medications or to order grocery deliveries.<\/p>\n<h2>Types of Smart Home Appliances<\/h2>\nThere is a wide range of smart home appliances on the market, varying from tools dedicated to home security and garden maintenance to small devices that make life inside the house easier.<\/p>\n<h3>Home Security<\/h3>\nSmart home cameras<\/strong> are among the most popular digital household appliances. Most smart cameras are “sleeping” until they detect movement on the radar. They transfer data directly to the phone so there’s no need to dig through hours upon hours of tape footage.<\/p>\nSome smart cameras come with a microphone and speaker options. So, if you have a parcel arriving while you’re at work, you can tell the delivery person to leave it in a safe location near the house.<\/p>\n<h3>Smart Cleaners<\/h3>\nSmart cleaners can be designed for both indoor and outdoor use. Smart lawn mowers can be programmed to the territory surrounding your household, ensuring every inch of the area is covered. You can schedule the frequency of mowing and save yourself the physical extortion of pushing forward a giant lawnmower.<\/p>\nHowever, perhaps the best-known example of smart cleaners is a robot vacuum. They can be used to dry or wet clean your house depending on the surface and can even be scheduled to work while you’re out of the house.<\/p>\n<h3>Smart Speakers<\/h3>\nSmart speakers<\/strong> might be the most recognizable example of smart home appliances. Amazon’s Alexa and the Google Home Assistant are prime examples of smart speakers. They are devices that connect to the internet and complete tasks personalized to the preferences of the homeowner.<\/p>\nSmart speakers are perhaps the ultimate tools to help simplify your life at home. Smart speakers can create a network connection with other smart devices at home, extending their functionality to a higher degree. Their utility is near-endless.<\/p>\nBy sending voice commands, you can adjust the lights, lower the thermostat, lock the door, pick your favorite playlist, set up your grocery list for the day, or even set up the order – just about any household task can be made easy with smart speakers.<\/p>\n<h2>Blockchain Technology in Smart Homes<\/h2>\nAlthough IoT devices are growing increasingly popular, concerns regarding their security cannot be overlooked. There have been recorded instances of hackers gaining access to user data by breaking into the Internet of Things or Internet of Toys (also IoT) devices.<\/p>\nTo mitigate the risks associated with digital household appliances, more and more companies are implementing <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain technology<\/strong><\/strong><\/a>—particularly <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a>—to reinforce security. Smart contracts are self-executing programs that contain the client command and require certain conditions to be met in order to function.<\/p>\nBlockchain technology employs a network of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralized-network/">decentralized nodes, making it next to impossible to compromise the entire system. The anonymity provided by smart contracts means that hackers cannot trace the direction of the client message and are unable to compromise data.<\/p>","definition":"a range of digital appliances used to enhance household systems.","status":"published","meta_title":"What is Smart Home? Definition & Meaning | Crypto Wiki","meta_description":"Smart Home meaning: Smart Home - a range of digital appliances used to enhance household systems.","meta_keywords":null}" :model="{"id":734,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Tokenomics","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-17T12:07:16.000000Z","slug":"what-is-smart-token","title":"What is Smart Token?","section":"S","keyword":"Smart Token","content":"A smart token is just like a regular <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-token/">token except that it does more than just transmit the value of user-generated assets. Smart tokens have the capability to manipulate the value of the token by holding all of the necessary data required for a smooth transaction<\/strong>. Smart tokens make use of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a> to do this. <\/p>\nOn the other hand, your regular tokens only represent the value of a certain asset that the holder owns without doing any extra leg work. <\/p>\nIn order to understand this term better, let’s have a look at an example. <\/p>\nSmart tokens became popular in 2017 when the Bancor decentralized trading protocol released a standard for smart tokens. They also decided to launch their own smart tokens that are based on smart contracts. In this case, smart contracts allow the implementation of direct convertibility within their smart tokens. <\/p>\nHow do their smart tokens work?<\/strong> Users can easily buy or sell smart tokens at their own time and without the help of an intermediary just by the use of smart contracts that are implemented within these smart tokens. This translates to a straightforward transaction process that happens entirely <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-on-chain/">on-chain. /n
There are three layers of completing a transaction within a smart token. The first layer is the source of value which is usually the asset. The second layer is regulations that outline the ownership of the asset, accessibility, and the conditions of the authorization. These regulations are determined by the token issuer. While the third layer is a state that tracks the value of an asset that's based on regulations.<\/p>\nSmart tokens facilitate enhanced data. Including but not limited to invoicing information or counterpart identity.<\/p>\nThe <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-tokenize/">tokenization process replaces data with a token. Therefore, when the payment authorization information is intercepted by a third party, said data is not available so it loses its value. This means that this information can hide in plain sight. <\/p>","definition":"it is just like a regular token except that it can authorize transactions.","status":"published","meta_title":"What is Smart Token? Definition & Meaning | Crypto Wiki","meta_description":"Smart Token meaning: Smart Token - is just like a regular token except that it can authorize transactions.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\nWith close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\nAaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\nAaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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Tokens?","status":"published","modified_content":null},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published","modified_content":null},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published","modified_content":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published","modified_content":null},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]" current-chapter="S" current-section="what-is-smart-token">

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