Introduction

Since its introduction on Ethereum (ETH) in 2015, smart contracts have marked the beginning of a new era in the blockchain sector. They transformed blockchain from a straightforward means of transferring and storing assets into an intricate network of decentralized apps (DApps) spanning several industries, including identity management, gaming, social networking, banking, and more.

Even with their revolutionary potential, smart contracts are not without problems. Initially, their functions are restricted to the boundaries of the blockchains they host, providing minimal assistance for interacting with Web 2.0 platforms. Second, there is still work to be done to ensure interoperability between blockchains that have distinct smart contract types. Furthermore, the efficiency of smart contracts in sustaining self-contained dynamic assets—like dynamic NFTs—is reduced.

Smart contracts serve standard crypto asset activities like swaps, transfers, and mints, but they also provide programmable logic to blockchain operations. Smart tokens, a more recent blockchain technology, have overcome many of the drawbacks of smart contracts. Instead of being traditional blockchain-based assets, these tokens include inbuilt programming logic and scripts that enable them to function as executable services.

Smart Layer (SLN), a distributed network that acts as a bridge between blockchains and web apps that use smart tokens, is at the forefront of the technology driving the next wave of smart tokens.

What is Smart Layer?

Smart Layer (SLN) is a distributed network of nodes created to make it easier to employ smart tokens, which are digital assets that include executable programming logic. It isn't by itself a blockchain. Rather, Smart Layer serves as a bridge between blockchain networks and external environments, such Web 2.0 apps and websites that make use of the functions that executable smart tokens offer. The Smart Layer ecosystem's nodes manage and handle smart token exchanges between external apps and an underlying blockchain.

Any Ethereum virtual machine (EVM) blockchain, including Ethereum, Polygon (POL), and Avalanche (AVAX), is compatible with Smart Layer. The platform has a distributed network in addition to the Smart Layer Launchpad, a tool for launching personalized smart tokens.

ERC-5169

The Ethereum token standard for creating smart tokens is ERC-5169. It is one of the main elements driving the whole smart token ecosystem, together with the Smart Layer network and the TokenScript framework. All smart tokens must implement scriptURI() in addition to the normal functionalities used by Ethereum's ERC-20 tokens, as specified by ERC-5169.

Smart Layer Native Token (SLN)?

As a utility token, Smart Layer's own cryptocurrency, SLN, is utilized to reward anchoring and service nodes for their contributions to the network. It's also used to cover the cost of using Smart Layer features that are made available to outside apps. Moreover, SLN functions as a governance token. Holders of the token join the DAO of the platform and have the ability to cast votes on key issues pertaining to enhancements and modifications to the Smart Layer ecosystem.

SLN is a deflationary token with a maximum supply of 100 million. Launched in late February 2024, the SLN token has 2% designated for the token generation event (TGE) airdrop.

Conclusion

The fast approaching convergence of Web 2.0 and Web 3 presents chances for initiatives that help with this integration. Among these initiatives, Smart Layer stands out as a genuine contender with an original idea. Smart Layer is a far more creative approach, providing a flexible and effective linking medium that leverages the extensive ecosystem of EVM chains, as opposed to creating its own blockchain network.

With plans to launch the mainnet in 2025, Smart Layer just debuted its testnet two months ago.