Coreum Blockchain Adds Smart Token Functionality: What You Need To Know

The Coreum Development Foundation on Monday announced the addition of Smart Token functionality to Coreum, a third-generation, layer-1 blockchain.

By wrapping natively issued tokens around smart contracts, smart token technology 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.

Tokens and assets on Coreum are 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 behaviors 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.

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“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,” he added.

Presently, Coreum supports issuance, access control list, burning and freezing, whitelisting and blacklisting, inter-blockchain communication compatibility, and smart contract integration functionalities for smart tokens.

Moreover, each token is able to represent a different type of asset, like 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. 

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