ERC-5169 Smart Tokens will open the door to the next billion users in the web3 world without even making them think they are actually using tokens.
This is one of those things that is underestimated in ERC standards.
WHAT IS ERC-5169?
The recently adopted ERC-5169 allows token creators to add executable scripts to tokens or NFTs.
This essentially converts the tokens into real smart tokens.
They:
• have their own logic and behavior
• Open up opportunities for limitless network integrations
You can say it's like dApp within the token itself.
Here are a few use cases that are made available with smart tokens:
• Flexible and open loyalty program
• Seamless travel
• Automated insurance
• Smart locks (Internet of things)
Flexible and open loyalty program
Imagine you want to buy Nike hoodies using loyalty points Starbucks.
This is an example of open loyalty.
However, it turns out that you do not have enough points.
Just use your smart token to top up your balance and buy a hoodie.
You don't even have to switch between apps.
Seamless travel
Let's say you're heading to an NFT-related event.
But your flight is delayed.
No problem!
Your car rental and Airbnb booking is automatically adjusted.
You don't have to lift a finger
Now imagine how this can be combined with the power of artificial intelligence…
Automated insurance
Let's say you want to be a driver Uber.
You are registering at Uber.
Then you realize that you don't have travel insurance.
Your smart token can automatically renew your insurance contract with your insurance company without even taking your eyes off the Uber registration process.
Smart Locks (IoT/Internet of Things)
You are buying a house or a car.
Or just book a hotel.
Along with the transaction, you receive a token that helps you manage your IoT-enabled smart lock.
You can open the door.
There is no need for a long registration, obtaining keys, everything happens automatically.
These are just four use cases for smart tokens.
Smart tokens are the next generation of apps, after websites and apps
Tokens were a medium of exchange and digital assets.
And now they are turning into practical experience.
Based thread : Inna
