Q & A with the Team
Staking Rewards sat down with Ben Constanty, CEO at Smartlink to discuss the latest developments, news, and upcoming launches from Smartlink. Smartlink – Trust As a Service for the New Web – is a decentralized ecosystem that comprises escrow smart contracts, a Tezos DEX, launchpad, and a decentralized marketplace.
Let’s hear more from Ben himself.
Q: Smartlink has been described as Trust as a Service for the new Web, can you introduce the mission and goals for Smartlink and the SMAK token for the short, intermediate, and long term?
Smartlink is a project born out of real need. Whenever you transact with an unknown party, you have to trust the person or entity that will deliver the product or service you paid for. This is usually a risky position for any business or individual. The most popular way to mitigate this risk is by including an escrow service. But this is clearly not as mainstream as Paypal is.
Today, it will cost you up to 5% alongside additional payment processing fees depending on the chosen method of payment. There’s also some paperwork, time constraints, and the process is of course very centralized.
Our Mission is to provide a secure channel for various types of online transactions minus the complexity.
Smartlink is building an ecosystem for safe, secure transactions along with critical DeFi components. This ecosystem comprises an escrow smart contract module, a decentralized marketplace, a Tezos DEX, an open Launchpad, and yield farming features.
SMAK token serves as the native token of Smartlink ecosystem, so you’ll be able to use it for different services within our platform, along with support for other wrapped tokens. SMAK is also the governance token of Smartlink, which means you can vote on critical platform decisions by holding the token.
Q: Can you introduce your team to the readers? What relevant experience do they have?
The Smartlink team consists of successful entrepreneurs, DeFi experts, Ph.D. researchers in blockchain and security, smart contract engineers, cryptography experts, and strategic growth leaders who bring together genuine and extensive experience to develop the best possible solutions.
Q: How did you achieve your funding requirements, was it from a token sale exclusively, private funding, or were you granted by the Tezos Foundation?
Honestly, we have our community to thank for it. We raised $3M through public and private token sales. It was amazing how our community has stood by us, supported us, and continues to place faith in our team.
Q: Let’s talk about your revenue model where a platform fee will be charged and a portion of this fee will be used to buy back and burn SMAK tokens. Can you detail all areas the Platform Fee will come from and expected projections for the amount of SMAK that could be burned from this?
We have created a multi-stream revenue model and we’re continuously upgrading it with new modules being added to our ecosystem. During the initial phase, our escrow module and decentralized marketplace will drive the revenue.
Smartlink charges a standard 1% for every transaction executed through its escrow module or decentralized marketplace. The fee is split into two portions, with one going into the Smartlink Treasury and the other into our operations/maintenance fund. Smartlink Treasury uses these funds for buyback programs and community/user and staking rewards.
For our DeFi ecosystem, we’re developing it as we speak. We’ll share more information with our community as we upgrade our revenue model to include these DeFi components.
Q: In regards to your decentralized escrow solution, it enables enforceable escrow smart contracts that safeguard users’ funds until conditions are met and all parties are satisfied. Please provide real-world examples of how this will be used and what benefits this brings to the SMAK token?
Ideally, Smartlink’s escrow smart contracts are applicable to every transaction.
Imagine, if you want to purchase a domain name, how would you make sure that the seller transfers the domain when the funds have already been sent? You’ll need a third-party escrow or intermediary. Smartlink, on the other hand, allows you to create an escrow smart contract using a simple web form. You and the seller can set the terms for the transaction before making a deposit. As the seller transfers the domain, you can verify it and approve the transaction. Additionally, we have partnered with a decentralized dispute resolution platform to handle any disputes within our ecosystem.
Some other use cases could be selling/purchasing digital products, milestone payments, business transactions, and even freelancing. There is no end to how you can implement Smartlink once the system is designed for digital and real-world cases.
Q: Your marketplace product shows example listings such as an Aston Martin available for XTZ, Beeple Digital Art available for SMAK, and even OTC Bitcoin available for tzBTC. When do you expect this marketplace to open fully and how will you bring in new users to participate? Will anyone be able to list an asset for sale, is this where the decentralized escrow solution comes into play?
Smartlink decentralized marketplace is built on top of the escrow module. The idea behind our marketplace is to provide a platform where individuals or businesses can trade goods and services. With that being said, the initial launch will focus on digital products and services. We’ll provide support for physical products as we develop proper tracking mechanisms by collaborating with third-party logistics/tracking services which is definitely the most challenging part.
And to minimize control at any level, we are planning to implement a decentralized identity verification module (DIDs) within our platform for KYC. Instead of sharing your details with multiple service providers, you can share your ITF in the form of a QR code or token. This is a work in progress, so we’ll keep our users updated about any developments.
Q: Users currently have a couple of options to staking SMAK, one with flexible parameters and no lock-up for a lower APY and another one with a 90-day lock-up period that allows for a higher APY. What are the benefits of each type and which would you recommend to a new user?
Smartlink is a community-centric project, which means we value the trust our community places in the platform. That’s why we have announced decent staking rewards for $SMAK holders.
The token holders can choose between 20% flexible APR and 70% APR locked-staking option. The former is ideal for individuals seeking consistent income from staking, whereas the latter is ideal for individuals targeting long-term growth.
Our community members can choose the option that works better for them.
We’ll revise the rates going forward. The current rates to show our gratitude for all support we have received from the community. And it’s quite exciting to see over 70% of the circulating supply locked in the platform.
Q: Outside of Staking SMAK you have additional plans to build a DeFi ecosystem including a decentralized exchange, why is this necessary and what value does it add to the SMAK token?
If you look at the current Tezos ecosystem, you’ll see what we’re trying to address. Building our own exchange will open several opportunities, including liquidity pools and yield farms. Also, we are working on our launchpad, so having a DeFi ecosystem will ensure that Smartlink users have access to all the services within our platform.
For SMAK token holders, we are placing SMAK at the center of our development roadmap. SMAK will be used as the governance for our DEX and will provide access to exciting projects introduced through our launchpad and launch pools.
Q: Have your current staking smart contracts been audited, what emphasis do you put on security and how does being built on Tezos help achieve these goals?
Security is critical for us and every module that we build undergoes multi-layer security testing. Our staking smart contract was audited by Pyratzlabs, which is a leading Tezos development studio.
And to give you a better idea, we chose Tezos because of its secure architecture. As a user, any escrow smart contract you create through our platform is formally verifiable, so you can get it audited and tested in advance.
Q: As a young project with large ambitions, what new developments and features are you most excited to release in the future?
Since our initial launch, we have expanded our horizon and development goals, with some fun launches, such as Smartlink Lottery App and DEX announcement. It’s always exciting to work on new modules and share our progress with the community.
As of now, our entire team is looking forward to the release of our DEX, especially because of the limited number of operational Tezos DEXes. It’ll bring users from the Tezos wider ecosystem to Smartlink but also from other chains. We want to promote the advantages of having dapps built on Tezos compared to other popular projects.
And as a community-centric project, we’re aware of the expectations of our community and their excitement around this topic.
Q: Tezos has been described as having one of the best communities, how do you plan on attracting participation from this community and building their interest in your project for the sustainable future?
We’re a part of the Tezos ecosystem and one thing that we can tell you is that the Tezos community is smart, responsive, and has an amazing audience for new launches.
Our DEX is a critical part of our expansion strategy. It will open partnership opportunities with different Tezos projects, and it’s not just about listing their tokens, but the wider adoption of our platform as well.
Q: Where is the best place for the community to interact with you?
The best place to talk to our team is our Telegram community. We interact with the community members, hold AMAs with different communities to spread awareness, and answer questions related to our project.
Q: Why is Staking Rewards the best partner for your project?
Staking rewards is home to some of the most promising live blockchain projects, which makes it the ideal platform for Smartlink. Having our project live on Staking rewards means more exposure and access to long-term investors for our project. Our entire team is excited about this partnership and the prospects it provides for our project.
What is Smartlink?
You can stake SMAK by moving your tokens into a wallet that supports staking such as Temple Wallet or Kukai Wallet. In our example, we will be using the Temple Wallet. You’ll then want to head on over to the Smartlink Staking Dashboard to begin interacting with the Staking Smart Contracts.
When you stake your SMAK, you are interacting with a Tezos smart contract. The Smartlink (SMAK) token has the below specific details:
- Contract: KT1TwzD6zV3WeJ39ukuqxcfK2fJCnhvrdN1X
- Type: FA1.2
- Decimal: 3
When staking your SMAK, you have two options:
- Flexible Staking
- Lock-Up Staking
The Smartlink Staking Contracts have been audited by Pyratz Labs.
This Staking product by Smartlink is one of the first-ever built on the Tezos blockchain. The process is really easy to understand and the wallet software used is similar to Ethereum’s Metamask, so anyone familiar with the Ethereum ecosystem should have no problem learning how to Stake Smartlink. It is important to note that the 90 Lockup Staking Type will only be available for a limited time so users should go for it while they still can if they desire higher APR and wouldn’t mind committing to a 90 day lockup period. The staking app and dashboard have a lot of really nice features to monitor all your staking instances so that you are fully aware of the rewards earned and available to withdraw. The Smartlink project is definitely a leader in the Tezos ecosystem and they are currently building a DEX. With ambitious products in their roadmap, we see a promising future ahead. Once the platform starts generating fees they also plan on having SMAK token burns derive from a portion of these platform fees which will increase the scarcity of the SMAK token. Keep an eye on this project as it is sure to make waves in the coming months and years!