Smartlink: Behind The Scenes
We share insights into our guiding principles, development process, and talk to some key members of the team.
Smartlink is born out of the need for reliable suppliers that can evolve with the rapidly changing business landscape.
A software company or cutting-edge IoT hardware manufacturer working with international clients expects the same level of proficiency in their day-to-day transactions as they do in other aspects of their business.
However, the current payment and escrow services operate on legacy systems, inefficient financial bureaucracy, and are burdened with security risks.
That’s how Smartlink came into existence.
The Smartlink team faced real-life challenges when dealing with international clients, and that’s when they decided to bridge this gap.
What exactly is Smartlink?
Smartlink facilitates trust-as-a-service.
To put it simply, we replace traditional payments and escrow processes with smart contracts, with our platform being built on one of the most secure, institutional-grade blockchain networks, Tezos.
Smartlink provides a simple interface where users can set forth the terms of their deal in customizable smart contract-powered agreements.
The buyer deposits funds in an escrow smart contract with the set conditions.
Once the seller delivers the product or service, the buyer receives an inspection window to ensure the quality of the delivery before approving the payment. As the delivery is approved, the smart contract automatically pays the seller.
Smartlink’s escrow smart contract module functions as the guiding principle behind other modules, including:
Tezos: The ideal blockchain network for Smartlink.
Smartlink team did a thorough market study before choosing the best blockchain network for its project.
Jeremy Martin - Chief Technical Advisor @ Smartlink
Jeremy Martin, Chief Technical Advisor of Smartlink, says, “We needed a blockchain network that provides a high level of security, handles transactions swiftly and remains cost-efficient for micro and macro transactions.“
He adds, “Tezos is one of the only blockchains that support all of these features, including formal verification of smart contracts and quick confirmation times.”
Some of the reasons behind choosing Tezos for Smartlink include:
The modular structure of Tezos provides flexibility for development.
Tezos supports formal verification of smart contracts, which is a must for high-value transactions.
The gas fees make Tezos the right platform for microtransactions.
Tezos ticks all the technical requirements for Smartlink ecosystem.
Smartlink’s revenue model takes a different approach.
Another critical challenge our team noticed in the traditional escrow industry was the high commission structure, exceeding 6% (plus transaction charges) or even more in some cases.
Using smart contracts instead of traditional systems allows Smartlink to lower the cost of escrow transactions.
Adrien Hubert - Economic Advisor @ Smartlink
Adrien Hubert, the economic advisor for Smartlink, says, “An ideal solution is the one that stays cost-efficient and affordable irrespective of the size of the transaction. That’s how one can build a solution for massive adoption.”
Smartlink eliminates the expensive commission charges prevalent in the escrow and overall payments industry.
We introduce the lowest fees in the space starting from 0% to 1%.
For businesses, our commission structure could make a huge difference in their bottom lines.
For individual users, they do not have to pay exorbitant sums of money for using an escrow service.
Smartlink distributes the platform fees evenly across its SMAK buyback program and operations.
Our goal is to create an innovative solution that redefines payments in the global marketplace, and bridges a critical gap in the modern business landscape.
What are we doing right now?
Smartlink is under its second development phase.
The team has been focused on streamlining its processes for maximum efficiency.
We have added to our development team, onboarding experienced developers, system architects, and security professionals.
We are working on our technical paper V1 with a set of researchers to establish the first green and sustainable decentralized escrow platform based on smart contracts.
At the moment, our team is building the escrow functionalities linked to our smart contracts along with our staking module.
The staking interface will be delivered within the stipulated timeline.
Smartlink Secret Milestones
Smartlink Roadmap lists three secret milestones, scheduled for Q3 2021, Q4, 2021, and Q1 2022.
We’re working hard to accomplish these milestones and if you’re a part of Smartlink community, this is going to be an amazing surprise for you.
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