Seemingly everyone on the planet has introduced their own digital token by now. Most tokens are issued on top of the Ethereum blockchain in order to take full advantage of smart contract technology. To make things slightly more interesting, there is now a multi-smart contract application out there as well. Tokit will certainly be of great interest to a lot of people, and it seems integrating this functionality won’t be too difficult either.
Tokit will be Pretty Useful to Some People
It is always interesting to see how developers take interesting technology and come up with new solutions. Smart contracts have been of great interest to a lot of people in recent months. While the auditing and security of these contracts is still in question, there is sufficient reason to get excited. The SingularDTV team decided to take things one step further and introduce Tokit, a multi-smart contract application. Up to this point, we had never seen any multi-smart contract application in development.
Someone had to be the first in this regard, and Tokit seems to be the project to contend with right now. Although it is the first application of its kind, it most certainly will not be the last. The main purpose of Tokit is to “tokenize it”. So far, it seems the application is mainly aimed at artists and creators, although it will be interesting to see who else will make use of this project moving forward. Allowing anyone in the world to “tokenize” anything and everything will yield some interesting results, to say the least.
Under the hood, it appears Tokit makes use of some interesting smart contract technology. The accompanying blog post explains how it took “multiple years” to build the system powering this decentralized application. The early days of Ethereum have not seen much development in this regard, and the infancy stage of this ecosystem lasted a lot longer than most people had originally expected. Then again, perseverance pays off in the end.
Anyone in the world can take up Tokit and use it to start his or her own tokenized ecosystem. There will be a small fee for doing so, though. While the initial fee is US$100 when using Ethereum to pay, using SNGLS tokens results in a 25% discount. That’s an interesting approach to making SingularDTV tokens more appealing, although it remains to be seen how the general public will respond. It is good to see an ICO project still accepting Ether as a payment method as well.
For artists, the benefits of Tokit should not be overlooked. Solutions such as this one may help build a better artist-fan relationship in the future. Fans are always looking to get more “invested” in the artists they like, after all. Buying merchandise, for example, is one way to go about things, but using tokens to “invest” in the future of a particular artist is something else entirely.
It will be interesting to see if other companies decide to take a similar approach when it comes to smart contracts. No one can deny this technology has a lot of potential right now, even though a lot of details still need to be worked out. Moreover, not everyone will see the benefit of tokenizing everything humanly possible. Tokit’s entrance fee is pretty small, so it should not prove to be any sort of hurdle whatsoever. It is a remarkable project, although it remains to be seen how successful it will be in the end.