add a definition of smart token

src/papers/smart-token-paper.md

@@ -190,7 +190,7 @@ It's worth noting that a public-blockchain-based standardisation process such as
 | Aspect                         | ERC Standards                                                | Web Standards (As Advocated by Tim Berners-Lee)              |
 | ------------------------------ | ------------------------------------------------------------ | ------------------------------------------------------------ |
 | **Scope and Detail**           | Focus on specific functionalities within the Ethereum blockchain; concise in nature. | Comprehensive, covering a wide range of technical, interoperability, and neutrality aspects for the entire web ecosystem. |
-| **Relevance to Trust Anchors** | May not encompass the broad range of requirements needed for web-wide trust anchors. | Emphasize open, inclusive standards suitable for the web at large, aligning with the diverse requirements of web ecosystems. |
+| **Relevance to Trust Anchors** | May not encompass the broad range of requirements needed for web-wide trust anchors. | Emphasise open, inclusive standards suitable for the web at large, aligning with the diverse requirements of web ecosystems. |
 | **Industry-Specific Needs**    | Limited in addressing the diverse regulatory, security, and operational needs across industries. | Supports adaptable and flexible standards, catering to the specific needs of different industries, ensuring broad compatibility and neutrality. |
 
 In conclusion, tokens, not platforms, should serve as trust anchors. They are the origin of trust and need to be decoupled from token-serving platforms to foster competition and drive innovation, echoing the layered approach that has benefited the Internet. Therefore, efforts to decentralise trust anchors should enrich tokens so they can carry out the functions of trust anchors, rather than merely focusing on decentralising token-providing platforms. This perspective leads us to the core concept of this paper: Smart Tokens.
@@ -221,7 +221,15 @@ While Smart Contracts can be adapted to mimic web service functionalities via Re
 
 At first glance, it might appear that all Smart Contract Tokens have a runtime environment. For instance, in Ethereum, this would be the Ethereum Virtual Machine (EVM). However, the EVM was specifically designed with the maintenance of states in mind, which is fundamental for value transfer but not necessarily for functioning as a web service. For instance, it does not maintain the status of a web session, only the states in the blockchain; its operating environment does not demand integrity - if a node returns a false negative in a call to a `view function`, there are no repercussions for the node. Moreover, it lacks facilities such as HTTP GET/POST requests and data storage, which are essential for a web environment. Finally, an EVM instance describes smart contract status, not a token instance - there is no EVM to describe a token without also maintaining the entire contract state. This highlights the shortcomings of the EVM when serving as the token runtime environment, which will be explored further in a subsequent section.
 
-Recognising these limitations, it becomes evident that Smart Contract Tokens need to be further developed to serve as trust anchors. This enhanced version, "Smart Tokens," was first termed by Virgil Griffith. Griffith coined this term during a casual conversation in a bar in Surry Hills, Sydney, in 2018, as the team behind this paper deliberated on the potential building blocks of Web3. At that point, Web3 was still in its budding state and had not yet been defined as an 'Internet of Value.' The phrase "Smart Token" caught on, and the team adopted the moniker "Smart Token Labs." However, the exact reasoning behind Griffith's nomenclature remains a mystery, as he was unfortunately incarcerated before he could elaborate on it. Hence, we are left to speculate why the envisioned building block for Web3 was christened as a "Smart Token."
+Recognising these limitations, it becomes evident that Smart Contract Tokens need to be further developed to serve as trust anchors. This enhanced version, "Smart Tokens," was first termed by Virgil Griffith[^Griffith]. While intuitively the role of Smart Token is *decentralised trust anchor*, we define it formally:
+
+#### Smart Token
+
+A "Smart Token" is a blockchain-based digital asset that incorporates programmable logic, enabling it to function as a web service and an integration point for web applications. Unlike traditional tokens, which primarily symbolize a unit of value, Smart Tokens can represent a broad spectrum of assets or rights and interact with various web services. Within the Web ecosystem, Smart Token acts as a decentralised trust anchor, addressing the centralisation issues associated with conventional trust anchors. Trust in a Smart Token is derived from its embedded smart contract rules and the reputation of its issuer. It operates in a secure, separate runtime environment from the applications it supports, ensuring robust security and trustworthiness.
+
+By providing a wide array of services, Smart Tokens enable seamless interactions between applications and tokens, fostering deeper integrations and a more dynamic, user-centric web experience.
+
+[^Griffith]: Griffith coined this term during a casual conversation in a bar in Surry Hills, Sydney, in 2018, as the team behind this paper deliberated on the potential building blocks of Web3. At that point, Web3 was still in its budding state and had not yet been defined as an 'Internet of Value.' The phrase "Smart Token" caught on, and the team adopted the moniker "Smart Token Labs." However, the exact reasoning behind Griffith's nomenclature remains a mystery, as he was unfortunately incarcerated before he could elaborate on it. Hence, we are left to speculate why the envisioned building block for Web3 was christened as a "Smart Token."
 
 The ensuing sections will delve deeper into the concept of Smart Tokens, exploring their design requirements and potential applications and how they could serve as the building blocks for the next-generation Web.
 
@@ -392,7 +400,7 @@ Since cars are an application of IoT devices, it is possible to design communica
 
 ## Health Token
 
-The Health Token is introduced later in this paper due to its distinctive features. While it shares the non-transferability aspect with SoulBound Tokens (SBTs), its application is focused on individual health data. SBTs, as envisioned [@weyl2022], are broader in scope, encompassing various aspects of an individual's identity, affiliations, and social commitments in a decentralized society. The Health Token therefore can be considered in the intersection of Smart Token and SoulBound Token.
+The Health Token is introduced later in this paper due to its distinctive features. While it shares the non-transferability aspect with SoulBound Tokens (SBTs), its application is focused on individual health data. SBTs, as envisioned [@weyl2022], are broader in scope, encompassing various aspects of an individual's identity, affiliations, and social commitments in a decentralised society. The Health Token therefore can be considered in the intersection of Smart Token and SoulBound Token.
 
 Despite these challenges, the potential use cases for the Health Token justify the effort required. Health data permeates every aspect of our daily lives, influencing decisions ranging from diet and travel to shopping and leisure activities. Given its ubiquity, health data holds enormous potential for integration across a myriad of platforms and use-cases.