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 title: "Smart Token: The Building Block for the Next-Generation Token-Centric Web"
 date: "13th November, 2023"
 abstract: |
-  The Web has evolved significantly, transitioning from Web 1.0's flat, book-like architecture to Web 2.0's application platform. This transformation led to a "reverse pyramid" structure, dominated by a few internet behemoths at its narrow base. Such centralisation has stifled the Web's broader innovative potential, hindering the democratic spirit that underpins the Internet. In contrast to the dynamic evolution in parallel fields like NFTs and DeFi, in the core Web ecosystem, the past decade witnessed a plateau in transformative platforms or groundbreaking innovations, with the digital landscape largely commandeered by familiar giants. This paper delves into the root causes of this innovation drought in the Web, emphasising the indispensable role of trust anchors in nurturing a vibrant web ecosystem. We introduce the concept of a Token-Centric Web, a vision for the next-generation Internet that decentralises trust and enables an ecosystem of integrations. "Smart Tokens," leveraging smart contracts, are proposed as an architectural choice to instantiate trust anchors in this Token-Centric Web, aiming to amplify user experience, bolster privacy, reduce dependence on monolithic Internet titans, and foster a new wave of web innovation. The paper probes the potential for transformative shifts across various web dimensions and delineates the technical challenges, potential pitfalls, and adoption hurdles. We argue that democratising trust anchors through Smart Tokens can pave the way for a more equitable and participatory Internet, turning it into a public good that benefits all.
+  The Web has evolved significantly since its inception. It started with Web 1.0, characterised by its flat, book-like architecture, then transitioned to Web 2.0's application platform. This transition led to a “reverse pyramid” structure that was dominated by a few internet behemoths at its narrow base, resulting in centralisation.
+
+  Such centralisation has stifled the Web's broader innovative potential. It has hindered the democratic spirit that underpins the Internet. In contrast to the dynamic evolution in parallel fields like NFTs and DeFi, in the core Web ecosystem, the past decade has borne witness to a plateau in transformative platforms or groundbreaking innovations, with the digital landscape largely commandeered by familiar giants.
+
+  This white paper delves into the root causes of this innovation drought in the Web, emphasising the indispensable role of trust anchors in nurturing a vibrant web ecosystem. We introduce the concept of a Token-Centric Web, which represents a vision for the next-generation Internet that decentralises trust and enables an ecosystem of integrations. "Smart Tokens," paired with the leveraging of smart contracts, are proposed as an architectural choice to instantiate trust anchors in this Token-Centric Web. The aim is to amplify user experience, bolster privacy, reduce dependence on monolithic Internet titans, and foster a new wave of web innovation. This white paper explores the potential for transformative shifts across various web dimensions and delineates technical challenges, potential pitfalls, and adoption hurdles. We argue that democratising trust anchors through Smart Tokens can pave the way for a more equitable and participatory Internet, converting it to a public good that benefits all.
 ---
 
 # Web Foundations and Trust Anchors: Towards a Democratised Model
 
 ## The Web's Foundational Model
 
-When Tim Berners-Lee and his team developed the foundational concepts of the Web, they conceptualised 'sites' as its primary building blocks, akin to physically exploring different sites in the digital world. This seemingly intuitive approach, however, was not a given, as prior Internet protocols did not revolve around the concept of sites. Consider USENET: it organises and manages information by topic, making it irrelevant which site or even which planet the information originates from under that topic.
+When Tim Berners-Lee and his team developed the foundational concepts of the Web, they conceptualized *sites* as its primary building blocks. These "sites" were akin to physically exploring different sites in the digital world. This seemingly intuitive approach, however, was not a given—as prior Internet protocols did not revolve around the concept of sites. Consider USENET; USENET organises and manages information by topic, thereby making it irrelevant which site, or even which planet, the information comes from under that topic.
 
-The Web embraced a site-centric model: a site has a single origin, is inherently competitive, forms an ecosystem through hyperlinks, and evolves as a platform rather than a static product. This model complemented the revolutionary capabilities introduced by HTML, contributing to the Web's rapid adoption and eventual dominance as an Internet application. Even in the mobile Internet era, the foundational model of 'sites' persisted[^mobile].
+The Web had embraced a site-centric model, where a site had a single origin, was inherently competitive, formed an ecosystem through hyperlinks and evolved as a platform, rather than as a static product. This model complemented the revolutionary capabilities introduced by HTML, contributing to the Web's rapid adoption and eventual dominance as an Internet application. Even in the mobile Internet era, the foundational model of 'sites' persisted[^mobile].
 
-[^mobile]: Although early mobile system designers envisioned apps to be function-centric, akin to desktop word processors for editing and movie players for entertainment, the reality differed. Instead, users embraced mainstream apps like Google Docs for editing, and Netflix for entertainment. Like a site, a mainstream mobile app possesses a single origin, thrives in competition, links to other apps, and remains open to ongoing development. This evolution is a testament to the enduring influence of the site-based model, even in a landscape that has shifted significantly from Berners-Lee's original vision of the Web.
+[^mobile]: Although early mobile system designers envisioned apps to be function-centric, not unlike desktop word processors for editing and movie players for entertainment, what they wound up producing was different. Users embraced mainstream apps such as Google Docs for editing, and Netflix for entertainment. Like a site, a mainstream mobile app possesses a single origin, thrives in competition, links to other apps, and remains open to ongoing development. This evolution is a testament to the enduring influence of the site-based model, even against the backdrop of a landscape that has shifted significantly from Berners-Lee's original vision of the Web.
 
-Berners-Lee and other early web pioneers didn't adopt the "site" concept merely for its potential evolutionary power. Instead, the Web's design was heavily influenced by a prevailing metaphor of that era — the library model, which likened the Internet to a vast library. This metaphor transposed a library's concept—a collection of books—to the digital realm, turning the Internet into a collection of sites. Just as a book references pages, the Web adopted "web pages." This framework led to structuring the Internet around origins (sites) instead of topics (as in USENET) or functionality (as in FTP). Hyperlinks became akin to library indexes, but site owners controlled these links, creating a self-referential mega-book that spanned the entire library[@tim1994].
+Berners-Lee and other early web pioneers didn't adopt the "site" concept merely for its potential evolutionary power. Their interest was in the Web's design, which was heavily influenced by a prevailing metaphor of that era: the library model. This model likened the Internet to a vast library and transposed a library's concept—a collection of books—to the digital realm, turning the Internet into a collection of sites. And just as a book has pages, the Web has "web pages." This framework led to a structuring of the Internet around origins (sites) instead of topics (as in USENET) or functionality (as in FTP). Hyperlinks became analogous to library indexes. However, site owners controlled these links, creating a self-referential mega-book that spanned the entire "library"[@tim1994].
 
-Structuring the Web around origins rather than topics (like USENET) or functionality (like BitTorrent) had profound implications. It led to websites' single-origin design, reminiscent of how books have specific authors. Today, multi-domain sites are rare. This site-origin model imbued each website with a sense of credibility anchored in its source. This subtle, yet pivotal decision laid the groundwork for a more centralised Web, inadvertently setting the stage for the emergence of anchor points in the web's trust landscape, a phenomenon we explore further in the subsequent sections.
+Structuring the Web around origins, rather than topics, or functionality, had profound implications. The consequence was the single-origin design of websites, reminiscent of how books have specific authors. Today, multi-domain sites are rare. This site-origin model imbued each website with a sense of credibility, anchored in its source. This subtle, yet pivotal decision laid the groundwork for a more centralised Web It inadvertently set the stage for the emergence of anchor points in the web's trust landscape, which is a phenomenon that we explore further in the subsequent sections of this white paper.
 
 ## The Shift from Information to Applications
 
-Originally influenced by the metaphor of a universal library, the Web was conceived as an information system [@roeber1992]. Today, such a description feels dated. It is, more fittingly described, a sprawling web of applications. Rarely do individuals now describe their online activity as simply "browsing" for information. Instead, they're interacting with dynamic web apps to chat, shop, book hotels, work remotely, network, or for leisure activities. Few draw parallels between the Internet and a Universal Library any more.
+Originally influenced by the metaphor of a universal library, the Web was conceived as an information system [@roeber1992]. Today, such a description feels dated. It is now more apt to describe it as a sprawling web of applications. Rarely do individuals now describe their online activity as simply "browsing," whether for information, or anything else. In present times, their online activities consist of interacting with dynamic web apps, to chat, shop, book hotels, work remotely, network, and/or indulge in leisurely activities. Precious few individuals intentionally draw parallels between the Internet and a Universal Library any longer.
 
 The transition from a web of information to a web of applications marked the significant transformation of Web 2.0. This was achieved by expanding the site model into an application model through web services. Key technologies of Web 2.0 include AJAX, RESTful API, and SaaS. Notably, these are application-oriented technologies built atop the traditional site-based information model. Concurrently, HTML evolved from a document format to an application development User Interface description language.
 
-As the Web transitioned from an information repository to an application platform, the concept of trust anchors emerged. These trust anchors - essential services the web ecosystem depends on, are usually provided by a few dominant entities and become the focal points of trust for web applications.
+As the Web transitioned from an information repository to an application platform, the concept of trust anchors emerged. These trust anchors are essential services that the Web ecosystem depends on. They tend to be provided by a few dominant entities and become the focal points of trust for web applications.
 
 ## Trust Anchors and Web Centralisation: An Inevitable Byproduct of Application Shift
 
-Web 2.0 has created a complex network of applications interconnected through multiple web services. These services, such as Google Login and Google Pay, have become more than just functional components; they are now central to ensuring the security and reliability of web applications. In this context, we refer to them as Trust Anchors. This term, originally from PKI cryptography, is used here to describe their critical role in the Web 2.0 ecosystem.
+Web 2.0 has created a complex network of applications interconnected through multiple web services. These services, such as Google Login and Google Pay, have become more than just functional components. They are now central to ensuring the security and reliability of web applications. In this context, we refer to them as Trust Anchors. This term, originally from PKI cryptography, is used here to describe their critical role in the Web 2.0 ecosystem.
 
-This section examines the role of Trust Anchors in web centralisation.
+This section of the paper examines the role of Trust Anchors in web centralisation.
 
-Traditionally, a Trust Anchor in cryptography is an authoritative entity trusted without external validation [@linn2000], like root CA certificates in SSL/TLS. In the web ecosystem, however, we define the term as following:
+Traditionally, a Trust Anchor in cryptography is an authoritative entity trusted without external validation [@linn2000], with an example being root CA certificates in SSL/TLS. In the web ecosystem, however, we define the term as follows,
 
 #### Trust Anchor
 
@@ -237,7 +241,7 @@ Given the shift from traditional trust anchors to Smart Tokens, a new architectu
 
 #### Token Runtime Environment
 
-A Token Runtime Environment is a distinct operational architecture that enables the functionality and trusted behaviour of Smart Tokens. It serves as a secure and separate environment from the application it supports, providing the necessary interfaces, managing the token's state, and turning trust in the underlying token's core logic into a trusted token web service. The Token Runtime Environment is crucial for Smart Tokens to serve as trust anchors, providing the necessary functions while maintaining a high level of security and trust.
+A Token Runtime Environment is a distinct operational architecture that enables the functionality and trusted behaviour of Smart Tokens. It is a secure and separate environment from the application it supports, providing the necessary interfaces, managing the token's state, and turning trust in the underlying token's core logic into a trusted token web service. The Token Runtime Environment is crucial for Smart Tokens to serve as trust anchors, providing the necessary functions while maintaining a high level of security and trust.
 
 We enumerate the features needed for such a runtime environment.