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Innovative STAS Tokenization protocol

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What they say

Another benefit of the token is that non-BSV users can use the microtransaction capabilities of BSV to transfer money back and forth without actually even realising that they’re using BSV at all and that it is powering the transaction under the hood.

We chose the STAS token protocol because we’re passionate about Bitcoin. If you’re passionate about Bitcoin, you’ll be passionate about STAS. It’s a pure implementation of Bitcoin.

The benefit of the STAS token is it is all in native bitcoin script and that means we can keep it as a bitcoin transaction.

Fast and Secure E-Cash Payments on BitcoinSV powered by Specialists Vaionex, STAS and CENTI



 In this article CENTI wants to zoom out and let you in on how to put our recent announcements into perspective regarding payments. CENTI is about to bring some unique features to the industry. Don’t miss the <a href="https://centi.ch/centi-taal-stas/">announcement</a> about our most <a href="https://centi.ch/centi-and-vaionex-wallet/">recent post</a> about working with Vaionex to deliver next generation wallet infrastructure.



The digital age has ushered in a limitless multitude of innovations. Thanks to the brilliant work of engineers, data scientists, mathematicians, and creative professionals, many people are now enjoying the fruits of this hard work and unparalleled craftsmanship. Whether it be banking or cryptocurrencies, or from E-commerce to everyday retail transactions,&nbsp; indeed,&nbsp; everyday life has become easier and more manageable because of these innovations.&nbsp;



At CENTI we want to ensure that transactions can happen as cash transactions wherever possible. The reasons we do this are simple. More control and privacy on the consumer side and less transaction fees which we have to impose on merchants on the business integration side. The reason fees are lower with CENTI compared to debit and credit cards is that cash can be accepted without charge-back risks and it can be accepted without identification of the consumer.



To exemplify this, consumers don’t have to show an ID to purchase a pack of gum for cash at the local kiosk. However, if they paid with a debit card or credit card, they would need to be fully identified as the transaction is in that scenario is a 3-party monetary flow where the consumers authorize the card company to deduct from their account or write to their credit line, the card company in return tells the merchant that he can let the consumer go with the product and the merchant gets settled later by the card company. Consumer identification, which is a legal prerequisite to taking part in any such 3-party transaction, is done when the card is issued and the cost for ID check and issuance is imposed on the merchants through fees. Merchants of course pass on the fees through their product pricing.



On the flip side, physical cash is also expensive to handle. It can be counterfeited which poses a risk but even if it is genuine, it has to be counted multiple times and transported before the merchant gets money on his bank account to e.g. pay employees or suppliers. The reasons fees are lower with CENTI than with physical cash are zero risk of counterfeits, fully digital accounting for the cash and transportation costs which are negligible compared to the costs of transporting physical cash. CENTI aims to combine the best of both worlds, cash payments and electronic payments resulting in electronic cash payments. Consumers and merchants get all the advantages of cash without the tedious counting or counterfeit checking combined with the simplicity, convenience and hygiene of electronic payments.



In order to ensure compatibility with regulations concerning cash transactions, the most important aspect is not to create a 3-party payment triangle as described above. All regulatory advantages for cash are only at play, if the requested amount is within cash limits and the transaction at hand can happen directly from the consumer to the merchant. Instead of the triangle model, CENTI works more like a Bucket-Chain, a chain of bilateral transactions. 



Every technology choice we make at CENTI is carefully considered regarding this key differentiator we have against virtually any other electronic means of payment which is widely accepted today.



BitcoinSV as well as STAS-tokens, which are a form BitcoinSV activated through a smart contract invented by Bitcoin-Script Engineer Stas Trock, can be technically and legally used as electronic cash (limitations apply depending on the legal nature of the issued tokens). Direct consumer to merchant payments are very common In the BitcoinSV ecosystem. In such a transaction the consumer hands the merchant the signed transaction who then accepts it after doing the relevant checks about the authenticity. The merchant may use any methods he sees fit to check for authenticity. Similar to physical cash, there is no single right way to do it. They could contract a cash handling service to do it for them or just hold the bill against the light and check for security details. Of course CENTI is here to run these checks on the merchants behalf and on top we also offer direct conversion services such that merchants conveniently get their money on the bank account just like with any other electronic payment.



When it comes to checking for transaction authenticity and handling the incoming transactions as a service provider to our merchants, CENTI has contracts in place with the top players in the ecosystem in order to provide best in class value-add services and can thus guarantee the payments instantly. We will let you know below about the most prominent of players and services we work with to build the CENTI offering, but at this point we remark that any of these 3rd party services, as well as the products CENTI itself provides, can be replaced by other parties. CENTI is a handler for electronic cash for our merchants. The cash we handle is not issued by CENTI and does not rely on CENTI to function either. The free wallet we plan to offer on the consumer side could likewise be replaced or supplemented by another wallet.



But what sense does it make that we let merchants and consumers know that they could technically replace us?



Only if the consumer and merchant side can be substituted by other compatible solutions can a transaction be considered to be a cash transaction in nature. As soon as a central party is introduced which authorizes the actual payment process, the transaction becomes of the same nature as a credit or debit card transaction.



Secondly, we want our CENTI consumers and business partners to know that we strive to deliver the best service to you as we are in constant competition with others offering the same or similar services! 



The STAS-technology allows us to offer our merchants the issuance of tickets, loyalty points, vouchers, coupons, prepaid balances, dedicated local currencies, stablecoins, promotional tokens and many more things which can then flow bi-directionally on top of the very same base technology we already offer for payments which is BitcoinSV. With this technology CENTI can literally offer digital paper printing technology to it’s merchants which we will do with great care. If a merchant prints a voucher or a coupon on paper the merchant is the contractual counterparty and he could also hire another printer for this job.



CENTI is convinced all merchants will enjoy working with us as we take care of the security, interface and extra value-add services for you.



The industry experts we work with understand our vision and each of them provide services very close to their core business for us: The <a href="https://vaionex.com/">Vaionex Corporation</a>, a leader when it comes to innovations in the BitcoinSV ecosystem, has built several platforms which directly interact with the BitcoinSV blockchain. Vaionex’s backend wallet services are among the fastest in the industry and built to scale from the very beginning. Vaionex is heavily involved in building the CENTI consumer wallet app and parts of the backend of the CENTI wallet will be shared with Vaionex. Rest assured though, that the little data we do collect from our CENTI consumers rests securely on Swiss servers with the highest certification standards regarding security and privacy available in the industry today. <a href="https://whatsonchain.com/">WhatsOnChain</a> is the leading block explorer for BitcoinSV and also provides a set of API’s and tools which are very useful and in use across the industry. STAS-token transactions are regular BitcoinSV transactions but they have been minted and are thus linked to an issuer and an issuing event at some point in time. In order to check a transaction quickly for its authenticity in a retail situation, WhatsOnChain keeps a set of all unspent STAS-tokens and their IDs such that CENTI and other wallet applications can check the authenticity of the transacted tokens in real time. Further WhatsOnChain has developed a software development toolkit for the STAS-technology which makes it easier for wallet operators to integrate STAS.



CENTI licenses the STAS-technology which allows converting generic BitcoinSV into minted tokens with a unilateral issuance contract. Further CETNI sources transaction services which will enable consumers using the CENTI wallet to use STAS-tokens without the requirement to own any BitcoinSV. We are convinced that consumers just want great products without hassle and these services allow us to provide just that. This collaboration is a clear win-win with both parties having clear incentive to provide the best services and grow the BitcoinSV ecosystem.



In full synergy with Vaionex and STAS, CENTI believes that utilizing the BitcoinSV blockchain will allow its users to enjoy and truly make the most of this innovative payments solution. Designed to seamlessly accept BitcoinSV and tokens , CENTI is THE definitive and integrated experience of digital cash.

STAS and Centi

<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Introducing STAS-789: Transforming the world of data! Unlock limitless possibilities in data management and blockchain databases with our Appendable Data Tokens. Discover the future of tokenization at <a href="https://t.co/3oYQ72YIQg">https://t.co/3oYQ72YIQg</a>. <a href="https://t.co/ckI8XX0Vle">pic.twitter.com/ckI8XX0Vle</a>&mdash; STAS Token (@StasToken) <a href="https://twitter.com/StasToken/status/1641477162237558784?ref_src=twsrc%5Etfw">March 30, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



As The Head of Business Development for Vaionex, I am thrilled to present the STAS-789 token, an innovative token protocol that provides the ability to append additional data to every transfer transaction. This optional feature paves the way for a transparent and verifiable record of transactions or events, making it the ideal solution for a wide range of applications, including supply chain management, logistics, and various other sectors requiring a detailed record of transactions.



The STAS-789 token is a flexible protocol that facilitates the creation of different token types, such as supply chain tokens, logistics tokens, and more. Its primary feature, the data appending capability, enables users to include vital information about each transaction, like package location, shipment status, or item quantity. The data is only added to the transaction output, ensuring that it remains immutable throughout the chain of transactions.



One of the most remarkable aspects of the STAS-789 token is the creation of unique token sets. These interrelated tokens can be used individually for transfers while maintaining a comprehensive record of each token&#8217;s events within the set. This feature guarantees the integrity and uniqueness of each token, providing a robust and secure system for tracing transactions. Industries like the food sector, where the traceability of products is crucial, can significantly benefit from this feature.



Another essential aspect of the STAS-789 token is the redemption process, available to any token holder. This process results in the token&#8217;s destruction and returns the original satoshis to the issuer&#8217;s address, making it an excellent option for end-of-cycle scenarios when the token has served its purpose. This mechanism terminates the token&#8217;s lifecycle and ensures that all related satoshis are returned to the issuer, providing a convenient way to conclude token events while safeguarding the interests of both the issuer and the token holders.



A prime example of the STAS-789 token&#8217;s applicability is in supply chain management, where it can create a transparent and verifiable record of transactions. Companies can use this token to track the movement of goods from the manufacturer to the end customer, ensuring a tamper-proof record of the chain of custody.



The versatility of the STAS-789 token extends to various other applications, including logistics management for tracking goods and vehicles, medical record keeping to monitor patient data and treatment history, and environmental monitoring for pollution levels, climate data, and other environmental metrics.



This new token standard offers an unparalleled solution for businesses that require a transparent and verifiable record of transactions. Its flexibility, data appending capability, and unique token sets make it an indispensable tool for industries like supply chain management, logistics, and environmental monitoring.



Don&#8217;t miss this opportunity to leverage the power of the STAS-789 token for your business. If you are interested in learning more about how the STAS-789 token can enhance your operations and provide improved transparency, we invite you to contact Vaionex or visit stastoken.com. Our team of experts is ready to assist you in harnessing the full potential of this revolutionary token protocol, enabling your business to achieve new heights in accountability and traceability.

STAS-789: The Token for Data Integrity

We’re looking for viral growth at DXS. We’ve got two launches in the pipeline that will lay the foundation for this growth:



Launch <a href="https://tdxpapp.medium.com/who-is-this-proposal-for-97e742a1e70a">liquidity backed stablecoin trading</a> in USD, EUR, JPY, CNY and INR



<ol class="wp-block-list"><li>This will allow traders to profit-seek in their currency of choice, avoiding BSV price fluctuations</li><li>This will grow our insurance pool and session liquidity, allowing for larger position sizes</li></ol>



Launch a <a href="https://faq.tdxp.app/technical-explainers/dxs-loyalty-token-dxlt" rel="noreferrer noopener" target="_blank">loyalty token</a>



<ol class="wp-block-list"><li>This will provide referral compensation for traders who successfully invite new traders onto DXS</li><li>This will reward traders for their loyalty</li><li>This will Incentivise trading volume into the future</li></ol>



We have decided to integrate the <a href="https://www.taal.com/blog/2022/stas-token-solution-launches-for-public-beta/" rel="noreferrer noopener" target="_blank">STAS</a> protocol on DXS. This post explores our analysis.



<h3 class="wp-block-heading" id="197a">Fungible tokens</h3>



Both our stablecoin and our loyalty token require fungibility. STAS provides this.



<h3 class="wp-block-heading" id="1d93">Permissionless</h3>



We consider a token to be permissionless if it can be spent without reliance upon an oracle / signature authority.



The only requirement for a STAS token output to be spent is that the spender constructs a transaction adhering to the STAS template, signs with the appropriate private keys and a miner validates the transaction.



With STAS, there are no permission levels beyond the miner layer. The miners are the only authority.



<h3 class="wp-block-heading" id="7f26">Why does ‘permissionless’ matter?</h3>



Redundancy



<ol class="wp-block-list"><li>If your oracle goes down, your tokens go down.</li></ol>



Cost



<ol class="wp-block-list"><li>If you don’t need an oracle, you don’t pay for an oracle.</li></ol>



Trust



<ol class="wp-block-list"><li>If you don’t need an oracle, you don’t trust an oracle.</li></ol>



Legality



<ol class="wp-block-list"><li>Companies like Centi look to avoid the legal implications of being a ‘payment processor’ vs being a ‘cash handler’. Read <a href="https://centi.ch/e-cash/" rel="noreferrer noopener" target="_blank">this</a> if you want to understand the perspective.</li></ol>



You need redundancy, cost effectiveness and trust if you want to make protocolization feasible.



<h3 class="wp-block-heading" id="b81d">What does ‘protocolization’ mean?</h3>



DXS connects to a liquidity provisioning and trade settlement engine managed by a UK non-profit entity called the Bitcoin Trading Protocol Foundation (BTP Foundation).



We are looking to protocolize the BTP. Protocolization in this sense would mean the automation of existing business logic with permissionless tokens and smart contracts. Protocolisation would also mean that the BTP becomes a public resource and trading platform liquidity provisioning and trade settlement becomes plug-and-play.



Bitcoin turned settlement (untrusted interaction) into a protocol. Bitcoin eliminated the requirement for simple interactions between parties to be brokered. If you remove the broker, you drive the cost of settlement towards zero.



Leaning on bitcoin’s teachings — if you can automate (protocolize) business processes (especially those involving settlement) then you certainly should.



STAS protocol keeps the door open for these future plans.



<h3 class="wp-block-heading" id="2641">Open source</h3>



The template that defines how STAS transactions are to be built is public. Beyond that, there are STAS transactions on the public BSV blockchain. Anyone can look at the locking / unlocking scripts as well as amounts.



The SDK created by <a href="https://www.taal.com/" rel="noreferrer noopener" target="_blank">Taal</a> that builds STAS transactions is <a href="https://github.com/TAAL-GmbH/stas-js" rel="noreferrer noopener" target="_blank">open to the public</a>. Here is the public use <a href="https://github.com/TAAL-GmbH/stas-js/blob/master/LICENSE" rel="noreferrer noopener" target="_blank">license</a>.



It’s also possible to roll your own SDK that complies with the STAS protocol as outlined in the <a href="https://www.taal.com/blog/2022/stas-token-solution-launches-for-public-beta/" rel="noreferrer noopener" target="_blank">STAS whitepaper</a>.



<h3 class="wp-block-heading" id="e517">Licensing or restrictions</h3>



<a href="https://www.taal.com/" rel="noreferrer noopener" target="_blank">Taal</a> purchased the STAS protocol’s IP. Taal will likely charge licensing fees for issuances of STAS tokens in the future, while usage of circulating (already issued) tokens will be free for the public.



<h3 class="wp-block-heading" id="12ed">Audited</h3>



STAS protocol has been audited by <a href="https://www.trailofbits.com/" rel="noreferrer noopener" target="_blank">Trail of Bits</a>.



<h3 class="wp-block-heading" id="f85b">Upgradeable tokens and smart contracts</h3>



New templates can be created that conform to the STAS protocol while adding more features. Currently the suite of templates is relatively limited. All STAS templates are interoperable, e.g. atomically swappable.



Smart contracts that interact with STAS tokens could <a href="https://betterprogramming.pub/pay-to-contract-hash-ef89074c830a" rel="noreferrer noopener" target="_blank">support extensibility</a>.



<h3 class="wp-block-heading" id="0759">Secondary markets</h3>



There are not yet any markets for STAS token exchange.



<h3 class="wp-block-heading" id="77e5">Actualization of satoshis</h3>



STAS protocol requires the most granular unit of any circulating issued token to be represented by a satoshi. Actualization gives us some benefits (ease of integration, lightweight etc) along with drawbacks. For example:



If you want to issue $1,000,000 worth of USD tokens and support granularity down to one cent, you need 100,000,000 satoshis (1 BSV).



<ul class="wp-block-list"><li>1 BSV at a BSV/USD rate of $85 is $85.</li><li>$85 to issue $1,000,000? Not bad, but not ideal.</li></ul>



<h3 class="wp-block-heading" id="13de">Transaction fees</h3>



A standard STAS transaction looks like:



<ul class="wp-block-list"><li>148 byte P2PKH input (to cover mining fee)</li><li>1,400 byte STAS input</li><li>34 byte P2PKH output (change)</li><li>1,400 STAS output</li></ul>



<a href="https://classic.whatsonchain.com/tx/344a32637bc547538ab983b6d4343b214273b90e1c0629433e1a5f628d31eb6c" rel="noreferrer noopener" target="_blank">Here’s a transaction</a> on mainnet with one STAS input and one STAS output (1:1 STAS transaction). This particular transaction weighs in at 3,486 bytes (improvements have since been made to the STAS script and the same transaction would now be approximately 3,000 bytes).



At $85 BSV/USD, the transaction fee for a standard (1:1) STAS transaction would therefore be:



<ul class="wp-block-list"><li>3,000 bytes * 0.05 sat/byte * 85 BSV price / 10⁸</li><li>= $0.00013 / transaction</li></ul>



We will ignore issuance and redemption STAS templates in this post (both are much smaller transactions than regular transfers).



<h3 class="wp-block-heading" id="9a4c">Splitting and merging of UTXOs</h3>



What if you have $10.24 worth of STAS USD tokens in your wallet? What if the UTXOs that represent this $10.24 are 1,024 * $0.01 outputs? What if you want to make a $10.24 payment to a friend?



Standard STAS transactions only support up to 3 inputs (one of which is the miner fee payment input). You can only reduce your set by a factor of 0.5 for each transaction.



How do you make your $10.24 payment?:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1020" height="710" src="https://cms.vaionex.com/stas/wp-content/uploads/2022/07/0-NdJqJLTfnMB87LEm.png" alt="" class="wp-image-262"/></figure>



You make your $10.24 payment by merging outputs via 1,024 transactions, costing $0.1911 in miner fees.



What about adding more STAS outputs / inputs?



This can be done, but each STAS script within the transaction will not remain 1,400 bytes in size, as they are for a 1:1 STAS transaction. Adding one additional STAS output to a transaction increases each STAS script by 85 bytes. Adding two additional STAS outputs to a transaction increases each STAS script by 170 bytes (and so on).



We are not completely sure of the effect of adding additional STAS inputs. We have heard that this may cause too much bloat of the STAS script to be economical and that it would be better to merge via many separate transactions (as in the table above).



The above example in the table is comparable to having $10.24 in your wallet in pennies, which usually you don’t have. Merging 1,024 outputs will not occur regularly in a consumer wallet making this an extreme example.



<h3 class="wp-block-heading" id="e8f9">Backend integration burden</h3>



This is where STAS really shines from DXS’s perspective.



DXS’s back end logic is concerned with tracking the movement of satoshis. STAS integrates with our existing business logic very well. After all, STAS transactions are simply the movement of satoshis.



This is massive for us at DXS as STAS integration does not require a significant rewrite of existing processes.



<h3 class="wp-block-heading" id="3e93">Additional infrastructure burden</h3>



Let us start by saying that there is no practical fungible token protocol on BSV that is purely miner validated.



This is another way of saying that the <a href="https://www.youtube.com/watch?v=hT86Y9wnNkY&amp;t=2s&amp;ab_channel=JoshuaHenslee" rel="noreferrer noopener" target="_blank">back-to-genesis</a> problem has not been solved.



All fungible token protocols on BSV must either use an oracle / smart contract agent as an authority OR maintain / subscribe to infrastructure that ensures the chain of token spends for any given token protocol is unbroken all the way back to the issuance transaction.



To safely integrate STAS you must either run or subscribe to a service that maintains the UTXO subset / shard for the token universe you are interested in. Here are your options:



Run a BSV node that indexes every STAS transaction for the token in question. From this, derive a UTXO subset for the token in question. Any future STAS transaction for this particular token must be spent from this UTXO set (else it is fraudulent).



<ol class="wp-block-list"><li>DXS is currently implementing this.</li></ol>



Subscribe to an API service that does (1) for you. Taal currently is running such a service.



<ol class="wp-block-list"><li>DXS will likely subscribe to this service for redundancy.</li></ol>



Importantly, STAS token state is self-evident (number of satoshis in an output) and only requires maintaining a UTXO subset. In this sense, scaling STAS is no more difficult than scaling BSV.



Additionally this means that STAS inherits the benefits of prunability that BSV enjoys meaning that the protocol is immune to unspendable OP_RETURN transaction pruning by miners.



<h3 class="wp-block-heading" id="6e95">Miner support</h3>



STAS has excellent miner support, Taal owns the IP and has built a UTXO shard indexing API as well as the STAS SDK. We cannot expect Taal to be the dominant BSV miner in perpetuity but the present situation is positive for STAS.



Taal may also choose to favor STAS transactions in the future with lower miner fee pricing.



<h3 class="wp-block-heading" id="2d95">Wallet support</h3>



Both <a href="https://www.relysia.com/" rel="noreferrer noopener" target="_blank">Relysia</a> and <a href="https://centi.ch/" rel="noreferrer noopener" target="_blank">Centi</a> have indicated they will support the STAS protocol.



<h3 class="wp-block-heading" id="6288">Industry adoption</h3>



The following BSV companies are integrating STAS:



<ul class="wp-block-list"><li><a href="https://tdxp.app/market/BSV-USD" rel="noreferrer noopener" target="_blank">DXS</a></li><li><a href="https://www.gravity.eco/" rel="noreferrer noopener" target="_blank">Bitstocks</a></li><li><a href="https://www.gap600.com/" rel="noreferrer noopener" target="_blank">GAP600</a> / <a href="https://changedigital.cash/about/" rel="noreferrer noopener" target="_blank">Change</a></li><li><a href="https://www.codugh.com/" rel="noreferrer noopener" target="_blank">Codugh</a></li><li><a href="https://britevue.com/" rel="noreferrer noopener" target="_blank">Britevue</a></li><li><a href="https://www.vaionex.com/" rel="noreferrer noopener" target="_blank">Vaionex</a></li><li><a href="https://centi.ch/" rel="noreferrer noopener" target="_blank">Centi</a></li><li><a href="https://www.slictionary.com/" rel="noreferrer noopener" target="_blank">Slictionary</a></li><li><a href="https://musicart.io/" rel="noreferrer noopener" target="_blank">MusicArt</a></li><li><a href="https://www.soundoshi.com/" rel="noreferrer noopener" target="_blank">Soundoshi</a></li><li><a href="https://www.my2cents.io/" rel="noreferrer noopener" target="_blank">My2cents</a></li><li><a href="https://www.gate2chain.com/" rel="noreferrer noopener" target="_blank">Gate2Chain</a></li><li>NPG</li><li>CosmosX</li></ul>