4.2. The RAS standard

All assets issued on Sequentia are referred to as RAS tokens. RAS is an acronym for Regular Asset on Sequentia, and it represents the specification for Sequentia fungible or non-fungible tokens (RAS NFTs), featuring a typical list of rules that must be implemented to be correctly processed by a Sequentia wallet. Every RAS can be received, sent, or stored in any Sequentia wallet through this standard.

When a RAS token is created, the issuer specifies the following rules:

• A maximum total token supply (if there is a cap).

• The number of tokens issued, including the address or addresses where they are held (usually the creation address) and the desired inflation scheme.

• Who or what can generate new tokens or burn existing tokens: i.e., a private key, a multi-signature, or other scripts.

• Access-Control-List rules (§4.5), if any.

• Whether the ACL rules are permanent or can be updated; in the latter case, the conditions for an update (script, keys).

• Whether the total supply/inflation scheme is permanent or can be updated (and in the latter case, the conditions for an update).

RAS tokens, including SEQ, are transferred solely on the Sequentia sidechain and therefore do not pollute the Bitcoin blockchain.

The RAS standard supports Bitcoin script extended with Access Control List rules. Bitcoin script enables transaction batching, grouping multiple payments, even in different tokens, in a single transaction. It also allows HTLC contracts, including:

• Lightning network payments, including through routes opened in different tokens (assets at the edges)

• Atomic swaps and swaps contracts using Lightning, which may also be referred to as “Lightning swaps”.

It is possible to wrap tokens from other chains on Sequentia: the entity managing the peg-in will lock in funds on the main blockchain, which creates a corresponding amount of RAS tokens. It is also possible to implement peg-in federations (8) or other models governing the issuance of wrapped tokens. Pegging-out of the wrapped token can be done by burning RAS tokens, provided that the entity governing the peg-in unlocks the corresponding tokens on the main network.

Developers are able to use a combination of ACL and oracles to create sophisticated smart contracts on the Sequentia chain and bind the issuance or existence of RAS tokens to a corresponding amount locked on other blockchains or even out of the digital realm.

Footnotes/p4.2

8. Such as the Strong Federation mode: https://blockstream.com/strong-federations.pdf