T.I.P.S. is the minimum requirements for Token Layer as defined in the TokenScript Design Paper
The TIPS are:
- User can trust a token to be used on a 3rd party website.
- A token can be used on a 3rd party websites and with other tokens too.
- A website that uses a token can only learn what they were supposed to.
- User should be able to transact securely, knowing what they will spend and get from the transaction.
On top of TIPS, there are 2 lesser requirements that didn't make it into the acronym:
- Tokens should work as long as the underlying blockchain smart contracts are working, not depending on the availability of specific websites.
- Cost effectiveness
- Allow the use of attestation over transactions.