T.I.P.S.

T.I.P.S. is the minimum requirements for Token Layer as defined in the TokenScript Design Paper

The TIPS are:

Trust
User can trust a token to be used on a 3rd party website.
Interoperability
A token can be used on a 3rd party websites and with other tokens too.
Privacy
A website that uses a token can only learn what they were supposed to.
Security
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:

Availability
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.