TIP-3 Token is a Free TON token standard that describes the basic principles of building smart token contracts.
It consists in principle: smart contracts of user wallets have the right to deploy only the root smart contract from their address. User wallets have the same code as the root smart contract but contain different user data.
The TIP-3 standard also describes the basic ways for user smart contracts to interact with each other and the mechanism for verifying the type of smart contract by its location address on the blockchain.
This standard describes only the basic principles, so Free TON has created a consortium for extensions of the TIP-3 standard. The consortium registers the characteristics of the token’s smart contract and then stores it inside the blockchain.