> For the complete documentation index, see [llms.txt](https://smiley-1.gitbook.io/smileypaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://smiley-1.gitbook.io/smileypaper/welcome-to-smiley.md).

# Welcome to Smiley

## Background

2023 has been a very interesting year in the cryptocurrency industry. Pepe entered the scene and immediately became a top-100 coin—and made this accomplishment in only a few short weeks. Suddenly, the memecoin space exploded, with several new entrants experiencing similar success.

Meanwhile, fiat currencies have been suffering from a lack of trustability. The inability of political parties to compromise and pass a new debt limit has made the issuer of the world’s largest fiat currency nearly default on its debts. What is clearly needed is a new cryptocurrency, one that evokes an image of trust and stability.