ICON adds a token specification to support the development of tokenized securities
ICONās new token standard, IRC16, aims to simplify the process of creating blockchain-based securities and tokenized assets
Greetings from the ICON Team,
March 8th, 2019, SeoulāāICON has released its own token specifications for 3rd-party market players interested in developing and commercializing blockchain-based assets and securities.
IRC16, a newly added token standard based on ICONās public blockchain network, is designed to allow transparent issuance of tokenized assets and securities. Also, it supports simple tokenization of various physical assets through a modular architecture for built-in compliance with legal regulations related to asset ownership and transactions. Tokenization of real assets, which divides, proves ownership, and allows for the sale of physical assets into smaller ātokenā units, is expected to increase the liquidity of high-value assets and expand the size of existing investor pools over the long term.
Additionally, smart contracts act as intermediaries guaranteeing the settlement of asset trading between sellers and buyers, thereby simplifying the transaction process and minimizing brokerage fees. The process of reviewing and signing contracts in the existing offline environment is instead handled online through smart contracts.
Focusing on regulatory compliance, ICONās IRC16 features four functions: Check for Token Transfer, Token Control by Operator, Document Management, and Partition.
As the legitimacy of issuing tokenized assets and securities is especially emphasized, āCheck for Token Transferā function provides an interface that verifies whether token senders and recipients passed know-your-customer (KYC) and anti-money laundering (AML) procedures, and limits the number of investors that can initiate and receive token transfers. This feature also provides the reason for failure if the token transfer fails.
āToken Control by Operatorā supports compliance with regulations regarding fraud or the loss of personal encryption (private) keys. āDocument Managementā stores and manages relevant legal documents to ensure that the rights and obligations of token issuers and investors are observed. āPartitionā allows for partially fungible tokens, which allow issuers to attach metadata, including lock-up periods, to be built into a certain portion of the tokens.Ā .
Meanwhile, the ICON projectās development roadmap, including IRC16 specification updates, can be browsed on the website (https://icon.foundation), while the IRC16 source code can be found on its Github page (https://github.com/icon-project/IIPs).
Thank you,
Hyperconnect the World
ICON Team
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