Greetings from the ICON team,
The IRC-16 token standard interface was first proposed in 2019, with the goal to support the development of tokenized securities on the ICON blockchain. The IIP has gone through multiple iterations, and the ICON team has published a reference implementation of the standard for interested parties.
The security token standard describes how to represent full ownership or split ownership of a particular asset. Through this standard, ownership of certain assets can be issued, represented, tracked, viewed, divided, privately owned and transferred. It may also be entrusted to a third party provider and may be controlled under strict authorization.
The standard supports assertion of legal documents, partition management with partially fungible tokens in tranche, and interfaces for managing operator privileges.
Additionally, for regulatory compliance regarding fraud or loss of private keys, token control by operators is enabled in the standard.
The standard can be found on the ICON Security Token Standard IIP page, including its specifications and a reference SCORE implementation.
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