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Estándar tokenización de activos reales

Ethereum ERC-3643 standard to drive real-asset tokenization (RWA).



Today, within the financial world, the transfer of global value takes place on the infrastructure of centralized databases. Large banks, stock exchanges and notaries act as crucial nodes in this network, facilitating the interconnection of systems that, although efficient, reveal their fragility, rigidity and limited scalability.

This model, which has prevailed for decades, presents significant challenges. Fragility emerges from reliance on centralized entities, susceptible to single failures that can have global ramifications. Rigidity manifests itself in the slowness to adapt to the changing demands of an increasingly interconnected society. In addition, scalability is constrained by structures that, over time, have reached their functional limits. Is there a technology capable of transcending the limitations of centralized databases, enabling the transfer of digital value in a decentralized and interconnected manner? Yes, and its name is blockchain. This innovative technology, by breaking with conventional paradigms, not only offers a solution to the vulnerabilities of the current system, but also lays the groundwork for a new era of digital asset exchange.

At the intersection of financial innovation and blockchain technology, the tokenization of real and financial assets emerges as a revolution that promises to reshape the structure of global markets. This phenomenon, driven by the development and adoption of technical standards such as ERC-3643, is facilitating the creation, management and marketing of digital assets in a way never seen before. In this context, tokenization not only represents an opportunity to increase liquidity and transparency in financial markets, but also democratizes access to investments, unlocking value trapped in illiquid assets and opening new avenues for value creation.

New Ethereum standard ERC-3643

The ERC-3643 standard on the Ethereum blockchain is a technical protocol designed specifically for debt tokenization, allowing financial obligations to be represented as digital tokens. This standard is an evolution of previous efforts to create a more efficient, transparent and accessible framework for issuing and managing debt in the digital realm.

ERC-3643, dubbed T-REX (Token for Regulated EXchanges), represents a revolutionary breakthrough approved by the Ethereum community for the regulated tokenization of real assets. This standard, meticulously developed by the ERC3643 Association, comes in response to the important need for a regulatory framework that not only complies with regulations, but also improves interoperability, security and efficiency in the creation and management of digital assets.

Within the decentralized finance (DeFi) landscape, where tokenization has become a driving force, the absence of a regulatory standard stood out. ERC-3643 addresses this gap by providing a structure that not only permits, but regulates the issuance of assets considered “securities”. This approach encompasses both regulatory aspects and the inherent characteristics of the assets.

The ERC3643 Association, the entity behind this standard, has identified the need to create a protocol that ensures regulatory compliance without sacrificing innovation. T-REX, therefore, not only ensures the secure issuance of digital assets, but also promotes enhanced interoperability between smart contracts and DApps, creating a more secure and efficient environment.

To implement a debt token using the ERC-3643 standard, an issuer must develop a smart contract that meets the specifications of the standard. This smart contract must be able to handle the creation of tokens, representing the debt, as well as manage their transfer between portfolios and the execution of interest and principal payments according to the terms of the debt.

A critical aspect of the use of ERC-3643 is the need to comply with current financial and securities regulations. This means that issuers must ensure that their debt token offering complies with local and international laws, which may include conducting Know Your Customer (KYC) and anti-money laundering (AML) checks, among other requirements.

Characteristics of the new standard ERC-3643

Free and Open Source: ERC-3643 is an open-source standard, available to the community without restrictions. This encourages transparency and collaboration, allowing developers from around the world to contribute to the development and continuous improvement of the standard. It is reflected in the official ERC-3643 repository on GitHub. Here, the community can explore the source code, participate in discussions and contribute to the continued growth of the standard. This decentralized approach ensures a dynamic and adaptive evolution of the standard as technology and market needs evolve.

Fully EVM (Ethereum Virtual Machine) Compatible: ERC-3643 has been designed to be fully compatible with the Ethereum Virtual Machine (EVM). This means it can integrate seamlessly with existing Ethereum infrastructure, facilitating adoption by decentralized applications and smart contracts.

Asset Tokenization Compliance: Each security token has a unique Identity Register, linked to a Dynamic Whitelist of Identities, continuously verifying the validity and eligibility of investors. ERC-3643 also incorporates a compliance contract, establishing specific rules such as maximum number of investors per country and limits on tokens per investor. This contract, adaptable to changing legal requirements, provides a flexible and reliable framework for issuing security tokens on Ethereum.

Audited by Hacken: Security is paramount in the blockchain ecosystem. ERC-3643 has undergone rigorous security audits by Hacken, a leading cybersecurity firm. This process ensures that the standard meets the highest standards of protection, providing peace of mind to users and developers.

Standardization: ERC-3643 provides a set of rules and standards for issuing debt tokens on the Ethereum blockchain. This includes specifications on how these tokens should be created, transferred and managed, ensuring compatibility and efficiency across different platforms and applications.

Interoperability: As a recognized standard, it facilitates interoperability between different projects and financial applications in the Ethereum ecosystem, allowing debt tokens to be easily integrated, traded and managed across various platforms and wallets.

Transparency and Security: The implementation of debt through tokens on a blockchain ensures a high level of transparency and security. Every transaction and modification of a token’s status is immutably recorded on the blockchain, enabling accurate tracking of ownership and obligations.

Automation from Compliance y PaymentsOne of the great advantages of ERC-3643 is the ability to integrate smart contracts that can automate certain functions, such as the distribution of interest payments, the management of default events or debt maturity, thus reducing the administrative burden and the risk of human error.

Accessibility and Liquidity: By tokenizing debt, it makes it easier to split it into smaller units, which can help reduce barriers to entry for investors and increase market liquidity. This opens up new opportunities for both debt issuers seeking financing and investors interested in this type of asset.

What is tokenization?

Tokenization is a technical and financial process of converting rights or assets into digital tokens that can be traded or transferred on a blockchain. This technology offers a new way to interact with traditional assets, from real estate to art to financial instruments and beyond, enabling greater liquidity, transparency and efficiency in transactions.

In essence, tokenization involves the creation of digital tokens that represent ownership or certain rights to a physical or non-physical asset. These tokens are recorded in a blockchain, a distributed database that ensures the immutability and transparency of information. Thanks to blockchain technology, every transaction made with these tokens is verifiable, secure and transparent, eliminating the need for intermediaries and reducing transaction costs and times.

Tokens can be classified into several categories, including security tokens, which represent investments in real assets, companies or projects with expected returns; and utility tokens, which provide access to services or functions within a specific ecosystem. Tokenization can be applied to a wide range of assets, including:

  • Real Estate: Tokenizing properties allows the property to be divided into smaller parts, facilitating investment and sale.
  • Art and Collectibles: Through tokenization, works of art and collectibles can be divided into tokens, enabling shared ownership and providing liquidity to traditionally illiquid assets.
  • Financial Instruments: Tokenization of stocks, bonds and other financial instruments can improve market efficiency, reduce costs and open markets to a broader spectrum of investors.
  • Intangible Assets: Patents, copyrights and other forms of intellectual property can also be tokenized to facilitate their commercialization and transfer.

What is real asset tokenization?

How is the tokenization process of a physical asset performed?

Real-world asset tokenization (RWA) refers specifically to the process of converting rights to real-world physical assets into digital tokens on a blockchain. This process includes the creation of a digital representation of a tangible asset (such as real estate, equipment, inventory or even infrastructure) or intangible asset (such as intellectual property rights), which can be bought, sold or exchanged on digital platforms.

The tokenization of a physical asset constitutes a revolution in the way we conceive the ownership and transfer of assets. This essential process involves the transformation of property rights over a tangible asset into digital representations, known as tokens. The execution of this process is supported by smart contract infrastructure and immutable blockchain technology, with a particular focus on the use of non-fungible tokens (NFTs).

In practical terms, each physical asset is meticulously recorded on a blockchain, where its essential attributes and history are documented. This record forms the basis for the creation of a smart contract, a set of rules and conditions governing the tokenization of the asset. The core of this process lies in the generation of digital tokens, which serve as unique and indivisible representations of the underlying asset. These tokens, typically NFTs (non-fungible tokens), encapsulate ownership or rights to the physical asset in a fully digital form. Its uniqueness and traceability are guaranteed by the decentralized and secure nature of the blockchain.

In terms of implementation modalities, there are two predominant approaches. One is to leverage specialized tokenization and token issuance platforms. These platforms offer standardized solutions that simplify the process from smart contract creation to token generation.

On the other hand, the alternative involves the creation of a customized tokenization platform, an option that provides flexibility and adaptability to the specific needs of the asset and the issuer. This may involve collaborating with blockchain development teams, such as Metlabs, to design a bespoke smart contract and user interface that reflects the unique characteristics of the asset in question.

Investment in cryptoassets is not regulated, may not be suitable for retail investors and the entire amount invested may be lost. It is important to read and understand the risks of this investment, which are explained in detail.

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