java令牌化_令牌化如何工作？-CSDN博客

java令牌化

by Albert Ho

由何俊仁

令牌化如何工作？ (How does tokenization work, anyway?)

并非所有内容都会被标记化，但可能会被标记化。 (Not everything will be tokenized, but that which can be will be.)

2017 saw the hype of utility tokens and ICOs. 2018 marks the hyped start of asset tokenization and the launch of securities tokens/platforms. This trend is notably huge in the U.S, given how A16z and GGV Capital invested in the likes of tokenization platforms like TrustToken, Harbor, and Polymath.

2017年见证了实用程序代币和ICO的大肆宣传。 2018年标志着资产代币化的大肆宣传以及证券代币/平台的推出。考虑到A16z和GGV Capital如何投资诸如TrustToken ， Harbor和Polymath之类的令牌化平台，这种趋势在美国尤为明显。

In Asia, the trend is starting to pick up too. For instance, Rate3 Network was funded by various notable Asian VCs that include Matrix Partners China and Fenbushi Capital.

在亚洲，这一趋势也开始加快。例如， Rate3 Network由包括Matrix Partners China和Fenbushi Capital在内的各种亚洲著名风险投资公司资助。

Conceptually, tokenization might seem easy: Issue an ERC-20 token (or any other blockchain tokens), imbue legal rights and ownership rights in the tokens, and you can trade them easily. However, this warrants a much deeper look: how do you distinguish claim rights and ownership rights? What are the differences in tokenization between different asset classes? What is impeding tokenization from adoption?

从概念上讲，令牌化可能看起来很容易：发行ERC-20令牌(或任何其他区块链令牌)，在令牌中注入合法权利和所有权，您可以轻松地进行交易。但是，这需要更深入的了解：如何区分索赔权和所有权？不同资产类别之间的代币化有何区别？是什么阻碍了采用的令牌化？

Thinking comprehensively about tokenization requires an understanding of blockchains and smart contracts, legal, finance, and economics. There has already been in-depth research on each of these components.

全面考虑令牌化需要了解区块链和智能合约，法律，金融和经济学。已经对这些组件的每一个进行了深入的研究。

In this piece, I want to give a comprehensive introduction to tokenization through using real estate as a primary example. Here’s what we’ll discuss:

在本文中，我想通过使用房地产作为主要示例来全面介绍令牌化。这是我们将讨论的内容：

What exactly is Tokenization? (Is it not just securitization?)
令牌化到底是什么？ (不仅仅是证券化吗？)
What are the real benefits of tokenization? (Why do we even bother?)
令牌化的真正好处是什么？ (为什么我们还要打扰？)
What are some of the tougher issues to think about? (How do we ask the right questions?)
需要考虑哪些更棘手的问题？ (我们如何提出正确的问题？)
What are the challenges for tokenization? (What’s stopping adoption?)
令牌化有哪些挑战？ (什么停止了收养？)
How will the tokenized future be? (What are some elements?)
通证化的未来将如何？ (有哪些元素？)

Let’s get started!

让我们开始吧！

什么是令牌化？ (What is Tokenization?)

令牌化不仅仅是证券化吗？ (Isn’t Tokenization just securitization?)

For structured finance professionals, tokenization might seem like securitization. In summary, securitization consists of a few steps:

对于结构化金融人才，符号化似乎是证券化。总之，证券化包括几个步骤：

Originator (owner of the assets) collects the assets in a pool and transfers the pool to a legal entity (usually a special purpose vehicle). Through this legal structure, assets are not exposed to counter-party risks or risk of bankruptcy of the originator bank
发起人(资产的所有者)将资产收集到池中，并将池转移到法人实体(通常是特殊目的工具)。通过这种法律结构，资产不会承受对手方风险或发起人银行破产的风险
The SPV structures the assets within the pool into several tranches, according to different risk levels and characteristics usually. Securities are issued, and backed by the cash flows generated by the underlying assets.
SPV通常根据不同的风险级别和特征将资产池中的资产分为几部分。发行证券并由基础资产产生的现金流作为后盾。
After issuing the securities, the SPV sells the securities to investors, whilst transferring the proceeds to the originator afterwards.
发行证券后，SPV将证券出售给投资者，然后将收益转移给发起人。

证券化存在多种缺陷。 (Securitization has various flaws.)

The classic securitization process is extremely costly and takes up a lot of time. The entire process might cost up to millions of dollars and takes up to a year. The securitization process requires agreements with various parties under conditions of asymmetric information, as well as a heterogeneous structure of asset data.

经典的证券化过程非常昂贵，并且要花费大量时间。整个过程可能要花费数百万美元，并且最多需要一年的时间。证券化过程要求在信息不对称以及资产数据的异构结构下与各方达成协议。

Furthermore, there might be a lack of full transparency in the various stages of securitization, all of which hinder auditing and rating of the underlying assets. In the sub-prime mortgage crisis, there is no transparency on the credit pool nor the audit process that lead to defaults on the bonds issued.

此外，在证券化的各个阶段可能缺乏充分的透明度，所有这些都阻碍了基础资产的审计和评级。在次级抵押贷款危机中，信贷池没有透明性，也没有导致发行债券违约的审计程序。

显然，令牌化= / =证券化 (Clearly, tokenization =/= securitization)

Tokenization — in its simplest definition — refers to converting an asset into a digital token on the blockchain system. The biggest difference between tokenization and securitization, is how programmability is introduced into the tokenized asset. This way, business logic can be introduced, reducing the need for manual settlements. Smart contracts can have functions for automatic transactions, formulas for calculating asset prices and other specific features.

在最简单的定义中，令牌化是指将资产转换为区块链系统上的数字令牌。令牌化和证券化之间的最大区别在于，如何将可编程性引入令牌化资产中。这样，可以引入业务逻辑，从而减少了手动结算的需求。智能合约可以具有自动交易功能，用于计算资产价格的公式以及其他特定功能。

那么，令牌化的真正好处是什么？ (What are the real benefits of Tokenization then?)

Numerous research pieces have talked about various benefits of tokenization, but these various benefits can be categorized into three core principles: 1) liquidity, 2) programmability and 3) immutable proof of ownership.

许多研究文章都讨论了令牌化的各种好处，但是这些各种好处可以归纳为三个核心原则：1) 流动性 ，2) 可编程性和3) 不变的所有权证明 。

关键原则1：流动性 (Key Principle 1: Liquidity)

World Economic Forum predicts that over the next ten years, 10% of the world’s GDP will be stored in crypto assets, amounting to $10 trillion. This is primarily due to increased fractional ownership, and unlocking of liquidity premiums.

世界经济论坛预测，在未来十年中，全球GDP的10％将存储在加密资产中，总计10万亿美元。这主要是由于部分所有权的增加以及流动性溢价的释放。

Assuming no legal and regulatory barriers, tokenization allows for increased fractional ownership. Most tokens can be broken into 18 decimals, as compared to fiat which can be broken down to $0.01 only. Fractional ownership lowers the barriers of entry for new investors. For instance, instead of paying $1 million for a new apartment, I can pay $50,000 for a tokenized fraction of the real estate. For investors, fractional ownership and lower barriers help them to increase portfolio diversification and construct a “truer” market portfolio.

假定没有法律和法规障碍，令牌化可以增加部分所有权。大多数代币可以分解为18个小数，而法定货币只能分解为0.01美元。所有权的所有权降低了新投资者的进入壁垒。例如，我不用支付100万美元购买新公寓，而是可以支付50,000美元购买房地产的代币化部分。对于投资者而言，所有权的分散和较低的壁垒有助于他们增加投资组合的多元化并构建“真正的”市场投资组合。

The increase in liquidity helps unlock value for markets through liquidity premiums. When illiquid assets become more liquid, a liquidity premium of approximately ~20–30% is unlocked. One example is real estate: Even a fractional improvement in the sales price of such investments could result in trillions of dollars of new value for issuers and resellers.

流动性的增加有助于通过流动性溢价释放市场价值。当流动性较差的资产变得更具流动性时，大约20％至30％的流动性溢价将被释放。一个例子是房地产：即使这种投资的销售价格略有提高，也可能为发行人和转销商带来数万亿美元的新价值。

关键原则2：令牌内置的可编程性 (Key Principle 2: Programmability built into tokens)

Programmability refers to the ability to introduce certain business logic into smart contracts, allowing for automated events to occur. Tokenization can also lead to easier management of investors and their rights. Secondary transactions can be easily tracked by collaborating with third-party exchanges, allowing investors to receive distributions and exercise their other rights (e.g., voting) through the blockchain.

可编程性是指将某些业务逻辑引入智能合约中以允许发生自动事件的能力。代币化还可以使投资者及其权利的管理更加容易。通过与第三方交易所合作，可以轻松跟踪二级交易，从而允许投资者通过区块链接收分配并行使其其他权利(例如，投票权)。

Programmability is especially useful in increasing the speed of settlements. In traditional finance, settlements refer to the process of documentation of the transfer of asset ownership before the ownership of assets actually changes hands. Compliance can be programmed into the tokens, if all participants have a digital identity that has gone through the relevant compliance/KYC/AML checks.

可编程性对于提高结算速度特别有用。在传统金融中，结算是指在资产所有权实际易手之前记录资产所有权转移的过程。如果所有参与者都具有通过相关合规性/ KYC / AML检查的数字身份，则可以将合规性编程到令牌中。

关键原则3：所有权的不变证明 (Key Principle 3: Immutable proof of ownership)

Blockchains are immutable and keep a public trace of every transfer, and owner. This digital trace of transactions not only proves the history of ownership but also helps to ensure less fraud. The immutable structure makes it impossible for a token-holder to “double-sell” a token — accepting a transfer for the same token to two different sources. This helps assure investors that no one can falsify transactions after the transaction has happened.

区块链是一成不变的，并在每次转移和所有者时保持公开的踪迹。这种数字化交易记录不仅证明了所有权的历史，而且还有助于确保减少欺诈行为。不变的结构使令牌持有者无法“双重出售”令牌-接受同一令牌到两个不同来源的转移。这有助于确保投资者在交易发生后没有人能伪造交易。

让我们更深入地研究令牌化。 (Let’s dive deeper into tokenization.)

Tokenization is the process of digitally storing the property rights to a thing of value (asset) on a blockchain or distributed ledger, so that ownership can be transferred via the blockchain’s protocol. What are the other challenges?

令牌化是将价值物(资产)的产权数字存储在区块链或分布式分类帐中的过程，以便可以通过区块链的协议转移所有权。 还有哪些其他挑战？

问题1：进行令牌化有哪些要求？ (Issue 1: What are the requirements for tokenization to take place?)

There are 3 fundamental requirements:

有3个基本要求：

The rights to an asset can be stored digitally on a blockchain
资产的权利可以数字方式存储在区块链上

Let’s go back to the real estate example. If I want to tokenize my house, I must be able to record my ownership of my house on a token itself. This means that to regulatory authorities, holding a token represents an ownership right or claim right on the house itself. (We will go into these rights in a bit.)

让我们回到房地产示例。如果要对房屋进行令牌化，则必须能够在令牌本身上记录我对房屋的所有权。这意味着对于监管机构而言，持有代币代表对房屋本身的所有权或索偿权。 (我们稍后将讨论这些权利。)

2. These rights can be legally transferred via blockchains

2.这些权利可以通过区块链合法转让

Whilst I can document my rights to my house in a legally-recognized way, I should be able to transfer these rights to anyone I want and that person will have legal ownership of my house, assuming my tokens are imbued with ownership rights.

尽管我可以通过法律认可的方式记录我对自己房屋的权利，但我应该能够将这些权利转让给我想要的任何人，并且该人将拥有我房屋的合法所有权，前提是我的代币上充斥着所有权。

3. Tokens can be easily exchanged for value, giving the assets “value”

3.代币可以很容易地交换价值，使资产具有“价值”

Lastly, like any security, I must be able to exchange my real estate token for value easily — so I can subscribe value to the asset.

最后，像任何证券一样，我必须能够轻松地将房地产代币交换为价值，以便我可以为资产认购价值。

问题2：还有哪些其他法律问题要考虑？ (Issue 2: What are the other legal issues to consider?)

Apart from the 3 requirements, what is more crucial to take note is the exact asset you are tokenizing: Does the token represent a claim on the asset or does the token represent actual ownership of the asset itself? Investors and token issuers must think carefully about what exactly a token represents.

除了这三个要求之外，要标记的更确切的资产是更重要的：令牌是代表对资产的债权还是令牌代表了资产本身的实际所有权？投资者和代币发行人必须仔细考虑代币的确切含义。

The truth is: it depends on what you want to tokenize. Tokenization is flexible. Using real estate as an example again, what can be tokenized could be direct ownership in the real estate (being a partial equity owner), right to rental income, or even the right to use an asset (renting the apartment).

事实是：这取决于要标记的内容。 令牌化非常灵活。 再次以房地产为例，可以标记的可能是房地产的直接所有权(作为部分股权所有者)，租金收入权甚至是资产使用权(出租公寓)。

Hence, a token could represent ownership of the underlying real asset, an interest in a debt secured by the asset, an equity interest in a legal entity that owns that asset, or a right to the cash flow from the asset.

因此，代币可以表示基础不动产的所有权 ，以该资产作抵押的债务的权益，拥有该资产的法人实体的股权或资产的现金流量权 。

有3种基本权利可供理解。 (There are 3 basic categories of rights to understand.)

The rights bestowed by tokenized securities (or security token) can be very complex to understand. However, tokenized securities can include claims to the assets (and usually the resulting cash flows), direct ownership rights, governance rights or a combination of all.

令牌化证券(或证券令牌)所赋予的权利可能很难理解。但是，代币化证券可以包括对资产的债权(通常包括由此产生的现金流量)，直接所有权，治理权或所有这些的组合。

Claim rights: Claims to only certain specific uses (and claims) of the asset
索偿权：仅索取资产的某些特定用途(和索偿)
Ownership rights: Equity ownership and control of the asset
所有权：股权和资产控制权
Governance: System by which a group of people can come to unified decisions
治理：一群人可以用来做出统一决策的系统

让我们再次用房地产来说明这一点，并列举一些有关代币持有人权利的例子： (Let’s illustrate this with real estate again, with a few examples on the token holders’ rights:)

Claim rights, but no ownership rights: Token holders are entitled to cash flows from ongoing leases, but they have no ‘equity’ and ‘ownership’ of the underlying real estate
索赔权，但没有所有权 ：代币持有者有权从正在进行的租赁中获得现金流，但他们没有基础房地产的“权益”和“所有权”
Claim rights, AND ownership rights: Token holders are the ‘owners’ of the underlying real estate with claims to the cash flows. They can make decisions directly: how much to charge for rent, investments made to maintain the real estate, hiring staff and given the proceeds from the sale of the real estate.
索偿权和所有权 ：代币持有者是标有现金流量的基础房地产的“所有者”。他们可以直接做出决定：要收取多少租金，为维护房地产而进行的投资，雇用员工以及出售房地产所得的收益。
Only ownership rights: This example is rarely the case, but it means that token holders are now the ‘equity owners’ of the real estate.
仅所有权：这个例子很少出现，但是这意味着代币持有者现在是房地产的“所有者”。

这些不同的权利带来了哪些挑战？ (What are the challenges that arise from these different rights?)

It is possible that there is a separation of claim rights and ownership rights, and this creates misaligned incentives between both parties.

索赔权和所有权可能分离，这会在双方之间产生不协调的激励。

What if… the tokens have ownership rights for token holders? How do 1,000 token holders make decisions collectively for the best of the assets? Is there a need for delegated voting or decision making?

如果……令牌对令牌持有者拥有所有权怎么办？ 1,000个代币持有者如何共同做出最佳资产决策？是否需要委托投票或决策？

What if… the tokens only imbue claim rights for token holders? The token issuers (owners) can reduce profits and cash flows to the token holders, by re-investing the profits. This will be to the detriment of token holders who originally look towards the future cash flow.

如果……令牌仅赋予令牌持有者权利要求，该怎么办？ 代币发行者(所有者)可以通过对利润进行再投资来减少利润和流向代币持有者的现金流量。这将损害原本希望未来现金流的代币持有者。

The smart contract geek might ask: can’t one automate all these logic in smart contracts?

智能合约极客可能会问： 难道不能自动执行智能合约中的所有这些逻辑吗？

不，智能合约无法解决所有这些问题。 (No, smart contracts cannot solve all these issues.)

Contracts and smart contracts are incomplete:

合同和智能合同不完整：

Contracts are only enforceable when events and actions can be verified by a third party
只有当事件和动作可以由第三方验证时，合同才可执行

This is the long-standing problem of “oracles” in tokenization. There are some events that can be captured in code, but near impossible for any arbiter to determine if they really happened.

这是令牌化中“ oracles ”的长期存在的问题。有一些事件可以用代码捕获，但是任何仲裁程序几乎都无法确定它们是否真的发生。

For instance, I issued out real estate tokens to holders so they can receive a portion of the rental income. However, it is possible that I do not document down all the rental agreements so token holders do not know what the real amount of rental income is. If this cannot be enforced effectively, there is no rational reason for parties to abide by the smart contract.

例如，我向持有人发行了房地产代币，这样他们就可以获得一部分租金收入。但是，我可能没有记录所有的租赁协议，因此代币持有人不知道实际的租金收入是多少。如果不能有效地执行此操作，则没有任何合理的理由让当事方遵守智能合约。

2. It is near impossible to write a contract that contains all possible conditions and events, hence achieving “completeness”

2.几乎不可能写出包含所有可能条件和事件的合同，从而实现“完整性”

The problem with contracts is not what is in them, it is what is not in them. It is very costly and operationally challenging to write down every condition and event. Furthermore, events and conditions change in real life — and contracts have to adapt to these real-life changes.

合同的问题不是契约中的内容，而是契约中的内容。写下每个条件和事件在成本和操作上都非常困难。此外，事件和条件在现实生活中会发生变化-合同必须适应这些现实生活中的变化。

Given the limitations of smart contracts as inherently incomplete, certain asset types should not be tokenized.

鉴于智能合约的固有局限性是不完整的，因此某些资产类型不应被标记化。

什么不应该被标记？ (What should not be tokenized?)

When the blockchain cannot fully capture the change of ownership of assets
当区块链无法完全捕获资产所有权的变化时

There are some assets in markets where I can sell the physical asset outside of the protocol directly, despite it being tokenized. For instance, I can tokenize real estate and transfer the token (with ownership rights) to you, but it is possible I can also legally sell the same real estate to another.

尽管有令牌，但在市场上有一些资产可以直接在协议之外出售有形资产。例如，我可以对房地产进行令牌化，并将令牌(具有所有权)转让给您，但是我也可以合法地将同一房地产出售给另一人。

There are also other cases when I can trade tokens, but have no guarantees that I can verify the authenticity of the underlying asset. In the case of real estate, it is easier to verify, but other examples include gold bars. If it takes a lot of costs and resources to verify the authenticity, tokenization might not be a viable solution.

在其他情况下，我可以交易代币，但不能保证我可以验证基础资产的真实性。就房地产而言，更易于验证，但其他示例包括金条。如果要花费大量成本和资源来验证真实性，则令牌化可能不是可行的解决方案。

2. When the use of prices impede the protocol from achieving its objectives

2.当使用价格妨碍议定书实现其目标时

There are some situations in which we don’t want prices to determine who gets what. Sometimes, prices do not capture external societal benefits and costs, and might not be the most equitable way to allocate resources. Examples include social goods, for instance.

在某些情况下，我们不希望价格确定谁得到了什么。有时，价格无法捕获外部的社会利益和成本，并且可能不是分配资源的最公平方法。例如，包括社会商品。

3. Sometimes, we just do not want to tokenize some ‘assets’ and rights

3.有时，我们只是不想标记一些“资产”和权利

For instance, rights to birth certificates or educational records should not be tokenized since they represent a unique right. We do not, and should not tokenize these ‘assets’.

例如，出生证或教育记录的权利不应被标记化，因为它们代表唯一的权利。我们没有也不应将这些“资产”标记化。

Clearly, there are some asset classes that should not be tokenized, given real-life limitations.

显然，鉴于现实生活中的限制，有些资产类别不应被标记化。

您如何真正标记化？ (How do you really tokenize?)

We have walked through the what and why of tokenization, now let’s talk a little about the how of tokenization.

我们通过什么 标记化的原因，现在让我们走进谈谈符号化的是如何一点点。

There are a few categories of assets that have been tokenized:

标记了以下几类资产：

Fiat currencies
法定货币

The tokenization of fiat currencies gave rise to stablecoins. Tether is the first example, creating USDT. However, there are inherent challenges with Tether. For a good, updated summary on stablecoins, I suggest this:

法定货币的代币化产生了稳定币。 Tether是创建USDT的第一个示例。但是，Tether存在固有的挑战。为了获得有关稳定币的良好更新摘要，我建议这样做：

Stablecoins are now officially in vogue againWith seemingly one new project unveiling multi-million-dollar funding every other week, no one will blame you for…blog.goodaudience.com

稳定币现在再次正式流行 。似乎有一个新项目每隔一周就会公开数百万美元的资金，没有人会怪你…… blog.goodaudience.com

Gold
金

An example of a gold tokenization project is Digix.

黄金令牌化项目的一个示例是Digix 。

Each DGX token is 1:1 gold-backed, and 1 token represent 1 gram of 99.99% gold from London Bullion Market Association-certified refiners, with gold stored in The Safehouse vault. Purchasing 1 DGX token is equivalent to purchasing actual gold itself.

每个DGX代币均具有1：1黄金支持，其中1代币来自伦敦金银市场协会认证的提炼商，代表1克99.99％的黄金，黄金存储在The Safehouse保险库中。购买1个DGX代币等同于购买实际的黄金本身。

Real Estate
房地产

My primary interest lies in real estate, given the analogy between REITs and tokenized real estate. A few interesting examples are how a Manhattan real estate property was most recently tokenized, or how a portion of the St. Regis Aspen is tokenized. In the case of St. Regis Aspen, each Aspen token represents an indirect ownership interest in a common stock of the St. Regis Aspen REIT. According to Elevated Returns, the “REIT provides tax efficient structure while the blockchain provides peer-to-peer investing and cross-border transaction made simpler for investors.”

我的主要兴趣是房地产，因为房地产投资信托和代币化房地产之间存在类比。一些有趣的例子是最近对曼哈顿房地产资产进行了标记，或者对圣瑞吉斯阿斯彭的一部分进行了标记。就瑞吉斯·阿斯彭瑞吉而言，每个艾斯彭代币都代表瑞吉·阿斯彭REIT普通股的间接所有权权益。根据高额回报，“房地产投资信托基金提供税收效率的结构，而区块链提供点对点投资，而跨境交易对投资者而言更为简单。”

显然，令牌化存在许多挑战。 (Clearly, there are many challenges associated with tokenization.)

1.缺乏令牌化标准和法律基础设施 (1. Lack of tokenization standards and legal infrastructure)

Tokenization is not simply the creation of a token — any Solidity developer can do it. Instead, it’s about the design of the whole system, including understanding the various rights and issues we’ve talked about previously.

令牌化不仅仅是令牌的创建-任何Solidity开发人员都可以做到。相反，它是关于整个系统的设计，包括了解我们之前讨论过的各种权利和问题。

How do tokenization standards cater for these issues:

标记化标准如何解决这些问题：

Incentives (claim rights, ownership rights, governance)
激励措施(主张权，所有权，治理)
Privileges of users and system admins (who operate the token contracts)
用户和系统管理员的特权(谁操作令牌合同)
Life-cycle management of an asset (issuance, payouts, withdrawal)
资产的生命周期管理(发行，支出，提款)
Security management
安全管理
Integration of KYC/AML requirements across different jurisdictions
跨不同辖区的KYC / AML要求的集成
Integration with exchanges
与交易所整合
Interoperability between different public chains
不同公共链之间的互操作性

In the case of cross-chain interoperability, we do see different chains with different nascent characteristics. For instance, Ethereum has scalability issues but provides for more complex Turing-complete smart contracts. How about other public blockchain networks like Stellar or IOST or Zilliqa?

在跨链互操作性的情况下，我们确实看到了具有不同新生特征的不同链。例如，以太坊存在可伸缩性问题，但提供了更复杂的图灵完备的智能合约。像Stellar或IOST或Zilliqa这样的其他公共区块链网络又如何呢？

How can tokenized assets (in the form of tokens) be interoperable across these different chains?

令牌化资产(以令牌形式)如何在这些不同的链之间互操作？

2.受到全球和法律认可的数字身份 (2. Digital identity that’s globally and legally-recognized)

From a regulatory point of view, it is a regulatory nightmare for assets to be issued and transferred across citizens of different legal jurisdictions.

从监管的角度来看，在不同法律管辖区的公民之间发行和转让资产是监管的噩梦。

Suppose I am an EU resident looking to tokenize my real estate and the token only imbues claim rights. How do I transfer this token to U.S persons, whilst taking into account their identity, KYC/AML issues, U.S regulations, taxes and all the other issues?

假设我是一名欧盟居民，希望对我的房地产进行标记化，而该标记仅赋予权利要求。在考虑到他们的身份，KYC / AML问题，美国法规，税收和所有其他问题的同时，我如何将该令牌转让给美国人？

How can I reasonably and easily deal with a verified, attested U.S person in a legally-compliant way for both our national jurisdictions?

我如何才能以合法合规的方式，对我们两个国家的司法管辖区合理，轻松地与经过验证的，经过认证的美国人士打交道？

3.代币化并不意味着即时流动性 (3. Tokenization does not mean instant liquidity)

Liquidity is the biggest challenge in the security token space and it does not happen organically. History has given us various examples of financial markets and instruments that have not yet achieved significant levels of liquidity. Helping to create liquidity through allowing institutional investors or accredited retail investors — through custodian solutions will be key. Of course, the underlying asset must be useful.

流动性是安全令牌领域中的最大挑战，并且不会自然发生。历史为我们提供了各种金融市场和金融工具的例子，这些例子尚未实现显着的流动性。通过允许机构投资者或经认可的散户投资者(通过托管人解决方案)帮助创造流动性将是关键。当然，基础资产必须有用。

How do we introduce long-term, sustainable solutions for large institutional investors — the market makers — to create and maintain liquidity?

我们如何为大型机构投资者(做市商)引入长期，可持续的解决方案，以创造和维持流动性？

标记化的未来是什么样的？ (What does a tokenized future look like?)

I’m generally bullish on a tokenized future: a fairer, more equitable world with lower barrier to entry and capital requirements for individuals or businesses.

我通常看好令牌化的未来：一个更公平，更公平的世界，对个人或企业的准入门槛和资本要求更低。

Through capturing value in tokenized assets, we can re-create all the sophistication of the existing financial and operational world we live in, with far less operational costs and complexities. When combining tokenization with reasonably complex business logic enabled by smart contracts, we can represent complex business interactions faithfully and more efficiently.

通过获取代币化资产的价值，我们可以以更低的运营成本和复杂性重新创建我们所处的现有金融和运营世界的所有复杂性。当将令牌化与智能合约支持的合理复杂业务逻辑相结合时，我们可以忠实，更高效地表示复杂业务交互。

通过标准化将实现互操作性 (There will be interoperability, through standardization)

ERC 20 for token standards, as an example

以令牌标准的ERC 20为例

If the ecosystem for global assets becomes interoperable, it means we can hold ownership claims to a commercial building, early-stage equity, corporate bonds, a T-bill, a single-family residence, and a decentralized network on the same platform.

如果全球资产的生态系统变得可互操作，则意味着我们可以在同一平台上持有对商业建筑物，早期股权，公司债券，国库券，单户住宅和去中心化网络的所有权主张。

Different assets can reference each other contractually and interact in an automated way. It means an increased liquidity for all (tokenized) asset classes.

不同的资产可以通过合同相互引用并以自动方式进行交互。这意味着所有(加标记的)资产类别的流动性增加。

ERC 725 for Identity, as another

ERC 725 for Identity，作为另一个

Fabian Vogelstellar — creator of the ERC 20 standard — is leading the front for a unique decentralized identity for “humans, groups, objects and machines”. Quoting directly from the ERC 725 Github itself, “ This identity can hold keys to sign actions (transactions, documents, logins, access, etc), and claims, which are attested from third parties (issuers) and self-attested (#ERC735), as well as a proxy function to act directly on the blockchain”.

Fabian Vogelstellar (ERC 20标准的创建者)在“人，团体，物体和机器”的独特去中心化身份方面处于领先地位。直接从ERC 725 Github本身引用：“此身份可以持有签名动作(交易，文档，登录名，访问权等)和声明的密钥，这些行为由第三方(发行者)证明并经过自我证明( ＃ERC735 ) ，以及直接作用于区块链的代理功能”。

You can read more here about ERC 725 here:

您可以在此处阅读有关ERC 725的更多信息：

ERC: Identity · Issue #725 · ethereum/EIPseip: title: ERC-725 Identity author: Fabian Vogelsteller (@frozeman) discussions-to…github.com

ERC：身份·问题＃725·以太坊/ EIPs eip：标题：ERC-725身份作者：Fabian Vogelsteller(@frozeman)讨论至…… github.com

There are notable projects that have been working on implementing ERC 725 identity contracts. A few examples are: Origin Protocol and Rate3 Network.

有一些著名的项目正在实施ERC 725身份合同。一些示例是：源协议和Rate3网络。

Managing Identity with a UI for ERC 725At Origin, we’re building a platform for decentralized, peer-to-peer marketplaces. You can imagine a future Airbnb-like…medium.com Rate3 Cross-Chain Identity Protocol — Identity and Claims (ERC 725, ERC735)At Rate3, we initially wanted to build a blockchain-based settlement and clearance network for businesses. We…medium.com

使用用于ERC 725的UI管理身份 在Origin，我们正在为分散的点对点市场构建一个平台。 您可以想象未来的类似Airbnb的… medium.com Rate3跨链身份协议-身份和声明(ERC 725，ERC735) 在Rate3，我们最初希望为企业建立基于区块链的结算和清算网络。 我们… medium.com

令牌化的未来尚未到来，但比我们知道的要早 (The future of tokenization is not here (yet), but it will be sooner than we know)

We are optimistic and bullish for the future of tokenization and tokenized securities. There are many elements of the envisioned tokenized future that we observe today:

我们对令牌化和令牌化证券的未来感到乐观和乐观。我们今天观察到预想的标记化未来的许多要素：

Governments are increasingly partnering with private companies to create infrastructural solutions
政府越来越多地与私人公司合作以创建基础设施解决方案

One such example is the collaboration between NASDAQ, Monetary Authority of Singapore (Singapore’s Central Bank) and Singapore Exchange (Singapore’s main stock exchange) to develop Delivery versus Payment capabilities for settlement of tokenized assets across different blockchain platforms to improve operational efficiency and reduce settlement risks.

一个这样的例子是纳斯达克 ， 新加坡金融管理局 (新加坡中央银行)和新加坡交易所 (新加坡主要证券交易所)之间的合作，以开发交付和付款功能，以跨不同区块链平台结算代币化资产，从而提高运营效率并降低结算风险。

MAS and SGX partner Anquan Deloitte and Nasdaq to harness blockchain technologySingapore, 24 August 2018… The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) today announced a…www.mas.gov.sg

MAS和SGX的合伙人Anquan Deloitte和Nasdaq于 2018年8月24日 利用 新加坡的 区块链技术 ……新加坡金融管理局(MAS)和新加坡交易所(SGX)今天宣布，其股票代码为www.mas.gov.sg

2. Projects have recognized the need for compliance, and are creating solutions that target automated compliance and AML/KYC

2. 项目已经意识到合规性的需求，并且正在创建针对自动化合规性和AML / KYC的解决方案

We have touched about the need to meld real-world legal requirements into the blockchain space. There are various projects that have been doing these globally:

我们已经触及了将现实世界的法律要求融入区块链领域的需求。全球范围内有各种各样的项目正在做这些事情：

Harbor: A compliance platform and protocol to ensure tokenized securities comply with existing securities laws at issuance and on every trade, everywhere across the globe.
Harbor ： 一个合规平台和协议，可确保令牌化证券在发行时以及全球各地的每笔交易中均符合现行证券法。
Rate3 Network: A protocol that handles asset-tokenization and identity management across both Ethereum and Stellar blockchains.
Rate3网络 ： 一种协议，用于跨以太坊和Stellar区块链处理资产令牌化和身份管理。
Polymath: A security token platform on which regulatory-compliant tokens can be built
Polymath： 一种安全令牌平台，可在其上构建符合法规的令牌

I do notice more blockchain projects building tokenization solutions targeted at different asset classes, different ways of modeling structured finance through issuing both debt and equity tokens, for instance. More importantly, these solutions know that working directly with regulatory authorities, collaborating with central banks and other projects will help to improve the overall ecosystem.

我确实注意到有更多的区块链项目正在构建针对不同资产类别的通证化解决方案，例如，通过发行债务和股权通证，以不同方式对结构化金融进行建模。更重要的是，这些解决方案知道直接与监管机构合作，与中央银行和其他项目合作将有助于改善整体生态系统。

Ensuring the legally-compliant design of the whole system is key.

确保整个系统的合法合规设计是关键。

3. “Paths of least resistance” will help everyone relate existing real examples to upcoming tokenization projects

3.“阻力最小的途径”将帮助每个人将现有的真实示例与即将到来的令牌化项目相关联

Real estate have always been quoted as an example for tokenization projects. This is due to the structure of real estate investment trusts (REITs), that one could relate more easily to tokenized structures.

房地产一直被作为代币化项目的一个例子。这是由于房地产投资信托(REIT)的结构所致，它可以更轻松地与代币化结构相关。

Tokenized real estate is not REITs, but there are various principles we can use to help us understand, relate and think better: property rights, economics for REITs for instance.

代币化房地产不是房地产投资信托，但可以使用各种原理来帮助我们更好地理解，关联和思考：例如产权，房地产投资信托的经济学。

Not everything will be tokenized, but those that can be will be.

并非所有内容都将被标记化，但可以标记的将被标记化。

Disclosure: I work at Rate3 Network, a dual-protocol that handles asset-tokenization and identity management across both Ethereum and Stellar blockchains.

披露：我在Rate3 Network工作， Rate3 Network是一个双协议，可处理以太坊和Stellar区块链上的资产代币化和身份管理。