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Tokenization
Dr. Pavel Kravchenko
Vladimir Dubinin
Distributed Lab
What is tokenization?
A process of transformation of asset accounting and
management to represent each asset by a digital ...
Why is it needed?
Tokenization is the way to:
- digitize assets
- increase assets liquidity
- provide an assets management...
Examples
Everything will be tokenized:
- Money
- Stocks and derivatives
- Real estate and certificates
- Warehouse receipt...
Assumptions
Tokenization is performed for real (i.e. existing somewhere
else) assets that are under control of some entity...
What does “transformation” mean?
Shift from order execution to direct asset management
in account.
This shift is enabled d...
What does “transformation” mean?
A process of transition of depository, exchange,
payment systems to the uniform decentral...
What does “uniform” mean?
Decentralized accounting system that combines in itself
a ledger, an order book and a transactio...
How does the new infrastructure
differ?
1. Seamless integration of components
2. Decentralization of storage and execution...
What is token?
Token is an account that contains balance of specific
asset.
How blockchain is used?
Blockchain acts as a ledger for accounts. It enables:
1. keeping accounts secure even if ledger is...
Transparency & privacy
1. Transaction is processed by entities that are directly
involved in a transaction
2. Each transac...
How does decentralization work?
Ledger is stored on the distributed nodes, that:
- store accounts and full history of tran...
Who controls the nodes?
Control over nodes could be public or private. It
depends on the type of proof a particular node n...
Security model
Each asset management system requires two types of trust:
1. Trust to a token issuer (proof of 1:1 ratio fo...
Security requirement
Tokenization system should provide a proof of correct
execution of transactions, i.e. protection from...
Difference from centralized systems
1. Every token holder can prove that their balance
represents the result of correct ex...
Typical components of a
tokenization system
1. Issuance module
2. KYC module
3. Limits module
4. Fees module
5. Ledger
6. ...
Typical architecture
Decentralized storage and
audit with centralized
governance and
processing
Contacts
distributedlab.com
pavel@distributedlab.com
dubinin@distributedlab.com
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Tokenization

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A structured approach to tokenization, its goals, assumptions, applicability, techniques, features and differences from traditional systems.

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Tokenization

  1. 1. Tokenization Dr. Pavel Kravchenko Vladimir Dubinin Distributed Lab
  2. 2. What is tokenization? A process of transformation of asset accounting and management to represent each asset by a digital token.
  3. 3. Why is it needed? Tokenization is the way to: - digitize assets - increase assets liquidity - provide an assets management infrastructure to all ecosystem participants - implement collective management use cases
  4. 4. Examples Everything will be tokenized: - Money - Stocks and derivatives - Real estate and certificates - Warehouse receipts - Loyalty programs - Precious metals
  5. 5. Assumptions Tokenization is performed for real (i.e. existing somewhere else) assets that are under control of some entity(-ies). Principles of governance, requirements to KYC, privacy, security and speed of processing are defined by that entity(-ies) Verification of transactions is performed by entity(-ies) that are involved in specific transaction (have an ability to audit real assets).
  6. 6. What does “transformation” mean? Shift from order execution to direct asset management in account. This shift is enabled due to creation of the new type of accounting infrastructure.
  7. 7. What does “transformation” mean? A process of transition of depository, exchange, payment systems to the uniform decentralized infrastructure.
  8. 8. What does “uniform” mean? Decentralized accounting system that combines in itself a ledger, an order book and a transaction execution engine.
  9. 9. How does the new infrastructure differ? 1. Seamless integration of components 2. Decentralization of storage and execution 3. Management of the asset via cryptographic keys
  10. 10. What is token? Token is an account that contains balance of specific asset.
  11. 11. How blockchain is used? Blockchain acts as a ledger for accounts. It enables: 1. keeping accounts secure even if ledger is publicly available 2. decentralization of transaction processing and storage and as a result: 3. make this process transparent and auditable for all involved entities
  12. 12. Transparency & privacy 1. Transaction is processed by entities that are directly involved in a transaction 2. Each transaction results to a cryptographically signed confirmation 3. Transaction metadata is available only for entities that are authorized to access it.
  13. 13. How does decentralization work? Ledger is stored on the distributed nodes, that: - store accounts and full history of transactions - reach consensus about changes to the ledger *approach to storing and updating of shared database between entities that don’t trust each other is called blockchain.
  14. 14. Who controls the nodes? Control over nodes could be public or private. It depends on the type of proof a particular node needs from another node to accept its vote.
  15. 15. Security model Each asset management system requires two types of trust: 1. Trust to a token issuer (proof of 1:1 ratio for collateral) 2. Trust to a transaction processing system (protection from double spending attacks) *tokens that represent physical assets require trust of the first type
  16. 16. Security requirement Tokenization system should provide a proof of correct execution of transactions, i.e. protection from double spending attacks.
  17. 17. Difference from centralized systems 1. Every token holder can prove that their balance represents the result of correct execution of a set of transactions (audibility) 2. No one, except token holder can change the balance of its account without being noticed (integrity) 3. It is hard to delete the state of the ledger (robustness) 4. It is easy to prove who initiated which actions (non-repudiation)
  18. 18. Typical components of a tokenization system 1. Issuance module 2. KYC module 3. Limits module 4. Fees module 5. Ledger 6. Exchange 7. Mobile & web wallet 8. Key server 9. PoS and ecommerce module
  19. 19. Typical architecture Decentralized storage and audit with centralized governance and processing
  20. 20. Contacts distributedlab.com pavel@distributedlab.com dubinin@distributedlab.com

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