Token Standard Launched by ICON (ICX) With Full Regulation Compliance to Tokenize Assets
The creation of new tokens and tokenized physical assets has been an integral part of the growth of the crypto industry.
The new IRC16 token standard creates a transparent method of creation of developers, and was announced by ICON over Twitter, where they reposted the link to their Medium blog on the addition.
— ICON (@helloiconworld) March 8, 2019
Within the IRC16 coding, the developers at ICON has made a modular architecture that makes it possible to tokenize physical assets.
Once the IRC16 is deployed, it will be fully compliant with the rules that regulators have already established involving both the ownership of digital assets and blockchain transactions.
The tokenization of physical assets allows the owner of the assets to split up ownership and also prove it. The physical assets can be broken down into token portions, which makes them liquid. It also helps to increase the number of investors, overall. Smart contracts can be used here as well, and it ensures that the deals agreed upon between buyers and sellers of assets will be completed properly.
In doing so, the charges that would normally be assessed in this type of brokerage are reduced.
As far as compliance, the IRC16 standard was created with specific attention to the regulatory rules and can be used in several distinct functions. For instance, “Check for Token Transfer” verified that KYC and AML control measures have been validated for senders and receivers. In doing so, the investors with these capabilities are reduced.
Another feature, “Token Control by Operator,” focuses on compliance with fraud-related regulations and the loss of private keys that control digital assets.
The other two functions of the IRC16 include Document Management and Partition. Document Management is used to store and manage legal documents, which prove the rights and obligations already applied to the token issuers and investors. Partially fungible tokens are allowed with the Partition function, letting the user attach metadata to be included in the building of a “certain portion” of the tokens.
- ICON website: www.icon.foundation
- The source code for the IRC16: www.github.com/icon-project/IIPs
- Source: First Appeared Here
- Published Time:
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In rounding off this piece: Token Standard Launched by ICON (ICX) With Full Regulation Compliance to Tokenize Assets. Here’re most prominent words:
- Document Management
- Physical Assets
- Token Specifications
- Tokenized Physical