Connect with us

Security Tokens

NBA Quickly Shuts Down Dinwiddie Contract Tokenization

mm

Published

 on

NBA Quickly Shuts Down Dinwiddie Contract Tokenization

Not So Quick…

In retort to the highly publicised decision by Spencer Dinwiddie to tokenize his contract, the National Basketball Association (NBA), commented in a conversation with the New York Times.

Unfortunately for Dinwiddie, it would appear as though he is fighting an uphill battle in achieving his goals. The following is what the league has to say on his plans.

“According to recent reports, Spencer Dinwiddie intends to sell investors a ‘tokenized security’ that will be backed by his player contract. The described arrangement is prohibited by the C.B.A., which provides that ‘no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract.’”

Commentary

In response to this decision, Dinwiddie did not seem phased. Again, speaking with the New York Times, he had the following to say.

“When I was on the phone with the league, I told them it wasn’t an assignment. And they invited me to sit down with them and explain the offering, which is what I’m going to do.” He continued, What better way to be invested in a player as a fan than to have some level of skin in the game,” Dinwiddie told The Athletic. “With the way mine works, if I play well in that player option year and we split the profits up the first year of my new deal, it greatly appreciates the return on this investment vehicle.”

Tokenizing Contracts

While Spencer Dinwiddie represents the first athlete to actually attempt the tokenization of his contract, the idea is not brand new. There have been instances in the past where the idea was floated, to no avail.

If successful in his mission, Dinwiddie is, potentially, on the cusp of unlocking new forms of financial flexibility among athletes. For those looking to take an active role in securing their future, tokenization has the potential to make them more money. Interestingly, this stands to benefit the league, as well, as it opens a brand new avenue of fan participation.

Blockstation to Host DSO in Attempt to Lure Kawhi Leonard

Spencer Dinwiddie

At age 26, Spencer Dinwiddie is a 6’6” point guard for the Brooklyn Nets. A public proponent for blockchain technologies, this rising NBA star looks to help himself, and his peers, through financial flexibility.

Dinwiddie recently signed a lucrative contract with the Brooklyn Nets, which will see over $34 million paid out over 3 years.

In Other News

Over the past few weeks, we have touched on the topic of tokenizing sports contracts multiple times. The announcement, and subsequent release of details surrounding Spencer Dinwiddie, can be found in the following articles.

NBA Point Guard, Spencer Dinwiddie, to Tokenize Contract

NBA Guard Spencer Dinwiddie Tokenizes Contract

Spread the love

Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology. In addition to this, he is a licenced Paramedic in Nova Scotia, Canada. As such, he can provide emergency care/medicine to any situation necessitating it.

Security Tokens

VALK and SECUROSYS Partner on CORDA Blockchain

mm

Published

on

VALK Partners With SECUROSYS on CORDA

This month, the blockchain infrastructure provider, VALK announced a strategic partnership with SECUROSYS. The collaboration brings unlisted assets to the Corda blockchain. Now, VALK is ready to provide enterprise-level tokenization to the market. The news demonstrates a maturing of the Corda blockchain, as well as, a more competitive security token arena.

VALK’s latest project represents a major milestone within the blockchain sector. For one, it represents the first end-to-end enterprise-grade solution for token issuance on the Corda blockchain. Additionally, it means that both the Swiss and UK markets will now have access to the advanced features the Corda blockchain enables.

VALK

VALK provides firms with a complete infrastructure solution via its token issuance platform. Users gain a host of benefits when they sign on to VALK. For example, the platform provides instant on-chain settlements. Also, the firm provides investing & trading in a secure and compliant environment. On top of these features, VALK users gain extra interoperability and connectivity with the world’s largest banking DLT system.

VALK via Homepage

VALK via Homepage

SECUROSYS

In order to ensure that users obtain the highest levels of protection, the firm decided to utilize SECUROSYS. For its part, SECUROSYS provided access to its proprietary Hardware Security Modules (HSM). Speaking on the partnership, Robert Rogenmoser, CEO of SECUROSYS described how Web 3.0 increases the demand to protect digital identities and assets.

Additionally, Rogenmoser touted the firm’s system as “tried and tested.” He explained how Primus HSM is an essential addition to the VALK’s ecosystem. Lastly, he spoke about the capabilities of the new platform.

Rogenmoser wasn’t the only company executive to discuss the monumental accomplishment. VALK’s founders Antoine Loth and Elie Azzi described the atmosphere surrounding the merger. The executives stated that they are “delighted” to work with SECUROSYS on this new top-class solution for issuers. Lastly, they explained that the new platform will serve those in the industry that handle the issuing, financing, and trading of private equity, funds, infrastructure, and real estate world assets.

VALK

VALK first made headlines as a tokenization firm that specializes in unlisted company shares. Today, the firm offers white-label solutions built on the Corda blockchain. Importantly, the VALK system automates many of the most important tasks undertaken by fund managers, asset managers, and investment banks. In this manner, the platform reduces costs and increases efficiency and security across the board.

All-Star Team

The decision by VALK to utilize SECURYSYS was a wise one. Importantly, both firms have been bestowed with the Swiss Fintech Awards for 2020. Additionally, VALK received a host of other honors including acceptance into the F10 accelerator in Zurich. Now, these firms prepare to up-end the entire EU securities sector with their next-generation tokenization systems.

Spread the love
Continue Reading

Issuers

A Look at the Ravencoin Token Issuance Blockchain

mm

Published

on

A Look at the Ravencoin Token Issuance Blockchain

The next-generation blockchain platform, Ravencoin continues to gain momentum in the marketplace. The blockchain represents a shift from traditional chains over to a more security token-centric approach. As such, Ravencoin provides a compliant enterprise-grade security token issuance solution for firms seeking more out of their blockchain.

Ravencoin

The Ravencoin blockchain is an open-source protocol that provides users with a plethora of new and exciting features directed at corporate users. For one, the platform features an easy-to-use interface. In fact, once registered, the interface allows for the issuance of tokens in under a minute directly from the Ravencoin-Qt wallet.

Ravencoin developers entered the market with the goal to tackle problems faced by today’s token issuance platforms. Security tokens require adherence to strict guidelines in order to remain within compliance. As such, firms must ensure that the technology they use covers all aspects of the current regulations regarding legally compliant token offerings.

In order to guarantee Ravencoin users fulfill these obligations, developers set out to create a new kind of blockchain, specifically designed to handle these tasks. To make their efforts a reality, developers focused in on nine main areas of concern. Here is a look at some of Ravencoin’s most important features.

Restricted Assets

As with any token issuance platform, smart contracts allow issuers to preprogram compliance mechanisms directly into a token’s protocol. These requirements must be met by token holders prior to any actions. Importantly, these rules are set by the issuer and enforced by the distributed code. Notably, issuers can create coding that changes over time by labeling their token re-issuable. This is a powerful tool because, in many instances, companies may want to remove certain requirements after a specific time period passes. In most cases, this function would remove “accredited investors only” after a pre-programmed time period. In turn, this allows multi-round investment strategies to operate in a seamless manner.

Tags – Ravencoin

Tags are another cool feature the platform brings to the market. In essence, Tags allow issuers to keep certain assets restricted to only those addresses that are properly tagged. This feature ensures that all token holders have met predetermined criteria. These criteria can include KYC, accreditation, affiliation, as well as, limits on the number of addresses allowed to participate in the event.

Ravencoin via Homepage

Ravencoin via Homepage

KYC Platform

Ravencoin also provides high-level KYC services to issuers. In order to accomplish this task in a consistent manner, Ravencoin integrated its system with Finclusive. This integration provides Ravencoin with the highest levels of KYC/AML/OFAC. So much so, that the company intends to offer these services as a standalone product moving forward.

Freeze

As a compliant-focused blockchain Ravencoin has a host of features designed to meet these challenges. Freeze is one of these features. This product allows issuers to freeze the assets of a nefarious token holder. This protocol is a compliance requirement set out in the new Rule 144. Additionally, this service allows issuers to restrict stock based on asset type or a specific address.

Memos

Memos is another compliant mechanism that is unique to Ravencoin. This feature allows issuers to transfer, freeze, or tag notes to an asset. These notes save as metatag data within the transaction. As such, these notes allow issuers to do things such as specify court orders or other important token life cycle changes.

Dividends or Payments

Ravencoin users never have to worry about timely dividend payments. The platform features an automated payment system. This system can handle a huge variety of payment strategies to suit your business’s particular needs. These payments can include profits, royalty stream, or contractually obligated payments.

Voting

Another awesome feature Ravencoin developers included was a voting mechanism. In instances such as equity tokens, users gain voting rights. Ravencoin users can exercise these rights directly within the platform. In this manner, the entire process becomes streamlined.

Messaging

Lastly, Ravencoin users enjoy a robust messaging service. This feature is primarily used to inform token holders of upcoming changes or other relevant information regarding their investments. Importantly, this information can include updates on when, and what topics, are up for the next vote.

Ravencoin

The Ravencoin project entered the market in January 2018 with the goal to service enterprise-level security token issuers. Importantly, the platform’s developers started with a code fork of bitcoin version 0.15.99. Despite being a code fork, Ravencoin developers created their own consensus mechanism – X16. This development was huge at the time because it enabled Ravencoin developers to avoid a situation in which ASIC miners dominated the blockchain.

In July 2019, the firm announced a change to the algorithm. The decision to change came after developers saw that ASIC miners were in use on the X16 algorithm. The new mechanism was named X16R and involved adding an extra hashing algorithm to the equation. This randomization halted the use of ASIC mining on the blockchain for the time being.

Heavy Funding

Notably, the Ravencoin project’s development team received funding from Overstock.com subsidiary Medici Ventures. As such, the Overstock CEO at the time, Patrick Byrne did many interviews describing why the new platform was a real game-changer in the market.

Today, the platform has numerous strategic partnerships within the sector. These partnerships cover the gambit of the token markets ranging from KYC partnerships, all the way to virtual reality arcade providers such as LoftVR.

RVN Tech Data -Ravencoin

The Ravencoin blockchain features a one minute block time. The block reward for miners is currently 5000 RVN. Notably, 21 billion RVN in total will see the market. Also, the next reward halving schedule is set at block 2,100,000.

Ravencoin – A Next-Generation Security Token Blockchain

A quick glimpse at Ravencoin reveals the extent to which developers went to create a security token specific blockchain. This platform provides the features required in a digitized economy. You can expect to hear a lot more about this blockchain as more firms turn towards its easy-to-navigate systems to better their tokenization experience. For now, Ravencoin represents a hard shift towards security token only blockchains.

Spread the love
Continue Reading

Issuers

Validity Labs Joins the International Token Standardization Association ITSA

mm

Published

on

Validity Labs Joins the International Token Standardization Association ITSA

This week, the Swiss-based blockchain educational and infrastructure platform, Validity Labs confirmed the firm joined The International Token Standardization Association (ITSA). The decision to join the ITSA comes at a crucial stage of the EU’s STO regulatory development. The move demonstrates a further push for a more robust framework to support the expanding security token sector.

Validity Labs is one of the leading providers of blockchain-based decentralized applications in the region. The firm gained notoriety as an early mover when it entered the market back in 2015. At that time, the firm was the first blockchain education company in Switzerland.

Validity Labs – A Premier Blockchain Service Provider

Since then, Validity Labs assisted numerous developers and startups with educational and technical support. This support included hands-on workshops that covered a wide range of blockchain-related subjects. These topics include subjects like learning to program smart-contracts. Additionally, the firm provided educational classes for legal professionals, issuers, accountants and asset managers.

Today, Validity Labs is one of the premier platforms for blockchain-powered decentralized applications. Importantly, the firm now offers end-to-end STO implementation services with the goal to bridge the line between technology and legal compliance within the sector.

International Token Standardization Association (ITSA)

ITSA is a Non-profit German law association that specializes in token taxonomy. Token taxonomy is the identification, classification, and analysis of blockchain-based tokens. As such, the group is a leading voice for the promotion, development, and implementation of comprehensive security token market standards.

ITSA via Homepage

ITSA via Homepage

Token taxonomy continues to be a hot point of discussion within the market. Recently, regulators started prosecuting tokens that they believe violated the current securities laws. As more regulations come into place, a token’s classification can have a huge impact on the overall liquidity, profitability, and functionality a token possesses. Consequently, a token’s profitability depends on its classification in many instances.

ITSA Sees Growth

ITSA continues to see expansion in the EU market. To date, the firm includes some of the biggest names in both the finance and blockchain spaces. For example, the group already works with a host of universities including the Frankfurt School of Finance and Management, University of Mainz, TU Munich, and the UCL Centre for Blockchain Technologies in London.

Additionally, the group secured many important bank members over the last two years. These organizations include. Commerzbank’s Main Incubator, Bank Frick, MME, Börse Stuttgart, Bundesverband Deutscher Banken, and the German Investment Funds Association BVI).

ITSA Prepares for the Digitized Economy.

Importantly, ITSA provides startups with a plethora of helpful information. Startups can seek out support and know-how in the areas of blockchain-enabled solutions, decentralized applications, tokenization, and security token offerings. To date, the group already has helped startups SolarisBank, CryptoTax, and Ambrosus achieve growth.

Validity Labs – A Bright Future

The decision to join the ITSA was a smart maneuver. On top of all of the technical and legal support the firm now has access to, they also are a part of a huge network of blockchain professionals. This network will help Validity Labs achieve its lofty goals in the market.

Spread the love
Continue Reading