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Security Token Standards – Factom Asset Token- FAT

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Factom Asset Protocol - FAT

The Factom Asset Token (FAT) protocol leverages the immutability of Bitcoin’s blockchain with the efficiency and composability of the Factom blockchain. In doing so, businesses receive a secure data tokenization system with broad functionality and the ability to meet a huge variety of use cases.

The FAT concept is the brainchild of Paul Snow and the Factom team. This group of developers entered the market in March 2015 with the goal of leveraging Blockchain tech in data tokenization. Immediately, the project saw success. The firm secured major partnerships with large institutions including a land registry deal with Honduran officials. Also, Factom inked a deal to develop a blockchain system to secure IoT devices with the US Department of Homeland Security.

What is FAT?

FAT is an open-source tokenization protocol designed to run on top of Factom’s proprietary blockchain. FAT tokens feature a high-efficiency design, with an issuance cost of just $0.012. Additionally, transferring these tokens only cost $0.001. These tokens function in data-intensive applications which require the use of advanced smart contracts. These features enable the integration of regulatory requirements as is the case with security tokens.

What is Factom?

Factom is a data verification and token issuance platform that operates in conjunction with existing blockchains such as Bitcoin or Ethereum. The concept focuses on the use of three types of nodes and the use of chain-IDs and directory blocks. Simply put, when information publishes to Factom, a data hash anchors the information to Bitcoin’s blockchain.

Factom via Twitter

Factom via Twitter

A New Strategy

In a recent interview, Factom protocol ANO organization CEO, Julian Fletcher-Taylor explained what makes this platform so special. He explained how Factom developers created a system where data processing and validation divorces from the data itself. This strategy removes future scalability concerns and improves the efficiency of current systems. Notably, the system greatly reduces the cost of arbitrating large amounts of data on the blockchain.

The Factom protocol can show if, and when, any changes have been made to a document in question. If a document shows no edits, then it’s proven to be the original published to the blockchain. Data tokenization is now a prime concern for governments and corporations seeking more security and Factom seeks to position itself accordingly.

Non-Fungible Tokens

In essence, FATs can represent any unique item as a non-fungible token. Non-fungible tokens are not interchangeable. This makes this style of token excellent for use in a wide array of tokenization strategies. For example, FATs may represent a particular piece of property or an agreement. Since the tokens are unique, regulators can assure that a project remains compliant throughout its life cycle.

Open Sourced

One of the biggest advantages of the Factom concept is its open source development strategy.  The developers chose to utilize a set of open source standards that establish data tokenization implementation directly into the entry chain structure. In this manner more functionality is possible.

Let’s Get FAT

You should expect to see a wave of new projects enter the cryptomarket under the FAT standard over the coming months as the project continues to expand. The pure data protocol used by Factom enables developers to build endless systems that live on top of this flexible blockchain ecosystem. Consequently, the FAT protocol continues to gain momentum in the budding security token sector.

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David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com

Security Token News

Libra to Utilize KoreConX in Upcoming Digital Security Offering

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Libra to Utilize KoreConX in Upcoming Digital Security Offering

African DSO

KoreConX has recently announced that they have been chosen by Libra Project to host an upcoming digital security offering.

This event will see Libra Project raise capital for their green initiative. Primarily, Libra Project is working to develop renewable energy sources, with the goal of bringing 1st world amenities, such as reliable power, to 100 million humans.

This endeavour represents the first fully compliant DSO to target, and be hosted, within Africa and the Middle East – also the primary regions in which the project can affect the most change.

Commentary

In making the announcement of their partnership, the CEO of each, KoreConX and Libra, took the time to comment. The following is what each had to say on the matter.

Hans Fraikin, CEO and Cofounder of Libra Project, stated,

“Libra Project is thrilled to enter into this new partnership with KoreConX…Their world-class digital securities asset management protocol will accelerate our plan to become the first fully compliant DSO (digital security offering) in the Middle East and Africa. Ultimately, this partnership supports Libra Project’s mission of democratizing access to impact investments all the while bringing clean energy to hundreds of millions of people in Asia and Africa.”          

Oscar Jofre, CEO and Cofounder of KoreConX, stated,

“The Middle East is a very important region for us. We want the regulators and companies in the Middle East to know that there is a provider that does things the right way and will meet their regulatory obligations. We are truly glad that more and more companies are starting to realize the transformation that comes with blockchain, and the ways it can simplify doing business.”

Libra Project

Libra Project is a U.K based company, operating out of London. The company maintains satellite offices in a variety of locations, including Abu Dhabi. Libra Project is actively developing their own service, known as Blockchange. This will act as a bridging platform, connecting green initiatives start-ups with interested investors.

Company operations are overseen by CEO, Hans Fraikin.

KoreConX

KoreConX is a New York based company, which was founded in 2016. Through their KorePartners Ecosystem, and in-house services, this young company is able to offer clients a comprehensive digital securities issuance platform.

Company operations are overseen by CEO, Oscar Jofre.

In Other News

Libra represents a growing trend surrounding ‘green’ projects. Another company which is utilizing blockchain to tackle global issues is Almond. Not only did we recently detail their company, but we had the pleasure of interviewing their CEO. Check out the following articles to learn more about Almond, and what they are doing to better the world.

Almond – Be the Chance the Earth Needs

Interview Series – Almond CEO, Oliver Bolton

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Securitize DS Token Protocol goes Open Source

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Securitze Goes Open Source on DS Token

The security token issuance platform, Securitize raised eyebrows amongst the cryptocommunity this week after releasing its DS Token code to the public. The move goes along with the crypto sectors long-held stance of open-source projects. Now, programmers from across the globe have a chance to test and advance the platform’s core coding.

News of Securitize’s decision spread quickly after the announcement was made at Coindesk’s latest Consensus 2019 conference. Consensus is one of the largest blockchain conferences in the world. Securitize used the hugely popular seminar to ensure their announcement received the proper attention and publicity the company desired.

A Proven Standard

Discussing the decision, Securitize co-founder and CEO,Carlos Domingo first explained how Securitizes’ Digital Securities Protocol proved itself over the last year. He then took a moment to explain why the decision opens many doors for the company.

Securitize via Homepage

Securitize via Homepage

Domingo sees a future where developers are now able to create and test Dapps based on the Digital Securities Protocol (DS). Dapps are a crucial component of any token standards in the marketplace. As a result, analysts continually point out that the Dapps propel a project forward.

Dapps are Important

For example, Ethereum is by far the most widely used platform to launch security tokens. In most instances, security tokens launch as a variant to the ERC-20 protocol. The main difference being that these tokens also include the necessary regulatory compliance mechanisms found in security tokens. Likewise, ERC-based Dapps are among the most prevalent in the market.

Now Securitize wants to capture some of the excitement and added functionality that Dapp developers bring to the table. Domingo commented on the need to provide these developers with a viable venue to actually make a difference with the code.

In a company blog post, Securitize elaborates on this theory. Here, Securitize states the importance of their strategy. Basically, the firm spent the last year perfecting their coding and proving that it is reliable enough for real-world use. Now, the DS protocol is ready to go to the next level.

DS Token Protocol

According to the blog post, the goal of the DS protocol is to provide the “proper Digital ownership Architecture to address all aspects of the digital securities lifecycle.” Company officials now hope that the cryptocommunity will step up and really put the DS protocol to the test.

DS Token Code

The newly released coding includes five main interfaces in which developers can interact, test, and build on the coding. The first component is the DSServiceConsumerInterface. This portion of the coding is what enables the other component to interact in a seamless fashion.

Next, the DSTokenInterface is the actual token protocol. As expected, the coding shares many aspects of the ERC-20 protocol but with some key differences. These upgrades include investor-centric balances.

The DSTrustServiceInterface is where developers can assign trust roles in the context of the DS token. This is how developers are able to authorize high-level users and developers within the platform.

A DSRegistryServicesInterface is used to define the Registry Service of the tokens. This is where the token holds all relevant ownership information. Consequently, this section is a critical component when discussing token compliance.

Finally, the DSComplianceServiceInterface is how tokens are able to continually check to ensure compliance throughout its lifecycle. Secondary compliance concerns are a major issue in the security token sector. This protocol is what enables DS tokens to remain within the legal guidelines of digital securities. Importantly, this protocol plays a major role in secondary market compliance as well.

Securitize Steps up its Game

The decision to go open-source is a smart one on the part of Securitize. The crypto sector was built on open-source projects such as Bitcoin and Ethereum. Securitize is now in line to continue this legacy and push its DS token protocol to new heights.

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DigiMax Designated ‘Exempt Market Dealer’ by OSC

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DigiMax Designated 'Exempt Market Dealer' by OSC

Designation Granted

DigiMax has recently announced that they have successfully been granted a designation as an ‘exempt market dealer’.

This designation, doled out by the Ontario Securities Commission, will allow for DigiMax to issue digital securities on behalf of their client, without the need for a prospectus. As a result, DigiMax will see their advisory, and issuance platform, become more flexible, providing client easier access to capital.

Exempt Market Dealer

For the majority of companies issuing securities within Canada, a prospectus is needed to remain regulatory compliant. There, however, exists a subset within capital markets, which allows for companies to forgo this step. This subset is known as an exempt market, and typically indicates that less protective measures are put in place for companies granted exempt status.

For more information on exempt markets, and those taking part, click HERE.

Prospectus

A prospectus is a form of documentation which is typically required by regulatory bodies, such as the Ontario Securities Commission. The documentation consists of a thorough outlining and description of a companies planned actions, pertaining to a capital generation event.

Commentary

In making their announcement, DigiMax CEO, Chris Carl, took the time to comment. The following is what he had to say on the matter.

“We are very excited to have been granted registration as an EMD in the jurisdiction of Ontario in Canada…This registration allows us to serve Ontario based corporations and investors as an exempt market dealer in various forms of funding, and to market such offerings to institutional or accredited investors. Working with our growing network of similarly registered dealers in other countries, DigiMax Global Solutions is well on its way to becoming the leader of a global syndicate of dealers able to assist companies to raise capital around the world.”

DigiMax

DigiMax is a Canadian company operating out of Toronto, Ontario. Since operations were launched in 2017, DigiMax has developed a platform which facilitates capital generation events in the form of digital security offerings.

Company operations are overseen by CEO, Chris Carl.

Ontario Securities Commission

The Ontario Securities Commission (OSC), is a government run, regulatory body, which oversees the enforcement of various acts. Each of which has been designed to protect investors through the creation of fair and honest markets.

In Other News

The digital securities sector has seen various large developments as of late. We have seen huge conglomerates make their entrance, while existing industry participants hone their platforms and services. Here are a few noteworthy events from recent weeks.

Calibra – A Product of Facebook, Built on Two Tokens

BnkToTheFuture to Utilize Altcoin.io for Security Token Exchange

Coinbase Custody Adds Support for Digital Security ‘BCAP’

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