Kullanım Tokenleri vs Güvenlik Tokenleri: Temel Farklar Açıklanıyor

As a responsible crypto investor, you must understand the differences between utility tokens and güvenlik tokenleri. These tokens serve different purposes in the cryptospace. Their processes differ during trading and issuance. These contrasts make security tokens unique from their utility counterparts.

Güvenlik Tokenleri Neden Önemlidir?

The ICO market continues to expand. According to a report from Business Insider, companies raised over $5.6 billion in 2017. While this number seems impressive, the ICO activity of 2018 eclipsed it. By Mayıs 2018, the ICO market expanded to $6.3 billion. This record growth and the growing appeal of ICOs make this unique crowdfunding strategy a favorite among tech startups.

ICO sektöründeki rekor büyüme, Securities and Exchange Commission (SEC) gibi düzenleyicilerin daha fazla inceleme yapmasına yol açtı. Büyüyen ICO piyasası için düzenlemeler geliştirme görevi, tokenin nasıl kullanıldığına bağlı olarak bu kuruluşa düşüyor. SEC, bir token mülkiyet, oy hakkı temsil ettiğinde veya tutucusuna gelecekteki kârlardan bir pay hakkı verdiğinde bunun bir güvenlik tokeni olduğuna karar verdi.

It isn’t always that easy to determine if a coin is a security or utility token. In many instances, a token starts off as a security during an ICO but later evolves into a utility token. This scenario is the case for the hugely popular cryptocurrency Ethereum (ETH ). In a Haziran 2018 speech, the SEC belirtti that Ethereum operated as a security initially, but today it’s a utility token.

Ethereum kurucusu Vitalik Buterin via Cryptovibes

To make matters more complicated, a utility token such as ETH can have security tokens issued on its platform. Ethereum’s ERC-20 protocol is the most popular token launching protocol in the cryptospace. New tokens issued on the platform are security tokens if they fail the “Howey Test.”

Howey Testi Nedir?

The “Howey Test” is a brief questionnaire created by the Supreme Court for determining whether a transaction qualifies as an investment contract. The test became famous during the 1946 Supreme Court case SEC V. Howey. The case revolved around a Howey, Florida-based orange juice company that offered large parts of its land for sale to investors with the intent of having the new owners lease the property back to the citrus developer, who would continue developing the area with the newly acquired funds.

SEC, bu işlemdeki davalıları menkul kıymet düzenlemelerini ihlal ettikleri gerekçesiyle dava etti. SEC, yatırımcıların narenciye çiftliğinin çabalarından kar elde etme umuduyla fon sağladıkları için bu anlaşmanın bir yatırım sözleşmesi olduğuna karar verdi. Dolayısıyla, bu anlaşma menkul kıymet düzenlemelerine tabidir.

The Supreme Court developed a simple test to prove the theory. The Howey Test asks investors four critical questions. These questions can be applied to tokens to determine if they are security tokens:

1. Para Yatırıyor musunuz?
2. Yatırımınızdan Kar Bekliyor musunuz?
3. Ortak Bir Girişime Yatırım mı yapıyorsunuz?
4. Bir Tanıtıcı ya da Üçüncü Tarafın Çabalarından Kar elde edecek misiniz?

Kullanım Tokenleri

Utility tokens serve a use within a platform. In most cases, companies host ICOs to issue utility tokens. These tokens are essential to the functionality of their platforms. Additionally, they do not give token holders rights to the company’s future development or profits. These tokens transfer without regulations, and any company can offer utility tokens without meeting SEC regulations. The open nature of these tokens made them a favorite amongst investors and startups.

Today, utility tokens are more commonly referred to as “dijital varlıklar“.

Güvenlik Tokenleri

Security tokens operate in a much different manner, and under different requirements. A company cannot just host a security token offering (STO) without fulfilling specific conditions. Companies must provide investors with a plethora of information, including the company’s actual address, the names of all board members, and open financial records. These requirements protect investors from fraudulent activity.

Şirket düzenlemelerinin yanı sıra, yatırımcılar da katı güvenlik düzenlemelerine uymak zorundadır. Şirketler güvenlik tokenlerini anonim kişilere satamaz. Bu tokenlere yatırım yaparken kimliğinizi sağlamanız ve kanıtlamanız gerekir. Müşterini Tanı (KYC), ve Kara Para Aklamayı Önleme (AML) yasalarına, güvenlik tokenleri sahipler arasında transfer edilirken uyulmalıdır.

Today, security tokens are commonly referred to as dijital menkul kıymetler.

Ekstra Güvenlik – Ekstra Yatırım Fonları

While some early crypto investors undoubtedly see security tokens as a burden on the cryptospace, many believe these tokens to provide an essential bridge between traditional investment funds and the cryptomarket. Analysts have predicted a rise in traditional investment firms entering the cryptospace.

These firms require added protection due to the substantial nature of their investments. Security tokens provide them with the protections they need to avoid future financial and legal problems.

Kullanım Tokenleri vs Güvenlik Tokenleri

Now that you better understand the differences between these tokens, you are ready to comprehend STO’ları and what makes them different than their ICO counterparts. Security tokens play an important, and ever-growing, role in the cryptospace. You should expect more platforms entering the cryptomarket using this type of token over the coming years.