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The Future of Security
Tokens: Myths vs. Realities
Invector Labs
Agenda
• Myths and realities of security tokens
• Evolving tokenized applications
• Evolving security token infrastructure...
Myths vs.
Technological
Realities in Security
Tokens
https://medium.com/coinmonks/what-we-need-to-
enable-the-security-token-thesis-2eade6ee96f2
https://hackernoon.com/the-sec...
Myth: Security tokens will bring liquidity to
illiquid assets...
Reality:
Liquidity is
something
you build, not
something
that
happens...
Myth: Tokenization will enable fractional
ownership and global access to assets
Reality:
Fractionalized
ownership is
mostly useless
except for trading
Myth: Programmability will create new forms
of crypto-securities
Reality: There
are no
programmable
interfaces in
the current
generation of
security token
platforms
Myth: Regulation will expand the landscape
of crypto-securities
Reality: Security
tokens today only
support two types
of regulation:
KYC/AML
Myth: Security tokens will disintermediate
the securities market
Reality:
Middlemen are
finding their way
into
crypto securities
Important
dilemmas in
security tokens…
Regulation
Decentralization
Off-Chain
Processes
Programmability
Anonymous
Runtimes
Identity
Tokenized
Applications
Infrastructure
We need a better model…
The Crossing the Chasm Model…
Applying to Security Tokens
V1
Tokenization
Platforms
Tokenized
Equity
Projects
V2
Tokenization
Platforms
Tokenized
Debt,
...
Evolving Security Tokens Mean…
New
Tokenization
Models
Evolved
Tokenization
Infrastructure
Security
Tokens
2.0
Evolving Security Token Applications…
The Next Wave of Security Token Applications
Tokenized Debt
Tokenized
Securities
B2B
Tokenization
Tokenized Debt
• Simple pricing model
• Benefits of a dividend
payment
• Protocols specialized in that
use case
Tokenization of
Securities
• Expand investor access to
existing securities
• Extend stablecoin model
• Leverage establishe...
B2B Tokenization
• Leverage tokenization to
streamline bank-to-bank
trading of securitized
products
• Large volumes, manag...
Evolving security tokens infrastructure…
The Building Blocks of a Security Token
Platform
Security Tokens 2.0
Crypto-Financial
Primitives
Hybrid
Governance
Privacy...
Crypto-Financial Primitives
• Enable equity, debt, and
hybrid protocols in security
token stacks
• Lay out the foundation ...
Hybrid, Programmable Governance
• Enable voting and governance
models using identity-based,
on-chain consensus
mechanisms
...
Privacy
• Incorporate privacy protocols
as a first-class citizen in
security token models
• Model privacy regulatory rules...
Liquidity Protocols
• Build
collateralization/convertibility
directly into security token
smart contracts
• Incorporate li...
Disclosures
• Decentralized, trustless
models to store datasets
relevant to security tokens
• Correlated disclosure data s...
Programmability
• Extend security token
platforms with programmable
interfaces
• Provide programmable models
for third par...
Multi-Blockchain ST Runtimes
• Extend security token
platforms to non-Ethereum
blockchain runtimes
• Enable security token...
Do security
tokens deserve a
new blockchain?
The Case for a Security Token Blockchain
Smart
Contract
Limitations
• Smart contracts are a horrible way to
represent owne...
The Case Against a Security Token Blockchain
Protocol
Landscape
• Ethereum includes a large set of crypto-
financial proto...
Where does that
leave us?
Rapid Fire: 10 non-
predictions about
security tokens
Asset Tokenization is likely to be commoditized…
But we will see 1-2 winners…
Most tokenization platform startups are likely to
run out of cash before iterating in their platforms…
Security token debt products might be the first
crypto-security to attract mainstream investors…
We will see several blockchains for security
tokens…
New forms of stable coins will emerge
(ex: treasury bonds)…
Security token derivatives can be the bridge to
build successful tokenized products attractive to
investors…
The first wave of successful crypto-securities
might be extensions of existing securitized
products…
Decentralized security token marketplaces
and exchange protocols will emerge…
Trustless disclosures can become a standalone
segment of the security tokens market…
Liquidity mechanics for security tokens are
likely to be built at the protocol level…
Security tokens might enable new forms of
securities…
Summary
• Security token solutions today are too simplistic to have a big impact
in the market
• Crossing the chasm means ...
Thanks!
jr@invectoriq.com
https://medium.com/@jrodthoughts
https://twitter.com/jrdothoughts
The Future of Security Tokens: Myths and Realities
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The Future of Security Tokens: Myths and Realities

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This presentation provides a glimpse into the future of security tokens both from a technological and market standpoint.

Veröffentlicht in: Technologie

The Future of Security Tokens: Myths and Realities

  1. 1. The Future of Security Tokens: Myths vs. Realities Invector Labs
  2. 2. Agenda • Myths and realities of security tokens • Evolving tokenized applications • Evolving security token infrastructures • What’s next?
  3. 3. Myths vs. Technological Realities in Security Tokens
  4. 4. https://medium.com/coinmonks/what-we-need-to- enable-the-security-token-thesis-2eade6ee96f2 https://hackernoon.com/the-security-token-thesis- 4c5904761063
  5. 5. Myth: Security tokens will bring liquidity to illiquid assets...
  6. 6. Reality: Liquidity is something you build, not something that happens...
  7. 7. Myth: Tokenization will enable fractional ownership and global access to assets
  8. 8. Reality: Fractionalized ownership is mostly useless except for trading
  9. 9. Myth: Programmability will create new forms of crypto-securities
  10. 10. Reality: There are no programmable interfaces in the current generation of security token platforms
  11. 11. Myth: Regulation will expand the landscape of crypto-securities
  12. 12. Reality: Security tokens today only support two types of regulation: KYC/AML
  13. 13. Myth: Security tokens will disintermediate the securities market
  14. 14. Reality: Middlemen are finding their way into crypto securities
  15. 15. Important dilemmas in security tokens…
  16. 16. Regulation Decentralization
  17. 17. Off-Chain Processes Programmability
  18. 18. Anonymous Runtimes Identity
  19. 19. Tokenized Applications Infrastructure
  20. 20. We need a better model…
  21. 21. The Crossing the Chasm Model…
  22. 22. Applying to Security Tokens V1 Tokenization Platforms Tokenized Equity Projects V2 Tokenization Platforms Tokenized Debt, Corporate Issuances Specialized Security Token Protocols Security Token Blockchain/ Sidechain Tokenized Derivatives, Investor Products The Chasm Time TechnologicalSophistication
  23. 23. Evolving Security Tokens Mean… New Tokenization Models Evolved Tokenization Infrastructure Security Tokens 2.0
  24. 24. Evolving Security Token Applications…
  25. 25. The Next Wave of Security Token Applications Tokenized Debt Tokenized Securities B2B Tokenization
  26. 26. Tokenized Debt • Simple pricing model • Benefits of a dividend payment • Protocols specialized in that use case
  27. 27. Tokenization of Securities • Expand investor access to existing securities • Extend stablecoin model • Leverage established pricing and risk management models
  28. 28. B2B Tokenization • Leverage tokenization to streamline bank-to-bank trading of securitized products • Large volumes, manageable risk
  29. 29. Evolving security tokens infrastructure…
  30. 30. The Building Blocks of a Security Token Platform Security Tokens 2.0 Crypto-Financial Primitives Hybrid Governance Privacy Liquidity Protocols Disclosures Programmability
  31. 31. Crypto-Financial Primitives • Enable equity, debt, and hybrid protocols in security token stacks • Lay out the foundation for security token derivatives
  32. 32. Hybrid, Programmable Governance • Enable voting and governance models using identity-based, on-chain consensus mechanisms • Augment on-chain voting models with off-chain processes
  33. 33. Privacy • Incorporate privacy protocols as a first-class citizen in security token models • Model privacy regulatory rules as part of security token issuances/transfers
  34. 34. Liquidity Protocols • Build collateralization/convertibility directly into security token smart contracts • Incorporate liquidity protocols into security token exchanges
  35. 35. Disclosures • Decentralized, trustless models to store datasets relevant to security tokens • Correlated disclosure data sets with the performance and lifecycle of security tokens
  36. 36. Programmability • Extend security token platforms with programmable interfaces • Provide programmable models for third parties to build key building blocks of security token architectures: regulatory rules, exchange integration, etc.
  37. 37. Multi-Blockchain ST Runtimes • Extend security token platforms to non-Ethereum blockchain runtimes • Enable security tokens that can be pegged across different blockchains
  38. 38. Do security tokens deserve a new blockchain?
  39. 39. The Case for a Security Token Blockchain Smart Contract Limitations • Smart contracts are a horrible way to represent ownership A new consensus model • Consensus and incentives optimized for security token models at the blockchain level Crypto- Economics • Align the economics of security tokens with the crypto-economics of the network Market Players Network • Provide an environment for financial market players to be integrated into a security token network
  40. 40. The Case Against a Security Token Blockchain Protocol Landscape • Ethereum includes a large set of crypto- financial protocols relevant to security tokens Tier2 Model • Security tokens can be considered a tier2, instead of tier1, blockchain problem Market Players Influence • A new blockchain for security tokens can be subjected to manipulations by large market players Runtime Fragmentation • A new blockchain for security tokens can be conducive to many blockchains for security tokens
  41. 41. Where does that leave us?
  42. 42. Rapid Fire: 10 non- predictions about security tokens
  43. 43. Asset Tokenization is likely to be commoditized… But we will see 1-2 winners…
  44. 44. Most tokenization platform startups are likely to run out of cash before iterating in their platforms…
  45. 45. Security token debt products might be the first crypto-security to attract mainstream investors…
  46. 46. We will see several blockchains for security tokens…
  47. 47. New forms of stable coins will emerge (ex: treasury bonds)…
  48. 48. Security token derivatives can be the bridge to build successful tokenized products attractive to investors…
  49. 49. The first wave of successful crypto-securities might be extensions of existing securitized products…
  50. 50. Decentralized security token marketplaces and exchange protocols will emerge…
  51. 51. Trustless disclosures can become a standalone segment of the security tokens market…
  52. 52. Liquidity mechanics for security tokens are likely to be built at the protocol level…
  53. 53. Security tokens might enable new forms of securities…
  54. 54. Summary • Security token solutions today are too simplistic to have a big impact in the market • Crossing the chasm means transitioning from end-to-end platforms to best of breed protocols • The next wave of security token platforms will center on building crypto-financial and compliance protocols • We might see a new blockchain for security tokens
  55. 55. Thanks! jr@invectoriq.com https://medium.com/@jrodthoughts https://twitter.com/jrdothoughts

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