我们离STO还有多远?- 推动STO大规模应用的要素分析

原文:What We Need To Enable the Security Token Thesis

作者:Jesus Rodriguez

文章来源:https://medium.com/coinmonks/what-we-need-to-enable-the-security-token-thesis-2eade6ee96f2

编译:Legal Consensus

 

Security tokens are called to become one of the hottest trends in cryptocurrencies in the next few years. If you are working in the space, it feels like the early days of Bitcoin when the main components of the infrastructure for digital currencies were just being conceived and nobody seems to have all the right answers. In some sense, we are at that stage in the security tokens market. The elements of what will become the platforms for security tokens are just being imagined, the market theory for security tokens is being architected and the first generation of platforms and products is just being launched. From that perspective, there couldn’t be amore exciting time to join the security token ecosystem.

证券型通证被称为未来几年加密货币行业中最热门的趋势之一。如果你在这个领域工作,就会感觉其类似比特币的早期阶段,关于数字货币基础设施的主要部分刚刚被构想出来,似乎没有人能够找到正确答案。从某种意义上说,我们正处于证券型通证市场的那个阶段:将成为证券型通证平台的元素正在畅想中,证券型通证的市场理论正在被构建,而第一代平台和产品也正在推出。从这个角度来看,现在正是加入证券型通证生态系统的绝佳时机。

 

Recently, Professor Stephen McKeon from the University of Oregon wrote a brilliant essay titledThe Security Token Thesis in which he explained some of the axiomatic principles that will guide the security tokens market. Professor McKeon listed eight main features that will be required in order to improve the wide spread adoption of security tokens:

最近,俄勒冈大学的Stephen McKeon教授撰写了一篇名为“证券型通证理论”的精彩文章,其中他解释了一些指导证券型通证的公理原则。 McKeon教授列举了为改进证券型通证大规模应用所需的八个主要功能:

 

  • 24/7 Markets / 全天候无休的市场
  • Fractional Ownership / 部分所有权
  • Rapid Settlement / 快速结算
  • Reductionin Direct Costs / 直接成本的降低
  • Increased Liquidity and Market Depth / 增加流动性和市场深度
  • Automated Compliance / 自动合规
  • Asset Interoperability / 资产互操作性
  • Expansionof the Design Space for Security Contracts / 证券合约设计空间的延展

 

In order to enable the afore-mentioned features, the security token ecosystem will need technological building blocks that interoperate with each other in order to build cohesive economic dynamics. While the initial wave of innovation in the space is just getting started, there are already a series of components that I consider foundational to the success of the security token ecosystem. Here are some of my favorites:

为了实现上述特征,证券型通证的生态系统将需要彼此交互操作的技术模块,以便建立连贯的经济动态。虽然该领域的初创浪潮刚刚开始,但我认为仍有一系列要素是构建证券型通证生态系统成功的基础。以下列举一些我认为最重要的要素:

 

a) Exchanges/交易所

b) Tokenization Platforms/通证化平台

c) Security Token Standards/证券型通证标准

d) Liquidity Providers/流动性提供者

e) Off-Chain Enforcers/链下执行者

f) Regulators/监管机构

g) Market Derivatives/市场衍生品

 

01 Exchanges/交易所

The security token exchanges are coming! Security token exchanges are a vital element to enable the tradeability of tokenized assets under the right regulatory framework. While there are no lack of options for listing and trading utility tokens, the options for security tokens have been non-existent thus far. Platforms such as OpenFinance and the famous tZero are addressing that challenge.

证券型通证交易所即将到来!证券型通证交易所是在正确的监管框架下实现通证化资产可交易的重要因素。虽然不乏对实用型通证上市以及进行交易的选择,但到目前为止,证券型通证的该类选择还并不存在。很多平台,例如OpenFinance和著名的tZero等正在应对这一挑战。

 

02 Tokenization Platforms/通证化平台

Many times, security tokens will be generated by tokenizing existing financial assets in the real world. The process of producing tokenized representations of financial assets is the role of the first generation of tokenization platforms. Products such as Polymath or Securitize are filling that gap.

很多时候,证券型通证将现实世界中的现存金融资产以通证化的方式来生成。创建金融资产的通证化流程是第一代通证化平台的作用。Polymath或Securitize等产品正在填补这一空白。

 

03 Security Token Standards/证券型通证标准

For security tokens to be come mainstream, we are going to need standards that guide and regulate theirbehavior. If you think that every alternative asset in the world can have tokenized representation, then imagine what will happen if those representations follow different standards with no interoperability between then. Fortunately, initiatives like the Harbor R-Tokenand Polymath’s ST-20 are trying to address this challenge.

为了使证券型通证成为主流,我们将需要标准来指导和规范其行为。如果你认为世界上的每个可替代资产都可以通证化表示,那么请想象一下如果这些表示遵循不同的标准且在其之间没有交互操作性将会发生什么。幸运地是,Harbour R-Token和 Polymath的ST-20等计划正试图应对这一挑战。

 

04  Liquidity Providers/流动性提供者

Like any nascent financial market, security tokens are going to behave highly inefficiently defying some of the principles of the Efficient Market Hypothesis outlined by Eugene Fama in1965. The early stage of the security token exchanges and the relative small number of investor playing in the space raises some concerns in terms of the liquidity of security token products. To address that, security token platforms should build liquidity into their ecosystem by integrating with platforms like Bancor or BnkToTheFuture.

与任何刚起步的金融市场一样,证券型通证高度低效率的表现挑战了Eugene Fama在1965年概述的有效市场假设的一些原则。证券型通证交易所所处的早期阶段以及该领域内相对较少的投资者的参与引发了证券型通证产品在流动性方面的一些担忧。为了解决这个问题,证券型通证平台应该通过与像Bancor或BnkToTheFuture这样的平台进行聚合来为其生态系统建立流动性。

 

05 Off-Chain Enforcers/链下执行者

A lot of the lifecycle of security tokens takes place outside blockchains. Legally validating financialassets, auditing and certifying its value, validating accredited investors, distributing dividends, changing the ownership of an asset are all process that need to be executed in the real world. For that to happen, security token platforms should develop networks of off-chain partners such as law firms, trust companies, KYC-AML providers, auditors and many other parties that enforce the correct lifecycle of a security token.

许多证券型通证的生命周期都发生在区块链之外。合法验证金融资产、审计和认证其价值、验证合格投资者、派息、变更资产所有权都是需要在现实世界中执行的流程。为此,证券型通证平台应当开发链下合作伙伴网络,例如:律师事务所、信托公司、KYC-AML服务提供商、审计师和许多其他参与证券型通证正确生命周期的执行者。

 

06 Regulators/监管机构

A special type of off-chain enforcers are the regulatory arms of the different financial markets. For security tokens to become mainstream, the platforms powering the ecosystem should work with regulators such as the US SEC and CFTC in order to enforce compliance in the ecosystem.

有一种特殊类型的链下执法者,即:不同金融市场的监管机构。为了使证券型通证成为主流,向生态系统提供动力的平台应与美国证券交易委员会和CFTC等监管机构合作,以加强生态系统的合规性。

 

07 Market Derivative/市场衍生品

Derivative products have not been particularly successful in the utility token space but are likely to play a prominent role in the security token ecosystem. Considering the link between security tokens and their underlying assets, its only logical that we will soon see derivative products that emulate financial market vehicles such as Exchange-Traded-Funds (ETF), asset-backed securities, options, futures andseveral others. Although not playing yet in the security tokens market, the guys from Firmo.Network have some very interesting technologies in this area.

衍生品在实用型通证领域内并不是特别成功,但其有可能在证券型通证的生态系统中发挥重要作用。考虑到证券型通证与其基础资产之间的联系,我们很快就能看到ETF、资产支持证券、期权、期货和其他几种金融市场工具的衍生产品。尽管尚未在证券型通证市场上发挥作用,但Firmo.Network的工作人员已经在该领域拥有一些非常有趣的技术。

注:本文仅为我们对相关法律、法规及政策的一般解读,不应视为或构成任何司法领域内的法律意见或建议。

文章来源:共识法域

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