Altcoin News

ICON blockchain adds specification for crypto tokens

Blockchain protocols are focused on token issuance

According to reports coming from the decentralised network, ICON blockchain and the community, an announcement today saw the release of its own token.

The specifics of the token shows that it is for the 3rd-party market players who are interested in the development and commercialisation of blockchain based assets and securities.

The token called IRC16 is a newly added token and is a standard based token on the ICON public blockchain network.

It was designed in order to allow the transparent issuance of tokenised assets and securities. The token also supports various physical assets through a modular architecture. This is in order to match the built-in compliance with any legal regulations related to ownership of the asset and transactions.

Tokenization of assets allows for the proven ownership and sale of physical assets that can be divided into smaller token units. This new way of using and issuing tokens is expected to increase the liquidity of high-value assets while at the same time, expanding the size of existing investors in the long term.

ICON platform moving forward with speed

The crypto asset is focused on regulatory compliance and the ICON (IRC16) crypto assets is focused on four different feature functions, the Check for Token Transfer, Token Control by Operator, Document Management and Partition.

Check for token transfer function will provide an interface that verifies whether token senders and recipients have passed know-your-customer (KYC) and anti-money laundering (AML) procedures.

This will limit the number of investors who can initiate and receive any token transfers. Also, this feature will provide a reason for failure if the token transfer fails in the process.

The token Control by Operators will support compliance along with regulations regarding fraud or the loss of any personal encrypted keys (private keys).

The Document Management on the other hand will be able to store and manage the relevant legal documentations, in order to ensure that all rights and obligations of token issuers and investors are observed.

Finally, Partion will allow for the partially fungible tokens, which allows the issuer to attach metadata. This includes the lock-up periods to be built into a certain portion of the issued token.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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