What is liquidity of assets?
A liquid asset is cash on hand or an asset that can be readily converted to cash. An asset that can readily be converted into cash is similar to cash itself because the asset can be sold with little impact on its value. Investments are considered liquid assets because they can be readily liquidated. (http://www.investopedia.com/ask/answers/032715/what-items-are-considered-liquid-assets.asp)
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There is currently an entire row of legal subtleties that need to be taken into account when tokenizing assets. Let’s begin our examination of the legal aspects of tokenization with an illustrative example.
Let’s take the currently popular example of music licencing. Because of digital downloads and video streaming, actual sales are a mystery to the musician himself. So the musician makes conclusions about sales based on his trust in information about the sales amounts of his works. If the rights to a musical piece are tokenized, authors will receive their share of the proceeds, which will be established electronically. And so musicians believe and hope that the proceeds from tracks or albums are correctly calculated and transferred to them. It is worth noting that licensing requires a lot of paperwork in addition to basic human trust. The tokenization of musical rights would provide many possibilities, and not only for musicians. If musical rights were recorded on the blockchain, the many participants in the creation of a musical track would own their electronic shares. Ideally, every listen to a musical track would require unlocking and payment, which in turn would be transferred to the shareholders. The shareholders would then subsequently be able to convert their shares into other investments — a car, a house etc.
There are a few additional problems related to copyright. In the real world, it is difficult to divide copyright among several owners, so this is largely pointless. It is also nearly impossible to verify the payment of copyright. This is where blockchain can help. On the blockchain, with the use of a smart contract, copyrights can be divided among several owners, so that with every use of the copyrighted item an automatic transfer of money takes place from the user to the owners of copyright shares, in proportion to their ownership amount.
But what can be done with the tokenization of assets like cars or houses? Here, things become slightly more complicated. However, the BANKEX Proof-of-Asset protocol helps solve this problem.
Copyright tokenization is the simplest possible example. Transactions always work in a precise system and according to precise rules, there are no software exceptions. But in real life, the rules do not always work. When tokenizing real assets like cars, houses, gold or diamonds, it is important to remember that problems may arise during the process. In the real life, a car can be stolen, a house can burn down. On top of that, people themselves do not always obey and follow rules.
And so, what is the problem with the tokenization of real-world assets? The key challenge for any system involving the tokenization of real assets is to verify that the token remains tied to the real asset. If the buyer of the token is not convinced that a real-world asset underlies the token, its price will fall or even become zero in the case that nobody believes in it.
The BANKEX Proof-of-Asset Protocol is modular in structure. The final module, Deal, is responsible for the legal side of the transaction. Deal consists of a chain of smart contracts for the payment and transfer of legal rights to an asset. The smart contracts implementing the legal transfer of rights to an asset will differ depending on the country of purchase of the asset. The legal block Deal may contain various smart contracts depending on the national jurisdiction:
- offline agreement signature by the client and the recording of this fact into the smart contract
- remote electronic signature or other mechanisms
- smart contract for the calculation of taxes (customs duties and other)
- smart contract for political limitations of supply
Thanks to the modular structure, any change in legislation requires changing only the part of the smart contract that is subject to the change, without a need to amend the entire protocol.
In the previous article, we discussed existing types of assets, and talked about their characteristics. We concluded that there are two types of assets: fungible and non-fungible.
Conventional transfer of assets requires a high cost. The transfer process will require space and time. The trend of investors and business people is to make the assets liquid. By converting non-liquid assets into liquid assets the entrepreneurs will be easier to grow their business, obtain fresh funds and transfer their business rights.
The difference between Tokenization and Digitization of assets.
The process of liquidity of assets that occurred during this time is the method of digitization.
Digitization is about asset description and its publishing on the market. Tokenization is about asset description, validation by oracles, asset price calculation, automated audit, calculation of cash flows based on its price.
Bankex Proof-Of-Asset Protocol.
Bankex is the organization in charge of uniting its members to implement Proof -Asset-Protocol.
The product of BANKEX is the Proof-of-Asset Protocol, which solves the issue of non-fungible asset liquidity. Proof-of-Asset means the token released as part of the protocol is ensured with an asset (https://bankex.github.io/whitepaper/bankex-whitepaper.pdf).
Bankex’s business model is a modern financial service. Integration among bank as a service (BaaS), technology and artificial intelligence (AI) produces valuable products in the financial markets.
Bankex Foundation
BANKEX Foundation is developing 3 key directions: the organization’s technological core, R&D and blockchain technology education program.
1. Smart Asset Core
The primary task that all others orbit is the creation of the technology upon which the Bankex Liquidity Protocol will be built. (Smart Asset Core).
This will be an open source project that forms the very core, the development of which is the focus of all our leading programmers.
Eventually BANKEX Lab is going to begin integration of our services in commercial organizations, working directly with our partners: banks and large financial organizations.
2. R&D
Another one of our tasks is R&D:
We are working with cutting edge technologies, and our projects sometimes require the invention of new algorithms. For instance, during the Hackathon in Canada our team lead by Alexander Vlasov realized the first working prototype for Plasma, which deserved mention by the originator of the idea, Vitalik Buterin.
Earlier, last Summer, he acknowledged and awarded our team, which earned the prize of the largest Russian blockchain hackathon in Kazan for our fintech solution for mortgage loans.
The transparency of this project helps establish trust from people to the activities of BANKEX and gives us the chance to draw experienced programmers from all over the world in order to create a powerful unified protocol for creation of crypto-assets.
The Foundation’s foremost task shall be the creation of a product of outstanding quality. One that can be sold by the Labs in order to earn money.
3. Blockchain technology education program
Tasks:
● Writing educational articles to introduce people to blockchain technology and programming with Solidity
● Creating educational courses supported by BANKEX
Articles and the Blockchain technology educational program.
Based on reports, the demand for blockchain specialists has increased more than tenfold over the past year.
There are not enough specialists in the market.
This industry is reminiscent of the mobile development industry from 5–7 years ago.
Bankex Crowdsale (ICO)
To participate in ICO please visit Bankex website.
Bankex will implement ICO and invite investors to invest. Investors can invest with ETH, BTC. You will receive the ERC-20 BKX tokens at Etherium Wallet. Use a compatible Etherium wallet to receive the ERC-20 Standard tokens. Do not forget to always secure your wallet.
Bankex Website : https://bankex.com
Whitepaper :https://bankex.com/en/whitepaper
Bitcointalk Ann: https://bitcointalk.org/index.php?topic=2013627.0
Twitter : https://twitter.com/BankExProtocol
Facebook : https://www.facebook.com/BankExchange/
Telegram : https://t.me/bankex
Reddit : https://www.reddit.com/r/bankex/
AUTHOR :
Bitcointalk username: rezqiano
My Bitcointalk profil : https://bitcointalk.org/index.php?action=profile;u=1271152
ETHERIUM Address : 0xBD40fE1dDEa0057D469b1c1Ac74637279F9056F5
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