At the Cryptocurrency Investment Summit this week, Spice VC partner Ami Ben-David announced his vision for Ownera, a new blockchain for security tokens. A few months ago, Ami kindly introduced his idea to me, and I have been thinking about it ever since. For cryptocurrency securities, the concept of the new blockchain is by no means trivial, and it is certainly a sensitive topic in the cryptocurrency securities community. In order to explore this topic in more detail, I have divided this article into three main parts to show the benefits and challenges of this new perspective in the security token market.
If we remove all the technical complexity, the concept of a secure token blockchain can be boiled down to a very simple question: can we effectively express ownership by simply using smart contracts? Mathematically speaking, ownership can be expressed as the relationship between identity (owner) and assets. Conceptually, ownership must have some basic properties: it must be verifiable, transferable, and accumulated value based on market dynamics.
Ownership is the main principle of security tokens. Currently, we are hacking to model ownership dynamics on top of the blockchain runtime designed for asset transfer. The question is whether ownership should be a first-class citizen in the blockchain.
Disproval
Proof of contradiction
An interesting way to determine whether a security token is worth having its own blockchain is to try to verify the contrary assertion. Disproval is a mathematical technique that attempts to prove an assertion by negating the opposite proposition. In this sense, let us assume that we believe that all security tokens will be built into a blockchain runtime (such as Ethereum) and try to refute this assertion.
Any blockchain runtime can be decomposed into technical layer, incentive mechanism and node architecture. The technical layer is responsible for block release, transaction records, etc.
The incentive mechanism abstracts the consensus mechanism, token casting and other fields. Finally, the node architecture describes the types of roles that different nodes play in the network. Blockchains like Ethereum are fundamentally designed for asset transfer, so the technical building blocks, node architecture, and incentive mechanism that support the model have been established.
Building a security token on top of Ethereum essentially means that we will adjust these mechanisms to support ownership dynamics. Although the technical components of the blockchain can continue to work in terms of asset transfer and ownership, I think we cannot require the same work in terms of node architecture and incentive mechanisms. It is a bit far-fetched to think that the same miner who verifies Ethereum transactions has the ability to verify capital requirements at specific nodes. Similarly, thinking that the motivation for mining Ethereum transactions is the same as verifying the transfer of real estate tokens between two parties, which seems to be a poor generalization.
If the above points are not enough to make you believe in the challenges of using Ethereum to implement security tokens. Security token transactions rely on identity as a first-level building block. However, runtime programs like Ethereum are designed for pseudonyms, and the introduction of identities violates some of its core principles. How is this contradictory?
Risk: Re-enter the blockchain
The challenges listed in the previous section make it difficult for blockchains like Ethereum to adapt to the world of secure tokens. If this is the case, how do companies now issue security tokens? Very simple, by introducing centralized components into the security token architecture. I like to refer to these components as refocusing vectors.
The current security token platform, as a centralized operating entity, introduces compliance verifiers (KYC/AML), off-chain processing, etc. in a decentralized runtime. These types of shortcuts are necessary, not just to overcome the technical limitations of Ethereum, but to simplify the issuance of very immature security tokens in the market. However, if too many recentralization vectors are introduced, we may first ignore the value proposition of the blockchain. If we take this view to the extreme, we may not need blockchain at all.
The emergence of specialized blockchains
The blockchain ecosystem is a combination of general and dedicated blockchains. EOS, Ethereum, and Hyperledger belong to the general blockchain camp, which supports the realization of almost any decentralized use case. Blockchain is similar to Stellar, Ripple or IOTA, focusing on solving dedicated use cases such as payment or device interaction. The second group of blockchains appeared because the motivation of the use case was strong enough to justify a new runtime. If you believe in this premise, then we need to ask ourselves whether security tokens are worth having their own blockchain.
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