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This article mainly explains the "what are the STO technical standard protocols of the blockchain". The explanation in the article is simple and clear and easy to learn and understand. Please follow the editor's train of thought to study and learn what the STO technical standard protocols of the blockchain are.

Polymath-ST-20 protocol

2.1 introduction

Polymath was founded in 2017, Polymath is a platform to help assets achieve securitization permits. It provides the underlying agreement (ST20) for securities permits, which allows individual and institutional investors to complete QFII certification, and allows legitimate investors to participate in STOs in accordance with government regulations. On the Polymath platform, it brings together KYC service providers, legal advisers, technology developers and investors. The Polymath agreement aims to promote the issuance of fully compliant securities permits, which embeds the needs of financial regulation into the design of permits, and realizes the seamless experience of issuing and trading securities on the block chain.

2.2 the process of issuing coins on the project side

First of all, the project side uses the ST20 protocol to generate its own securities certificate on ethernet through the platform. At this point, all passes are on the project side and the transaction is not supported (until the legal agent completes the work and passes the compliance formalities).

First of all, the project party selects the legal agent in both directions in the platform to complete the compliance procedures of the permit together.

The project party sets trading restrictions on permits according to compliance requirements, for example, only compliance investors can buy them. When the transaction restrictions recommended by the legal agent need to be incorporated into the STO contract, the project party can select a technical developer within the platform to complete it.

2.3 process for investors to purchase permits

Investors complete KYC through KYC service providers in the platform.

After passing KYC, you can buy a pass that conforms to your situation. When the project side of the individual permit exceeds the requirements of the KYC for the investor, the investor is also required to submit the documents required by the project party. When buying a pass through an exchange, investors also need to submit relevant materials.

2.4 introduction to ST20 implementation

Enter the ST-20 interface-verify identity-license investment or transfer. Before investors can buy permits from the initial issue, they must be whitelisted. The whitelist process can be performed by the publisher in any way they want, and the end result will be a list of ethersquare addresses added to the whitelist in the security pass smart contract. This whitelist now contains the Ethernet Square address of the person who can hold the pass and is a list to confirm that a transfer can occur.

2.5 typical pass transfer scenarios

The holder, 0xabc, has 100 TORO passes, which she wants to transfer to her friend 0x123.

0xabc will use her favorite wallet to initiate the transfer by entering her friend's ETH address and the pass she wants to send her.

Because TORO is an ST-20 pass, it will call verifyTransfer internally before transmission.

In turn, verifyTransfer uses the GeneralTransferManager whitelist to determine whether a transfer between the two accounts is possible.

GeneralTransferManager will check three things before approving the transfer:

Both the sender and the recipient are on their internal whitelist

0xabc (seller) is not subject to the sales restrictions stipulated in the Securities Law.

0x123 (buyer) is not subject to purchase restrictions under the Securities Law.

If the above conditions are met, the verifyTransfer check is passed and the transfer transaction can be performed.

As mentioned above, the Security pass has been designed in a modular manner and allows the creation of add-ins to extend or modify its own behavior. For example, multiple transport managers can be connected to it to control transmission logic on different switches.

Swarm-SRC20 protocol

3.1 introduction

Founded in 2014, Swarm is a decentralized securities license issuance and STOs market, launched in January 2018, on its platform (Swarm invest), you can use SWM, BTC and ETH to invest in physical assets that have been certified, get permits issued using SRC20 agreements, and obtain ownership, management rights (realized by voting on the SecureVote platform) and income rights. The current swarm platform is based on token-D and Stellar networks.

3.2 SWM pass

The SWM pass is the ERC20 standard pass for creating sub-funds, participating in STO, purchasing exclusive information, and exercising the authority to manage the swarm platform.

Experts are encouraged to set up their own portfolios on the Swarm platform, and other investors can join his portfolio or follow the investment of experts (building investment KOL), and add further voting mechanisms such as locking positions in stock-like voting methods.

3.3The SRC20 protocol

SRC20 defines a set of rules that securities certificates must follow and enables developers to build applications based on the characteristics of assets. Applications built in the Swarm ecosystem can communicate with each other and pay for them using ERC20-compliant passes and SWM. Investment platforms, asset management tools and exchanges are all applications that can be built using the SRC20 protocol.

The difference from ERC20: SRC20 extends more capabilities based on ERC20 to describe the characteristics of real-world assets, such as address, purpose, legal status, obligations, and transaction restrictions.

Harbor-R-TOKEN

4.1 introduction

Harbor is an open source platform based on the Ethernet block chain that aims to create a decentralized compliance agreement (R-token compliance protocol) that enables project parties to issue ERC20-based securitization permits in compliance with securities, tax, and other regulatory requirements. Its standardization process includes KYC/AML compliance services, taxation, information disclosure and so on.

4.2 R-token protocol

Is a defined open source standard for fully compliant trading of securities certificates, implementing regulatory services such as KYC (Know Your Custom), AML (Anti-Money Laundering) and taxation on the ethernet chain.

It is a kind of intelligent contract for ERC-20 pass, which is mainly for ERC-20 pass to check the regulatory requirements and execute the transaction. For example, if it meets the requirements, the transaction is successful, and if it does not meet the requirements, it will be returned.

Certificates that meet the R-token standard can be traded on any exchange that supports the ERC-20 standard.

R-token has designed two levels of compliance:

Participant level: under what circumstances can you send a pass; under what circumstances can you accept a pass? For example, qualified investors can accept it.

Pass level: lock-up trading rules; limit the number of passes to be sent. For example, the lock-up time stipulated by Reg D and the upper limit on the number of passes that a qualified investor can hold.

4.3 R-token, Regulatory Services (regulator service), Service Registration (service registry) relationship

The three cooperate with each other to complete the compliance transaction of the pass:

Service Registration (service registry) sends the applicable regulatory requirements (regulator service) address to R-token, and R-token is responsible for checking whether the transaction meets the requirements. To some extent, it plays the role of a regulator.

In the early days, all regulations were uploaded to regulator service by trade controller (individuals or institutions, now Harbor).

Supervisor service (regulator service) and service registration (service registry) can all be written into R é cor token smart contract, and the three become a smart contract.

Securitize-DS Protocol

5.1 introduction

Founded in January 2018, Securitize, a new company spun off from venture capital firm SPiCE VC, aims to become a platform for compliant securities license issuance and liquidity. Securitize creates a Digital Security service (DS service) platform that allows third-party developers to provide a variety of applications. The interaction between applications is managed through DS Protocol. Initially, work will be carried out in the Ethernet Fong network and may be migrated to other networks in the future.

5.2 platform composition of Securitize

* * DS token. * * overlay DS Protocol on the basis of ERC-20. DS token can check.

The tradable status of the account to prevent illegal transactions. In addition, the ownership of securities is fully considered, such as dividends, voting and trading, so that securities permits have the characteristics of traditional securities.

* * DS app. * * third-party issuance and trading lifecycle applications, such as issuing applications, trading applications, voting applications or dividend-sharing applications

DS service . DS protocol's infrastructure, and DS app can use these services:

Trust service: managing different stakeholders

Registration service: investor information on the chain

Compliance services: implement specific compliance requirements for DS token

Communication service: provide communication level to relevant investors

5.3 Securitize will provide exchanges with off-chain API to facilitate their access to the ecosystem, such as access to KYC information.

Securitize DS Protocol Ecosystem

ERC1400 (ERC1410/ERC1411)

6.1 introduction

The standard is written by Gosselin, Adam Dossa, Pablo Ruiz and Fabian Vogelsteller. Gosselin and Dossa work for Polymath, Ruiz has an international business and financial background, and Dossa is a developer and web designer at Ethernet Fong. The experience of the team is complementary and has a certain strength.

ERC1410 (equivalent to ERC1411) can make some operational restrictions by dividing the ERC20/ERC777 into different parts by adding additional information that does not exist in the interpretation attribute balance.

ERC1400 (equivalent to ERC1411) inherits and improves the ERC1410 standard, adding functions that will be used in securities-related business: additional securities issuance, storage of related legal documents, and so on.

In design, the balance of the token is divided into different parts through an attribute called tranche. Tranche can be interpreted differently, and there are different restrictions on operation (for example, some operations are limited to the specified tranche, and some operations give priority to consuming the token under the specified tranche). There are some concepts of Non-fungible Token, but there are also differences: the same token with the same tranche has the same value and can be replaced at will. It combines Fungible Token and Non-fungible Token, so it is called Partially-Fungible Token (partially interchangeable pass).

Partial substitutability is a major component of the ERC1400 permit standard, which means that one ERC1400 permit issued by the same entity may not be exchangeable with another ERC1400 permit, because the permit may have different attributes. The most popular and irreplaceable pass is, of course, CryptoKitties based on the ERC721 standard: you don't exchange a kitten directly because each kitten is unique and the price varies. However, ERC1400 certificates are not necessarily different from each other like CryptoKitties-so they are "partially interchangeable".

Another part of the interchangeability of ERC1400 is to support the split and combination functions of license holders. For example, you can combine bonds of different maturities and risk levels or some of them into a pool according to your willingness to invest. for example, you may have a safe part of mortgage support. it includes high-risk and low-risk mortgages over a period of 5 to 30 years.

In the practical application scenario, the securities issued by the same enterprise may be different, such as restricted shares / unrestricted shares, preferred shares / common shares, original shares / additional shares, these securities of different nature are different in dividend, ticket rights and negotiability. its nature may also change at a certain stage, and the value of securities of different nature in the eyes of investors may be different.

ERC1404 protocol

7.1 introduction

ERC1404 was proposed by Ron Gierlach@rongierlach,James Poole@pooleja,Mason Borda@masonicGIT et al.

Pass issuers need a way to limit the transfer of ERC-20 permits in order to comply with securities law and other contractual obligations. The current implementation does not meet these requirements.

Some people confuse ERC1404/ERC1400/ERC1411/ERC1410. Brother Hui will make a simple clarification here, and there will be a special article analysis later.

Some urgent examples:

Compulsory pass locking period

Perform a pass AML / KYC check

Private real estate investment trust

Delaware General Corporations Law Shares

In addition, the adoption of standards between permit issuers has the potential to evolve into a dynamic and interoperable environment for automatic compliance.

The following designs provide more freedom / upgradeability for license issuers while reducing the integration burden on developers and exchanges.

In addition, we think it is appropriate to provide a mode through which human-readable messages can be returned when the pass transmission is restored. Transparency with regard to the reasons for the transfer of transfer permits is equally important for the successful implementation of the transfer restrictions.

Widely adopted standards for detecting restrictions and messaging errors in pass transmission will greatly facilitate future exchanges, wallets, and publishers.

Hashgard-TAMT protocol

8.1 introduction

Trusted Asset Management Certificate (TAMT: Trusted Asset Management Token) is a protocol standard proposed by critical Hashgard. TAMT is a certificate issued based on the critical trusted asset management protocol, which represents the holder's rights and ownership of digital financial assets. The standard is backward compatible with ERC20, open source, easy to expand, and has the function of atomic exchange of digital assets without the trust of traders.

Compared with the traditional asset management scheme, TAMT not only realizes the confirmation of the rights and interests of financial assets owned by investors, but also the asset management process of financial assets itself is stored in the chain, and the historical transaction records can not be tampered with, thus enhancing the authenticity and credibility of the performance of financial products. TAMT also has a good privacy protection for the strategy of financial asset management itself. Managers issue transaction orders to TAMT contracts through the interface, and do not need to write policy algorithms into the contracts; TAMT also simplifies the calculation and distribution of managers' performance, and managers can obtain corresponding income distribution by issuing additional privileged permits.

TAMT is currently in the drafting stage and will first implement the standard on the ETH network and will migrate to the critical public chain in the future.

8.2 TAMT featur

Compatible with ERC20

Asset pool (inquiry, capital injection, contribution management, etc.)

Transaction restriction module (KYC/AML, time locking, account freeze, etc.)

Advanced pass issuance module (supports the raising of multiple types of digital assets)

Atomic exchange function at the contract level

Dividend management

Thank you for your reading, the above is the content of "what is the STO technical standard agreement of blockchain". After the study of this article, I believe you have a deeper understanding of what the STO technical standard protocol of blockchain has, and the specific use still needs to be verified in practice. Here is, the editor will push for you more related knowledge points of the article, welcome to follow!

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