►
From YouTube: Tokenización de activos en la industria financiera
Description
En este breve webinar, explicamos qué es la tokenización de activos y cómo funciona. Revisamos conceptos como la Oferta Inicial de Monedas (ICO) y la Oferta de Tokens de Seguridad (STO) mientras los comparamos con la oferta pública inicial y la financiación de capital de riesgo. Gracias a esta nueva tecnología podemos integrar tokenización de activos con blockchain. Cuando existe una plataforma tecnológica que genera una alta integridad e inmutabilidad de los datos combinada con transparencia y trazabilidad, la aplicación de tokenización utilizando esta plataforma se convierte en un nuevo medio financiero y muy poderoso en muchos sectores.
No se requieren conocimientos previos de blockchain o Hyperledger para asistir a este seminario web.
https://www.meetup.com/Hyperledger-Barcelona/events/276623581/
----
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A
A
What
I
am
telling
you,
has
been
in
this
blog
world
for
quite
a
few
years,
and
an
old
friend
of
the
unknown
world.
I
agree
on
a
few
meetups
and
well,
when
the
call
about
him
or
the
notice
of
being
able
to
make
a
myth
about
your
organization
came
up,.
The
first
thing,
I
thought
of
was
him
and
above
all,
what
to
share
a
p
I
know
your
vision
about
the
initiation
and
about
this
type
of
projects,
and
what
now
we
are
going
to
run
a
little
bit
more.
A
A
B
A
Depending
on
the
country,
it
is
difficult
to
enter,
but
well
so,
let's
see
a
little
bit
and
your
point
of
view
and
after
the
benefits
of
this
type
of
touches
nization,
we
are
going
to
see
the
examples
of
these
types
of
projects,
the
challenges
they
propose
and
well,
a
little
bit
that
you
adopt
what
real
examples.
Well,
real
projects
such
as
the
ones
you
are
working
with
carlos
on
blogging
bulls
in
all
the
baggage
that
he
has,
well,.
A
Let
him
do
it
first-hand
because
it
is
complicated
to
offer
an
experience
from
a
project
in
production
that
was
difficult
to
find
it
years
ago,
because
I
think
that
now
we
are
practically
the
same
as
companies
that
are
dedicated
to
this
purely
block
change,
and
there
are
few
more
left
to
develop
from
esquel.
They
make
their
own
R
&
D
departments
and
companies
like
that
more
like
blogging
pools,
because
it
is
a
little
more
complicated.
A
It
was
going
to
be
a
little
more
baggage,
and
that
is
how
my
career
has
developed
a
little
professional
based
on
this
technology
and
yes,.
There
was
a
gap
in
our
company
in
the
previous
company
in
which
I
was
in
previously
now
this
distinguished
blog,
and
there
was
a
commercial
gap
between
the
speech
eating
cial
and
the
technical
part
in
which
it
does
not
fit
very
well.
A
Well,
that
aleix
a
couple
of
times
the
presentation,
a
couple
of
forums
or
we
all
continue
to
have
a
little
coherent
doubts
where
good
within
this
balance,
because
different
possibilities
have
arisen.
For
me,
we
are
preparing
a
book
about
the
hyper
leader
fabricate
and
together
with
different
people
in
references
also
in
the
world.
A
Also
for
the
didactic
part
he
carried
out
different
online
courses
in
some
I
am
with
colleagues
together
with
Carlos.
It
must
be
said
and
well
if
we
continue
working
from
the
blog,
with
different
blog
solutions,
6
and
clark
the
happiest,
because
every
time
we
see
more
adoption
and
people
who
really
or
companies
that
really
want
to
use
this
technology
to
support
processes
or
guarantee
certain
types
of
data
and
the
fact
of
sharing
and
contrasting
them,
so
that
it
is
not
to
say
that
they
have
not
been
altered,.
Well,
that's
it!
A
You
want
to
see
more
types
of
design,
blog
products,
you
have
the
website.
The
truth
is
that
for
what
has
been
the
topic
right
now
of
the
cob
crisis-
and
we
are
not
doing
badly,
that
is,,
we
are
progressing
quite
well
in
what
we
continue
to
do
at
the
foot
of
the
canyon
and
Another
company.
That
Carlos
will
also
comment
on
later
for
what
he
promotes
and
I.
Imagine
that
it
is
also
good
already.
B
A
Relation
to
the
middle
to
start
a
little
to
see
the
concepts
prior
to
the
organization,
because
we
use
block
change
with
the
optimization.
The
first
thing
we
use
blog
without
queue,
your
organization,
because
there
is
the
term
smart
against
above
all,
because
we
can
gather
in
a
contract
in
intelligence
to
be
able
to
reflect
that
p
bridge
between
an
asset
in
a
real
world
to
trading
in
electronic
commerce.
A
There
is
no
way
to
put
that
bridge
between
the
real
world
trading
and
storage
that
is
done
on
this
block
sein
technology
and
guaranteeing
a
series
of
rules
that
are
programmed
directly
within
a
smart
against
many
times.
When
I
explain
the
courses,
I
say
that
cash.
What
use
cases
do
we
have
with
block
change?
Well,
one
of
them
the
main
one
is
the
totalization.
A
What
I
do
then
say?
The
question
is
how
to
guarantee
that
this
real
asset
corresponds
to
the
digital
asset.
Well,
that's
what
we
have
different
types
of
cryptographic:
tokens,
because
all
the
whole
organization
on
blogs
inés
cryptographic
how
we
guarantee
it
until
then
this
organization,
what
we
do
is
support
that
physical
asset
in
a
way
it
is
an
organization
that
we
see
like
this
first
view
use
is
the
purest
of
block
change.
They
do
not
have
a
physical
balance.
We
will
see
what
type
they
are.
We
are
not
going
to
go
through
it,
but
well.
A
This
is
all
where
it
is
represented
and
where
that
program
well.
Well,
all
this
is
done
on
a
block,
for
example,
say
yum,
it
can
be
a
blog
if
I
do
not
accept
that
we
start
assets
and
save
there
through
a
smart
against
that
imagine
representation
of
a
gold
ingot.
It
is
worth
locating
this
gold
ingot
that
corresponds
to
this
asset
of
the
block
there.
A
We
already
have
our
tokenized
gold
ingot
in
a
very
simple
way,
to
use
it
not
through
a
smart
against
what
rules
can
I
put
within
these
seas
against
well,
who
owns
that
asset
can
exchange
it
or
cannot
divide
it
or
not.
How
many
times
can
it
be
transferred?
Because
all
those
rules
are
the
ones
that
can
be
programmed
through
this
smartphone
from
there.
A
It
is
always
always
that
it
is
supposed
to
be
possible,
allow
a
transfer
that
there
is
a
property
and
that
all
this
storage,,
such
as
a
biopsy,,
will
have
traceability
of
that
property
and
that
transfer
reference,
because
it
is
immutable
and
that
record
will
always
remain
and
then
well.
Yes,
it
is
a
more
robust
system
than
a
simple
database,
and
it
is
a
very
good.
A
Because
this
whole
topic
of
of
the
block
change
markets,,
especially
due
to
the
high
price
of
wine,,
we
talked
about
it
at
any
Christmas
dinner
in
2018,
and
that
was
good
in
the
last
parties,
because
we
have
also
talked
about
it.
A
lot
because
in
the
end,
when
things
are
worth
a
lot,,
that
is
what
matters
and
if
you
have
a
neighbor
who
makes
a
lot
of
money
with
it.
A
Well,
better,
then
good,
and
there
we
already
have
the
first
concept:
for
example,
a
st
or
that
uses
a
security
touch
to
catch
is,
is
a
The
evolution
of
a
traditional
fundraising,,
not
a
security
token,,
since
these
are
cryptographic
tokens
similar
to
any
other,
well-known
token,,
but
linked
to
traditional
sectors
and
in
their
characteristics
to,
for
example,,
the
euro/dollar,
because
the
type
of
digital
currency,
and
what
is
it
about?
What
is
the
difference
between
a
bird
in
your
capital,
from
an
ipo
or
from
one,
and
with
that?
A
We
are
going
to
see
it
now
little
by
little,
but
well
within
the
general
category
of
touches.
We
have
three
generals.
The
security
touch
is
what
you
have
commented
on
now:
the
utility
token
and
the
with
it,
or
the
script
and
well,.
There
were
three
cryptographic
ones
similar
to
any
other
known
token,
but
linked
to
the
secret
and
traditional
ones,.
A
Then
we
have
the
utility
token,
which
are
application,
tokens
or
user
barrels,
that
is,
they
allow
future
access
to
the
products
offered
by
a
company
is
already
worth
a
used,
one
that
is
not
created
to
make
an
investment,
but
to
make
a
product
to
make
a
service,
and,
lastly,
I
take
away
that.
It
is
a
little
more
special
that
it
is
closely
related
to
an
entourage
that,
in
that
we
saw
the
first
one
that
we
saw
they
work
as
one
of
a
kind,
an
asset
of
traditional
shares.
A
This
is
worth
yes
that
represent
the
ownership
of
some
asset
company
of
third
parties,.
Then
the
value
is
also
associated
with
whether
the
company
is
doing
well
or
if
it
is
going
badly,,
it
charges
more
value,
if
it
devalues,.
There
are
more
financial
issues
that
have
caused
a
kick
and
the
good
financial
scenario,.
Then.
A
The
one
that
refers
to
the
administrative
to
the
process
of
issuing
this
type
of
tokens
as
explained
and
well.
It
is
a
law
that
buys
one
from
that.
Unique
guy
is
what
in
2018,
if
you
have
ever
invested
any
me,
for
example,
if
investing
in
one
was
like
investing
in
an
initial
offer
in
one
in
a
white
paper
that
was
never
there,,
the
program
was
defined,
but
it
was
not
yet
done
and
they
said
we
are
going
to
launch
an
echo,
well,.
A
It
is
one
in
the
initial
currency
offer
that
co
You
used
token
numbers
on
other
blogs
in
parallel,.
It
could
be
on
the
candle,.
Other
tokens
were
created
and
you
bought
on
them,
for
example,
about
saying
when
the
non-production
pad
came
out,,
they
migrated
all
those
touches
to
the
non-
production
pad
age.
As
an
initial
offer
in
the
attitude.
Imagine
that
you
bought
a
value
for
10
cents
of
euros
and
when
it
really
went
into
production,
imagine
that
it
is
going
to
expand
that
each
was
to
ten
dollars.
A
Well
then,
it
would
have
had
a
hundred
in
that
investment
will
be
the
grace
of
invest
in
and
with
the
misfortune
of
investing
in
and
because
many
of
those
projects
were
fraudulent
or
true
that
there
was
nothing
behind
it
and
in
the
end,
well,.
Those
fifty
euros,
for
example,
to
invest,
I
did
not
lose
it
because
they
are
still
there
in
token,
but
not
they
have
no
value
because
in
the
end,
I
can't
do
anything
with
them.
A
A
The
different
types
that
they
generate
the
treatment
in
each
country,
because
it
depends
on
how
it
is
regulated,
here,,
for
example,
in
Spain,
with
the
cnmv,
with
that
type
of
criterion
that,
in
the
end,
the
cnmv
has
a
type
of
treatment
in
the
usa.
I,
don't
know
what
the
SEC
is.
Anyone
is
going
to
give
that
type
of
treatment
in
this
type
of
touches,
and
in
the
end,
you
have
some
taxes
that
aggravate
you
on
your
benefits
or
others,,
then
well,
within
what
the
values
hey
can
only
be
negotiated
on
the.
A
B
A
B
A
Is
an
even
more
complex
definition,
for
example,
here
in
spain,
I
know
that
they
tax
you
for
all
the
profit
that
Obtain
from
these
of
these
tokens.
If
you
have
obtained
an
economic
increase
in
changes
to
this
fear,,
obviously
not
losses,,
but
be
careful
with
those
who
want
to
make
money
from
this
type
of
currency,
because
now
I
know
that
they
are
very
attentive
to
the
inflows
of
money,
fiat
and
exit
of
fiar
money
from
this
type
of
exchange,
because
they
already
have
it
more
controlled,.
A
It
is
worth
So,
in
terms
of
the
benefits
of
the
organization,
well,.
Here
we
have
found
a
player
and
the
first
one,
a
greater
liquidity
of
money.
As
soon
as
I
can
put
a
euro
worth
in
an
exchange
and
I
can
have
thousands
of
tokens,,
they
are
still
a
thousand
thousand
tokens
that
I
can
buy,
since
they
give
me
that
kind
of
liquidity,
so
I
can
play
better
with
one
euro.
I
can
also
play
with
that
euro
at
a
future
value
which
can
increase
its
value
to
one,
as
many
people
have
done
badly.
A
A
As
long
as
you
use
certain
blocks,
I
know
that
there
are
some
that
do
not
allow
it,
but
well,
most
of
them,,
so
I
will
leave
an
attractiveness
in
a
public
way,
and
you
know
where
you
can
see
the
money
if
you
think
it
comes
from
a
somewhat
doubtful
destination
and
a
and
more
accessibility
is
also
supposed
to
be
all
this
is
the
public
that
you
can
operate
on.
The
blog
without
certain
is
that
you
get
a
minimum
of
knowledge
or
if
you
don't
have
to
go
to
an
exchange.
A
It
's,
almost
like
registering
in
an
online
bank,
now
same
with
an
application,
his
student
and
enjoy
a
photo
of
registration,
the
account
in
a
depending
on
the
former
in
being
simpler
or
more
complex,
but
well,
it
usually
is
not
usually
very
complicated
and
well.
Here,
then,
he
reported
11,
which
is
what
I
am
commenting
on
and
well
and
as
for
the
examples
of
organization
here,
my
friend
carlos
comes
in
to
get
his
experience
and
continue
on
this.
So
carlos,
let
the
word
be
given
from
this
perfect
point.
B
Thanks
to
sergio
for
that,
I
am
carlos
callejo,
besides
com
and
sergio
in
some
in
some
projects,
we
have
been
friends
for
quite
some
time
and
well
then
I
introduce
myself
a
little
I
founded
block
impulse.
We
are
dedicated
to
providing
solutions
for
companies
based
on
technologies
the
option
at
the
beginning.
There
was
a
lot
of
traceability
chain
and
other
types
of
projects
in
which
we
can
operate
in
this
technology
and
with
the
issue
of
cob
and
the
pandemic,
we
are
changing
and
quite
a
lot
towards
the
organization.
They
are
worth
a
lot.
Also.
B
The
projects
that
come
to
us
now
are
documentation
is
great,
centralized
parts
and
the
boom
comes
back
a
bit.
This
one
of
the
boys,
the
and
the
inheritance
offers
of
mo
neda
have
changed
some
formulas
of
how
to
do
it,
but
well,
let's
go
back
a
little
to
all
this,
not
speculation
to
new
projects
and
others.
B
Well,
if
I
don't
continue,
it
doesn't
bother
too
much
come.
Thank
you
produced
goods
Well,.
We
are
talking
about
arts,,
components,
automatic,
electronic
devices.
óviles
everything
you
want
to
imagine
the
precious
metals,
because
one
of
the
occurrences
many
times
of
the
clients
is
to
organize
the
gold
when
locating
the
gold,,
the
silver,,
the
platinum,,
the
palladium,,
the
graphene
that
is
now
so
fashionable
etcetera,
etcetera,
financial
services,
because
the
real
state,
everything
that
has
to
do
with
real
estate,
locating
square
meters,
locating
homes
by
way
of
common
governance,
etc.
etc.
witis
and
consumable
certificates.
B
Well,
we
have
what
we
give
form
food
drinks,
but
it
can
be
anything
else
and
then,
as
non-
tangible,
it
is
good
because
the
patents,
the
royalties,
the
copyrights,
the
markets,
the
licenses,
if
you
go
basically
everything
that
has
to
do
with
in
the
end
a
touch
does
not
stop
being
with
facts
or
100
in
a
digital
asset
about
something
it
cannot
be
of
something
digital
or
something
tangible.
Then
practically
everything
is.
Can
you
remove?
Something
else
is
that
it
makes
sense
for
sergio.
Please.
B
And
here,
well,
we
have
also
seen
the
intangible
tokens
and
then
the
payment
options
that
here,
and
well
Well,.
We
are
already
seeing
how
different
payment
systems
between
traditional
banks,,
neo-banks
and
cryptocurrencies
and
some
solutions
against
others,,
because
they
are
making
a
hole
in
the
market,.
B
We
are
really
talking
about
digital
euros
that
are
already
being
studied,
here,,
which
is
what
we
Then
the
subject
of
the
writers
with
bitcoin
competes
a
bit,
they
did
as
for
capitalization
there
on
the
order
of
the
day,
and
since
this
for
us
normally
a
subject
of
payment
passes,
what
is
not
so
useful.
What
they
are
requesting
from
us
right
now
is
before
they
told
us
that
you
don't
have
bitcoin
and
you
don't
have
to
see
coins
because
they
scared
the
user,
and
now
it
is
a
field
of
options
that
you
can
then
imagine.
B
B
The
challenges
arose.
The
first
challenge
is
the
legal
issue,
that
is
to
say,
we
have
gone
from
being
that
the
bulk
of
a
project
was
technical.
Here,
it
managed
to
be
a
project
right
now.
The
agreement
is
legal.
The
first
challenge
well
well
what
it
says
there:
the
laws
do
not
vary
from
one
gray
country
but
jurisdiction
to
another
regarding
these
assets
other
challenges.
B
You
have
to
comply
with
various
jurisprudence
that
we
will
now
see,
and
that
is
one
of
the
problems,
the
legal
aspect
of
how
to
do
it,.
Therefore,
it
is
changing
to
other
paths
and
then
in
which
secondary
markets
they
can
stay
to
exchange,
not
only
send
the
ct,
but,
of
course,
if
the
s&p
or
later
you
can't
give
it
liquidity
in
a
market
because
we're
in
the
same
situation
not
really
legally,
you
can't
nobody
can
buy,
it
has
seven
or
give
it
the
touch
or
bye-bye
very
good.
B
That
is
to
say
that
we
have
to
make
some
parameters
about
it
and
no,
we
can
rely
on
decentralized
markets
so
that
they
touch
each
other
travel
wherever
the
token
wants.
Yes,
it
is
being
done.
There
are
many
projects
in
an
alegal
way,
not
illegal,
but
legal
or
with
experiences
where
it
is
not
yet
contemplated.
B
And
requirements
for
optimization
as
infrastructure
good
at
finally,
what
we
are
talking
about
here,
we
have
the
example
of
how
to
hoist
a
painting
is
one
of
the
greatest
of
the
greatest
of
the
greatest
three
questions.
The
organization
of
a
cadre
can
be
broken
into
pieces,
a
cadre
can
be
organized,
can
democratize
its
and
its
liquidity,
its
financing,
the
distribution
put
it
in
a
trading
house.
B
Well,
then,
in
the
end,
everything
that
we
are
seeing
not
in
the
organization
triggers
changes
in
the
negotiation
of
the
value
chain,
and
while
the
sequence
does
not
change,
the
individual
milestones
can
vary,
that
is,.
These
are
the
milestones
that
could
perfectly
carry
a
negotiable
touch,
and
while
these
milestones
are
not
reached,,
it
can
vary
how
to
represent
it.
B
As
the
financial
institutions
can
being
relevant
to
the
touch
economy,
we
look
at
five
major
action
points
to
the
model
and
we
will
see
it
now.
It
is
worth
business
model
platform
integration.
The
issue
of
cybersecurity
is
very
important.
The
issue
of
compliance,
the
issue
of
jurisdiction,
the
good
business
model,
the
advice
to
the
issuers
of
the
touch,
that
is,,
it
is
usually
called
touch,,
no
mix,
we
can
not.
B
It
is
the
same
project
that
launches
10,000
tokens
the
first
month
than
one
that
launches
it
every
few
months,
one
that
launches
five
thousand
one
that
launches
200,000
thousand
projects.
Basically
the
same,
then
the
topic
of
touch
does
not
mix
very,
very,
very
important
to
know
how
to
structure
it
with
conceptualize
it
and
give
the
buyer.
The
touch
of
some
legal
rights
and
with
a
certain
character
of
revaluation
is
good,
because
what
we
are
seeing
in
the
end,
because
the
most
tangible
is
usually
real
estate-
that
always
the
energy
theme
also
classic
cars.
B
Collectible
art
offers
the
service
to
the
live,
account
customers,
currencies
or
facilitator
as
a
central
distributor
of
access
to
carry
out
exchange
transactions
on
various
token
platforms.
That
is,
at
some
point,
we
need
to
provide
high
liquidity.
That
is
of
no
use
to
us,
create
a
token
that
later
we
cannot
exchange
in
any
market.
We
are
not
reinventing
absolutely
nothing
and
not
giving
any
facilities
ad.
Take
advantage
of
the
experience
as
dad's
custodian
bank
to
create
a
more
advanced
environment
from
the
Chinese
accents
implement
the
changes
of
smart
smart
contracts
in
a
public
blockchain
well,.
B
B
B
What
zinc
blog
lesson
do
we
want,
because
the
block
itself
is
very
secure,,
but
if
we
take
a
singh
blog,,
it
is
tiny,
although
it
does
not
have
enough
computing
power
here
or
the
consensus,
for
example,,
it
works
like
this,,
it
can
be
hacked,,
it
can
collapse,
etc.,
etc.,
the
applications,
logically,
in
the
end,
to
think
that
we
are
always
playing
with
touches
that
in
this
case,
represent
money
or
shareholders
or
a
kilowatt
hour
or
whatever.
For
the
end,
it
has
tremendous
value,
but
it
is
something
digital.
B
It
is
easily
very
mobile
as
long
as
they
can
hack
our
computer,
etcetera,
etcetera,
also
consider
it
because
it
has
to
be
differentiated
through
prevention,
advance
cybersecurity.
One
of
the
most
important
steps
to
the
time
to
enter
the
crypto
currencies
or
a
project
of
your
or
organization
is
to
see
what
security
the
project
offers
me
and
in
case
it
can
be
hacked
what
happens.
There
are
no
projects
that
already
come
out
with
these
questions
already
resolved.
B
In
fact,
even
pods
I
think
that,
right
now
it
has
a
deposit
as
it
works
in
banks
for
the
law
in
europe,
in
this
case,
to
safeguard
up
to
a
certain
amount
of
money
for
each
flight
and
each
user.
In
case
they
receive
a
compliance
problem.
Well,
in
the
end,
we
have
to
comply
with
certain
minimum
regulations,
law
against
money
laundering
to
ml
and
knowledge
of
the
client
of
caixa
and
other
regulations
are
mandatory
for
any
financial
institution.
B
It
becomes
one
jurisdiction.,
Legislative
and
regulatory
frameworks
differ
from
one
jurisdiction
to
another,
and
new
industries
and
financial
institutions
must
guarantee
that
the
touches
continue
to
comply
with
the
laws
both
in
the
country
of
issuer
and
the
investor's
charge,
for
example,,
a
Canadian
seller,,
a
Japanese
buyer,.
We
have
been
saying
the
problem
of
the
'seven
or
if'
of
the
regulation
in
this
case.
This
is
really
why
the
problem
we
do
not
see
as
it
is
not
at
all
simple
and
that
there
is
one
not
directly.
B
It
is
not
at
all
simple
that
there
is
a
regulatory
framework
in
the
country
of
origin
to
have
it
in
all
the
others
and
that
it
is
consistent
with
that
of
origin
No,.
Then
this
is
in
the
legal
part
that
I
told
you
before,.
It
is
very,
very
complicated
and
right
now
it
is
where
more
in
fact,
we,
for
example,.
B
That
promote
is
that
we
have
directly
brought
in
a
lawyer
from
the
company
who
understands
this
issue,
and
many
of
the
projects
come
only
to
ask
for
the
part
of
the
lawyer
is
at
the
moment
that
we
are
moving
now
and
really.
The
fines
in
case
of
not
complying
with
this
type
of
issues
are
very
big
imagine,
for
example,,
a
supplier
that
some
cases
come
to
us,,
not
a
typical
person
or
small
company
that
takes
money
from
others
and
puts
it
into
trading,
well,
optional,.
Without
a
license,,
you
cannot
operate
that
way,,
etc.,,
etc.
B
Well,
the
adoption
of
the
industry
in
the
end,
there
are
several
examples
and
we
have
more
and
more
of
how
it
is
something
that
attracts
a
lot
of
attention,,
especially
because
of
what
Sergio
has
said
about
the
issue
of
liquidity,
the
ease
of
getting
there
to
everyone
in
a
digital
and
reliable
environment
before
everyone.
There
are
many
positive
features
in
this
ecosystem
if
you
know
how
to
use
it
well,
here
we
have
some
some
news.
B
They
moved
20
20,
20
million
dollars
in
assets
in
block
change,
jeep
and
morgan,
which
is
one
of
the
old
acquaintances
launched
their
own
dollar.
Backed,
say.
The
growth
of
stablecoins.
Is
ten
coins
pegged
at
a
price
h,
it
has
been
brutal
and
in
fact
all
the
finances
are
made
are
based
on
it
right
now
and
the
very
good
you
don't
have
like
the
singapore
stock
exchange
in
the
backing
in
the
new
platform
in
serial
security
touches
here
we
have
good
well
the
top
hiccups,
the
top
the
setting
and
the
topic.
B
The
topic,
as
sergio
told
us,
was
a
brutal
moment
in
the
growth
of
the
currency.
We
all
more
or
less
knew
that
at
some
point
it
was
going
to
explode
because
there
were
certain
things
that
did
not
make
sense,
but
look
at
the
amount
not
about
what
to
achieve
in
our
projects,
in
fact,.
The
great
god,
I
believe
that
neither
nor
did
he
launch
anything
at
all,,
good
final
result,.
There
are
many,
many
projects
and
for
the
same
reason,
do
not
notice
the
difference
or
the
little
difference.
B
In
many
cases
of
one
of
the
projects
launched
in
one
way
or
another,
and
the
issue
of
the
st
os
that
the
US,
for
example,
is
putting
with
delaware,,
they
are
putting
their
batteries
there
and
they
are
launching
more
and
more
projects
and
a
lot
s.
Many
of
the
projects
that
seek
this
type
of
financing.
In
the
end,
it
is
easier
to
move
to
a
place
where
the
laws
allow
this
type
of
launch
than
to
make
the
loop,
where
traditionally
it
is
not
being
carried
out.
B
Here
we
see
it
not
the
risk
between
the
three
options,
logically,
one
cto
and
one
and
ccoo,
which
is
what
we
were
talking
about.
Well,
basically,
one
7
or
in
some
way
someone
one
from
asia,
a
regulatory
institute
that
has
to
sign
or
has
to
verify
what
you
are
telling
the
real
project,
a
fact,
absolutely
nothing
unique,
like
fact,
or
sergio
a
beautiful
web
page
the
same
if
a
project,
an
idea
of
what
you
want
to
do:
yo,
collect
money
and
grant
tokens
token.
B
That
may
not
be
worth
anything
or
may
be
worth
a
lot
in
the
future
and
w
ll
in
the
end.
Here
you
have
the
diffe
ences
or
the
differences
between
that
theory.
Basically,
is
what
we
have
been
talking
about.
Some
something
is
regulated,
some,
not
other
formulas,
for
example
from
the
start
well
in
the
epo,
it
has
to
be
via
a
broker
in
the
st
or
in
a
layman
directly,,
which
is
one
of
the
positive
characteristics
that
we
talked
about,
before,
not
reaching
everyone,
and
that
anyone
can
decide
whether
to
invest
or
not
and
well,.
B
B
Here,
I
wanted
to
tell
you
well
because
the
project
that
we
have
in
hand
that
we
are
launching,
in
fact
we
are
launching
this
month,
precisely
when
we
are
carrying
out
this
type
of
this
half.
That
is
this,
that
in
capital.
Well,
it
is
one
more
example
of
your
organization.
In
this
case,
we
have
changed
towards
the
business
organization
that
we
do
well
well,
a
digital
platform
where
Spanish
companies
that
he
is
for
now
we
will
launch
in
other
countries
and
in
fact
they
are
in
the
position
in
the
roadmap.
B
But
well
in
this
case,
what
is
wanted
is
a
platform
where
these
companies
can
digitize
the
government
ance
in
your
company
through
meetings,
that
is,
we
help
companies
that
there
are
no
such
issues
in
the
meetings
that
are
launched
as
if
a
person
challenges
it
for
whatever
reason,
in
the
end,.
Everything
is
recorded,
digitally
and
in
form,
and
in
block
yes,
no,
and
on
the
other
hand,
what
is
most
striking
is
the
issue
of
the
transferability
of
the
social
shares.
B
What
we
do
is
select
all
of
us
who,,
both
on
the
platform
and
in
the
registry
of
blogs,,
in
what
is
recorded,
not
even
we
ourselves
can
manipulate
it,
that
is,.
If
everyone
sold
500
shares
and
in
it
you
have
any
doubt
that
the
platform
has
acted,
badly,,
etc.,
etc.,,
we
will
always
put
you
and
the
registration
in
the
link
where
you
will
be
able
to
verify
that
these
touch
movements
have
really
existed
in
X
company.
B
What
is
the
future
from
this
that
in
capital,
then,
to
create
a
small
secondary
market
for
SMEs
and
medium
-sized,
companies,,
a
corporate
management
platform
for
the
digital
company
and
then
the
digitization
of
social
participation
through
an
organization
procedure,?
In
this
case
the
pad,,
if
not
used,,
is
being
stellar,
because
we
think
that
at
this
first
moment
what
we
need
is
to
organize
assets
and
the
stellar
network
is
cheap
and
reliable
and
secure
enough
to
be
good.
B
It
does
not
vary
bain
action,,
which,
in
the
end
is
practically
not
the
same
in
terms
of
code,
well,,
see
the
options
at
that
time
and
then
the
use
cases,
well,
here
at
the
end,
instead
of
hoisting
a
building,
a
store,
a
t-shirt,
a
painting
or
finally,
a
web
platform.
What
we
do
this
organize
directly
the
company
that
owns
challenge,
not
then
in
real
stage.
Well,
then,
any
real
estate
company
that
they
are
to
that
he
is
In.
This
case,
they
constitute
Spain,,
even
if
they
do
not
operate
Spain.
B
You
can
get
into
the
issue
of
startups
after
capital
increases
in
renewable
energies,,
venture
capital,
personal
brands,.
What
we
achieve
by
doing
this,
well,
we
manage
to
avoid
the
need
for
the
notary
to
verify
and
exchange
the
social
shares..
That
sounds
so
strange.
We
have
been
thinking
for
more
than
a
year.
This
project
belongs
to
the
company's
lawyer
and
all
the
law.
Firms
where
we
have
insisted
have
told
us
that,
according
to
various
jurisprudence,
it
can
be
done
and
in
fact
the
cob
and
what
is
doing
nothing
more
than
aiming
towards
this
area,.
B
We
can
have
no
problem
with
the
investor
being
of
outside,
for
example,
to
become
a
new
partner
in
a
Spanish
company,.
Then
the
power
of
the
organization
in
this
case
is
very
clear,.
No
time
savings,,
efficiency,
liquidity,,
you
can
suddenly
have
an
Israeli
partner
in
your
company.
If
someone
wants
to
sell-
and
it
is
unreal
and
at
first
you
don't
have
to
come
to
spain-
to
sign
anything
or
take
out
the
whole
digital
environment.
B
Then,
when
you
want
to
distribute
dividends
and
others,
there
will
be
no
choice
but
to
go
through
the
legislation
in
this
Spanish
case,
because
that's
what
the
laws
dictate
rules,
but
well,.
It
is
a
fairly
advanced
step
between
what
would
be
a
traditional
company,,
a
company
entirely
promoted
or
supported
by
the
blogging
organization,
well,.
We
have
that
legal
framework
and
that
legal
support,.
So
what
we
are
trying
to
do
is
gradually
advance
in
this
field.
B
Here
we
have
good
some
articles
related
to
the
laws
on
this,
that
is
of
security
in
the
us.
That
is,
as
we
have
seen,
it
is
one
of
the
s
favorite
sites
where
several,
well,
several
states
are
providing
all
the
facilities
in
the
world
so
that
companies
can
be
established
there
and
can
launch
this
business
under
the
good
regulations
that
allow
here.
You
have
a
couple
of
examples.
B
Here
and
well,
what
was
coming,
what
was
being
said
a
little
bit
sergio,
not
the
initial
coin
against
the
writers,
what
sergio
has
come
to
tell
you
a
little
bit?
Basically,
what
we
have
is
an
unregulated
thing
with
something
very
similar,
but
following
some
regulatory
parameters,
for
example
in
spain,
the
cnmv
tells
us
that
there
can't
be
more
than
5
million
euros
for
sale
depending
on
what
you
have,
or
it
has
to
be
guaranteed
that
the
user
knows
what
they
are:
buying,
etcetera,
etcetera,
end
to
regulate
an
asset
and,
for
my
part,
a
little
more.
B
A
Happened
to
lend
a
hand
here
embroider.
Your
point
of
view
for
the
rest
of
this
good
is
that
there
are
companies
that
are
dedicated
to
the
block
and
I.
Don't
know
more
focuses
traceability
on
things
like
we
do,
the
blog
sign
or,
for
example,
the
impulse
block
already
has
experience
in
this
type
of
bonus
projects
that
you
can
count
on
them
for
initiatives.
A
A
You
have
seen
the
inconveniences
and
the
tips
that
they
have
seen
in
this
than
in
the
capital,
for
example,
to
prepare
the
project,
since
that
is
always
greatly
appreciated,.
So
nothing
if
there
is
no
doubt
or
if
you
do
not
have
more
questions.
Well,
we
leave
it
here
and
nothing
carlos.
If
you
want
to
add
something
not
for.