Hyperledger Foundation Meetups, 27 Oct 2022

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From YouTube: Tokenization Deep-Dive

Description

A virtual meetup hosted by Hyperledger Budapest on Oct 27, 2022. In this lecture Daniel Szego does a deep-dive into the world of tokenization, beyond simple fungible and non-fungible tokens.

He covers the Token Taxonomy Framework and different advanced token types, like:

- hybrid NFT
- composable NFT
- Non-transferable tokens / crypto-badges
- Soulbound tokens (SBT)
- rentable NFT
- tokens with shared or partial ownership
- royalty tokens
- security token standards and initiatives
- tokenized stock
- tokens for recurring subscription models
- etc ..

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License
Creative Commons Attribution license (reuse allowed)

A

Your life, okay, so hey good morning, good afternoon and good evening, everybody uh depending on the time zone. uh This is Daniel and what we're gonna take. A look on today is tokenization a little bit like deeper, uh so it's gonna be I would say deep. Dive um I just tried it to collect as much as much deeper inside in in tokenization as possible.

A

um It's it's pretty much I mean I, mean improve improving topics. So basically, uh there's there's no chance to getting the state of the art luggage.

A

So from perhaps just a couple of words from my side: uh I'm a software architect specializing uh to different uh blockchain topics. I got like two major major directions: one is um the more classical like Consortium blockchain. Applications like like hyper larger fabric, for instance and well. I would say that basically, everything which which depends uh depends on which is related somehow to hyperledger and I, got another direction as well.

A

That's more like uh public blockchain and especially in solidity style, programming, um so I wouldn't say just on ethereum, because even if I mean, if you have like ethereum, um you know, I mean solidity is used not just with ethereum applications but like different other ones as well, like with polygon, for instance, and stuff like that. So in this sense, I just tried to combine these two two Fields two experiences from my side and then then.

A

So the edges are, for today are I, don't plan right away into the into the deepest I mean void of tokenization. um I would just start with like like free free stream Evolution. The second one is is like token Basics. So what is what is stock install uh then? Basically, I will have some use cases for tokens, but I will just cover pretty fast and then, after that, I'm just try to to invo include some some more interesting topics. Like some points of view.

A

What is what is a blockchain tokens um that is somehow related to other SF representations and how we can combine such such topics such Fields? Then we got some some, some slides from token standardizations.

A

Then, of course, I got more slides from basic token types, but it's not something that I'm gonna cover very deeply and then, after that, I will just cover a couple of different uh further top token types, I mean I mean Beyond like simple nft or simple fungible, so we get like different nfts type token types which are not really nfts but something more complicated than some some token types that are so related somehow to fungible tokens. But again they are just more complicated than a simple erc20 token.

A

So that's the agenda for today I think it's gonna be like 40-50 minutes.

A

um My network is sometimes a little bit unstable, so it might happen that I will just go offline for like 20 seconds uh I hope it's. It won't uh cause big problems uh but yeah in case. Yes, then you know I mean if you see me go offline for 20 seconds, then that's, basically, you know a possibility to have a coffee and there's a very small break. uh My proposition is basically that so I will cover these slides as as fast as possible.

A

um If, if you don't understand something, then then please, please feel free to to stop me and have have like a short clarifying question, uh but basically for longer discussions like question and answers I I just plan to have like more time at the end. So again it's uh we just planned for one and a half hours again. My presentation is I. Guess it's like like 40 50 minutes. So after that we're gonna have plenty of time of discussing our different things if it is needed awesome.

A

So let me start with some Basics. Let me start with blockchain evolution, so it looks that way, uh basically that somehow blockchain started with Bitcoin and the next topic or the next. uh Basically Milestone was ethereum and ethereum costs like a little bit splitting in terms of innovation, um we get two parts of innovation, and one is uh you can see it here below that's kind of an infrastructure Innovation which is which is happening and which is uh I mean I, mean requires a lot of um very exciting theoretical background.

A

um I mean if I, say infrastructure, Innovation I usually mean by by scaling. Practically scaling is one big topic. We got like two big areas of scaling are like layer, one scaling and Layer Two scaling um scaling practically tries to improve somehow blockchain performance, so I mean it means we got more transactions faster transaction uh instead of kind of a statistic, uh settlement, final settlement and stuff. Just like that, if I say infrastructure Innovation, um we get some some other fields as well. I mean one other part of infrastructure.

A

Innovation is privacy, which is again very theoretical, uh very cool thing, I mean in terms of infrastructure Innovation which, which are Hot Topics at the moments, are Roll-Ups and, of course, zero mileage, proof and and privacy. Of course, uh these are all infrastructure Innovation, but perhaps what's important to note that there's a kind of an application Innovation uh happening in the blockchain space, and this is more or less independent from the infrastructure. One I see more or less uh probably, on the long run, it's gonna be more more independent.

A

At the moment. It's not so much independent, but it's getting to be independent and if I mean like application, Innovation I mean that uh which, which are the building blocks of a blockchain application. uh That part is, is being innovated as well. So like one topic of this application, building blocks is basically tokenization and tokens uh and it's getting to be standardized, and it's again so at the moment the idea is somehow that you know I mean I, mean I, mean horror.

A

Tokenization comes from the ethereum from the solidity world, but it's it's getting to be more and more independent from the ethereum world so like. If we say like nft, then then we can actually consider nft in many different platforms, not only with solidity and not only with like, uh like ethereum Style blockchains, and this tokenization um I guess it's gonna, be a very, very uh important building blocks uh block of the huge uh application of of the different, uh the different blockchain spaces.

A

uh And then at the moment it's like core building blocks of D5 of decentralized Finance, uh but I guess in the long run like tokenization, might be called building blocks of like different. You know, I mean construction, ledgers and construction, Ledger applications and cbdc, perhaps as well. uh So just like a little bit like like background.

A

So I say uh basically I mean this tokenization started somewhere in ethereum, uh but if you just check the news, uh for instance, uh This tokenization Might Be Imagined on different blockchain platforms and it can be imagined on different non-blockchain platforms as well. So if you just um have the news, the latest news for, for instance, the Swift, which is certainly uh not not necessary, so Innovative and absolutely non-blockchain platforms, so Swift is actually.

A

More and more independent from the underlying settlement layer from the underlying blockchain layer, just one more hint, for instance, uh if you, if you I mean we are, we are hyperledger here. So if you have like hyper larger fabric, high pressure fabric is, is more on the console. It's more Consortium ledger. So perhaps this tokenization is not so strong at the moment as the public blockchains. But if you just check, for instance, the fabric samples repo, then even hyperledger fabric, having some tokenization initiatives as well.

A

So if you just fabric check fabric fabric samples, for instance, then we can find like erc20 exes, which is a fungible token EHD, 721 or ERC 1155 tokens which are fungible, non-fungible and and kind of hybrid fungible and non-fungible tokens uh so yeah. So that's the direction and again it is not.

A

Doesn't exactly look like at the moment that these tokens are totally independent from from the underlying blockchain platforms, but I mean I would expect that on the long run, we're gonna have like independent standards, uh which are token standards and can be actually executed on any kind of settlement layer, including blockchain or perhaps not blockchain ones as well. So that was a brief blockchain Evolution introduction. So let me just continue what is actually a token.

A

So again, um it's mostly based on the public uh tokenization efforts, but I would say uh token is basically a building block of of for any decentralized protocol or any decentralized application, or on a long run, perhaps any kind of, perhaps not so decentralized but like semi-centralized applications as well. So it is a building block in two sense. uh On the one hand it is, it is kind of an internal building block. So if you build up an application, uh you're gonna have like many different tokens uh inside uh only.

A

On the other hand, it's it's kind of an interface. um So if you just like want to combine to protocols to blockchain Applications, uh then you have kind of an interface between these. These two applications and this this interface itself is a token, so I mean it's a cool thing, uh because it's not just a technical interface uh between two between two platforms between two protocols, so decentralized applications, but it's kind of the business logic interface as well. It's uh it's a good cooperation uh technique. I would say so what is the token?

A

Basically, uh it's pretty pretty difficult to Define. So there's there's no exact definition. uh On a token, um you can imagine token as a poker chip. uh So these are like the poker Clips uh on the right. uh You can have like, like many different, uh many different size of vocab chips. This can this can be different, are based on color size amount and and other properties as well, and these tokens, which are somehow uh represented by The Ledger by the distributed Ledger.

A

uh So it's important to note what blockchain realizes based on these tokens, so these tokens moving somehow on the blockchain. uh What blockchain realizes is a is a kind of crazy ownership of these tokens and I say quasi, uh because it it kind of a surprise. In fact, that's that's kind of a cryptographic ownership, and this is uh we're gonna. We're gonna, see some slides about uh that later on, but if I say cryptography, uh that's a little bit different ownership than, for instance, a legal ownership or physical ownership.

A

So what blockchain does are related to these tokens is to realize the kind of cryptographic ownership. If you have the private case and if you can sign kind of a transaction or or kind of a kind of a proof that that you own these tokens, then you can do something with these tokens. uh That's what I mean by cryptographic ownership. So, for instance, I mean two typical applications are like transferring tokens or exchanging tokens.

A

So if you sign practically something that proves that you own the tokens again with the kind of a private key, then you can transfer these tokens practically and your settlement layer is the blockchain for the first round again uh on no longer around it. They might as well. Imagine we got some some other settlement layers as well.

A

It works pretty similarly, so so 46 change I need to sign something with my private key. That proves that I own the token uh in a cryptographic, sense and then I can exchange tokens practically.

A

So the implementation is usually smart contracts and and of course, uh core blockchain functionalities. So we got we got something as as native tokens as well, so I just break a little bit uh so just one second.

A

So, let's continue that was like a basic token or token definition. um So some of the basic token use cases are we got. We got different block, blockchain or token use cases, uh there's actually several different ontologies for that. um So I just give some examples. uh We use tokens for cryptocurrencies, so actually cryptocurrency is kind of a token uh which, which usage is is meant to be like payment.

A

uh It's another thing: uh how much a cryptocurrency can behave as a payment or not, but anyway the major idea was for cryptocurrency to to work as a payment. uh Then we got stable cryptocurrencies. uh These are like more positioning positions, things uh mortal tokens in terms of realizing the payment Service. uh For instance, then we got like platform tokens like, for instance, in ethereum in ethereum I mean ether is a platform token of ethereum. It practically works. I mean it's a it's a basic basic economic building block of your system.

A

So um so the idea is that ethereum practically is like a like, uh like uh like a like a market with two roles. One role is practically giving uh wanting to validate transactions and giving some transaction fee on that, and the second part is basically or the second role is like maintaining the network in terms of mining or validation, more like it in ethereum, and they collect. Of course, the the transaction fees and ether is is meant to be. The I mean the economy connection between these. These two roles, these two parties.

A

uh So that's that's why? Basically the system works. uh Otherwise it wouldn't. Then one important things is like security, token tokens or more like tokenized Securities.

A

um So it's it's more like a legal term um yeah most people I mean most Isis wanted to have like, like utility tokens, but sometimes from a legal perspective. These tokens are are characterized as as financial securities and another interesting point that if we get like tokenized Securities like like having stocks or bonds, for instance on the blockchains, let me get like utility tokens. Utility tokens are like these basic building blocks of of different different applications on the blockchain uh we get like governance tokens governance.

A

Tokens are used practically for voting on change on different protocols on different applications, and we got many many other use. Cases like we can have like representing natural resources on the blockchain like carbon credit, for instance, or or carbon emission, and of course recently we got like many like cbdc use cases as well.

A

So this is one field of one part of of examples of use cases. On the other hand, we had like, like more like the NXT style, use cases like tokenization of physical art.

A

So if I want to tokenize like a Mona, Lisa and uh and the Picasso, that's like kind of a tokenization of physical art, there's a brand new movement of of having virtual Arts uh on on internet, uh which is of course pretty much hyped because I mean until this point there there was no chance of of selling virtualized I mean fully digitized art uh on the internet uh because because because there was, there was no point of of having like one token uh on that um which could be sold.

A

um So it's an interesting movement, then then digitizing that practically on the blockchain, then of course I mean tokens are used. Very very much in in like gaming uh and and it tends to be used very much in the metaverse for instance. So one idea, for instance, is that uh metaverse is not just like virtual reality, but practically a virtual reality, which is combined very strongly uh with with a very strong tokenization movement as well, so like uh virtual properties in tokens in Virtual in VR games in the metals, for instance.

A

That's that's an emerging, that's an emerging field, uh of course I mean it gets hype, and then it has some Bubbles as well. uh We talk questions, so Market goes up. Market collapses, uh but you know I mean that's, that's the way how how basically public blockchains things, but uh then we got a lot of tokenization in gaming in like role playing gaming. uh We might as well speak about like physical property. uh Tokenization, like token is tokenizing the house, for instance, or Corporation car. uh Then we have.

A

We have very strong tokenization in D5 protocols, but it's you know, I mean it's pretty much device actually based on tokens. So it's not surprisingly. There are. There are many tokens in defy and, of course, the classical example are like crypto Collectibles. So the the uh the one of the original use case uh for nft, for instance, was like crypto, kitties or crypto.

B

A

Some basics of organization and then uh what I'm gonna cover now a little bit in more details is, is to clarify that um so we should distinguish somehow three representations, uh free representations of assets or asset representation and I think it's important to distinguish uh these three different representations, uh because if we don't do, there are like, like many many misunderstanding uh based on that.

A

So if you have like like asset representation, uh let's have a classical legal, SF representation. So so, basically, a legal representation is something that which is a legal ownership, I legally own, for instance, a house. uh It means I got some legal contract. For instance, I can sell my house basically in a way that that I signed my contract and then uh and then some somebody's gonna be the you know.

A

The new owner or I have my car, basically, uh which means that I I somehow legally uh own this car uh and then basically I, can transfer my ownership basically and then give this ownership give my car to somebody.

A

So it's important this kind of a legal or institutional asset representation which works that way. I got a legal ownership. I got you know, legal contract and basically, basically, the settlement layer of this of this legal ownership or or institutional ownership is practically the law or legal system. So this is like one big area. The second one is is something which is a physical or tangible uh asset representation. I would say um that means practically that I physically own I physically, have have something, uh for instance, I I. Have my car uh or I?

A

Have my I, don't know uh Apple, for instance, I hold it in my hand, uh which, which means practically that's physically mine, uh so that's kind of a physical or tangible asset. It's like a physical ownership.

A

uh It's a physical object, usually uh they might as well interpret in a non-so physical uh assets as well, uh but the easiest to to imagine uh that we have something physical, uh then I can I can give to somebody my Apple, for instance, that's kind of a physical transfer or physical ownership, uh and then basically, what I have is is like the physics, so that's the physical settlement layer.

A

So if we have blockchain or cryptographic tokens I would say that's a third category. uh We got something which is a token practically again. It's a poker chip on the blockchain uh and then we have it like a cryptographic ownership. So I can do something with my my poker chip. If I have my private key and if I can sign a transaction of doing something uh with that token practically and then anything uh practically the easiest way is like is like transaction or a transfer of ownership is is settled by the blockchain itself.

A

So the point is uh that I mean the question is: is usually the connection between these three SF representations and I'm not gonna cover the the connection between between the legal and institutional or physical or tangible uh ownership, because there are like 2, 000 years of History uh of doing it. uh So if I, if I have my Apple but I assign my contract, that I sell my Apple to somebody and I and I: don't do it then. So there's like 2000 years of experience.

A

uh What can be done, but the point is that the word is missing, pretty much the experience, how how blockchain uh token, how cryptographic ownership uh can be combined with with legal and institutional one and how this cryptographic and blockchain uh representation asset representation.

C

It sounds like Daniel just dropped for a second he'll be back on, as he was saying. His internet connection is a little uh spotty.

A

So that was that was the coffee break.

A

It wasn't taking long.

A

Okay, awesome, uh so one big area is basically uh how we can combine kind of a legal or institutional uh representation of an asset uh with a blockchain and cryptography one, and so I would say there are like two two big directions.

A

One big direction is is from the crypto Anarchist world, so we got like we got like icos or stos or stuffs like that, and then some of our of of our tokens uh that that we issue are legally characterized as Securities, for instance, or the legal status of some of our blockchain tokens are, are not clear.

A

So that's One, Direction, uh that's from the blockchain, but to the legal institutional one uh and then what's what's going on in this field is of course the crypto and token regulation, uh which is happening slowly, but it's happening so like different uh security, token legal or laws. It's like in the European Union, it's like the the mic or Mika regulation uh which is happening. Then you get something in Luxembourg I, think it's Luxembourg token act if I'm not mistaken, uh there's like regulation attempts in Switzerland as well.

A

So that's that's one big area of of of improvement, I would say, but perhaps there's another way as well, which might be interesting and that's from the legal and institutional point of view uh and it's an emerging field, so I mean, for instance, um some Fields like how we can.

A

We can tokenize the classical stock in a company and sell the stock on like crypto exchanges, for instance, or how we can practically have a classical classical Bond so classical Financial, Security and issue this classical Financial Security as the blockchain token, and practically move and sell it in in different, uh perhaps not decentralized, but like crypto exchanges. So that's a that's a that's a very interesting other other initiatives.

A

It comes from the legal institutional point of view and some of these classical legal institutional asset representations are being tokenized, uh just some hints of from a technical. So this is more like a legal question from a technical point of view, it's it's not necessarily impossible uh to to to put a contract uh beyond your uh beyond your tokens, to put a legal contract. Beyond your token, uh what you need to do uh you need to somehow bind.

A

Basically your token, with the legal text or legal Pros uh that should be somehow linked to the Token. Usually it is not stored directly on the blockchain, but instead it is combined with some some hash links, hash pointers. uh What you need to do is which most blockchain doesn't do, but you need to somehow combine legally binding digital signatures um with your scheme um and then work my um this thing since might work.

A

For instance, uh there are even special special ledgers, like they are free, Ledger, uh R3, quarter, Ledger, which doesn't not really to directly like tokenization but like like handling contracts and the classical classical uh legal contracts practically. So, from a technical point of view, this is not impossible uh from the legal point of view. Yeah I see I, think we're gonna see a lot of improvement in the in the coming years.

A

So on the other hand, uh we can combine some connections between our cryptographical blockchain token and with the physical world or with a physical asset, and then it has a lot of initiatives uh which practically differs very strongly uh based on the based on the use cases. So, like I got some examples here uh we can highlight like iot, Integrations uh uh we'd, like a lock on a house or or a car. So if I get my token actually owning that car or owning that that house, then I can unload the door of that.

A

Also of that car practically then there's some initiatives in like tokenizing Supply chains. If you tokenize supply chains, of course, you got like 10 GB assets, so it's important that you know I mean if you're attacking token really moves on the blockchain. It should be moved.

A

Basically, the I mean the physical asset should be, uh should be somehow covered this movement as well, then one interesting things again I set here like physical, tangible but like if we have like, like not so physical or not so tangible assets, uh despite we, we might as well speak about like, like the connection uh or on such connection. So, for instance, if you just uh tokenize green bones, for instance, then um it is an interesting question.

A

If I mean if this, if this green bond is really green or or is it just kind of a green washing? If I'm not mistake and that's the official bar sometimes so, for instance, one idea might be- which goes a little bit to this. This physical, tangible and cryptographical connection is that if we have a green Bond, uh then the mites that combine it with open transparentation data, perhaps on the blockchain as well.

A

So we can really prove that basically I mean we can prove in a transparent way that that our Dream bond is really green. For instance, that's one idea, uh then another idea, if you like tokenized, Securities, again bonds or or even stocks, then we might as well have a payout at each month or at the end of the year. So this this payout can be basically programmed as well.

A

uh It can be on the blockchain as well and last but not least, one example. If we, if you just imagine like tokenized stocks uh in stocks, there's a there's a voting mechanism and this voting mechanism can be actually realized by the blockchain as well uh with like governance tokens, and then that means that the that the that the voting mechanism of a stock, which is actually not so much tangible. But despite the voting, mechanisms is controlled by the blockchain and perhaps it's open.

A

It's punished, it's not so permissionless, but it's actually permission, but it's it's transparent, uh pretty much. So these are the like the three three biggest representations uh and then again it's gonna be I mean there. There can be a lot of uh things discussed here, basically uh and I think I'm sure we're gonna see a lot of Innovations uh in these fields as well.

A

So let me just continue and basically, as we have like, like many different tokens, uh it's an important thing to have some some hierarchy, some structure uh with these tokens uh and for the structure for this hierarchy or hierarchical or structural attempts. There are two big uh ways of singing I mean one of course, the token standards. So let me just try somehow perhaps not fully standardized, but at least but partially standardized different kind of tokens that can be used in different fields and one big initiative is the ESC style.

A

Standards is the like the erc20 uh 2023 and so on tokens. This initiative comes from the uh from the ethereum solutive art, and so, for instance, it's like I, don't know if I have the slide, but I might as well have it so, for instance, it's important to know that, basically, uh these standards try to describe somehow the core functionalities of a of of a token uh in terms of signatures. So this is like an esc-20 token.

A

Basically, what we got here is functionality, and then it says only we need to have a functionality like France that it transfers token from one of us to other one. It doesn't say much from the uh from the implementation uh Beyond. Basically, so this is one big attempt, I'm I'm sure you're familiar with that- and there are many many token standards. I would say uh it's important to distinguish like always with these standards. uh There are yes, it okay standards which are more technical, so like, for instance, an ESC 223 is an interesting token standard.

A

It prevents accidental uh transfer of tokens, but it's more technical. So it's not necessarily something which is which is very important for for Designing business applications on a tokenized basis or or for planning tokens for for business scenarios, and we got com. We got tokens as well, which are more important uh in different business scenarios.

A

It's like for nfts uh for subscription uh models and stuff like that.

A

There's another initiative as well of for characterizing tokens or token structures and that's quality token taxonomy. uh It's an open source repo. If I can change.

A

Basically uh you find it basically on GitHub uh and somehow the idea is uh that there's a kind of a fancy syntax behind uh with that you can describe somehow core functionalities of your token. So this is like a very simple example of this uh of this fancy syntax, so you can have like base Basic, Talk and types. These are like fungible and non-fungible tokens. These are the major types you can have some behaviors.

A

That's like how these tokens acting in different situations in different scenarios, you can even have like like Behavior groups, uh and then you can have like properties, for instance, and everything is just abbreviated uh with some some such uh fancy.

A

um It's it's like I. Don't know it's like a mathematical formula, basically something something similar, uh there's even support uh for this token taxonomy framework, so you can install uh that's practically a visualized Studio add-in uh the support system framework, and then here you have like many examples of basic token types of behaviors like, for instance, there's an issue. There's there's a mean table functionality and stuff like that.

A

Is that or like different behaviors, then you can have like Behavior groups and then you can have like like properties, for instance, if that's kind of a carbon token, then basically uh you can have couple of predefined uh properties for for carbon emissions, for instance, and so on.

A

So at the end, you you find something similar which is a designer. So basically you can somehow design your token in a way that you find. So this is like a kind of a special fractional fungible token, and then it has some properties which measures, carbon emissions of Aggregates carbon emissions and then some some behavior that are functions that do like you can transfer this token. You can I, don't know it's divisible, you can enumerate it I'm, not quite sure, actually uh all of this, but this is somehow your your design token. In a way.

A

So there's a second approach. uh That's the so-called token taxonomy framework. Again it's a GitHub repo. Unfortunately, it's it's not much used or I would say: it's not much used publicly.

A

So um so I mean direct position is, is its open source and you find you find visualized Studio plugins as well, but if you just check basically the literature of of public tokens, you don't find you don't find many many examples. So if you, if you're looking for a fractional ownership, an unfrangible token, then then you're gonna find this classical ERC standards and you and you don't find like like implementation uh based on the token taxonomy framework, which is a surprise. In fact it it might.

A

It might be developed in the long run, but at the moment I would say uh these token standards are pretty much driven by the by the ESC style standards.

A

So what I'm gonna have in the in the in the next couple of slides I will just highlight uh some interesting token types and again it's these token types are based on basically the ESC standards. uh Because again uh you find you find mostly mostly these things um in the in the literature or not literature, but but on the net.

A

So if you just find the uh most I, don't know interesting token types and if you just Google it, uh you don't find like talking text only framework, but you probably find some some ERC standards foreign.

A

So these are the basic token types again as I promised just one slide.

A

We got like two major categories: one is like digital. Second, one is non-fungible uh in fungible. One token is is identical with another one, uh so it should behave the same way as another one. It's like, for instance, cryptocurrency or.

A

Recognized water in a river, for instance. uh Then then one liter of water should be here exactly the same way as another liter. uh So that's like fungible token, non-fungible token, uh non-fungible token, that's nft in nft.

A

Each token is different, so so one token is, is not the same as another, one, uh absolutely absolutely different, classical example, if you tokenize like Fine Art, if you tokenize fine art, then if you, if you want token for Mona Lisa I, want token for Picasso, the Mona Lisa is, is certain not not the same as because so uh so they are just two totally different things. uh This is the idea of of nft non-fungible tokens uh and we got like hybrid tokens as well.

A

uh Many different Hebrew tokens, uh the classical Hebrew tokens is like uh is like a combination of fungible and non-fungible tokens. uh It's uh it's like. um If you have like foreign.

A

um So, basically, let me just imagine these are two categories uh and the categories uh between between each other, so one category one item of one category is- is not exchangeable. It's not the same as another item in another category, so Shield is not the same as a sword, for instance, but the items in a category uh are exchangeable are interchangeable, so you can, you can exchange once forward with another one. One sword should behave exactly the same way as another one.

A

Similarly, I mean if you, if you got the shields, the shields behave the same way. One Shield is exactly the same as an other one. So that's the idea of free blue tokens, for instance, that's like ERC 1155, you get categories of of tokens and then the categories are interchangeable are the same in one category, but they are not the same among two categories.

A

So these are the basics and let me just cover some some more interesting kind of of fancy, uh fancy token types, so one type is a special nft. It's like a crypto batch or it's an nft badge.

A

uh It's like it's spoken, uh for instance, if I, if I, um if I accomplish something practically in a game, I might get a batch that I'm the hero of the game, uh but we can imagine like- and that's that's my batch. That's my that's my nft, it's something which is not transferable, so I, if I'm the hero of the game. I can't just sell this hero of the game to anybody.

A

um The other example uh it's more classical, if you think of like, if I get a degree from a university I get a master degree or a bachelor degree from University. uh That's that's kind of a token which is just mine, so it is minted for me, uh but I can't give this master degree to anybody. I can't transfer it to anybody. It's it's just uh like a badge uh one one thing just for me.

A

So click to nft badge is practically a token that can be issued but cannot be transferred. uh It cannot even be burned and normally uh so it might be used. I mean, despite most of the scanners, it might be used in special scenarios. Despite like it's taking a stack sticking scenarios, uh one other example, it can be something as as reputation so usually uh like, for instance, if I, if I get reputation in in somewhere, then it's its reputation is not usually not something which which can be transferred, uh for instance.

A

So if you think your reputation, then it might not even be a an nft it might be actually, which is uh like a fungible batch. uh In some sense, um it can be like experience point in a game, academic degree subscription and so on and so on. So it can be fungible and not fungible as well. uh One interesting thing is actually we got.

A

We got something similar in a non-non tokenized way uh on blockchain so like, if you think of issuing degrees uh like diplom diploms on a blockchain, then the classical approach approaches is like verifiable credential. uh That's that's not exactly the same, but it's used in a pretty similar manner. So it's an interesting question. How like uh like an nft badge, might be combined with like uh with like a blockchain and identity stack uh with like a verifiable credential anyway, there's a standard uh for crypto for nft badges. uh That's the non-transferable!

A

Non-Fungible tokens, for instance, and that's the ERC uh 12 uh 38, which should be a here. uh It's actually a proposition, uh it doesn't say much, it says, uh take like classical tokens uh if it's an ft and nft, but again it might be something which is an erc20 and just uh just just just just cancel. Basically the transfer function or just just skip the transfer and mean functions.

A

um So the next one is something similar: it's like a soul, Soul Bond token, uh it's again kind of a crypto badge, but it's not bound to to anybody, but it's bound to another non-fungible token to another nft.

A

uh So again it is minted, uh but it cannot be transferred or moved uh once this stuff is minted uh and the idea is here basically uh that that soluble tokens are like batches, but they are not necessarily bound to humans, uh but they they can be bound to to like a Persona and personalized might be might be. Somebody might be. A group of people might be even even a machine, um so we we cannot really represent this one on the blockchain.

A

uh So what we do we represent this person or with another nft, and we associate with this nft Persona or crypto batch. For instance, that's the so-called Soul Bond uh batch. uh Basically, and then we got one Initiative for for that. It's like the EIP, 51 4.

A

It's again it can be found on the blockchain. It's this Soul Bond badge and you got some some dips description.

A

um Basically again, it's it's not so fancy. Basically, what you do you skip most of the transfer functions um of basically of of any kind of standard, nft tokens, so it's based off based on 11, uh ESC, uh 721.

A

So, let's see some more exciting stuff, we got one nft uh which is kind of a round table and ft. uh So the idea, basically in an FD, uh you got the nft and basically we can transfer the ownership, uh but it might happen that we just we just want to. We just want to let somebody use this energy.

A

For a certain period of time, but without basically uh transferring the ownership of this token, um so, for instance, if I got a car, uh that's car is mine. uh I represent it with a token, but I might let somebody uh use my car um I might even rent it practically. So somebody can use this car, but only for a certain certain period of time and that's the idea of relentable nft.

A

uh We got usually an additional role, a user which can be granted uh and then for for a certain period of time, and then uh this grant this this creative Eventing uh will expire after sometimes uh so that's the idea- and we got the stock and standard for that as well- that CLC uh 49 7 uh that student table token standard, so I hope I have it. Theoretically. That should be. That should be my Round Table.

A

uh That should be my Round Table uh talk and type and again so it's not much. Basically, it's just some core functionalities. uh We just have here actually the major functionalities, uh so what I can do? I can set a user basically for a token, so if I own, that token I can set that a certain user, which is, of course, a certain address for this certain token, can use my token for a certain period of time. And what does what does it exactly mean?

A

uh That depends on the use case and Depends depends on the implementation, so we we might as well. Imagine if, if, for instance, my token can open the the the the the the uh the door of your car and or I can drive the car with my token, then then the logic should be something similar, but basically, if I own, that car or if I just got uh practically some kind of a usage for that car, then I can drive, drive my car, okay, but basic.

A

Basically, this is the core functionality, and then we got some some 3D functions as well like, for instance, I can ask uh if somebody uses basically a token I can ask basically if, if the user checks or when the usage expires, and basically I, can update that that user as well, um especially the uh the the expiration the date for instance, so that's the runtable, nft and things are getting more complicated, so we can have something as composable on Ft, so the idea of compostable energy.

A

Let me have like, like a role playing game, where we have like a character like, for instance, a knight uh practically and this this Knight is an FD, but the 10ft has like several items. It has like shields uh swats. uh It is an armor as well and so on, and so on. So practically uh my character nft, um and we can imagine that I mean these.

A

These items my sword, my shield and stuff like that are tokenized as well, so practically I would assume that if I just sell my my knight my character, then it should or transfer my my knight, my my character. It should work that way that I sell or transfer basically all of the items of that character. So that's the major idea, basically of a composible nft you can see like this is like the uh this is like the the crypto punks and then that was basically um one one other combination of this.

A

This crypto Punk heads there was a team that designed basically body uh for this cryptocon cat and then basically it was like, like an nft which contained like two nfts, for instance, and then it could be handled as as one basically one big nft.

A

It's important to know that I mean compostable. Nft is pretty complicated. It has. It has many different scenarios. It is like at least four different versions. uh It can maintain charge tokens in the bottom-up manner it can manage it can handle, try tokens in a top-down composable manner.

A

uh We can imagine that an nft has like, like other nfts, like other EST 771 tokens, and you can imagine that basically, it has like, like fungible tokens as child elements uh like, for instance, if you can even imagine that it has like, like like Hebrew tokens as child elements uh like, for instance, with this Water Shield example a night example.

A

We got more standard for this compostable nft, it's like ERC, uh 998 and then uh so perhaps I have some more other. No that's already something similar. So it's it's pretty complicated. It's actually like four different items uh depending if you, if you compose these tokens, you know top down or in a bottom bottom up, manure, and if you combine like with uh with other nfts or other uh other fungible tokens,.

A

So we got the other direction as well. uh That's like fractional nft, fractional FP looks that way uh that we got something uh which is an nft and well I would say at the moment the hype is a little bit like uber, but like in the in the bubble like like years ago, some some nfts were pretty expensive uh uh or we can imagine that we have something as a Mona Lisa, which we would some somehow uh tokenize as an nft. That's a pretty expensive nft.

A

So we can do something similar that we tokenize this nft uh in many ways, uh realizing kind of fractional ownership of that token. Basically, uh so that's the idea, so fractional nfts is a whole nft that has been divided into smaller fractions along different and different numbers of people to claim uh or own. Somehow this piece a piece of nft uh it's actually it has some some Market advantages.

A

um The problem is with nft. Is that uh it's? Even if, if it's like high value, uh there's no liquidity on the market for nfts? um So if you just make like fractional, nfts or fnfds, then then this can be uh traded as small pieces. So um it's more values, so it it makes it easier like uh demo, Democrat, Rising, basically or your nft uh as basically, these are small pieces. uh It makes the price Discovery easier and it gives more liquidity on the market.

A

So then I have two different standards. One is the multi-fraction alone, fungible tokens and the other one is the refundable token standard. uh Both work in a way I'm, not.

A

Sorry, three more uses uh and just try to speed up a little bit. One of the use cases like nft royalty, uh nft royalty is it looks that way. Basically, if, if you are a Creator and you sell your nft, you get some money, but you might as well want to get some some royalty. If somebody says further, your your energy.

A

uh It's pretty simple: actually um it it can can can't be really be standardized very much uh because because nft royalty depends heavily on the on the nft marketplaces and there are many incompatible implementations.

A

um So what an FD royalty standard does it? It has a very simple functions with that. You can't query uh how much royalty should be paid and to what address, and basically uh it's standardized in a way, but basically it depends on the nft marketplaces. If that is implemented in a correct way. uh Let me just show basically I think I have it open. So it looks that way.

A

uh So that's it. Basically, that's one function. That's royalty info function, uh which is a token ID and the and the sale price and based on that stuff, uh there's some information returning who should who should get how much uh how much uh amount of royalty. Basically, so we had a lot of like nft style, use, cases or token standards.

A

Probably it's it's book, it's because of the hype of nft, but we have some some other interesting stuffs as well, and one is like the the subscription service, so Subscription Service works that way uh that that it it implements. Somehow a subscription model on the top of the blockchain so kind of a recording payment.

A

uh It means that, if, if you like I know, if you just subscribe to a service- and you want to do it in a blockchain manual, uh uh what you as a provider want to do uh is to is to get a get a small amount of money which is a small amount of fungible token in every period of time, time frame. So what this token standards do? Basically, um they have like like two functionalities.

A

One is a special hello, uh so user of a token holder uh or a token holder can all allow that certain provider can be through a certain amount of token in a certain of time frame so like, for instance, uh one die in every moment, for instance, if I, if I just subscribe to a service, and then we got the provider as well, and the provider based on these allowance can basically be draw like one die every month. Practically and what's important user can, of course, cancel subscription in in any time.

A

So there's a standard for that. That's like the ELC 948. uh You can find the idea. Basically, on the blockchain as well sorry on GitHub as well. uh Sometimes these things are not really uh I mean fully fully created uh proposals, uh just some uh GitHub uh GitHub links, but basically that's the idea.

A

It's like two functions first is like special approvement uh making possible to withdraw certain amount of tokens in a certain time frame and and cancel this of course, uh and the other one is like the the exact transfer, the exact withdrawal uh of that kind of uh of that kind of amount of money.

A

So things are getting more complicated as the.

A

The the the the fully legal uh or the initiatives for creating fully legal legal tokens on the blockchain and one one such initiative is the security, so-called security tokens. uh So security tokens is an attempt. There was an attempt. Actually it was created like three years ago, uh so much not matured about that uh since then, that but I mean so again it might be improved. Improving.

A

Functionality, so basically you can widely stand. You can Blacklist stack on transfers, Pockets or amount of tokens. You can freeze, you can look up, uh lock tokens practically or you can. You can make limitations in transfer of amounts, for instance, uh that's the idea. uh Basically, it usually looks that way. It has some some internal function, which is a verified transfer, so verified transfer can be given to to any kind of uh legalized institutes. It can be realized launching as well and basically uh each transfer can be validated based on this verified transfer.

A

So if it's, if it's good uh from all kind of Key by C in my point of view, then it can be executed, otherwise it can't be executed and then we get some detect transfer access.

A

uh It's again it's just from Two and Demon. It does the same thing. Basically, uh it calls this verified transfers. It gives back if a certain amount of uh uh of token transfer, from whatever from one account to another one, can be accessing or cannot be executed. uh So this is like the ERC 14 Ford, which is a simple, so-called restrictive token standard, but that was the idea uh basically for uh uh for a basic security token standard as well. Again, it is just two public uh functions.

A

One is this so-called that transfer a friction uh again. It gives back if, if a transfer from an address to an address in a certain value can be executed or not, and the second one is is a message is a message for it for this restriction, so it's a taxation uh cannot be executed.

A

Then, what's the reason for that and everything uh which is an implementation is behind The Hoots again, usually there are some regulated institutes having like certain rules, even in a non-champ form, and then basically they can like uh control everything uh in the token. So these are the security tokens initiatives actually Dash, not just one but like uh three different initiatives, at least and last but not least, uh there's a so-called token for regulated exchanges initiative.

A

uh uh It's it's sometimes called as as T-Rex as well, uh which is because it's a it's a pretty specific dinner sour. uh It defines standard interfaces for security tokens on each ethereum, uh which are which are which can be fully regulated uh or which can be which can be used in a fully control manual practically. So there are many such uh control mechanisms. uh There's like transfer restrictions. uh There's some upgradability there's some requirement for identity management. uh It's of course a kind of a permission. uh Erc20 token. So permission fungible token.

A

uh There are conditional transfers. There are even things for requirements for for wallet, recovery and stuff like that, and for that there's one proposition: that's the uh uh 36 43, which is again uh not so simple but pretty complicated. uh It has a lot of uh requirements. uh What should be what should be possible in a fully or with a fully regulated uh security tokens? So these are some of the requirements uh like, for instance, there should be an on-chain verification.

A

uh There should be a account or private key recovery defined. There should be like free stockings. There should be the possibility to tow the token um and so on and so forth, transfers and so on, and so on. So again, it's quite like T-Rex, uh because uh it's like a big Dino, sound and again it has like many interfaces.

A

So I would say that was my presentation. uh It was taking a little bit longer than I expected, but it is usually that's the case, uh so I'm sure they're gonna be so I mean based on the first. You know, I mean search, I found these exciting token types, but I'm sure there are plenty more.

A

This field is getting to be more and more and more important and I'm sure we're gonna see like more and more uh direct or explicitly uh formulas token types and token standards in the future. So I would stop my monologue here and then uh I would just uh go through on the questions or, if you have any questions, comments uh related uh to my presentation or tokens or actually to hyperliger I, just just feel free to unmute yourself and just just ask the question otherwise I'm just browsing. Basically the the questions.

A

Yeah there's one one thing: uh it's gonna be streamed on on YouTube. As far as I know, you will find basically under under hyperledger Fabric in YouTube. uh There's gonna be a recording as well and I will share these slides.

A

Yeah uh yeah, so, okay, sorry for my internet, it's just a little bit buggy. Sometimes.

D

A

So I'm just bouncing the questions. If I see if I see anything which is like a you know, more more general question, uh but again uh as I see, there are many comments. um So so, if you, if you don't don't have to wait for me, the Handler until I reach reach your comment or question uh again, just just feel free to unmute yourself and just just ask a question.

A

A

A

So I don't know I'm just browsing the questions, uh but it's uh more like uh uh so I would say for some of the questions. uh It's just easier. uh I'm, I'm gonna just share this presentation and then basically you will find all the links uh of all the token standards, uh basically on my presentation. uh So so it's gonna be a good starting point. uh Basically, uh if you just need like further research, uh just one comment from from my side, uh uh so I mean this whole tokenization process looks like a little bit.

A

um If, if the market is on hype, uh there are like many many attempts uh and many good initiatives.

A

If the matter is down um Disney initiatives, sometimes just just to it, I mean go down um no or I, wouldn't say nobody interest, but you know I mean especially if that's if there's like, uh for instance, a crypto winter, uh then people just uh don't get much much about these things, uh but nevertheless I would say uh so it's interesting to to take a look on these standards, uh because I mean supposing you're you're like I, mean design, basically a system uh which uh which uses such tokens.

A

It's it's just just way better to start with something uh which is already, which is already fine and already ready, uh or at least yeah I mean I mean have radio or something um otherwise. Otherwise, it's just more more difficult and and people need to have like like more brainstorming. uh uh So uh that's why I think it's always a good idea to have like, uh like like such such an explicit list.

A

uh I have like a couple of questions uh related to to Legal uh legal questions, I'm, unfortunately, I'm, not a lawyer, I I've, mostly tactic background and some some.

A

So I just uh once again some connection issues but actually I think we got like five more minutes and asking no more so.

D

Perhaps one important.

A

So sure I'll just go ahead.

E

Yes, do you have any um uh Insight or resources into crypto economics? So you know, let's say you have a token or you you create a token and you distribute it out to your community.

E

um Is there any sort of writing or any sort of research or anything about how the economics works um of that of that uh sort of mini economy that you've created? If that makes sense, yeah sure.

A

Yeah yeah absolutely I mean I mean that's a that's a very good question. uh I I can't I, don't have the moments like resources uh uh but, for instance, I saw like a couple of uh uh practical and research papers as well. uh It's like uh one one practical uh consideration was like uh like how to like to do like an Ico in a way that the the price won't collapse practically right away.

A

uh It had some some considerations uh for how much time you should practically lock your lock your token before it can be, it can be pushed to the market, and then it might be uh pushed to the market, not everything in in one one run, but somehow in a step-by-step basis. uh So I saw some some practical considerations in the direction and I I saw some uh some theoretical investigations as well. It was more like in in terms of D5, so so like in terms of D5.

A

um There were some analysis for certain protocols if I'm not mistaken, for like like synthetic Styles protocols, so it's like, uh if you have a collateral and based on the collateral, you create like a loan position which is either a stable coin or like a synthetic asset uh and the and the problem might arise that if you're collateralized collateral is a token that you issued so it might be, uh might be vulnerable uh for for Supply demand. Attacks.

A

uh I saw some some research papers on that direction, uh but that's an interesting topic of, especially especially in in terms of like D5 D5, defy uh complex defined protocol contains of contents of many tokens and each of the these tokens Can Be, actually vulnerable for Supply demand shocks uh which is kind of an economic attack um there. There are some some published uh ethics as well, uh for instance, with flash loans, um and Flash loan is typically something. uh So if you attack protocol like with Slash node, it's it's usually works.

A

uh It usually works that way that you do kind of a supply demand shock uh on your on your protocol. uh So that's an very interesting topic. uh I can't mention right now: I have to research a little bit, but I would say uh this is a real field, which is which is which is very much underdeveloped.

A

Complex applications uh and then security doesn't only contain something uh which is technical security, but it contains like economical security, of your token, of your of your protocol, for instance, and I mean with that that your protocol can't be go wrong, even if, for some of your tokens as building blocks, there's there's like a supply and demand shock.

A

um So that's a very interesting field and I would say. Probably the scientific word needs, like I, don't know uh 10 10 more years to to analyze all of the D5 protocols that are running on the all of the tokenized protocols that are running at the moment on the internet and identify all of the all of the possible um so so or such economical uh vulnerabilities.

E

Yes, thank you, yeah I'm I'm, looking for practical examples of who's done it uh you know, and what their experience has been, and you know what the pitfalls are and um yeah.

A

E

Agree: it's pretty early. You.

A

Know so like, for instance, as far as I, remember uh like uh like the uh like one investigation, I think that was that was like from from Berkeley uh having again uh this paper, uh it's kind of a collateral based Landing protocol or stable, stable, cryptocurrency or or synthetic asset, but it's it's an over collateralized that position so they investigated in a scientific paper. What happens if that? If that collateral uh has some, some Supply demand shocks a shock and then they they identify that if that collateral is practically um so so it it can.

A

Basically the collapse collapse of the price of the collateral uh can cause basically like a vicious circle uh which causes like more liquidation and pushes eventually uh that down uh the price even more so, basically, it might cause in the in the total collapse of certain protocols. uh That's that was icing from from University Berkeley uh I read like one one such paper, uh but again it's it's for very, very specific protocols and very specific analysis.

A

um So I would welcome. If, if there's you know, I mean I mean General framework of of investigating these topics. uh But it's again, it's it's very interesting and it's it will I mean it must be used, I mean just just imagine. uh We speak about like like tokenized applications uh and then and then one issue is that I mean tokens are probably running publicly on a blockchain, so they can be hacked. uh But another issue is, is the is the is the economics of the of the tokens doesn't work for some reason?

A

Then, basically uh it can. It can be hacked from an economical point of view, so I think the other example is like the like: the collapse of of Terra Luna. uh That was uh that was actually the result as well uh that that the that the system was probably attacked from from an economical point of view. In a in a time period, uh I mean that that that use basically the stabilizing mechanisms uh which is kind of a senior shared and then Senora share works if there's liquidity on the market.

A

So if the price collapses in a in a time frame when there's no, when there's no uh uh no liquidity on the senior rash token market, then the full scheme can can actually collapse and something similar happened happened with terraruna. So it's again, that's very interesting, but you know: I just have some some hints I, don't know uh I, don't know like General, Frameworks or I I. Don't have General general answers.

E

Yes, uh yeah. The economic uh principles are very interesting but uh yeah. Thank you. Thank you very much for this presentation. It was uh I really enjoyed it. I'll I'll connect with you on LinkedIn thanks thanks.

A

uh Perhaps uh I'm just browsing the question one one, one one one thing which which might be important uh it's an emerging field as well uh that like and it's again I said like like like tokenization and the underlying blockchain or settlement layer, are two independent things not necessary. So there's like initiatives where they are combined at the moment, uh and this is like Layer, Two scaling, for instance, so some of the examples that I mentioned here like like subscription or recurring payment uh that can be actually much better, uh much better uh realized.

A

If, if the underlying protocol is not the blockchain but kind of a layer, 2 protocol, if you have questions just just submute yourself, just go ahead and then just do it. Okay,.

B

So I didn't understand the rate read determication.

A

I'm, not quite sure which, which one do you mean.

B

A

So the recording the recording payment.

B

So yeah I didn't understand.

B

So could you give an example, Maybe.

A

B

So actually the.

A

Idea is that I mean we got like at least and at least, and we got like Bob- that's like at least that's like Bob.

A

So that's the classical example, and let me see, let me think that you know I mean what Bob does he has a video server basically and what Alice does he wants to uh to watch videos?

A

uh So these are like watch videos, so uh that's basically the best realized by by subscription. So she subscribes for this video watching service which looks that way that live. She pays like I, don't know, 10 die each month, uh that's like a classical subscription service. So it looks that way that basically, that's like uh that's like a subscription service or recording payment. uh She she should I mean sorry.

A

The direction is the other one, but actually she should pay uh ten dollars basically for each month uh for both so that's like and then then so. The question is how that can be supported in blockchain and that's like the kind of blockchain Subscription Service, which looks that way. You get a special Improvement and then Alice will call basically an approvement which is a kind of a time frame. Approvement, a Chia loss for Bob uh to to withdraw from her account then die, for instance, each month. So that's an approve.

A

Basically, uh she approves for a certain time frame, a certain amount and for somebody so for Bob, for instance, that's like the recipient, for instance, and if that happens basically, then what Bob can do? uh He calls like transfer from it's a pretty similar as a similar uh from, uh and basically he can transfer from any second uh ten dollar in each month. uh But basically it differs from a classical.

A

uh You know approven and transfer function uh because uh because it has a time frame- uh and it has an amount as well for the time frame. um So that's like a very simple implementation of of a subscription of an online subscription service.

B

Thank you very much. I mean presentation was awesome.

A

Okay, I mean you can check more. We can check more on the standards. Basically, it doesn't seem much more. That's like the ERC uh 900 uh 48. uh So it's not necessary. You know, I mean it won't solve all of your problems. uh Let me put it that way, uh but it gives at least some at least some some some some initial uh possible solutions. uh How how such a problem can be solved uh basically on chain, uh for instance. This is one example.

A

This season, one chance solution for the Consciousness for for recording for subscription. So it's it's not optimal. I would say abuse which might be considered rather with some some Layer Two Solutions.

B

Okay, okay and then I make I'm making a a paper for my University uh in blockchain, and is it possible to make an interview to you maybe yeah.

A

Sure I mean I mean let me just connect with each other uh I'm, the best reachable via LinkedIn. uh So if you just connect me.

E

Thank you very much.

A

A

So I'm not quite sure, I mean there are many comments, but honestly I'm, just not sure if I can cover up everything. uh So so my proposition would be if you, if you have like question, uh just just go ahead and ask it.

A

So the uh the PDF will be shared.

D

Yeah, hello, Danielle. um Thank you very much for your presentation. I have a question about t-rex, because my understanding is that it can be used uh to upload like that. There was a mention of uh onto 90, like personal data information uh put on chain how our personal data uh managed there, because these are very private uh data and also how can we make sure to because it cannot be. It cannot be erased over time. So isn't it a regulatory issue on them or other systems to manage personal data, foreign.

A

I'm not quite sure how it works.

A

But there's some some initiative for for handling kind of a customer ID on chain. uh I, don't know the DTs, uh so we can. We can take a look or you can take a look uh after the call again it's on chain ID. uh That's a blockchain Initiative for for some house touring IDs on the blockchain um I'm sure they they don't write a personal information into the blockchain, uh so I mean I. I live in Europe, uh so so gdpr is a has a pretty tough thing. uh It it comes.

A

It comes out in each and every blockchain I mean even considerations uh that that you shouldn't write public or personal information into the blockchain and there's even like different lists.

A

What can be regarded as personal information and what can't be regarded as as personal information so again, I'm not quite sure how much United Works, uh probably it's an ID and and your personal information is not on chain but uh is with some some some kind of a centralized database, for instance with kind of a regulated entity that that might be actually an idea, uh but again I'm sure they won't they don't they don't write personal information into the blockchain.

A

Yeah, it's it's just uh exactly so one interesting field is that I mean this is tokenization uh but there's another interesting field. That's like combining uh the blockchain identity stack uh in such situations, and that's that's exactly that's like verifiable credentials, High collection in the and Eris and so on, and so on. They don't tokenize. They they issue like verifiable credentials, for instance, so it might be a very interesting like ongoing uh research or even research and development.

A

uh How how such, uh how the blockchain identity stack with like verifiable credentials can be done can be combined basically uh with with, like a public blockchain token, uh in a way.

A

A

I would say: are there any more questions again, it's just the best, if you just unmute yourself and ask it uh because I'm pretty much lost in the in the in the chat, uh so so I I I can't promise I I find uh uh your question. If it is, uh you know, very relevant uh I can I will share the the slides, uh certainly uh both on the YouTube channel and I think it will be basically sent in via email as well uh from from hyperliger.

A

So you can see in the attachment, um if you just subscribed for uh for one of the meetups uh officially.

A

So uh I would say uh we planned actually to to one and a half hour uh and it's it's getting to be over so I would say. If there's no more questions, then I would like to thank you very much for the participation. I hope. You heard some interesting points from me. uh I hope by my network connection, wasn't so bad, so I mean at least partly my presentation was enjoyable so again, uh thank you very much for the participation and and see you next time.

C

Thanks Daniel, that was great um and then, if you want to send me, the slides, like you said, I'll, send it out to everybody who registered.

A

Yeah sure absolutely.

C

Great thanks, bye, everyone.

B

Thank you very much.