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以太坊ERC1400 Security Token标准新提案发布

Security tokens are defined as “any blockchain-based representation of value that is subject to regulation under security laws.” In other words, they represent ownership in a real-world asset, whether that is equity, debt or even real estate.While it is unlikely that Security Tokens would replace the listed equities markets anytime soon they should quickly become an alternative option for issuers who seek international exposure to an ever-growing network of wholesale and accredited investors.


证券型通证ST被定义为“任何基于区块链的价值代表,受到安全法规的监管。”换句话说,它们代表了现实世界资产的所有权,无论是股权,债务还是房地产所有权。虽然STO不太可能很快取代上市股票市场,但它们很可能迅速成为寻求国际风险投资者不断增长的网络的发行人的另一种选择。


With $256 trillion of real-world assets in the world, the opportunity for crypto-securities is truly massive, especially with regards to asset classes like real estate and fine art that have historically suffered from limited commerce and liquidity. As I’ve written previously, imagine if real estate was tokenized into security tokens that you could trade as safely and easily as you do stocks. That’s where we’re headed.


凭借全球256万亿美元的现实资产,加密证券的机会真正庞大,特别是在房地产和美术作品等资产类别方面,这些资产类别一直受到商业和流动性有限的影响。正如我之前所写的那样,想象一下,如果房地产所有权TOKEN化,那么您可以像股票一样安全,轻松地进行交易。这就是我们努力前行的方向。


Not surprisingly, there is now a groundswell of startups investigating the hows and whys of moving away from utility tokens — and a growing realization that the only ‘safe’ way to issue a token is to do it through a fully compliant Security Token platform.


毫不奇怪,现在有一大批创业公司正在寻找避开UT方法和原因 - 并且越来越认识到发布token的唯一“安全”方式是通过完全兼容的证券型通证ST平台来实现。 

Benefits of Security Tokens extend far beyond simple legality.In the short term, whilst the industry evolves, it’s likely that security token issuance will be restricted to wholesale and accredited investors. The compliance costs involved in extending such an offer to retail investors are prohibitive, whereas offers of securities to accredited investors are much less expensive — in addition to being exempted from many of the registration requirements of the U.S Securities Act. Similar regulatory exemptions for accredited or wholesale investors exist in most common law jurisdictions internationally.

证券型通证ST的好处远远超出了简单的合法性。在短期内,随着行业的发展,ST的发行可能仅限于批发和认可的投资者。将此类要约延伸至零售投资者所涉及的合规成本令人望而却步,而向认可投资者提供证券的成本要低得多 - 除了免除美国证券法的许多注册要求之外。在国际上大多数普通法司法管辖区都存在对认可或批发投资者的类似监管豁免。

Legality aside, the potential benefits to issuers of releasing Security Tokens are extensive.From a capital raising perspective, Security Token offerings would incorporate elements of traditional IPOs  — potentially giving investors a right to a share of profits, a right to vote, and a right to liquidation proceeds in the case of a winding up — rights that have typically not existed in earlier ICOs. Correspondingly, the issuer would be freed from the restrictions of traditional financing processes and be able to draw on a global pool of capital no matter their geographic location. 


Other benefits of Security Tokens relevant to issuers include:  

  • A 24/7 365 marketplace — online exchanges providing around-the-clock liquidity

  • Fractional ownership — attracting a deeper pool of investors in secondary markets

  • Faster transactions — settlements in seconds instead of days

  • Lower cost of liquidity — fewer middlemen equating to lower fees and operating costs

  • Dynamic updates — Security Tokens are updateable and smart

  • The potential to tokenize multiple organizational assets — offer a range of tokens to better align with investor strategies. For example, growth, stable return, conservative or aggressive

除了合法性,发布证券型通证ST的发行人的潜在好处是广泛的。从筹资的角度来看,证券型通证ST产品将包含传统IPO的要素 - 可能赋予投资者分享利润的权利,投票权以及清盘时获得清算收益的权利 - 通常具有权利在早期的ICO中不存在。相应地,发行人将摆脱传统融资流程的限制,无论其地理位置如何,都能够利用全球资本池。与发行人相关的安全令牌的其他好处包括:  

  • 24/7 365市场 - 在线交易提供全天候的流动性

  • 部分所有权 - 吸引更多二级市场的投资者

  • 更快的交易 - 在几秒钟而不是几天内结算

  • 降低流动性成本 - 减少中间商等同于降低费用和运营成本

  • 动态更新 - 证券型通证ST可更新且智能

  • TOKEN化多个组织资产的潜力 - 提供一系列token以更好地与投资者策略保持一致。例如,增长,稳定回报,保守或激进

Today, developer Stephane Gosselin posted a new proposal for a security tokenstandard, titled ERC1400, on GitHub. The purpose of this new token standard is to better enable regulatory compliance for parties offering securities on the Ethereum is a decentralized blockchain platform, enabled with EDCCs, where a software developer can build games, financial applications, gambling applications, utility and logistics software, social networks and more.

9月11日,开发人员Stephane Gosselin 在GitHub上发布了一个名为ERC1400证券型通证ST标准的新提案。此新token标准的目的是更好地为在以太坊网络上提供证券的各方提供合规性。


The standard was written by Gosselin, Adam Dossa, Pablo Ruiz, and Fabian Vogelsteller. Gosselin and Dossa work for Polymath, a "decentralized protocol that makes it easier to raise capital and create security tokens," while Ruiz has a background in international business and finance, and Dossa is an Ethereum developer and web designer.


该标准由Gosselin,Adam Dossa,Pablo Ruiz和Fabian Vogelsteller撰写。Gosselin和Dossa为Polymath工作,这是一种“分散协议,可以更容易筹集资金并创建证券型通证ST ”,而Ruiz拥有国际商业和金融背景,而Dossa是以太坊开发人员和网页设计师。

The authors specify that the ERC1400 should be ERC20 and ERC777 compliant, but that security tokens differ considerably from utility tokens and require more complex interactions between on-chain and off-chain actors and therefore require their own standard.

作者指出ERC1400应该符合ERC20ERC777标准,但证券型通证ST与实用标记有很大不同,并且需要链上和链外参与者之间更复杂的交互,因此需要他们自己的标准。

The requirements laid out in the EIP include that such a standard must have the ability to force transfers "for legal action or fund recovery." The authors explain that "it may be that regulations require an issuer or a trusted third party to retain the power to transfer tokens on behalf of investors."

EIP中规定的要求包括这样的标准必须能够强制转移“用于法律诉讼或资金回收”。作者解释说“可能是法规要求发行人或受信任的第三方保留代表投资者转让token的权力。”

The tokens must also be non-fungible (or at least "partially-fungible") so they can allow for the attachment of modifiable metadata specifying unique conditions for transfer. In other words, ERC1400 tokens must allow parties offering securities to grant or deny transactions based on a set of conditions.

token也必须是不可替换的(或至少“部分可替换的”),因此它们可以允许附加可修改的元数据,指定唯一的转移条件。换句话说,ERC1400 token必须允许提供证券的各方根据一系列条件授予或拒绝交易

Partial-fungibility is a primary component of the ERC1400 token standard. That means one ERC1400 token issued by the same entity could be non-exchangeable with another ERC1400 token, because the tokens could have different properties. The most popular non-fungible tokens are, of course, CryptoKitties, which are based on the ERC721 standard: You wouldn't just trade one kitty for another straight up, because each one is unique and their prices vary. However, ERC1400 tokens are not necessarily as different from each other as CryptoKitties – hence their being "partially-fungible."

部分可替代性是ERC1400 token标准的主要组成部分。这意味着同一实体发出的一个ERC1400 token可能与另一个ERC1400 token不可交换,因为token可能具有不同的属性。最流行的不可替代的token当然是基于ERC721标准的CryptoKitties:你不会直接交换一只小猫,因为每只小猫都是独一无二的,价格也各不相同。但是,ERC1400 token不一定像CryptoKitties那样彼此不同 - 因此它们是“部分可互换的”。

Whereas with ERC20-based tokens a transaction will only be rejected if the sender does not have enough funds, this token standard should allow for further (and modifiable) conditions. Some examples the authors provide are:

  • Whether the security being transferred is subject to a lock-up period.

  • Whether the sender and receiver have been through the KYC process.

  • Whether the issuer is accredited.

  • Whether the token contract enforces a maximum number of investors or cap on the percentage held by a single investor.

对于基于ERC20的token,只有在发件人没有足够资金的情况下才会拒绝交易 ,此token标准应允许进一步(和可修改)条件。作者提供的一些例子是:

  • 被转移的证券是否受到锁定期的限制。

  • 发送方和接收方是否已通过KYC流程。

  • 发行人是否获得认证。

  • token合约是否强制执行最大数量的投资者或限制单个投资者持有的百分比。

Another key component of the ERC1400 token standard and its modifiable metadata (read: partial-fungibility) is that the token standard specifies the ability for a token holder's balance to be separated between tranches. "A what?" you ask? A tranche is a way of structuring debt-based investments. These securities combine "slices" of high- and low-risk debts that have varying end dates into a pool to minimize the risk for an investor and provide a longer-term investment. For example, you might have a mortgage-backed security tranche that contains high- and low-risk mortgages varying from 5- to 30-year terms. The ERC1400 standard-based tokens would allow for this kind of investment opportunity.

ERC1400 token标准的另一个关键组件及其可修改的元数据(读取:部分可互换性)是token标准指定令牌持有者的余额在各之间分开的能力。“什么?” 你问?一部分是构建基于债务的投资的一种方式。这些证券将具有不同结束日期的高风险债务和低风险债务的“切片”结合到一个池中,以最小化投资者的风险并提供长期投资。例如,您可能拥有抵押贷款支持的安全部分,其中包含5至30年期间的高风险和低风险抵押贷款。基于ERC1400标准的token将允许这种投资机会。

The tokens must also allow the ability to query whether a party's transaction would be successful, as well as a reason in case of transaction failure. Reasons given must be based on EIP-1066 application-specific status codes, though the authors specify that reasons given may extend beyond the EIP1066 framework. EIP1066 status codes are listed below:

token还必须允许查询一方的交易是否成功的能力,以及交易失败的原因。给出的理由必须基于EIP-1066特定于应用程序的状态代码,尽管作者指出所给出的理由可能超出EIP1066框架。EIP1066状态代码如下:

以太坊ERC1400 Security Token标准新提案发布配图(1)

An erc token standard is one Ethereum Improvement Proposal (EIP) subtype. EIPs go through a series of steps before they are considered final. ERC1400 is currently in draft stage, which means that it has been deemed fit for consideration and feedback by the Ethereum community by an EIP editor, and it has been assigned its official number (1400). Except in the case of core track EIPs, proposals must be implemented prior to entering the "last call" status. The time between a proposal entering draft status and reaching last call varies, but there is often a long period of development, edits, implementations, and bug-fixing, and many EIPs don't end up gaining the necessary traction. If a proposal makes it as far as last call, then it stays there for a minimum of two weeks in order to give the community time to provide commentary or raise concerns prior to finalization. In other words, this is only the start of what will likely be a long journey for ERC1400.

一个ERC token标准是一个复仇改进建议(EIP)亚型。EIP经历了一系列步骤在他们被认为是最终之前。ERC1400目前处于起草阶段,这意味着它已被EIP编辑认为适合以太坊社区的考虑和反馈,并且已经分配了其官方编号(1400)。除核心轨道EIP外,必须在进入“最后呼叫”状态之前实施提案。提案进入草案状态和到达最后一次通话之间的时间各不相同,但通常会有很长一段时间的开发,编辑,实施和错误修复,并且许多EIP最终不会获得必要的牵引力。如果提案最后一次通知,那么它会在那里停留至少两周,以便让社群有时间在最终确定之前提供评论或提出疑虑。


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