Why we’re developing a framework for tokenization
We’re doing this for exactly the same reasons that buildings are built from blueprints.
Dozens of start-ups are announcing the tokenization of assets – precious metals, real estate property, ownership of rights to musical compositions, and many more. What’s common to all of these systems is that they perform an accounting function for assets, and cover numerous basic functions – user management, token issuance, sales to investors, and the creation of a secondary market. Despite the apparent simplicity of these operations, as the systems grow it becomes increasingly necessary to designate the rights of administrators, different kinds of users, a flexible set-up for commission payments, limits, ways of receiving payments, secure storage for keys, and many other matters. Until now, each project had to deal with all these issues themselves, from scratch. So it’s precisely with regard to solving these issues that Distributed Lab is developing an open framework for tokenization – TokenD.
The benefits of an open framework for tokenization can be illustrated by looking at the example of WordPress. This is a framework which contains components, methods and visualisation elements, which have been proven through practice. TokenD optimises the process of establishing a platform for tokenization, just as WordPress is changing the way people create websites.
The biggest benefit of the framework is the time saved in rolling a project out onto the market.
The final product will be more reliable from a security viewpoint, since it makes use of the most advanced practice in component design and reused computer code. Moreover, users of TokenD will be able to cut the risks in the processes of integrating and launching systems.
The overall cost in owning a system will be accessible, and can be estimated in advance – because an elaborate planning and development process is used, alongside templates for the technical specifications and software components.
The process of work within the framework of TokenD starts by defining the needs for the future system. All the nuances for creating the system will be taken into consideration – with our past experience taking up over 400 pages of template specifications. The majority of these are already accessible on the website. They contain write-ups of the architecture, roles, primary user cases, detailed functionality of the components, security recommendation, with an established UX for each page of the interface. All this makes especial improvements to the efficiency of taking decisions – even for people who don’t have a technical background.
Illustration by Katerina Krashtapuk