ONCHAINID

One of the use cases of our open-source #digitalidentity framework. Verify without compromising privacy.

We are honored to have contributed to Citi's tokenization use case, testing the #ERC3643 token standard for its compliance enforcement with digital identities, ONCHAINID. The project delved into various use cases demonstrating the tokenization of traditional assets within digital networks. Specifically, the ERC-3643 was tested for its potential in embedding compliance rules. During the simulation: ?? Citi executed token issuance through their Citi-deployed smart contracts. ?? Wellington Management issued private equity fund as the underlying asset. ?? ABN AMRO Bank N.V. acted as the investor in the underlying fund. ?? WisdomTree Asset Management simulated the role of the wealth platform. ?? Ava Labs provided the blockchain test network ?? The Depository Trust & Clearing Corporation (DTCC) contributed lending and collateral management smart contracts. ?? Tokeny supplied the tokenization technology for testing ERC-3643 and ONCHAINID. Key insights from the PoC: ?? #Tokenization unlocks the value in traditional markets to new use cases and digital distribution channels while enabling greater automation, more standardized data rails, and even improved overall operating models, such as those facilitated by digital identity and smart contracts. ?? Encoding asset distribution rules into smart contracts can help enable always-on #compliance, including through a fully traceable audit trail. This could provide some level of assurance that the transfer of the asset is consistent with legal and regulatory requirements. ??Testing ONCHAINID's automation for conditions like minimum holding periods and investor qualifications. Combined with #fractionalization, it enhances transparency and liquidity, potentially opening up new investor access to private assets. We are grateful for the opportunity to contribute to this groundbreaking report, marking a significant step forward for institutional adoption of tokenization solutions. Special thanks to Nisha Surendran and her team: Ioana Niculcea, Shishir Singh, Jack White, Caroline Lin, Mehek Kalra, and Alison McGaughey. Learn more here: https://citi.us/3uyr3uI

Thank you to the European Securities and Markets Authority (ESMA) for producing an outstanding and informative Report on #DLT Pilot Regimes. Thank you for the multiple mentions of the #ERC3643 standard and I'm proud of the ERC3643 Association contributions. ? With the recent award of 'Final' Status by the Ethereum community, and as the Report highlights, the #ERC3643 is now canonized as the next major progression in token standards, building on #ERC20, #ERC721, and #ERC1155, giving the industry confidence to adopt and improve on the standard. ? The #DLT Pilot Report also mentions the importance of #identity and identity verification measures, highlighting the #ERC3643 offerings on identity and claims, such as attaching a KYC status claim to an identity. Identity is critical to solving the challenges of #RWA and #DigitalAssets. ? I've been very excited by the work going on in #identity by the ERC3643 Association, the success of ONCHAINID and Biconomy with the #ERC4337 standard have shown that the future will be in #AccountAbstraction and #DecentralizedIdentity solutions. It's fascinating to see how the right standards working together will shape the future of #RWAs. Please check out the full report in the ERC3643 Association post below. ?? #Ethereum #EVM #blockchain #digitalassets #digitalbanking #identity #ERC3643 #ERC20 #ERC721 #ERC1155 #ERC4337 #DLT #digital #compliance #regulation #rwa #did #decentralization #decentralizedfinance #defi #zk #zeroknowledge