Amazing Blocks becomes a member of the International Tokenization Standardization Association; ITIN V26C-BFWT-4 assigned to Amazing Blocks equity tokens
We are pleased to announce that ITSA assigned ITIN V26C-BFWT-4 to Amazing Blocks’ tokenized equity tokens making Amazing Blocks the latest member of the International Token Standardization Association (ITSA). By becoming a part of the ecosystem of ITSA, Amazing Blocks is again one small step closer to build an ecosystem for tokenization. We not only offer a software solution for tokenization, but also the necessary guidelines to make it suitable for clients and investors. Therefore, joining ITSA is the next logical step in our development and we are looking forward to a successful cooperation in the future.
With the International Token Identification Number (ITIN), ITSA has developed an open market standard for the safe and secure identification of cryptographic tokens. Its growing implementation will increase transparency and reduce operational risks. The ITIN — a unique token identifier — provides unambiguous identification and a built in security feature through a 9 digit alphanumeric identifier. Supported by the International Token Classification (ITC) this framework classifies tokens based on multiple dimensions (tech, legal etc.). As of today more than 800 tokens have already been verified with ITSA. The TOKENBASE offers extensive time series data for analysis of tokens identified and classified through the ITIN and ITC. In addition to this, it is continuously adapted and extended with aspects such as market cap, trading volume, daily prices, social media information, and codebase data retrieved from industry leader GitHub. The success of ITSA speaks for itself. The list of ITSA members includes many established players in the blockchain and financial sector like Boerse Stuttgart, solarisBank, micobo, Blocksize Capital and many more.
About Amazing Blocks
Amazing Blocks was recently founded in Liechtenstein, offering the perfect solution for tokenization projects (e.g., real estate, cars, machines): To be precise, this means flexible tokens (e.g., equity tokens or debt tokens or participation rights as tokens) in accordance with the Liechtenstein Token Act — which from a foreign point of view then represent, e.g., a normal (un-traded) security. Then technology and the law (i.e., Liechtenstein Token Act) are integrated in one solution or one legal form. Leveraging our own solution, we were the first to ever tokenize true equity of an AG in Liechtenstein resulting in 600 Amazing Blocks tokens. They can be seen on Etherscan here. These tokens effectively prove that the Liechtenstein model seamlessly merges tech and law. Furthermore, a Liechtenstein bank is also no longer needed, because the share capital for the new AG can be provided by crypto currencies such as ETH if desired. These accomplishments and possibilities make Amazing Blocks a predestined fit for implementing the standardization tools provided by ITSA into their business.
Opportunities that come across with having an ITIN
Amazing Blocks is the perfect match for a non-profit oriented organization like ITSA. The common goal is to shape a still very fragmented industry with few standards and regulations and to find solutions to achieve a steady increase of mass adaptation and mainstream application. Amazing Blocks will function as the gateway from the “physical world” to the new “digital world”. Newly tokenized projects, assets and rights can be integrated into the prospering ecosystem of ITSA. The earlier an universally applicable standard like an ITIN is set, the more costs for aligning an even further divided industry in the future can be saved. Sofia Balogianni, CEO at Amazing Blocks issued the following statement regarding the impact of this milestone: “Combining a software to tokenize assets and a standardized token identification system attached to the extensive database hub that ITSA provides will be crucial in fostering a standardized token economy. Now an ecosystem is in place and ready for taking its disruptive path toward enhancing the contemporary financial structure.”
The goal of Amazing Blocks is to bridge the gap between the world of tokenization and traditional assets in the finance sector. As a consequence, a vast number of tokens will be issued and subsequently managed through our software. These projects will now have a direct entry point into a globally recognized system for the allocation and standardization of tokens. In order to steer this development in an organized way, it is essential that tokens can be assigned unambiguously, permanently, and internationally standardized. Working only with the name, the ticker or the intelligent contract address of the token is error-prone and will not work reliably in the future with an increasing number of tokens. ITSA’s work and having an ITIN ensures that when a token is transferred, purchased or referenced, it is always the correct token. As Amazing Blocks works directly on the tokenization of assets, it is essential for us to be able to integrate tokens into an established system. This makes the ITIN the ideal identifier that embraces the decentralized nature of the token economy. This meets exactly the vision of a healthy growth for the token economy that we strive for at Amazing Blocks.
For us, as the first company in the world to tokenize our own equity tokens leveraging the Liechtenstein Token Act, the assignment of the individual ITIN V26C-BFWT-4 to our equity tokens was a very important step (see Figure 1). The source data in ITSA’s token register can be inspected here.
We will work closely with ITSA in the future to continue to use the strong existing ITIN ecosystem. Everything that will be tokenized in the future can now be provided with its own ITIN and can thus be assigned globally with the UTL (Token Identifier). If you want to deepen your knowledge and learn more about ITSA click here.
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Amazing Blocks offers a tokenization solution that enables its clients to tokenize various assets according to the Liechtenstein Token Act (software-as-a-service). The software covers both the issuance of tokens and investing in tokens. It suits the needs for tokenizing all kinds of assets (e.g., machines, cash flow generating contracts, trademarks, real estate, cars). Imagine that some asset should be tokenized. For this asset various tokens would make sense: Equity tokens, debt tokens, participation rights as tokens, ownership tokens, or any mixture of these tokens. The software of Amazing Blocks helps issuers to handle multiple assets and to issue multiple tokens for these assets. This is possible by integrating blockchain technology with the law (i.e., the Liechtenstein Token Act). At the core, there is the “digital legal entity in Liechtenstein” based on “tokenized shares” which allows a very efficient foundation, a very efficient operation of the company and, thus, an efficient and flexible possibility to tokenize assets. This should now make a wide variety of tokenization projects possible, because the costs for tokenization are significantly reduced.
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