Solving Asset Status Replication (ASR) Issue
The main goal of the OAE (Onchain Asset Environment) is to tackle the ASR (Assets Status Replication) issue. This problem revolves around ensuring that the actual legal and physical states of assets and rights, when represented as blockchain constructs, are accurately mirrored in both the blockchain environment and the real world. Specifically, it aims to:
Ensure that any changes made to assets and tokenized rights within the blockchain are replicated in the real world, affecting both their legal and physical states.
Reflect any changes in the physical or legal status of these assets and tokenized rights, occurring in the real world, on the blockchain.
This ASR issue is significant because no existing blockchain product or technology has effectively addressed it. Most current solutions, such as smart contracts and tokens, are abstract and don't meet legal standards.
Additionally, many Real-World Asset (RWA) solutions only offer tokenized shares in entities, which results in indirect ownership rights under often uncertain and legally risky frameworks.
Others propose trust-based legal agreements that promise token representation of specific assets or rights, but these are not true solutions. They are risky workarounds that fail to bridge the gap between blockchain constructs and real-world legal standards.
OAE tackles the ASR issue through its ‘777’ strategy, comprising:
Each component is detailed extensively in the table below.
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All Assets are Real: OAE recognizes all legally transactable assets, both tangible and intangible, as real.
Real Assets Mean Real Identity: OAE mandates legal ownership confirmation for every onboarded asset.
Ownership Homogeneity: For assets to be registered on the Asset Chain, they need to be associated with complete ownership rights. This means that if an individual doesn't fully own a specific asset, like a part of a real estate property, this partial ownership can still be onboarded as a distinct asset in its own right.
Harmonization With Legal Standards: OAE aims to operate in synchronization with legal standards and definitions related to assets as well as full real rights and limited real rights.
Going beyond ownership: OAE allows for the digital representation of a variety of asset-related rights, going beyond simple ownership to include rights like usage, possession, collateral, and more.
Holding is Not Owning: Separates constructs of ownership and holding as distinct factual and legal constructs. Holding a token will not always mean being an owner.
Protecting Ownership Instead of Further Limiting: Commits to direct ownership without intermediary 'entity wrapping', ensuring asset tokenization respects and reflects ownership relations accurately.
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AssetChain: A dedicated blockchain for asset tokenization.
Origin Studio: For issuing and managing asset-related tokens.
Social Hub: Connects asset/token owners with service providers.
Xend Connect: Links AssetChain with other OAE components, blockchains and external data.
GOR (Global Ownership Register): Centralizes asset profiles, events and transactions for management and transparency.
Xend Solutions: A suite of services including banking, exchanges, and fundraising platforms.
IAC Protocol: Ensures assets’ credibility through authentication, insurance, and compliance validation.
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Asset Profiles: Every onboarded asset gets its GOR profile automatically, together with a public tracker of on-chain events and transactions related to this asset.
Event Mirroring: Allows to capture legal and factual state of the onboarded assets and reflecting it in OAE
Assets as Smart Contracts: Every asset added to the AssetChain is represented by its own smart contract, not a token
Rights as Tokens: Tokens within OAE represent specific rights, not the assets themselves.
Universal Asset Environment: OAE is designed to accommodate all legally transactable assets, covering both tangible and intangible categories.
IAC Cooperation Triangle: Engagement of Insurance Providers, Asset Authnethicators and Compliance Validators who enable Events Mirroring and Assets
Credibility Assessment
Legal Binding and Credibility Score: Solutions for ensuring and quantifying how reliably that asset’s factual state and legal status are linked and replicated between the real world and OAE (e.g. current owner, location, physical state description etc.)
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