ICON with the cryptocurrency ICX is a South Korean project that has been referred to as the "Ethereum of South Korea" in recent years due to the promising developments. To date, nothing has come of it, but the team is raising hopes in the community with a new announcement. In one Medium contribution the ICON team presents a new token standard.
IRC16 standard for easy tokenization
The ICON team is presenting one today, Friday, March 8, 2019 new token standard. The IRC16 token aims to development process based on blockchain Securities and tokens zu simplify. The new standard should be of particular interest to third parties who are interested in the development and publication of tokenized assets.
IRC16 based on the ICON Public Blockchain and enables transparent issuance of tokenized assets and securities. The development process for tokenizing assets should be made as simple as possible using a modular architecture that includes all regulations for compliance with legal requirements in connection with the ownership of assets. As Benefits The following points are mentioned when tokenizing assets:
- Simple proof of ownership
- Selling physical assets in fractions
- Tokenization is said to provide higher liquidity
- More people should be given the opportunity to invest
The IRC16 standard is special on that Compliance with legal regulations aligned and offers 4 functions: Control of token transfer, token control by the owner, management of documents and separation of tokens (partition). Act as an intermediary Smart contracts, which is the settlement between buyer and seller check. This simplifies the trading process and also saves the fees for a broker.
It was recently announced that the South Korean government ICON Public Blockchain for issuing important documents will use.