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TokenizEU, a European-based platform which aims to help companies issue EU-compliant security tokens, has committed to using Ravencoin as a part of their services. Despite Ethereum developing a strong reputation for security token standards, TokenizEU has provided six primary reasons for their preference in Ravencoin.
Details of TokenizEU Issuing Security Tokens on Ravencoin
TokenizEU is Comistar Global's security token issuance platform. They aim to help the structure of the Security Token Offerings (STOs) that comply with the regulations of the European Union.
The TokenizEU platform will now issue security tokens on Ravencoin. The announcement comes as a surprise to some, since the majority of security token issuance occurs on the Ethereum blockchain. Ravencoin however, is a code fork of Bitcoin with a relatively short timeline.
Ravencoin's asset layer- which allows for the creation and issuance of tokenized assets- just recently launched in November 2018.
Since then, the decentralized project has seen the notable activity from the Assure Services, which has been updated to 7 days after its asset layer activation.
Despite the quick development, Ethereum remains the current frontrunner when it comes to the tokenization of securities. More than seven ERC-20 compatible security token standards have been established so far. Ethereum has also seen the most implementation: luxury property, investment funds, equity, fine art ownership, and REIT have all become tokenized on Ethereum.
Despite such development, TokenizEU has put their money on Ravencoin:
"… the TokenizEU platform will be issuing security tokens on Ravencoin. We know it can raise some eyebrows as Ravencoin is still unknown for the industry, and it's a big leap of faith and a big bet, but we believe in the project … "
They went on to provide 6 reasons why they chose Ravencoin over any of the ERC-20 security token standards.
Why TokenizEU Chose Ravencoin over Ethereum
- Ravencoin was Built for Asset Creation
Ethereum was built for many different applications. The ERC-20 smart contract can be used in almost any industry, but it was not designed with a primary focus on asset transfer. Ravencoin, on the contrary, was designed for the creation and transfer of assets. This means it was built to be user-friendly when it comes to such tasks, and is likely to remain easier to use in the long run.
- The Ravencoin Messaging System
Ravencoin has a built-in messaging system that allows issuers to send messages directly to token holders. Certain messages were sent. The Ethereum blockchain has no intrinsic message system.
- The Ravencoin Voting System
With Ravencoin, issuers can send ballots in the form of tokens to token holders for special votes. In this way, transparent voting results can be viewed to everyone without dispute.
- Ravencoin's Dividend System
Issuers on Ravencoin can transfer dividends, profit shares, or reward token holders in the form of its native token, RVN.
- The Unique Naming System on Ravencoin
Raven, a unique name is created, and all other issuers are prevented from using the same name on the network. In addition, 500 RVN are burned as a cost of all asset creation, theoretically resulting in a decrease in total supply and increase of value for each RVN.
- Asset Metadata
Includes an interplanetary filesystem (IPFS) hash to include metadata about the real-world asset to token represents. Issuers can include a description of the asset, contact information, digitally signed files linked to the token, or virtually anything they wish as metadata for each asset. In this way, the metadata can be immutably conjoined to a tokenized asset.
What do you think of TokenizEU using Ravencoin? Are the reasons why they chose Ravencoin over any ERC-20 security token standard legitimate? We want to know what you think in the comments below.
Image courtesy of Ravencoin and TokenizEU.
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