Programmable blockchains such as Ethereum, Tezos, and Cardano are still in their early days and are far from sharing common standards. What is called a “standard” today quickly becomes outdated, simply because the regulatory requirements evolve and get more complex. The once default ERC20 token today is becoming non-compliant in many jurisdictions and will soon be a relic of the past.
CoreLedger’s TEOS has chosen a different path. Instead of creating a smart contract for each individual digital asset, they are created in an asset registry, which allows them to be used in Token WARPS. By default every asset has all the regulatory compliance features such as controllers to add governance and implement KYC and AML rules on the blockchain level. Every single asset is also, by default, listed on a decentralized marketplace, and every asset can be described in detail by its issuer and comes with its prospectus ready to download from the White Label Marketplace.
If you want to let your users interact with your assets through the existing array of Token wallets and tools, then this can be easily done by using the Premium Token Extension (PTE) as a connector.
This connector is a smart contract, that lives in the Ethereum Mainnet (or other network) and implements the necessary interfaces for your desired standard. Even though it might “just” be the legacy ERC20 standard, it is effectively a much higher one, since each asset comes with compliance features by default. These compliance features – if enabled – cannot be bent or broken, because they are implemented at the blockchain level.
What can you do with the PTE?
- Create ERC20 (or higher) standard tokens, which are Token WARP enabled and fully compliant;
- Migrate your tokens later to a different standard without losing their history or token accounts;
- Use ERC20 token facilities as your primary market and the Token WARP protocol as a secondary market;
- Connect TEOS standard assets with a plethora of existing ERC20 wallets and tools.
Q: Can I test it somewhere?
No, the PTE only makes sense in an environment such as the Ethereum Mainnet, with temporarily high transaction costs, and unfortunately if you publish something on a productive chain like the Ethereum Mainnet, then it is live and permanent.
Q: Does it need TEOS for administration?
If you created a PTE token through TEOS, then you can simply interact with it and administrate it with any graphical or commandline tool, that is available. You don’t need TEOS. The TEOS suite, primarily the WLM, is just one such graphical tool.
Q: Which compliance features can be implemented?
By default, you can have a whitelist+blacklist controller with blacklist reasons and whitelist limits. The controller itself is a smart contract. You can use one maintained by a third party or deploy your own contract with custom rules.
Q: Can I use the PTE to connect an existing token to TEOS?
Unfortunately, this does not work in both directions. But there is a much better solution. Simply put your existing tokens into custody and wrap them with a CoreLedger standard asset. Then you have the same result.