Last week, the guys from Teztalks interviewed the CEO of Equisafe, Bilal El Alamy.
Equisafe is an investment managements platform that is specialized in Security Token Offerings (STO). They have been developing on Tezos for quite some time and are known to have tokenized the first piece of real estate that was ever tokenized on Tezos in March this year. This was done at the "French Tech Night" at the Consulat général de France in New York.
In the interview El Alamy announced that they currently have 32 clients registered on the Tezos blockchain with 30 tokenized assets so far. The total value of these assets currently is about 130 million Euro. These are private assets, managed by real estate management company Koytcha Immo. (I wrote about the partnership with Koytcha earlyer this year.) An important focuss for the Koytcha project, was the legal tech part of tokenization to improve backend processes. So not just tokenization of assets, but also other processes like governance of assets through on-chain voting and simplifying and reducing legal processes and costs while still following regulations.
Simplify formal verification
El Alamy also mentioned Mi-cho-coq, which is a framework for certifying Tezos smartcontracts through formal verification. Equisafe provides a 5 part tutorial which enables you to use Mi-cho-qoc for formal verification of your smartcontract.
Formal verification, is a feature which is facilitated on Tezos' native smart contract language, Michelson. It is a mathematical formal method to verify the correctness and safety of the code of a smartcontract, before you deploy it on the blockchain. Formal verification is a methodology commonly used in mission-critical environments such as the aerospace, nuclear, and semiconductor industries. Therefore it is an obvious key feature for use cases that intend to deploy dApps and other applications which are intended to carry a lot of value, and/ or need to follow regulations.
Equisafe is also working on a marketplace for tokenized assets. Launch date should be Q4 2020 or Q1 2021. For starters, Equisafe will be listing two assets on this marketplace: an Art portfolio and a Real estate portfolio on Tezos. Listing will happen withing a few months.
El Alamy also mentioned that they are exploring tokenization projects with Tezos Israel and Tezos Africa.
We can't discuss Equisafe without mentioning the NYX Standard. Previously Equisafe has developed the NYX standard on Tezos, which is a tokenstandard designed for tokenization of securities in full compliance with regulations. NYX is the full financial infrastructure from issuance, purchase and exchange of securities in its entirety in smart contracts on the Tezos blockchain. It is designed to fully cater all issuers, buyers AND regulators of financial instruments. Read about the specifics on the NYX standard and how it is superior to Ethereum token standards in this article.
Equisafe started out developing on Ethereum. After Equisafe wanted to do their first transaction, and a member of the parlement was about to push the button to send the transaction as grand opening, the Ethereum network was congested. That made them start looking for other options. Tezos was the final choice.
"As time went by, we had doubts about certain features and we looked elsewhere. Tezos was growing in strength and we saw that the protocol met the limits we had suspected on Ethereum, particularly in terms of security for smart contracts. We found a strong community, the security we were looking for, greater scalability, too – if Ethereum can register 10 operations per second, Tezos is already at 100 -, and the ability to update itself, without forks, which is not the case with all DLTs."
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