Tonight, Equisafe will launch their STO platform with the NYX Standard on Tezos in New York. At that event a "Trophy Asset" will be presented and tokenized on Tezos. What exactly will be tokenized is still a well kept secret. It was thought to be a fine piece of art, but that event is scheduled on a later date this year. This event is a huge milestone for Tezos.
The NYX Standard on Tezos, implemented in the Equisafe platform, is the most advanced set of smart contracts for STO’s, combined with a user-friendly interface that makes launching STO’s on Tezos as simple as filling out a form. (For companies that want to launch STO's, legal matters for each STO need to be arranged first. This is still a time consuming matter. But after all legal obligations and permissions are obtained, Tezos and Equisafe make the final steps extremely simple, smooth and safe.)
We can compare the NYX Standard to Ethereums ERC1404 (which was developed by Tokensoft for the specific purpose of enabeling a better way to issue STO's on Ethereum.) The NYX Standard is an improvement on crucial levels though. The “ NyX is constituted of 160 fcts, 4 contracts & 3 modules. We’ll be able to do more than 1404. They will also be formally verified.” So the NYX Standard is more extensive and contracts can be formally verified. This means that you can run and check smart contracts before you deploy them. This is a feature that is not available on Ethereum. Tokensoft offers their clients both Ethereum and Tezos as platform for STO issuance. So Tokensoft can be considered to be fully informed on both platforms. To quote Mason Borda, the CEO, and Co-Founder of TokenSoft on the topic of Tezos' ability to offer formal verification of smart contracts: "With the formally verified contracts, you can now test high-value transactions prior to publishing them to the blockchain, providing greater confidence in safely and securely using the blockchain. Anything which furthers security and reliability is of interest to our clients."
Another improvement on the ERC1404 standard is interoperability: The ERC-1400 is still based on ERC-777 (which do not derive from ERC-20) and therefore limits interoperability. Interoperability is a very important feature for the liquidity of tokens. If certain tokens are only tradeable on 1 single end-to-end platform, liquidity is obviously limited. "The Nyx standard will be available in open source (MIT license), to allow all developers to access and improve it if they wish by incorporating additional features, maximizing the interoperability that is expected by financial infrastructure."
So the NYX Standard improves:
- Security through formal verification
You might ask yourself: "If issuing STO's on Tezos is such a simple task, why does it take so long for STO's to be finally launched on Tezos?" First of all: the Tezos ecosystem is still fully in development. STO issuers need to implement Tezos in their platforms and this takes time. Several big firms in the industry are working on this right now. Equisafe, Tokensoft, Taurus Group and Vertalo (Who just announced to switch to Tezos as their default STO platform) have all announced their preference for Tezos. Equisafe now has their platform ready.
While the final issuance of an STO (on for example the Equisafe platform) is made very simple by this development, the stages before the actual issuance is a tedious legal process. Billions of STO value has been announced months ago to be issued on Tezos. We can only guess at which stages these projects are. But Tezos keeps building on their ecosystem. And today, in cooperation with Equisafe, they deliver another milestone.
For the full introduction on Tezos, read this article.
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Tezos address for motivational tips: tz1RTdcgzedPYthw1GHnDKHx2WCWZefZovjD