 Okay. So hey, good morning, good afternoon, and good evening, everybody, depending on the time zone. This is Daniel, and what we're gonna take a look on today is tokenization a little bit like deeper. So it's gonna be, I would say deep dive. I just tried to collect as much as much deeper inside in tokenization as possible. It's pretty much, I mean, I mean, improve improving topics. So basically, there's no chance to getting the state of the art knowledge. I mean, changing practically. So from perhaps just a couple of words from my side, I'm a software architect specializing to different blockchain topics like that, like two major major directions. One is the more classical like consortium blockchain applications like like Hyperledger fabric, for instance. And well, I would say that basically everything which which depends depends on which is related somehow to Hyperledger. And I got another direction as well that's more like public blockchain and especially in solidity style programming. So I wouldn't say just on Ethereum, because even if I mean, if you have like Ethereum, you know, I mean solidity is used, not just with Ethereum applications, but like different other ones as well, like with Polygon for instance and stuff like that. So in this sense, I just like to combine these two, two fields, two experiences from my side and then then. So the agenda for today. I don't plan right away into the into the deepest, I mean, void of organization. I would just start with like, like free free stream evolution. The second one is like token basics. So what is what is tokens at all. And basically, I will have some use cases for tokens, but I will just cover pretty fast. And then after the time just try to to include some some more interesting topics like some points of view what is what is a blockchain tokens that is somehow related to other SF representations and how we can combine such such topics such fields. Then we got some some some slides from token standardizations. Then of course I get one slide from basic token types, but it's not something that I'm going to cover very deeply. And then after that, I will just cover a couple of different further token types. I mean, I mean beyond like simple NFT or simple fungible. So we get like different NFTs type token types, which are not really NFTs, but something more complicated than some some some token types that are so related somehow to fungible tokens. But again, they are just more complicated than a simple year C20 token. So that's the agenda for today. I think it's gonna be like 40 50 minutes. My network is sometimes a little bit unstable. So it might happen that I will just go offline for like 20 seconds. I hope it won't cause big problems. But yeah, in case yes, then I mean, if you see me go offline for 20 seconds, then that's basically a possibility to have a coffee and then have a very small break. My proposition is basically that so I will cover these slides as fast as possible. And if you don't understand something, then then please feel free to stop me and have have like a short clarifying question. But basically for longer discussions like question and answers. I just plan to have like more time at the end. So again, it's we just plan for one and a half hours again my presentation is, I guess it's like like 40 50 minutes. And after that, we're gonna have a plenty of time of discussing different things if it is needed. Awesome. So, let me start with some basics. Let me start with blockchain evolution. It looks that way. Basically that somehow blockchain started with Bitcoin and the next topic or the next basically my stone was ethereum and ethereum cause like a little bit splitting in terms of innovation. We get two parts of innovation. And one is, you can see it here below that's kind of an infrastructure innovation, which is, which is happening and which is, I mean, I mean requires a lot of very exciting theoretical background. I mean, if I say infrastructure innovation I usually mean by by scaling practically scaling is one big topic. We got like two big areas of scaling are like layer one scaling and layer two scaling scaling practically tries to improve somehow blockchain performance. So, I mean, it means we got more transactions faster transaction instead of kind of a stochastic settlement final settlement and stuff like that. But if I say infrastructure innovation, we get some some other fields as well. I mean, one other part of infrastructure innovation is privacy, which is, again, very theoretical, very cool thing. I mean, in terms of infrastructure innovation which which are hot topics at the moment are all ups. And of course, zero knowledge proof and privacy of course, these are all infrastructure innovation. But perhaps what's important to note that there's a kind of an application innovation are happening in the blockchain space. And this is some more or less independent from the infrastructure one. I say more or less, probably on the long run, it's going to be more, more independent at the moment it's not so much independent but it's getting to be independent. And if I mean like application innovation, I mean that which which are the building blocks of a blockchain application that parties is being innovative as well. So like one topic of these application building blocks is basically tokenization and tokens. And it's getting to be standardized. And it's again, so at the moment the idea is somehow that I mean, I mean, I mean organization comes from the Ethereum from the solidity world. But it's, it's getting to be more and more independent from the Ethereum world. So like if we say like NFT, then then we can actually consider NFT in many different platforms, not only with solidity and not only with like, like Ethereum style blockchains. And this tokenization, I guess it's going to be a very, very important building blocks block of the future application innovation of the different the different blockchain spaces. And then at the moment it's like core building blocks of DeFi or decentralized finance, but I guess on the long run, like tokenization might be core building blocks of like different consortium ledgers and consortium ledger applications and CBDC perhaps as well. So just like a little bit like like background. So I say basically, I mean this tokenization started somewhere in Ethereum, but if you just check the news. For instance, this tokenization might be imagined on different blockchain platforms, and it can be imagined on different block non blockchain platforms as well. So if you just have the news, the latest news for for instance a swift, which is certainly not not necessary. So innovative and absolutely no blockchain platforms. So swift is one more independent from the underlying settlement layer from the underlying blockchain layer. Just one more hint. For instance, if you if you I mean we are we are hyper ledger here. So if you have like hyper ledger fabric, hyper ledger fabric is is more on the consortium is more consortium ledger. So perhaps this tokenization is not so strong at the moment as we public block chance. But if you just check for instance the fabric samples rep pool, then even hyper ledger fabric having some tokenization initiatives as well. So if you just fabric check fabric fabric fabric samples, for instance, then we can find like a year C 20 years is which is a fungible token years 721 or years C 1155 tokens, which are fungible non fungible and kind of hybrid fungible and non fungible tokens. So yeah, so that's the direction and again, it is not doesn't exactly look like at the moment that these tokens are totally independent from from the underlying blockchain platforms. But I mean I would expect that on the long run we're gonna have like independent standards, which are token standards and can be actually executed on any kind of settlement layer, including blockchain or perhaps non blockchain once as well. So that was a brief blockchain evolution introduction. So let me just continue what is actually a token. So again, it's mostly based on the public tokenization efforts. But I would say token is basically a building block of for any decentralized protocol or any decentralized application or on a long run perhaps any kind of perhaps not so decentralized, but like semi centralized applications as well. So it is a building block in two sense. On the one hand it is, it is kind of an internal building block. So if you build up an application, you're gonna have like many different tokens inside. On the other hand, it's, it's kind of an interface. So if you just like one to combine to block chain applications, then you have kind of an interface between these, these two applications, and this, this interface itself is a token. I mean, it's a cool thing because it's not just a technical interface between two, between two platforms between two protocols or decentralized applications, but it's kind of a business logic interface as well. It's a good cooperation technique, I would say. So what is a token basically? It's pretty, pretty difficult to define. So there's no exact definition on a token. You can imagine token as a poker chip. So these are like the poker chips on the right. You can have like, like many different, many different size of poker chips. This can be different based on color, size, amount and other properties as well. And these tokens, which are somehow represented by the ledger, by the distributed ledger. So it's important to note what blockchain relies is based on these tokens. So these tokens moving somehow on the blockchain. What blockchain relies is, is a kind of quasi ownership of these tokens. And I say quasi, because it kind of a surprise in fact, that's kind of a cryptographic ownership. And this is, we're gonna see some slides about that later on, but if I say cryptography, that's a little bit different ownership than, for instance, a legal ownership or a physical ownership. So what blockchain does are related to these tokens is to realize a kind of cryptographic ownership. If you have the private keys and if you can sign kind of a transaction or kind of a kind of a proof that you own these tokens, then you can do something with these tokens. That's what I mean by cryptographic ownership. So for instance, I mean two typical applications are like transferring tokens or exchanging tokens. So if you sign practically something that proves that you own the tokens, again with a kind of a private key, then you can transfer these tokens practically. And your settlement layer is the blockchain for the first round. Again, on the longer run, we might as well imagine we get some other settlement layers as well. Another use is like in tokens, if you just do each month or the following month. Again, it works pretty similarly. So 46 change, I need to sign something with my private key that proves that I own the token in a cryptographic sense and then I can exchange tokens practically. So the implementation is usually smart contracts and of course core blockchain functionalities. So we got something as native tokens as well. So I just break a little bit. Just one second. So let me continue. That was like a basic token or token definition. So some of the basic token use cases. We got different blockchain or token use cases. There's actually several different ontologies for that. So I just give some examples of use tokens for cryptocurrencies. So actually cryptocurrency is kind of a token, which usage is meant to be like payment. It's another thing, how much a cryptocurrency can behave as a payment or not. But anyway, the major idea was for cryptocurrency to work as a payment. Then we got stable cryptocurrencies. These are like more position things, more tokens in terms of realizing the payment service, for instance. Then we got like platform tokens like for instance in Ethereum. In Ethereum, I mean, Ether is a platform token of Ethereum. It practically works. I mean, it's a basic economic building block of your system. So the idea is that Ethereum practically is like a market with two roles. One role is practically wanting to validate transactions and giving some transaction fee on that. And the second part is basically or the second role is like maintaining the network in terms of mining or validation, more like in Ethereum. And they collect, of course, the transaction fees and Ether is meant to be the economic connection between these two roles, these two parties. So that's why basically the system works, otherwise it couldn't. Then one important thing is like security tokens or more like tokenized securities. So it's more like a legal term. Yeah, most people, I mean, most ICs wanted to have like utility tokens, but sometimes from a legal perspective, these tokens are characterized as financial securities. And another interesting point that if we get tokenized securities like having stocks or bonds, for instance, on the blockchain. Then we get like utility tokens, utility tokens are like the basic building blocks of different decentralized applications on the blockchain. We get like governance tokens, governance tokens are used practically for voting on change on different protocols on different applications. And we get many, many other use cases like we can have like representing natural resources on the blockchain like carbon credit, for instance, or carbon emission. And of course recently we got like many like CBDC use cases as well. So this is one field of one part of examples of use cases. On the other hand, we had like more like the NFT style use cases like tokenization of physical art. So if I want to tokenize like a Mona Lisa and the Picasso, that's like kind of tokenization of physical art. There's a brand new movement of having virtual art on the internet, which is of course pretty much hyped because I mean, until this point, there was no chance of selling virtual art. I mean fully digitized art on the internet because there was no point of having like one token on that which could be sold. So it's an interesting movement then digitizing art practically on the blockchain. Then of course I mean tokens are used very, very much in gaming and it tends to be used very much in the metaverse for instance. So one idea for instance is that metaverse is not just like virtual reality, but practically a virtual reality, which is combined very strongly with a very strong tokenization movement as well. So like virtual properties in tokens in virtual VR games in the metaverse, for instance, that's an emerging field. Of course, I mean it gets hyped and then it has some bubbles as well. We thought questions, so market goes up, market collapses, but you know I mean that's the way how basically public blockchain things work. Then we got a lot of tokenization in gaming in like role playing gaming. We might as well speak about like physical property tokenization like tokenizing the house, for instance, or corporate card. Then we have very strong tokenization in DeFi protocols, but it's pretty much DeFi is actually based on tokens, so it's not surprising that there are many tokens in DeFi. And of course the classical example are like crypto collectibles, so the one of the original use case for NFT, for instance, was like crypto kitties or crypto. And some basics of organization and then what I'm going to cover now a little bit in more details is to clarify that so we should distinguish somehow free representations of assets or asset representation. And I think it's important to distinguish these three different representations, because if we don't do that, like many misunderstandings based on that. So if we have like asset representation, let's have a classical legal asset representation. So basically a legal asset representation is something that which is legal ownership. I legally own, for instance, a house. It means I got some legal contract, for instance, I can sell my house basically in a way that that I sign my contract and then and then somebody is going to be the new owner or I have my car basically, which means that I somehow legally own this car. So basically I can transfer my ownership basically and then give this ownership, give my car to somebody. So it's this kind of legal or institutional asset representation, which works that way I got the legal ownership, I got legal contract, and basically the settlement layer of this of this legal ownership or or institutional ownership is practically the law or legal system. So this is like one big area. The second one is is something which is a physical or tangible asset representation I would say that means practically that I physically own I physically have have something for instance I have my car, or I have my, I don't know, Apple, for instance, I hold it in my hand, which means practically that is mine. So that's kind of a physical or tangible asset. It's like a physical ownership. It's a physical object usually the might as well interpret in a non so physical assets as well. But the easiest to to imagine that we have something physical, then I can I can give to somebody my apple for instance that's kind of physical transfer or physical ownership. And then basically what I have is is like the physics. So that's the physical settlement layer. If we have blockchain or cryptographic tokens, I would say that's a third category. We got something which is a token practically again it's a poker chip on the blockchain. And then we have it like a cryptographic ownership so I can do something with my, my poker chip. If I have my private key and if I can sign a transaction of doing something with that token practically. And then anything practically the easiest ways like is like transaction or transfer of ownership is is settled by the blockchain itself. So the point is that I mean the question is is usually the connection between these three SF representations. I want to cover the the connection between between the legal and institutional or physical or tangible ownership, because there are like 2000 years of history of doing it. So if I, if I have my apple but I signed my contract that I sell my apple to somebody and I and I don't do it then. So there's like 2000 years of experience. But the point is that the word is missing pretty much the experience of how blockchain token how cryptographic ownership can be combined with with legal and institutional one and how this cryptographic and blockchain representation asset representation. It sounds like Daniel just dropped for a second he'll be back on as he was saying his internet connections a little spotty. So that was that was the coffee break. It wasn't taking long. Okay, awesome. So one big area is basically how we can combine kind of a legal or institutional representation of an asset with the blockchain and cryptography one. So I would say there are like two, two big directions. One big direction is is from the crypto anarchist word. So we got like, we got like ICOs or STOs or stuff like that. And then some of our of our tokens that that we issue are legally characterized as securities, for instance, or the legal status of some of our blockchain tokens are not clear. So that's one direction that's from the blockchain work to the legal institutional one. And then what's what's going on in this field is of course the crypto and token regulation, which is happening slowly but it's happening. So like different security token legal laws. Because it's like in the European Union, it's like the MIC or MICA regulation, which is happening, then you get something in Luxembourg. I think it's Luxembourg token act. If I'm not mistaken, there's like regulation attempts in Switzerland as well. So that's, that's one big area of, of improvement, I would say. But perhaps there's another way as well, which might be interesting. And that's from the legal and institutional point of view. And it's an emerging field. So I mean, for instance, some fields like how we can, we can tokenize a classical stock in a company and sell the stock on like crypto exchanges, for instance, or how we can practically have a classical classical bond. So classical financial security and issue this classical financial security as a blockchain token and practically move and sell it in in different perhaps not decentralized, but like crypto exchanges. So that's, that's, that's very interesting other other initiatives. It comes from the legal institutional point of view, and some of these classical legal institutional asset representations are being tokenized. Just some hints. So from a technical, so this is more like a legal question from a technical point of view, it's, it's not necessary impossible to, to put a contract beyond your, beyond your tokens to put to put a legal contract beyond your token. What you need to do, you need to somehow bind basically your token with a legal text or legal pros that should be somehow linked to the token. Usually it is not stored directly on the blockchain, but instead it is combined with some, some hash links, hash pointers. What you need to do is, which most blockchain doesn't do, but you need to somehow combine legally binding digital signatures with your scheme, and then work my I mean these things, things might work, for instance. There are some special, special ledgers like the R free ledger, R free quarter ledger, which doesn't really do directly like tokenization, but like, like handling contracts and then classical, classical legal contracts practically. So from a technical point of view, this is not impossible from the legal point of view. Yeah, I see, I think we're going to see a lot of improvement in the in the coming years. So on the other hand, we can combine some connections between our cryptographical blockchain token and with the physical world or with the physical asset. And then it has a lot of initiatives, which practically differs very strongly based on the, based on the use cases. So like, I got some examples here, we can have like, like IOT integrations with like a lock on the house or a car. So if I get my token actually owning that car or owning that house, then I can unload the door of that house or that car practically. And there's strong initiatives in like tokenizing supply chains. If you tokenize supply chains, of course you got like 10 GB assets. So it's important that you know I mean if your token really moves on the blockchain. It should be moved basically I mean the physical asset should be should be somehow cover this movement as well. One interesting things, again, I set here like physical tangible, but like if we have like, like not so physical or not so tangible assets, despite we might as well speak about like, like the connection or on such connection. For instance, if you just tokenize green bonds, for instance, then it is an interesting question if, I mean if this, if this green bond is really green, or, or is it just kind of a greenwashing if I'm not mistaken, let's deal for sure. Sometimes. For instance, one idea might be, which goes a little bit to this physical tangible and cryptographic connection is that if we have a green bond, then we might as well combine it with open transparent emission data, perhaps on the blockchain as well. So we can really prove that basically we can prove in a transparent way that that our green bond is really green. For instance, that's one idea. Then another idea if you like tokenize securities again bonds, or, or even stocks, then we might as well have a payout at each month or at the end of the year. So this, this payout can be basically programmed as well. It can be on the blockchain as well. Last but not least, one example, if we, if you just imagine like tokenize stocks in stocks, there's a there's a voting mechanism and this voting mechanism can be actually realized by the blockchain as well, with like governance tokens. And then that means that the, that the, that the voting mechanism of a stock, which is actually not so much tangible, but despite the voting mechanism is is controlled by the blockchain, and perhaps it's open its permission. It's not so permissionless, but it's actually permission, but it's, it's transparent pretty much. So these are the like the free free biggest representations. And then again, it's gonna be, I mean, there, there can be a lot of things discussed here basically, and I think I'm sure we're gonna see a lot of innovations in these fields as well. So let me just continue. And basically, as we have like, like many different tokens, it's an important thing to have some, some hierarchy, some structure with these tokens. And for the structure for this hierarchy, or hierarchical or structural attempts, there are two big ways of singing. And one, of course, the token standards. So let's just try somehow, perhaps not fully standardized, but at least partially standardized different kind of tokens that can be used in different fields. And one big initiative is the ERC standard is like the ERC 20, 223 and so on tokens. This initiative comes from the, from the Ethereum Solidity World. And so for instance, it's like, I don't know if I have the slide, but I might as well have it. So for instance, it's important to know that basically these standards try to describe somehow the core functionalities of a token in terms of signatures. So this is like an ERC 20 token. Basically what we got here is functionality. And then it says only we need to have a functionality like transfer. Transfer token from one address to another one. It doesn't say much from the, from the implementation beyond basically. So this is one big attempt. I'm sure you're familiar with that. And there are many, many token standards. I would say it's important to distinguish like a list with these standards. There are ERC token standards, which are more technical. So like, for instance, an ERC 223 is an interesting token standard. It prevents accidental transfer of tokens, but it's more technical. So it's not necessarily something which is very important for designing business applications on a tokenized basis or for planning tokens for business scenarios. And we got tokens as well, which are more important in different business scenarios. It's like for NFTs for subscription models and stuff like that. There's another initiative as well for characterizing tokens or token structures. And that's called a token taxonomy. It's an open source repo. If I can change, basically, you find it basically on GitHub. And somehow the idea is that there's a kind of a fancy syntax behind with that you can describe somehow core functionalities of your token. So this is like a very simple example of this fancy syntax. So you can have like basic token types. These are like fungible and non fungible tokens. These are the major types. You can have some behaviors. That's like how these tokens acting in different situations in different scenarios. You can even have like behavior loops. And then you can have like properties, for instance, and everything is just abbreviated with some such fancy. It's like, I don't know, it's like a mathematical formula, basically, something similar. There's even support for this token taxonomy framework. So you can install that's practically a Visual Studio add-in, which supports this token taxonomy framework. And then here you have like many examples of basic token types of behaviors. Like, for instance, there's an issue. There's a mint table functionality and stuff like that. These are all different behaviors. Then you can have like behavior groups. And then you can have like properties, for instance. If that's kind of a carbon token, then basically you can have a couple of predefined properties for carbon emissions, for instance. So at the end, you find something similar, which is a design app. So basically you can somehow design your token in a way that you find. So this is like kind of a special fractional fungible token. And then it has some properties, which measures carbon emissions or which aggregates carbon emissions and then some behavior that are functions that do like you can transfer this token. You can, I don't know, it's divisible. You can enumerate, I'm not quite sure, actually, all of this. But this is somehow your design token in a way. So that's the second approach. That's the so-called token taxonomy framework. Again, it's a GitHub repo. Unfortunately, it's not much used or I would say it's not much used publicly. So I mean, the repository is its open source. And you find visual studio plugins as well. But if you just check basically the literature of public tokens, you don't find many examples. So if you're looking for a fractional ownership, a non-fungible token, then you're going to find these classical ERC standards. And you don't find like implementation based on the token taxonomy framework, which is a surprising fact. It might be developed in the long run. But at the moment, I would say these token standards are pretty much driven by the ERC style standards. So what I'm going to have in the next couple of slides, I will just highlight some interesting token types. And again, these token types are based on basically the ERC standards. Because again, you find mostly these things in the literature or not literature, but on the net. So if you just find the most, I don't know, interesting token types, and if you just Google it, you don't find like token taxonomy framework. But you probably find some ERC standards. So these are the basic token types. Again, as I promised, just one slide. We get like two major categories. One is like tangible. Second one is non-fungible. In fungible, one token is identical with another one. So it should behave the same way as another one. It's like, for instance, cryptocurrency or organized water in a river, for instance. Then one liter of water should behave exactly the same way as another liter. So that's like fungible token. Non-fungible token, non-fungible token, that's NFT. In NFT, each token is different. So one token is not the same as another one. Absolutely different. Classical example, if you tokenize like fine art, if you tokenize fine art, then if you have one token for Mona Lisa and one token for Picasso, then Mona Lisa is certainly not the same as Picasso. So they are just two totally different things. This is the idea of NFT non-fungible tokens. And we got like hybrid tokens as well. Many different hybrid tokens. The classical hybrid tokens is like a combination of fungible and non-fungible tokens. It's like if you have like, for instance, a role-playing game. In a role-playing game, let me just imagine we got swords and shields. And basically, swords, we got like thousand swords and thousand shields. So basically, let me just imagine these are two categories. And the categories between each other. So one category, one item of one category is not the same as another item in another category. So a shield is not the same as a sword, for instance. But the items in a category are interchangeable. So you can exchange one sword with another one. One sword should behave exactly the same way as another one. Similarly, I mean, if you got the shields, shields behave the same way. One shield is exactly the same as another one. So that's the idea of hybrid tokens. For instance, that's like ERC 1155. You get categories of tokens. And then the categories are interchangeable. They are the same in one category, but they are not the same among two categories. So these are the basics. And let me just cover some more interesting kind of fancy token types. So one type is a special NFT. It's like a crypto badge or it's an NFT badge. It's like it's token. For instance, if I if I if I accomplish something practically in a game, I might get a badge that I'm the hero of the game. But we can imagine like, and that's that's my badge. That's my that's my NFT. It's something which is not transferable. So if I'm the hero of the game, I can't just sell this hero of the game to anybody. The other example, it's more classical. If you think of like, if I get a degree from a university, I get a master degree or a bachelor degree from a university. That's that's kind of a token, which is just mine. So it is minted for me, but I can't give this master degree to anybody. I can't transfer it to anybody. It's it's just like a badge. Just for me. So crypto NFT badge is practically a token that can be issued, but cannot be transferred. It cannot even be burned. Normally, so it might be used. I mean, despite the most of the scanners, it might be used in special scanners despite like it's taking a stack, taking scenarios. One other example, it can be something as as reputation. So usually, like, for instance, if I if I get reputation in in some word, then it's its reputation is not usually not something which which can be transferred. For instance, so if you think reputation, then it might not even be an NFT. It might be actually which is like a fungible batch in some sense. But it can be like experience point in a game, academic degree substrate and so on and so on. So it can be fungible and non fungible as well. One interesting thing is actually we got we got something similar in a non non tokenized way on blockchain. So like if you think of issuing degrees like diplomas, diplomas on a blockchain, then the classical approach approaches is like verifiable credential. That's, that's not exactly the same but it's used in a pretty similar manner. So it's an interesting question how like, like an NFT badge might be combined with like with like a blockchain and identity stack with like a verifiable credential. I understand that for crypto for NFT badges. That's the non transferable non fungible tokens, for instance, and that's the RC 1238, which should be a here. It's actually a proposition. In March, it says take like classical tokens. If it's an FT and an FT but again it might be something which is an ERC 20 and just just just just cancer basically the transfer function or just just keep the transfer and mean functions. So the next one is something similar. It's like a soul soul so called soul bond token. It's a crypto badge, but it's not bound to, to anybody, but it's bound to another non fungible token to another NFT. So again, it is minted, but it cannot be transferred or moved. Once this stuff is minted. And the idea is here basically that the soul bond tokens are like badges, but they are not necessarily bound to humans. But they, they can be bound to, to like a personal and personalized might be might be somebody might be a group of people might be even even a machine. So we cannot really represent this one on the blockchain. So what we do we represent this personal with another NFT and we associate with this NFT personal crypto batch, for instance, that's the so called soul bond batch. Basically, and then we got one initiative for that. It's like the EIP 5114. It's again, it can be found on the blockchain. It's a soul bond batch and you got some, some deep description. Basically, again, it's, it's not so fancy. Basically what you do you skip most of the transfer functions of basically offer any kind of standard NFT token. And so it's based on based on 11 ERC 721. So let's see some more exciting stuff. We got one NFT, which is kind of a rent table NFT. So the idea basically in an FD, we got the NFT and basically we can transfer the ownership. And it might happen that we just, we just want to, we just want to let somebody use this NFT for a certain period of time, but without basically transferring the ownership of this token. So for instance, if I got a car that scar is mine, I represented with a token, but I might let somebody use my car. I didn't rent it practically. So somebody can use this car, but only for a certain, certain period of time. And that's the idea of rent table NFT. We got usually an additional role, a user which can be granted. And then for a, for a, for a certain period of time. And then this grant, this, this rent table granting will expire after some times. So that's the idea and we got this token standard for that as well. That's ERC 497. That's the rent table token standard. So I hope I have it theoretically that should be, that should be my rent table. That should be my rent table token type. And again, so it's not much basically it's just some core functionalities. We just have here actually the major functionalities. So what I can do, I can set a user basically for a token. So if I own that token, I can set that a certain user, which is of course a certain address for the certain token can use my token for a certain period of time. And what does, what does it exactly mean that depends on the use case and depends depends on the implementation. So we might as well imagine if, if for instance, my token can open the, the, the, the, the, the door of a car and or I can drive the car with my token. Then, then the logic should be something similar that basically if I own that car or if I just got practically some kind of usage for that car, then I can drive my car. Okay, but basically this is the core functionality. And then we got some, some pretty functions as well. Like for instance, I can ask if somebody uses basically a token. I can ask basically if, if the usage or when the usage expires. And basically I can update that, that user as well, especially the, the, the expiration date, for instance. So that's around table NFT and things are getting more complicated. So we can have something as composable NFT. So the idea of composable NFT. Let me have like, like a role-playing game where we have like a corrector, like for instance, a night practically. And this, this night is an NFT, but that NFT has like several items. It has like shields, swords, it has an armor as well and so on and so on. So practically my character NFT, and we can imagine that, I mean, these, these items, my sword, my shield and stuff like that are tokenized as well. So practically I would assume that if I just sell my, my night, my character, then it should or transfer my night, my, my, my character. It should work that way that I sell or transfer basically all of the items of that character. So that's the major idea basically of a composable NFT. You can see like, this is like the, this is like the, the Cryptopunks. And then there was basically one, one other combination of this, this Cryptopunk hats. There was a team that designed basically body for this Cryptopunk hat. And then basically it was like, like an NFT, which contained like two NFTs, for instance. And then it could be handled as, as one basically one big NFT. It's important to know that I mean composable NFT is pretty complicated. It has, it has many different scanners. It has like at least four different versions. It can maintain child tokens in a bottom up manner. It can, it can handle child tokens in a top down composable manner. We can imagine that an NFT has like, like other NFTs, like other ESC 721 tokens as child elements. And we can imagine that basically it has like, like fungible tokens as child elements. Like for instance, we can even imagine that it has like, like, like hybrid tokens as child elements. Like for instance, with the, with the sword and shield example and night example. But once standard for this composable NFT, it's like ERC 998. And then, so perhaps I have some more other, no, that's something similar. So it's, it's pretty complicated. It's actually like four different items, depending if you, if you compose these tokens in a top down or in a bottom, bottom up manner. And if you combine like with, with other NFTs or other other fungible tokens. So we got the other direction as well. That's like fractional NFT. Fractional NFT looks that way that we got something which is an NFT. And well, I would say at the moment the hype is a little bit like over, but like in the, in the bubble, like, like years ago. Some, some NFTs were pretty expensive. Or we can imagine that we have something as a Mona Lisa, which we would some somehow tokenize as an NFT. That's a pretty expensive NFT. So we can do something similar that we tokenize this NFT. In many ways, realizing kind of fractional ownership of that token basically. Because the idea of fractional NFTs is a whole NFT that has been divided into smaller fractions allowing different, different numbers of people to claim or own somehow this piece, piece of NFT. It's actually it has some, some market advantages. The problem is with NFT is that it's even if, if it's like high value, there's no liquidity on the market for NFTs. If you just make like fractional NFTs or FNFTs, then, then this can be traded as small pieces. So it's more values. So it makes it easier like demo, demo rising basically your, your NFT as basically these are small pieces. It makes the price discovery easier. And it gives more liquidity on the market. There are two different standards. One is the multi-fractional, non-fungible tokens. And the other one is the refundable token standard. Both work in a way. So I have three more cases and just try to speed up a little bit. One of the use cases is like NFT royalty. NFT royalty is, it looks that way basically, if, if you are a creative creator and you sell your NFT, you get some money. But you might as well want to get some, some royalty. If somebody says further your, your NFT, that's what an NFT royalty does. It's pretty simple actually. It can't, can't really be standardized very much because, because NFT royalty depends heavily on the, on the NFT market places. And there are many incompatible implementations. So what NFT royalty standard does, it, it has a very simple functions with that you can query how much royalty should be paid and what address. And basically it's standardized in a way, but basically it depends on the NFT market places. If that is implemented in the correct way. Let me just show basically I think I have it open. So it looks that way. So that's it basically that's one function that's royalty info function, which is a token ID and the, and the sale price and based on that stuff. There's some information returning who should, who should get how much, how much amount of royalty basically. So we had a lot of live NFT style use cases or tokens and that's probably it's, it's because of the hype of NFT. But we have some, some, some other interesting stuff as well. And one is like the, the subscription service. So subscription service works that way that, that it, it implements somehow a subscription model on the top of the blockchain. So kind of for a recurring payment. It means that if, if you like, I know if you just subscribe to a service and you want to do it in a blockchain manner. So what you as a provider want to do is to, is to get a, get a small amount of money, which is a small amount of fungible token in every period of time frame. So what these tokens standards do basically they have like, like two functionalities. One is a special LO. So user of a token holder or a token holder can all allow that a certain provider can be through a certain amount of token in a certain amount of time frame. So like, for instance, one die in every month. For instance, if I, if I just subscribe to a service and then we got the provider as well and the provider based on this allowance can basically be through like one die every month practically. And what's important, user can of course cancel subscription in any time. So there's a standard for that. That's like the ELC 948. You can find the idea basically on the blockchain as well, sorry on GitHub as well. Sometimes these things are not really, I mean fully, fully created proposals, just some GitHub, GitHub links. So basically that's the idea. It's like two functions. First is like special improvement, making possible to withdraw certain amount of tokens in a certain time frame and, and cancel this of course. And the other one is like the, the exact transfer the exact withdrawal of that kind of, of that kind of amount of money. Things are getting more complicated as the the, the fully legal or the initiatives for creating fully legal talk and legal tokens on the blockchain. And one, one such initiative is the security so called security tokens. So security tokens is an attempt or was an attempt. Actually, it was created like three years ago. So not, not much heard about that since then that, but I mean, so again, it might be improved improving. Security token is an actual token, which has some, some control functionality. So basically you can widely stand, you can blacklist accounts transfers tokens or amount of tokens. You can freeze, you can look up, look tokens practically, or you can, you can make limitations in transfer of amounts, for instance. That's the idea. Basically, it usually looks that way. It has some, some internal function, which is a verify transfer. So verify transfer can be given to, to any kind of legalized institutes. It can be realized on chain as well. And basically each transfer can be validated based on this verify transfer. So if it's, if it's good from all kind of key YCML point of view, then it can be executed. Otherwise it can't be executed. And then we get some detect transfer. It's again, it's just from two and them on. It does the same thing. Basically, it causes verified transfers. It gives back if a certain amount of, of token transfer from one amount, from one account to another one can be executed or cannot be executed. So this is like the ERC 14 for, which is a simple so called restricted token standard, but that was the idea. Basically for a, for a basic security token standard as well. Again, it is just two public functions. One is the so called that detect transfer restriction. Again, it gives back if, if a transfer from an address to an address in a certain value can be executed or not. And the second one is, is a message, is a message for this, for this restriction. So if that restriction cannot be executed, then what's the reason for that? And everything, which is an implementation is behind the hoods. Again, usually there are some regulated institutes having like certain rules, even in a non chain form. And then basically they can like control everything in the token. So these are the security tokens initiatives. Actually, there's not just one, but like three different initiatives at least. And last but not least, there's a so called token for regulated exchanges initiative. It's, it's sometimes called as, as T-rex as well, because it's a, it's a pretty, pretty big dinosaur. It defines standard interfaces for security tokens on Ethereum, which are, which are, which can be fully regulated or which can be, which can be used in a fully controlled manner practically. So there are many such control mechanism. There's like transfer restrictions. There's some upgradability. There's some requirement for identity management. It's of course kind of a permissioned ERC-20 token, so permissioned fungible token. There are conditional transfers. There are even things for, or requirements for, for wallet recovery and stuff like that. And for that, there's one proposition that's the 3643, which is again, not so simple, but pretty complicated. It has a lot of requirements, what should be, what should be possible in a fully or with a fully regulated security tokens. So these are some of the requirements. Like for instance, there should be an on-chain verification. There should be a account or private key recovery defined. There should be like freeze tokens. There should be the possibility to pose a token and so on and so forth. Transverse and so on and so on. So again, it's quite like T-rex because it's like a big dinosaur. And again, it has like many interfaces. So I would say that was my presentation. It was taken a little bit longer than I expected, but it is usually that's the case. So I'm sure they're going to be, so I mean, based on the first, you know, I mean, search. I found these exciting token types, but I'm sure there are plenty more. And then again, this field is getting to be more and more and more important. And I'm sure we're going to see like more and more direct or explicitly formalized token types and token standards in the future. So I would stop my monologue here and then I would just go through on the questions. Or if you have any questions, comments related to my presentation or tokens or actually to Hyperledger, just feel free to unmute yourself and just ask a question. Otherwise, I'm just browsing basically the questions. Yeah, there's one thing. It's going to be streamed on YouTube. As far as I know, you will find basically under Hyperledger Fabric in YouTube. There's going to be a recording as well. And I will share the slides. Yeah. Again, sorry for my internet. It's just a little bit buggy sometimes. So I'm just browsing the questions if I see anything which is like a more general question. But again, as I see there are many comments. So if you don't want to wait for me until I reach your comment or question, again, just feel free to unmute yourself and just ask a question. So I don't know. I'm just browsing the questions. But it's more like so I would say for some of the questions, it's just easier. I'm going to just share this presentation. And basically you will find all the links of all the token standards. Basically all my presentation. So it's going to be a good starting point basically if you just need like further research. Just one comment from my side. So I mean this whole tokenization process looks like a little bit. If the market isn't high, there are like many, many attempts and many good initiatives. If the market is down, these new initiatives sometimes just, just to go down. I wouldn't say nobody interests, but I mean, especially if there's, if there's like, for instance, a crypto winter, then people just don't get much about these things. But nevertheless, I would say, so it's interesting to, to take a look on these standards. Because I mean supposing you're, you're like, I mean design basically a system, which, which uses such tokens. It's, it's just, just way better to start with something which is already, which is already fine and already ready. Or at least, you know, I mean, I mean, Freddie or something. Otherwise, otherwise it's just more, more difficult. And then I need to, people need to have like, like more brainstorming. So that's why I think it's always a good idea to have like, like, like such, such an explicit list. I have like a couple of questions related to, to legal, legal questions. Unfortunately, I'm not a lawyer. I have mostly a technical background and some me. So I just, once again, some connection issues. But actually I think we got like five more minutes and asking no more. So just go ahead. Yes. Do you have any insight or resources into crypto economics? So, you know, let's say you have a token or you, you create a token and you distribute it out to your community. Is there any sort of writing or any sort of research or anything about how, how the economics works? Of that, of that sort of mini economy that you've created. If that makes sense. Yeah, sure. Yeah, yeah, absolutely. I mean, I mean, that's a very good question. I can't. The moment like resources. But for instance, I saw like a couple of practical and research papers as well. It's like one, one practical consideration was like, like how to like to do like an ICU in a way that the, the price won't collapse practically right away. It had some, some considerations for how much time you should practically lock your, lock your token before it can be, it can be pushed to the market. And then it might be pushed to the market. Not everything in one, one round, but somehow in a step by step basis. So I saw some, some practical considerations in the direction. And I saw some, some theoretical investigations as well. It was more like in terms of DeFi. So, so like in terms of DeFi, there were some analysis for certain protocols. I'm not mistaken for like, like synthetic styles protocols. So it's like, if you have a collateral and based on the collateral, you create like a loan position which is either a stable coin or like a synthetic asset. And the problem might arise that if your collateral is a token that you issued, so it's might be might be vulnerable for, for supply demand attacks. So some, some research papers on that direction. But that's an interesting topic of especially, especially in terms of like DeFi, DeFi, DeFi complex DeFi protocol contains of, contains of many tokens. And each of these tokens can be actually vulnerable for supply demand shocks, which is kind of an economic attack. There, there are some, some published attacks as well, for instance with flash loans and flash loan is typically something. So if you get the protocol like with flash loan, it's, it's usually works. It usually works that way, that you do kind of a supply demand shock on your, on your protocol. So that's a very interesting topic. I can't mention right now, I have to research a little bit. But I would say this is a real field, which is, which is very, very much underdeveloped. There are some complex application tokens. And then security doesn't only contain something which is technical security, but it contains like economical security of your token, of your, of your protocol, for instance. And I mean with that, that your protocol can't be go wrong, even if for some of your tokens as building blocks, there's, there's like a supply and demand shock. And I would say probably the scientific word needs like, I don't know, 10, 10 more years to, to analyze all of the defy protocols that are running on the, all of the tokenized protocols that are running at the moment on the internet and identify all of the, all of the possible. So, so, or such economical violent vulnerabilities. Yeah, I'm looking for practical examples of who's done it, you know, and what their experience has been. And you know what the pitfalls are and I agree it's pretty early, you know. So like, for instance, as far as I remember, like, like the, like one investigation, I think that was, that was like from, from Berkeley. And having again, this paper, it's kind of collateral based lending protocol or stable stable cryptocurrency or, or synthetic asset but it's it's an over collateral is that position. So they investigated in a scientific paper what happens if that, if that collateral has some, some supply demand shocks, shock, and then they identify that if that collateral is practically So, so it can basically the collapse collapse of the price of the collateral can cause basically like a vicious circle, which causes like more liquidation and pushes eventually down the price even more. So basically it might cause in the in the total collapse of certain protocols. That's that was icing from from University Berkeley. I read like one such paper. But again, it's, it's for very, very specific protocols and very specific analysis. So I would welcome if if there's, you know, I mean, I'm in general framework of of investigating these topics. But it's again, it's it's very interesting and it's, it will. I mean, it must be used I mean just just imagine we speak about like, like tokenized applications. And then, and then one issue is that I mean tokens are probably running publicly on a blockchain. They can be hacked. But another issue is the is the is the economics of the of the tokens doesn't work for some reason. Then basically, it can, it can be hacked from an economical point of view. And I think the other example is like the, like the collapse of, of, of Terra Luna that was that was actually the result as well. That, that the, that the system was probably at that attack from from an economical point of view in a in a time period. That, that, that use basically the stabilizing mechanism, which is kind of a senior share and then senior share works if there's liquidity on the market. So if the price collapses in a in a timeframe when there's no, when there's no, no liquidity on the senior ash token market, then the full scheme can can actually collapse. And something similar happened happened with with Terra Luna. So it's okay that's very interesting but you know I just have some, some hints I don't know. I don't know like general frameworks or I don't have general, general answers. Yes. Yeah, the economic principles are very interesting but yeah thank you. Thank you very much for this presentation. I really enjoyed it. I'll connect with you on LinkedIn. Thanks. Thanks. I'm just browsing the question one, one, one, one thing which which might be important. It's an emerging field as well. That like, and it's again I said like, like, like tokenization and the underlying blockchain or settlement layer are two independent sinks, not necessary so there's like initiatives where they are combined at the moment. And this is like layer two scaling for instance. So some of the examples that I mentioned here like, like subscription or recurring payment that can be actually much better, much better realized if if the underlying protocol is not the blockchain, but kind of a layer two protocol. If you have questions just just tell me to yourself just go ahead and just do it. Okay, so I didn't understand the rate rate to take rate to turn occasion. I'm not quite sure which, which one do you mean. Yeah, the rate. Yeah. So the recording the recording payment. Yeah. So could you give an example maybe. Yeah, sure. The idea is that I mean, we got like Alice and Alice, and we get like Bob. That's like Alice. That's like Bob. So that's the classical example. And let's we see, let's we sing that I mean what Bob does he has a video server, basically, and what else does he want to want to watch videos. So these are like watch videos. So that's basically the best realized by by a by a subscription. So she subscribes for this video watching service, which looks that way that like she pays like I don't know, 10 die each month. That's like a classical subscription service. So it looks that way that basically that's like, that's like a subscription service or recurring payment. She, she should, I mean, sorry, the direction is the other one, but actually, she should pay $10 basically for each month. For both. So that's like 1010101010. So the question is how that can be supported in in blockchain. And that's like the kind of blockchain subscription service, which looks that way you get a special improvement. And then Alice will call basically an improvement, which is a kind of a time frame improvement. She allows for Bob to to withdraw from her account, then 10 die for instance each month. So that's an approve basically. She approves for a certain time frame, a certain amount and for somebody so for Bob, for instance, that's like the recipient for instance. And if that happens basically, then what Bob can do. He calls like transfer from pretty similar as similar from and basically he can transfer from any second 10 dollar in each month. But basically it differs from a classical, you know, a proven and transfer function, because, because it has a time frame. There's an amount as well for the time frame. So that's like a very simple implementation of a subscription of an on-chain subscription service. So that's the main value. Okay, thank you very much. I mean presentation was awesome. Okay, I mean you can check more we can check more on the standards basically it doesn't say much more. That's like the RC 948. It's not necessary. I mean, it won't solve all of your problems. Let me put it that way. But it gives at least some at least some some some some initial possible solutions. How such a problem can be solved basically on chain. For instance, this is one example. This is an on-chain solution for that. On-chain solutions for occurring payment for subscription service is not optimal, I would say, which might be considered rather with some layer two solutions. Okay, okay. And then I make in making a paper for my university in blockchain. And is it possible to make an interview to you? Yeah, sure. I mean, I mean, let's just connect with each other. I'm the best reachable via LinkedIn. So just connect me in LinkedIn. Thank you. Thank you very much. Welcome. So I'm not quite sure. I mean, there are many comments, but honestly, I'm just not sure if I can cover everything. So my proposition would be if you if you have a question, just just go ahead and ask it. So the PDF will be shared. Yeah. Hello, Daniel. Thank you very much for a presentation. I have a question about T-Rex. Because my understanding is that it can be used to upload like there was a mention of on-chain ID like personal data information put on chain. How are personal data managed there? Because these are very private data and also how can we make sure to because it cannot be erased over time. So isn't it a regulatory issue on them or other systems to manage personal data? That the system should work with this protocol, which is on-chain ID and I'm not quite sure how it works. But there's some initiative for handling kind of a customer ID on-chain. I don't know the details. So we can take a look or you can take a look after the call. Again, it's on-chain ID. That's a blockchain initiative for somehow storing IDs on the blockchain. I'm sure they don't write personal information into the blockchain. I live in Europe, so GDPR is a pretty tough thing. It comes out in each and every blockchain in considerations that you shouldn't write public or personal information into the blockchain. It's even like different lists, what can be regarded as personal information and what can't be regarded as personal information. So again, I'm not quite sure how on-chain ID works. Probably it's an ID and your personal information is not on-chain but is with some kind of a centralized database, for instance, with kind of a regulated entity that might be actually an idea. But again, I'm sure they don't write personal information into the blockchain. Exactly. So one interesting field is that, I mean, this is tokenization, but there's another interesting field that's like combining the blockchain identity stack in such situations. And that's exactly that's like verifiable credentials, hyperledgery in the end, EDC, and so on and so on. They don't tokenize, they issue verifiable credentials, for instance. So it might be a very interesting ongoing research or even research and development. How the blockchain identity stack with verifiable credentials can be combined basically with a public blockchain token in a way. So I would say either any more questions, again, it's just the best if you just unmute yourself and ask it, because I'm pretty much lost in the chat. So I can't promise I find your question if it is very relevant. I will share the slides certainly both on the YouTube channel and I think it will be basically sent in via email as well from hyperledger. So you can see in the attachment if you just subscribed for one of the meetups officially. So I would say we planned actually to one and a half hour and it's getting to be over. So I would say if there's no more questions then I would like to thank you very much for the participation. I hope you heard some interesting points from me. I hope my network connection wasn't so bad so I mean at least partly my presentation was enjoyable. So again, thank you very much for the participation and and see you next time. Thanks Daniel that was great. And then if you want to send me the slides like you said I'll send it out to everybody who registered. Yeah sure absolutely. Thanks everyone. Thank you very much.