En3point’s approach to tokenization, digital assets, NFTs, differs from general negative perception of NFT’s being just digital art and a get-rich-quick scheme with speculative crypto market trading and numerous sad news brought during the crypto winter.
NFT's can be of real tangible value and we want to change the common perception by diverting the focus to real assets and services. Something that can bring value, let it be a membership of a community, ownership of digital goods, access to physical places, collection of memories, the list is endless. As stated, everything can be tokenized – if done properly.
Web3 can enable new ways to use, share, purchase experiences, services, products with family and friends.
Let's Define an Asset - with Asset3nity
An asset can be ANYTHING that you want to tokenize. In En3point, we created a concept called Asset3nity to capture the essence of an asset.
All assets are based on end3point's concept of Asset3nity, which is composed of:
Asset Identity – the definition of your asset
Verifiable Ownership – immutable control of ownership, and record of assets ownership
License of Use – the definition of usability,
Asset Identity:
Asset identity variable include things like:
General definition of the asset in plain text and encrypted, carried along with the asset's metadata and image
Details of the issuer and verification method to ensure authenticity of the asset issuer.
Verifiable Identity Credentials
Ownership:
Any asset has only one owner at given time. Verifiable data and transactions are immutable and stored in the blockchain, meaning all data is visible and verifiable but still without exposing the privacy of the owner.
License of Use:
License of Use is the key differentiator of En3point’s system compared to others. The focus is to enable complete life-cycle control for any asset. Our solution assists in creating rules, required authentication and authorization methods for asset usage and transfers. Any asset can be brought to the system, and every asset may have different ways to be consumed.
Fundamentals of Asset structure in technical terms
The En3point solution relies on asset3nity as a key concept. We abstract technical implementation details of asset management for the normal customer.
For the business entity that is managing assets, it is essential to understand how your assets are interconnected within the En3point ecosystem. Detailed technical descriptions are provided in our Customer Support Documentation.
In Web3 lingo, assets can be represented as tokens in a Smart Contract for which it may include multiple tokens. The quantity of tokens that can be defined can be anything from one to many. A smart contract is controlled by its owner and contains all rules of ownership of tokens.
Users own their wallets. Tokens can be transferred to and from wallet in the form of transactions and all transactions are approved by the owner of the wallet, i.e., the user.
In summary:
• Any asset can be represented as token in smart contract
• Owner controls the smart contract
• Smart contract contains all rules and ownership of tokens
• Tokens can be transferred to and from wallets
• Wallets are owned and controlled by customers
• Only Holder of the token can authorize the usage of the token
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