ICON’Un new IRC16 token standards will make it easier for distributed notebook technology-based securities and physical assets to comply with laws.
The ICON team announced their new token standards through Medium. These standards have been made quite suitable for distributing securities assets as a token with distributed notebook technology. New tokens can now be printed on ICON Blockchain. The biggest advantage is that it makes the token press operation extremely transparent and adapts to the rules of the regulators.
The IRC16 token standards come with special functions. Ilar Token Transfer Control ”feature for senders and receivers KYC (authentication) and AML (anti-money laundering system). Another feature is to check the regulatory rules and investigate the accuracy of the documents.
On the other hand, ICON also makes it easier to tokenize physical assets. When physical assets are converted into tokens, ownership of an asset can be divided and the parties can easily prove their existence. In addition, when the asset is divided into small pieces as token, the liquidity is increased. Thus, an asset can have more investors in the long term.
ICON also benefits from smart contracts for system operation. The seller and the buyer ensure that they do their part, a certain amount of commission is charged for this service.
ICON (ICX) tokens gained about 80% last month and showed a very good performance. What is ICON? You can browse our article.