General Assembly 2021: What’s next for ITSA?

ITIN and Tokenbase integrated in several use cases

This year was a great deal for the general acceptance of ITSA’s market standards. The International Token Identification Number (ITIN) has been integrated into several projects including the securitization platform TOKO, which uses the identifier to uniquely identify the issued securities. The cooperation with DLA Piper and BCW has had a major impact on the overall functionality of the ITIN since it required the support of new distributed ledgers such as Hedera Hashgraph, Algorand, and Stellar. For the upcoming year, additional relevant ledgers will be continuously added to the ITIN in order to support a diverse ecosystem for the issuance of security tokens. Furthermore, the recently developed API, which connects ITSA’s active members with the Tokenbase, allows issuance platforms to automatically assign ITINs and ITC classifications to their respective tokens. The usability of the API has also led to the integration of the ITIN and the ITC in automated product information sheets in on-chain asset management platforms like Enzyme.Finance. Active members of ITSA can issue their desired funds on the platform and simultaneously assign ITINs and ITC classifications. The automation of the process relies on the publicly available on-chain data that can be accessed through third-party services that connect clients with the relevant smart contracts. In 2022, ITSA will closely cooperate with our members to improve the existing infrastructure and the overall functionality of the offered services. This also includes a feature for creating token lists by the issuer itself, providing a great opportunity to create trust among users and platforms.

Figure 1: Automated product information sheet with ITIN and ITC assignment

ITC expanded by four dimensions

This year, the International Token Classification (ITC) framework has been extended by four additional dimensions, which marks the biggest expansion since its inception three years ago. The four new dimensions split into two economic, one legal and one technological dimension.

ITSA’s new Executive Board

The entire ITSA family wants to thank the resigning board members for their great efforts in shaping our association and welcomes the new board members! We are happy to announce that Prof. Ferreira from Portugal has been the first woman assigned to the Executive Board and that with her and Nils Bundi from Switzerland, the Executive Board has become more international. This is an important step towards diversifying ITSA and establishing the association as a global player.

Figure 2: The newly elected Executive Board of ITSA

The International Token Standardization Association (ITSA) e.V.

The International Token Standardization Association (ITSA) e.V. is a not-for-profit association of German law that aims at promoting the development and implementation of comprehensive market standards for the identification, classification, and analysis of DLT- and blockchain-based cryptographic tokens. As an independent industry membership body, ITSA unites over 100 international associated founding members from various interest groups. In order to increase transparency and safety on global token markets, ITSA currently develops and implements the International Token Identification Number (ITIN) as a market standard for the identification of cryptographic tokens, the International Token Classification (ITC) as a standard framework for the classification of cryptographic tokens according to their inherent characteristics. ITSA then adds the identified and classified token to the world’s largest register for tokens in our Tokenbase.

  • The International Token Identification Number (ITIN) is a 9-digit alphanumeric technical identifier for both fungible and non-fungible DLT-based tokens. Thanks to its underlying Uniform Token Locator (UTL), ITIN presents a unique and fork-resilient identification of tokens. The ITIN also allows for the connecting and matching of other media and data to the token, such as legal contracts or price data, and increases safety and operational transparency when handling these tokens.
  • The International Token Classification (ITC) is a multi-dimensional, expandable framework for the classification of tokens. Current dimensions include technological, economic, legal, and regulatory dimensions with multiple sub-dimensions. By mid-2021, there will be at least two new dimensions added, including a tax dimension. So far, our classification framework has been applied to 99% of the token market according to market capitalization of classified tokens.
  • ITSA’s Tokenbase currently holds data on over 4000 tokens. Tokenbase is a holistic database for the analysis of tokens and combines our identification and classification data with market and blockchain data from external providers. Third-party data of several partners is already integrated, and API access is also in development.

Remarks

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International Token Standardization Association

International Token Standardization Association

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The International Token Standardization Association (ITSA) is a not for profit organization working on holistic market standards for the global token economy.