ITSA Presents Tokenbase: The World’s Largest Token Database
Berlin, May 10, 2021— The International Token Standardization Association e.V (ITSA) presents the newest version of the world’s largest DLT token database on May 10, 2021. Tokenbase is a holistic database for the analysis of tokens and currently lists over 4000 tokens. It combines the unique and fork-resilient identification data of the International Token Identification Number (ITIN) and in-depth classification according to the multi-dimensional International Token Classification Framework (ITC) with market and blockchain data from third-party providers and partners. For example, Tokenbase directly connects data from legal contracts to the listing in Tokenbase. ITSA members can access Tokenbase via API to add tokens and assign an ITIN within seconds.
Tokenbase: The world’s largest DLT token database
Tokenbase builds upon ITSA’s International Token Identification Number (ITIN) and International Token Classification (ITC). It provides extensive data for the analysis of tokens. At the time of this announcement over 4000 tokens have been uniquely identified, and the top 200 tokens according to market capitalization have been classified according to ITC version 1.0. With the classification of these 200 Tokens, Tokenbase now provides in-depth information about 99% of the token market. By assigning an ITIN to tokens, ITSA gives them a unique identifier that allows the connecting and matching of other media and data to the token, such as a legal contract or price data. Tokenbase also carries data about where to find the token in a blockexplorer and links to any other available social media channels like GitHub, Reddit, or Twitter. In a way, Tokenbase is a one-stop-shop when researching and analyzing any listed token.
What does a Tokenbase entry look like?
Bitcoin (ITIN: DXVP-YDQC-3) is the world’s most prominent cryptocurrency and was one of the first tokens listed in Tokenbase. Using Bitcoin as an example, we will now go through the Tokenbase entry step by step, beginning with basic data.
In figure 1, you can see the basic data listed about Bitcoin. Here, Tokenbase provides a first overview of the token in question. The following information can be found in this first category:
- ITIN: The token’s ITIN number and all data in JSON form for API access. Here, you can find even more data than seen in the frontend, like price, trading volume, market cap., block hashes, and more.
- Website: A link to the token’s website, here it is bitcoin.org.
- Block Explorer: A link to the tokens block explorer page.
- Links: A token’s social media channels like Reddit, Twitter, and GitHub, as well as a link to the Coinmarketcap page of the token.
When trying to gather information about a token, this is a perfect first stop. Tokenbase users can look for recent news about the token or its issuer through the social media channels, find market data on coinmarketcap, or go for a deeper look at recent transactions through the blockexplorer.
Token classification according to the ITC
A more detailed view of the token is then provided by the full ITC classification, as seen in figure 2 below. Here, Tokenbase shows the classification of the token in all six current dimensions of the ITC, broken down to the smallest possible sub-category. These dimensions are:
- Economic Purpose (EEP): Describes the reason for the token’s creation from an issuer’s perspective.
- Industry Type (EIN): Describes the industry that the issuer of the token is active in.
- Technological Setup (TTS): Describes how the token is implemented and deployed.
- Legal Claim (LLC): Describes the legal claim that the cryptographic token entitles its holder to.
- Issuer Type (LIT): Describes the legal nature of the issuer of the token.
- Regulatory Framework EU (REU): Provides information on the potential classification of a token according to the European Commission’s proposal for a Regulation on Markets in Crypto Assets (MiCA, Regulation Proposal COM/2020/593)
From this, we can gather that Bitcoin: is used only for payments and is not tied to any fiat currency (Unpegged Payment Token), runs on its own blockchain (Blockchain-Native Token), has no legal personality or foundation behind its issuance (Issuer Type: Distributed Ledger Protocol), does not entitle a token holder to any rights (No-Claim Token), and that Bitcoin is in the scope of MiCa (Other In-Scope Crypto Asset). Normally, one would have to read the whitepaper and look at multiple third-party sources to accumulate this information about a token. In Tokenbase, all of this information is gathered on one page, streamlining the analysis of tokens.
Unique identification for legal contracts
Token Purchase Agreements are currently heavily reliant on using a token/wallet address to identify the relevant token. There are a few issues with this approach, but the most problematic is that a token or wallet address may change when a chain forks. In contrast, the ITIN is fully fork-resilient thanks to its underlying Uniform Token Locator (UTL), meaning it does not change and can always be used to identify the correct token. Hence, every entry in Tokenbase includes a passage for identification in legal contracts, as seen in figure 3. The QR code leads to the tokens entry in Tokenbase, providing all the information discussed earlier and clearly identifies the token with its ITIN.
Issuer Data: Who is issuing the token?
While it may be hard to identify a legal entity behind some tokens (for example there is no clearly identifiable legal entity issuing bitcoin), for many other tokens this is not the case. For those tokens that have a clearly identifiable legal entity issuing them, this entity is then listed in tokenbase as the issuer along with its registered address and country of registration. For example, in figure 4 you can see the basic data and issuer data for the Amazing Blocks AG Registered Shares Token. This token represents tokenized shares of the Liechtenstein company Amazing Blocks AG, the first of its kind. If an issuer has issued multiple tokens, Tokenbase can also compile a list of all tokens issued by said entity.
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Maximilian Bruckner is Executive Director at the International Token Standardization Association (ITSA) e.V., working to create the world’s largest token database including a classification framework and unique token identifiers and locators. He has a strong international background with significant time spent in Spain, South Africa, and Canada. Currently pursuing studies at the Frankfurt School of Finance and Management, you can contact him via E-Mail and connect on LinkedIn if you would like to further discuss ITSA or have any other open questions.
ITSA e.V. aims at promoting the development and implementation of comprehensive market standards for blockchain- and DLT-based cryptographic tokens. To increase transparency and safety on global token markets, ITSA e.V. assigns a unique and fork-resilient identifier (the ITIN) to each individual token and classifies the token according to our International Token Classification Framework (ITC). This data is then entered into the TOKENBASE. It is our vision to create the world’s largest DLT token database and see our market standards be implemented across the world. Our working groups are actively driving the development and progress of both the ITIN and the ITC.
- 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 the 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.