ITSA Publishes International Token Identification Number Documentation on GitHub
June 30, 2021 — ITSA published the International Token Identification Number (ITIN) framework documentation on GitHub under a creative commons license. The documentation is in mark-down form and can be accessed under the following repository: ITIN Repository. ITSA believes that publishing our ITIN documentation as an open market standard for the unique and fork-resilient identification of tokens is key in our mission to increase transparency and safety in global token markets. Our public GitHub repository allows stakeholders and market participants not only to learn about the International Token Identification Number but also to easily participate in the further collaborative development of the ITIN market standard. Find out more about ITSA here.
The International Token Identification Number
The token economy has gained significant momentum. As of today, an ecosystem of more than 5,100 publicly traded crypto tokens and over 245,000 Ethereum tokens has emerged. However, due to the lack of holistic market standards, this wave of new tokens may confront market participants with ambiguity and uncertainty, exposing retail investors to avoidable risks and deterring institutional funds. Acknowledging the market‘s need for more standardization in order to grow and mature, ITSA has developed the International Token Identification Number (ITIN) as a unique identifier, which covers all Blockchain-based cryptographic tokens, regardless of the type of token it is.
Any identifier needs a strong foundation that copes with the particularities of the ecosystem it is intended for. To build a strong and sustainable foundation for the ITIN, and to consider the characteristics particular to the decentralized world, ITSA is introducing the Uniform Token Locator (UTL). The UTL is a novel identification and referencing standard capable of uniquely identifying all types of tokens across different ledgers and is resilient to chain splits. Just like information on the World Wide Web (WWW) is identified by a Uniform Resource Locator (URL), tokens are identified through the UTL. ITSA maintains a register mapping UTLs to ITINs. Other organizations can also use the UTL and map it to their shortened identifier.
In short: the ITIN is a 9-digit technical identifier for both fungible and non-fungible DLT based cryptographic tokens. It is both unique and fork-resilient and allows for the connecting and matching of other media and data to the token. Recently, there have been more and more calls for a unique identifier for tokens. Most notably, the ECB has specifically mentioned the ITIN in their recent paper on the use of DLT in post-trade processes.
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 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. Third-party data of several partners is already integrated, and API access is also in development.