ICON Announces New Token Standards
ICON’s new token standards will be processed soon.
ICON ‘s 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 the new token standards on Medium . These standards have been made quite suitable for distributing securities assets as a token with distributed notebook technology. The new tokens can now be printed on the 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. The or Token Transfer Control up feature checks whether the senders and recipients comply with the rules of KYC (identity verification) 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, the ICON also facilitates physical assets to be tokenized. 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.
The ICON (ICX) token gained around 80% last month and showed a very good performance.