BLABS Token Upgrade
BLABS is now ERC-1400 compliant
On 30 July 2019, Polymath announced a major milestone, with the release of v3.0 of the Polymath Protocol. With full ERC-1400 compliance, Polymath v3 leads the way in improving interoperability and communication within the security token ecosystem.
Blockchain Labs have been a supporter of Polymath since inception, using their CLI and Token Studio on behalf of ourself and clients. Our own BLABS token was one of the first to be created using Polymath, and along the way we have collaborated with the Polymath team on various enhancements to the protocol, such as the new Lockup Transfer Manager.
BLABS was initially created using the first release of Polymath’s protocol, then upgraded to v2, and we are pleased to announce our upgrade to v3.
The Importance of ERC-1400 Compliance
The ERC-1400 specification consists of an interoperable library of security token standards developed through a collaborative process involving stakeholders from across the security token ecosystem.
We feel strongly as a company that adoption of the ERC-1400 standard is important for ensuring the future liquidity of any digital security. Using standardised interfaces for the core functionality helps reduce friction for third-party services (e.g. KYC providers, custodians, exchanges, wallets, block explorer) to integrate with a security.
As well as upgrading BLABS, we have upgraded all of our clients to the latest release of Polymath’s protocol to ensure ERC-1400 compliance (for example Enegra’s EGX token).
Being ERC-1400 compliant also allows us to give regulators such as the Labuan FSA comfort with our issuance of BLABS and future plans for capital raises and listing.
Access to Additional Features
As well as being fully ERC-1400 compliant, the Polymath v3 release contains many new features designed to make tokens easier and more flexible to manage.
One of the core features of Polymath’s architecture is the ability to add functionality to a token through modules, meaning that a token can be fully customised to a specific asset and jurisdiction, and allow for extension and future-proofing of the functionality associated with your the token. As well as improving the core token, the v3 release includes updates to existing modules, and exciting new modules.
Whilst the ability to add and remove modules from a token has always provided a lot of future-proofing, following the v3 release both core token functionality and individual modules can now be upgraded in-place.
New BLABS Contract Address
The upgrade from v2 to v3 means that we have a new BLABS contract address, 0x3607f34271b8d734e323690dd71a0212627f91e5.
We have issued 100,000,000 BLABS from the new contract address to Treasury, and have burned all 100,000,000 BLABS from the old contract address. We have also contacted Etherscan to start the process of updating the new token details and deprecating the old one, to reduce any potential confusion.
We will shortly be issuing BLABS to existing shareholders. Please direct any queries to investor@blabs.asia.
Blockchain Labs Asia has been working with blockchain technologies in various sectors since 2014. We apply new paradigms & technologies to transform industries, from concept to capital-raising, implementation & operation. Our focus is on using tokenised securities to transform illiquid assets into liquid assets.
The equity of Blockchain Labs Asia Ltd (LL11527) has been tokenised, and the rights to the equity is represented by the BLABS security token issued on the Ethereum network.
Visit our website, join our Telegram chat, or contact support@blabs.asia for more information about our company and BLABS.
