BTC, ETH or XRP. As clear as the short names for digital tokens are, they are no longer unique and cause confusion in the token market. More than six percent of digital assets currently use the same abbreviations. For example, both the Altcoin and the Alt.Estate token are abbreviated with ALT. Various organizations have set themselves the goal of bringing order into the crypto world. Two of the most promising approaches are the DACIN Registry and the ITSA.
The two organizations have a similar approach, but also differ in some key points.
The Digital Asset Class Identification Number (DACIN)
The goal of the DACIN Registry is to help the class of digital assets grow. With the identification number the team wants to reduce the uncertainty of the individual market participants. In order to reach a large audience, each company can have a DACIN issued for its tokens free of charge. DACIN Registry then makes some of the information generated by the registration available to the community. The DACEBOOK team behind the number consists of experienced capital market experts. They have discovered major data problems and operational risks while investigating the digital asset market. This was the initial motivation to design DACIN. The DACIN consists of a total of 16 characters. It starts with the letters DA for Digital Asset. This is followed by a twelve-digit code divided into three blocks. At the end of the DACIN there is a two-digit checker. Each Digital Asset Class Identification Number is unique, trillions of different numbers can be issued and the entire community should benefit from a distribution of the numbers.
We from edeXa wanted to try out the registry and applied for a DACIN. After a longer waiting time and a short inquiry by mail we received our individual number: DA00005LQ7KG0G59
The International Token Classification (ITC) & International Token Identification Number (ITIN)
The issuing International Token Standardization Association (ITSA) e.V. is convinced that cryptotokens will soon become an important part of various important economic sectors. They are also confident that this triumphal march will create benefits for companies and society. The organization’s goal is to implement understandable standards for the global token market. The ITC helps market participants from industry and research to move in an orderly environment in the future. A classification in economic, technical and legal dimensions takes place. In addition to the ITC, which is already used by over 800 different tokens, the ITSA also publishes the International Token Identification Number (ITIN).
This is a unique identification number (similar to the DACIN) for all cryptographic tokens. Companies that register their tokens with the ITSA also have access to the International Token Database (TOKENBASE). In this database, information such as token daily prices, market capitalization or trading volume can be viewed. All information can be downloaded and used by authorized users in a variety of formats. For non-commercial use, the ITSA services are available free of charge. For commercial or academic use, a license must be purchased. Prices vary between €20 and €5,000, depending on the size of the company and whether the membership is active or supportive.
We are curious to see whether the DACIN or the ITSA will be able to gain acceptance among the general public. Also we are delighted that these organisations bring order to the market with these initiatives.