A number of emerging security token platforms are suggesting EIP (Ethereum improvement proposals) for new ERC standards specific to security tokens.
I don’t understand why this is something worth spending our community resources on. This can easily be done with an ERC20 or ERC721 (I know because I pawsonally advised on that amewsing project). What is the point or benefit of creating a new standard beyond marketing and PR for the EIP proponent?
One example of this already on Ethereum today is the contracts that were deployed to Ethereum MainNet by Vancouver based iComplyICO (full disclosure: I’m a cofounder)
Additionally, because you cannot have security token compliance without KYC, let’s talk about self sovereign ID. Projects such as Civic are not accepted by Fintrac or Finsec so it would be imprudent and impractical for use in a security token. In a world of global public blockchain securities we need PIPEDA/GDPR compliant, zero knowledge proof, LEI (legal entity identifier) solutions that can both give the individual control of their data and scale to meet the 19.5 Trillion USD demand the CFTC expects over the next 22 months.
Bloomberg Law and Reuters Private Investor Network covered this last week…
