Leading security token issuance and management platform ‘Tokensoft‘ has announced that it will now support issuance of security tokens on the Tezos blockchain. TokenSoft helps issuers to launch and manage asset-backed tokens and digital securities on the blockchain in a compliant and secure manner, regardless of the jurisdiction.
Notably, TokenSoft was the first company to bring multi-signature, cold storage technology to digital securities. The firm’s clients will now be able to issue compliant tokenized securities on Tezos and then have them administered securely using TokenSoft’s enterprise grade cold storage custody solution for tokenized securities, Knox.
Why Tezos Blockchain
The Tezos blockchain provides a high level of security and resilience to the security token market. It was designed to facilitate formal verification, which helps secure smart contracts and avoid buggy code.
- Institutional Grade Smart Contracts : The Tezos blockchain facilitates formally verified smart contracts, the same methodology used to ensure safety in mission critical settings, such as in aerospace technologies.
- Secure Custody: A formally verified multi-signature contract is now included natively within the Tezos client software. This enables cold storage deployment and management of smart contracts for the highest level of security.
- Familiarity : The FA1.2 managed ledger standard includes some functionality inspired by ERC-1404, making it possible to enforce requirements on a jurisdictional basis when it comes to banking, securities and tax regulations.
- Upgradability: Tezos includes a formal mechanism by which stakeholders can upgrade the protocol. This enables Tezos to smoothly adopt new technical features and stay at the cutting edge.
Mason Borda, CEO of TokenSoft stated “We first started working with the Tezos blockchain over a year ago, we’re excited to take our services to the next level. With the introduction of the Tezos multi-signature and FA1.2 smart contracts, we now have the key ingredients to provide our institutional grade services on the Tezos blockchain.”
At a Glance: Previously in October 2018, tokensoft developed the a new Ethereum token standard ERC-1404. The new standard developed by TokenSoft is fully open source which adds to its security, transparency and quality.