2Tokens has received the green light from the European Regional Development Fund (ERDF) for the further development of theToken Roadmap. The project is co-funded in the context of the European Union's response to the COVID-19 pandemic (REACT-EU).
The starting point for phase II is the ERDF supported project Roadmap Token Financing. The Token Roadmap was built to help companies decide whether issuing (in this case financial) tokens themselves is a possibility and what is required. By working with projects from everyday life, where tokens are successfully applied, various working groups have been able to fill in the Token roadmap. An example of such a successful project is the electronic bill of cargo between the ports of Rotterdam and Singapore. In addition, the level of technical readiness and knowledge is improved. All knowhow, experience and results gained have been bundled on 2Tokens.org.
The digital transition is in full development. This also includes a new perspective on tokenization, removing barriers, making regulations transparent, but also taking advantage of the opportunities that tokenization offers by creating awareness. This project has been started with the support of, among others, Innovation Quarter, which means that riskier innovations that contribute to a more sustainable society can get off the ground more quickly. 2Tokens phase II includes:
- The development and demonstration of a digital infrastructure for the first, fully paperless, legally recognized transfer of ownership, based on a tradable digital bill-of-lading (eBL). This infrastructure will be deployed on the Netherlands-Singapore trade route (standard container transport) and Norway-The Netherlands (transport of containers with green hydrogen).
- By developing and demonstrating the financing based on tokens through the listing of a (virtual) basket of deep tech and high-tech startups.
- Describing best practices and developing new use-cases and developing (inter)national standards so that the roadmap can be further developed and demonstrated in practice.
Various (inter)national interest groups, such as the International Association for Trusted Blockchain Applications (INATBA), the InterWork Alliance (IWA), the International Token Standardization Association (ITSA), the Dutch Blockchain Coalition and the Dutch Ministry of Economic Affairs & Climate, support the mission of 2Tokens.
The potential of token technology is enormous – partly due to more efficient digital solutions for existing financing methods (e.g., crowdfunding, fractional ownership) and the emergence of entirely new models for financing and forms of collaboration. The programmability of tokens also offers new opportunities for companies to be more flexible with their property, voting rights, dividends, and financing. This will drastically affect the core of what is a legal entity.
"Tokenization will transform our economy in the same way that stocks and stock markets did in the 17th century. For a digital stock exchange such as NxChange, it's important that we create the right environment for these innovations to happen – so it's great that multiple parties have come together to do whatever it takes to realize this potential,"
"In the port of Rotterdam, we are working with parties on the digitization of supply chains, and we see tokens as an interesting opportunity when it comes to digitization of logistics and energy chains."
The mission of 2Tokens is to formulate a guide, as part of a larger vision, for any type of organisation which wants to leverage token technology. It is the aim to come to a shared understanding on token finance and, as such, is a public-interest initiative supported by a diverse community of technology companies, policy makers, financial advisors, banks, and legal & regulatory experts and academia. The project is sponsored by the European Union and is a joint effort of Blocklab (Port of Rotterdam), NxChange and the 2Tokens foundation with the endorsement of the Erasmus University Rotterdam, TechLeap NL, government, and several industry players. The 2Tokens project has the ambition to raise awareness, stimulate relevant discussions, and bring together knowledge/expertise to reduce the barriers to the adoption of tokenization and help realize the wider social benefits.
Note to editors
For more information, contact the 2Tokens Foundation:
Alex Bausch, email@example.com
https://www.2tokens.org/, twitter: @2tokens.org