James Belding, the CEO of Tokenized, recently made the trek to Toronto for the CoinGeek Toronto Conference 2019. The two-day event was a huge success due to the incredible knowledge that was provided, which resulted in a better than expected turnout. Belding took the stage at one point, discussing Tokenized and what it means to the cryptocurrency ecosystem and his presentation has been made available for everyone to view on YouTube. It’s an excellent look at how the Bitcoin space is transforming and the role Bitcoin SV (BSV) is playing in that transformation.
Tokenized is designed to offer solutions to regular people, businesses, governments, etc. It’s all about adding value in the blockchain, which BSV has already initiated. Ultimately, Tokenized envisions an ecosystem that works from one hub, one app to become the portal to everything. Belding points out that this was never possible before BSV and adds, “Our mission is to use Bitcoin SV and the Tokenized Protocol to make voluntary exchange simpler, faster, and much more affordable.”
Belding emphasizes that it’s important to think ahead as technology becomes more sophisticated. Tokenized is about creating more relationships, more cooperation, bigger networks, more specialization and to make life simpler, thanks to BSV. It is an application layer protocol that utilizes the BSV blockchain to pass and store messages. The protocol focuses on records from different activities—finance, legal, commerce, accounting, etc.—from all types of legal entities and can ultimately replace current standards, such as SWIFT, LEDES, FIX and others (4:57).
A token is a digital record of ownership. Tokenized tokens are assigned by a smart contract to a BSV address in response to a transfer request, and are used to represent property, shares, bonds, tickets and virtually anything that can be issued (5:47). Once the process has been initiated, all subsequent activity is automatically recorded on the blockchain and tied to that initial record.
The smart contracts are able to reduce the amount of complexity of a given transaction, such as those listed above, and ensure adherence to rules. Once the data is stored on the blockchain, it is permanent and immutable, always available to substantiate the transaction and its parts. The smart contracts also have the benefit of being extremely cost-efficient to implement, manage and exchange.
One of the main reasons Tokenized chose to build on the BSV blockchain is because it is the only network that has proven that large blocks are possible, making large amounts of data storage easier. It is also the only network being built to support businesses and allow them to work more efficiently, more accurately and at a reduced cost. The companies that adopt the BSV blockchain can be confident that the network will be able to handle their traffic and that all tokens issued by the smart contract issued on the blockchain comply with the pertinent laws.
Tokenized is building smart contracts that are easier to use and easier to implement. They are also backed by the strength of the BSV developers, who are working toward a singular goal, not fractioned into different groups working on their own agendas. This creates cohesion and common implementations that will help BSV stay strong as other digital currency projects begin to die due to a lack of fundamental business acumen.
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