Topic: Worldview of Bytom Bystack (I): The Three Dimensions of Asset (Read 43 times)

Xiao Feng (CEO of Wanxiang Blockchain) defines assets by three states: Solid, represents the verification of asset, in which state assets can be transferred as a whole; Liquid, represents the securitization of asset, where assets can be split into parts; Gas, represents the blockchainization of asset, a state where assets can diffuse in the whole space and are no longer subject to the limitation of container (asset platform), and every individual, institution and organization can manage their own assets via their private key.

This is a very vivid metaphor, which also inspired us to name Bystack’s sidechain Vapor. However, the three-state theory above seems to consider only the evolution process of assets, but does not define asset types. When it comes to the definition of asset types, the industry has not offered a unified standard. The advent of protocols like Ethereum ERC20, though targeting different asset types, still bring no unified standard, for example, ERC721, ERC875 can realize asset blockchainization that cannot be divided or replaced and have the uniqueness of property right, but there’re subtle differences between them. In such a context, the industry is in urgent need of a standard definition for asset types, which is applicable to all blockchain asset protocols.

Well, so, how Bystack define asset types? How we vary on-chain asset from offchain asset (traditional asset), and what’s the difference among onchain assets, what dimensions should assets have?

The Tao produced One: TrustworthinessWhen we withdraw one hundred yuan from the bank, it was as if the bank gives you an IOU (I owe you) of a hundred dollars, and we trust the bank would accept the 100 dollars. In the past, there was 100-dollar worth of gold back it, while now there’re no more physical assets behind it but the credit guarantee from the state institutions. In this sense, it is the country and banks that we trust rather than the money.

When we shop online, we’ll place the order quickly if we see positive customer reviews about the commodity we want to buy. And in this case, it is the ratings system of the e-commerce platform that we trust rather than the shop.

Nevertheless, that trust is actually unreliable, as fiat money may depreciate and the good ratings may be faked. In blockchain thinking, any trust that requires a third-party is not reliable, that’s why Satoshi Nakamoto figured out the trustless electronic payment system in a decentralized way. And there comes the definition of Trustworthiness – a feature owned by asset or transaction without going through a trusted third-party.
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