The Ethereum community has officially approved the Ethereum Improvement Proposal (EIP) ERC-3643, making it a Recognized standard for compatible tokenization real world assets (RWA)
According to what was announced on December 15, the proposal was presented to the parliament. latest situationThis means that it has been officially reviewed, discussed and approved by the Ethereum community. This is a similar process to what we have seen in the past with the creation of ERC-20 and other popular standards. The official X account of ERC3643.org commented: “The Ethereum community has approved the #ERC3643 standard as the first #tokenization standard. We are proud to announce that the ERC3643 standard has achieved ‘Final’ status in the #Ethereum Improvement Proposal (#EIP).”

Ethereum Community Approved #ERC3643 Firstly #Tokenization Standard

We are proud to announce that the ERC3643 standard has achieved ‘Final’ status in its standard. #Ethereum Improvement Suggestion (#EIP).

Read more here: https://t.co/Z4XzijY6se#RWA pic.twitter.com/DhR3XmGrVU

— ERC3643.org (@ERC3643Org) December 15, 2023

ERC-3643 is a standard for tokenizing securities, RWA, payment systems and loyalty programs. The organization backing the proposal explained that this proposal verifies users’ eligibility to receive a token through a self-sovereign identity (SSI) framework, providing anonymous yet verifiable credentials.
Standard, Recommended in 2021It is based on ERC-20 and includes two different authorization levels to increase security and compliance.
The first level focuses on the identity and eligibility of the recipient of the transaction, using ERC-734/-735 standards to verify whether the required credits are present in the identity and verified by reliable lenders. The second level ensures controlled and regulated circulation by imposing global restrictions on the token itself, such as daily volume limits and maximum number of holders.
There asset tokenization It involves converting the value of a physical or digital asset into a digital token on a blockchain or distributed ledger. Possible benefits of asset tokenization include greater liquidity, faster payments, transparency and accessibility to various markets. Real-world applications include the ability to fractionally trade real estate, financial, art and intellectual property assets.
management consulting company Roland Berger predicts asset tokenization will reach a $10 trillion market by 2030; This is a significant increase from the current value of approximately $300 billion.
Asset tokenization is considered a major trend in finance by a wide range of traditional and crypto-native companies. Companies researching this technology include JPMorgan, Goldman Sachs and Société Générale. Datas VanEck Research Highlight that despite headwinds in the crypto sector, the total market value of RWAs reached $342 billion in September.

Translation by Walter Rizzo