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Security tokens: architecture, smart contract applications and illustrations using SAFE

机译：安全令牌：架构，智能合同应用和使用安全的插图

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Purpose - Blockchain technologies have pervaded modern crowdfunding and capital sourcing through a variety of financial instruments implemented as smart contracts. Smart contracts provide a unique mechanism not only to create a unique one-of-a-type financial instrument, but also to enable unique innovations atop existing financial instruments due to underlying efficiencies. The smartness comes from the flexibility that programs provide which can create extremely unique financial instruments that are often complex to implement, yet easy to create, maintain through versioning, trade and destroy. The purpose of this paper is to describe the security token architecture as an application of smart contracts. Further, the author illustrates the implementation and design of a commonly used financial instrument known as Simple Agreement for Future Equity (SAFE) using the security token architecture proposed and smart contract functionality. The author then models the transaction using relational algebra, and, models the utility maximization. The author shows how on account of reduced information asymmetry between the investors and SAFE users (i.e. startups) utility is positive when smart contract-based security tokens are deployed for each state in the SAFE contract. Design/methodology/approach - Using an existing well-adopted instrument called a SAFE contract, the author illustrates the architecture of a smart contract-based security token system. The author illustrates how different components of a SAFE contract can be implemented as a smart contract and discusses the advantages and disadvantages of applying blockchain-based smart contracts to design SAFE instruments. The author deploys two methods: a state space diagram to explain state transitions and a utility model to explain the utilities. Findings - The key findings of this research study are the design of a security token architecture, which can be used to convert any the physical or contract-based financial instrument to a smart contract that runs on the blockchain. However, there are limitations to the implementation of the same which can be overcome. The model illustrates the positive utilities derived for all economic actors, i.e. the contractors, the utility providers, etc., in the market. Originality/value - This paper is an original paper. For the very first time, the author explored the architecture of a security token system. Using a well-known financial instrument, namely the SAFE, the author describes various components, e.g. the four contracts that form SAFE and then model the utilities for the system.
机译：目的 - 通过各种金融工具作为智能合约实施的各种金融工具，区块链技术已经遍及现代众筹和资本采购。智能合约提供独特的机制，不仅可以创建独特的型式金融仪器，而且还可以通过潜在的效率实现现有金融工具的独特创新。智能性来自灵活性，程序提供的灵活性，它可以创造出往往复杂的实现极其独特的金融仪器，而且易于创建，维护版本化，交易和销毁。本文的目的是将安全令牌架构描述为智能合同的应用。此外，作者说明了使用安全令牌架构和智能合同功能的安全令牌架构的未来公平（安全）称为简单协议的常用金融仪器的实现和设计。然后，作者使用关系代数模拟事务，并模拟实用程序最大化。作者展示了在安全合同中为每个州部署了基于智能合同的安全令牌时，投资者和安全用户之间的信息不对称减少的信息不对称，在安全合同中部署了每个州。设计/方法/方法 - 使用现有的良好采用的仪器称为安全合同，说明了基于智能合同的安全令牌系统的体系结构。作者说明了安全合同的不同组成部分如何实施为智能合同，并讨论应用基于区块链的智能合同来设计安全乐器的优缺点。作者部署了两种方法：一个状态空间图，以解释状态转换和实用程序模型以解释实用程序。调查结果 - 该研究研究的主要发现是安全令牌架构的设计，可用于将任何基于物理或合同的金融工具转换为在区块链上运行的智能合同。但是，可以克服相同的实施情况有局限性。该模型说明了为所有经济演员而导出的积极公用事业，即承包商，公用事业提供商等，在市场上。原创性/值 - 本文是原始纸张。这是第一次，作者探索了安全令牌系统的体系结构。使用着名的金融工具，即安全，作者描述了各种组件，例如，形成安全的四个合同，然后模拟系统的实用程序。

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