Assets on Hastra can be categorized broadly into unique, singular assets and divisible assets. Singular or unique assets, such as loans, are non-divisible and cannot be replicated or replaced by equivalent units. Conversely, divisible assets like shares of stock can be split into smaller equivalent parts.
These two types of assets are commonly referred to in the web3 community as "Non-Fungible Tokens" (NFTs) for unique assets, and "tokens" for divisible or fungible assets. For the purpose of this guide, the equivalent terms "tokenized asset" or "structured asset" will be used to denote an asset that is represented by a corresponding token, thus allowing fractionalized ownership of the asset. Defining an asset starts with determining whether an asset should be non-fungible or fungible.
Non-Fungible Assets - Scopes
When the established asset is unique then it can be assumed that it will be a non-fungible token (NFT) on Hastra, represented as a Scope using the Provenance Metadata Module. Scopes are NFTs on Hastra. For example, Figure uses Scopes to manage loan assets that can be transferred between counterparties bilaterally, warehoused, or securitized. Scopes represent unique digital assets that benefit from a registry and immutable history to establish validity. Scopes are important because they provide a cryptographic link between on-chain NFTs and the off-chain data that defines the NFT.
Examples of Non-fungible Assets:
- Loan (Mortgage, HELOC)
- Title (Auto Registration)
- Digital Collectibles
Fungible Marker Assets
When an asset is referred to by name and quantity rather than a unique identifier, it is represented as a fungible token (FT) on Hastra. FTs are represented using the Marker Module on Hastra. Each Marker has basic characteristics like a name and total supply. They represent tokens such as Hash, Bitcoin and Ether. In addition, Markers have the ability to encapsulate quantities of other Marker tokens and Scopes providing the necessary financial industry asset structures for trading. For example, Figure uses Hastra Markers to manage pools of loans, funds, and cap tables. Each of these represent fractional ownership of a set of underlying digital assets where the fractional ownership is defined by blockchain account ownership of the Marker total supply.
Examples of Fungible Assets:
- Crypto Currencies (Bitcoin, Ether, etc.)
- Utility tokens (Hash, ATOM, OSMO, etc.)
- Tokenized Securities and Non-Securities (pools, securitizations, warehouses, participations, company cap tables)
Onboarding an NFT Asset
The anatomy of an asset is as simple as a folder or directory on a desktop computer. Each Scope (asset) is a folder. Each folder contains one or more SHA-2 hashed records or files where the actual file data is stored off-chain. Hastra's systems require certain records to be present in order to guarantee interoperability between your defined asset and available tooling. An asset's simplest on-chain form that can also interoperate with Hastra is a Scope that contains a single record named "asset". The asset record contains key data pertaining to the immutable history that Hastra maintains. The asset data, including Pll, is stored off-chain in an encrypted object store.
Hastra provides data layouts for generic assets, loans, and loan servicing data. The blockchain API consumes the Hastra data layouts to easily onboard assets to Hastra. Assets that are boarded using a data format are NFTs and aren't mandatory for security tokens.
Structured Asset(s)
Businesses can issue tokens, pool loans, manage funds, etc., using structures. There is no prerequisite for using a structure and as such the structure can be created before or after a data-based asset. Any structure can trade on Figure Securities and operate with Figure-developed smart contracts.
Asset Manager makes the creation and administration of tokens simple and easy. To issue tokenized securities, issuers can create a blockchain structured asset through the "Structured Assets" menu item. These securities have a unique name that functions as a ticker for blockchain-based applications. Each security has an initial supply that represents the number of shares or tokens it begins with. It is essential for issuers to choose the appropriate restrictions during the issuance process, as all tokenized securities will be of the restricted type and require holders to have a Passport. Issuers will also have administrative functions to approve who can hold, transfer, and trade shares.
In addition to the user-friendly interface, Asset Manager offers an API, enabling the development of custom Ul solutions. The platform simplifies the complexities associated with digital asset management, allowing issuers to focus on their core business activities while leveraging the benefits of the Hastra ecosystem.