Smart contracts are the foundation of asset tokenization. When digitizing an asset, financial institutions, corporates, and other issuers consider various tokenization frameworks.
Taurus upholds a smart contract agnostic approach, enabling issuers to select the smart contract that best suits their needs based on use cases, geographical considerations, and local regulatory and compliance requirements.
The CMTA (Capital Market & Technology Association) recently published a comparison of the most popular tokenization standards, a work led by Jean-Philippe Aumasson and Ryan Sauge, respectively Taurus' CSO and Security Engineer. This comparison aims to provide a clear and comprehensive understanding of CMTAT's Solidity code, ERC-1400, and ERC-3643, highlighting the strengths of each standard and its suitability for various use cases.
The analysis is designed to highlight the distinct characteristics of each framework. A missing feature does not necessarily indicate a shortfall but could be a strategic design choice. This analysis focuses solely on Solidity and EVM-compatible smart contracts, excluding other technologies like Polymesh, and reflects the state of these frameworks as of January 2024.
Below, we provide a comparative overview of the following security token standards:
- ERC-1400, as supported by Polymath’s https://github.com/PolymathNetwork/polymath-core
- ERC-3643, also known as “T-REX Protocol”
- CMTAT’s Solidity implementation version 2.3.0
Comparison of tokenization smart contract frameworks |
|||
| CMTAT Solidity code | ERC-1400 | ERC-3643 | |
|---|---|---|---|
| Version compared | CMTAT 2.3.0 | polymath-core | Tokeny's T-Rex |
| ERC-20 | ✅ | ✅ | ✅ |
| Transfer restriction | ✅ | ✅ | ✅ |
| On-chain identity management | ✅ | ||
| Document management | ✅ | ✅ | |
| Whitelist management | ✅ | ✅ | ✅ |
| Token contract pause | ✅ | ✅ | ✅ |
| Snapshots/checkpoints | ✅ | ✅ | |
| Explicit support of debt instruments | ✅ | ||
| Third-party security audit | ✅ | ✅ | ✅ |
| Role-based access control | ✅ | ✅ | Partial (only one role Agent) |
| Security identifiers | ✅ | ||
| Mint & burn to any address | ✅ | ✅ | ✅ |
| Forced transfer function | ✅ | ✅ | |
| Partially fungible token support |
✅ |
||
| Contract version tracking | ✅ | ✅ | |
| Gasless support (ERC-2771) | ✅ | ||
| Customizable modular design | ✅ | ||
| License | MPL 2.0 (permissive) |
Apache 2.0 (permissive) |
GPL 3.0 (copyleft) |
Share on
