Not long ago I moved house and dug out a stack of old photos. I was being lazy and just took them one by one with my phone, saving them to my photo album—I thought that meant they’d been digitized. Later I realized that these “electronic photos” could only be viewed; they couldn’t be zoomed in or edited, and they couldn’t be shared or sent out. Taking pictures simply put a digital shell on old things—it didn’t mean they truly became native digital assets.
Later, when I came across the project @Dusk , I found that in the context of RWA (real-world assets) it also splits the path into two types, somewhat like the difference between “taking photos” and true native digitization.
One approach is tokenization—plainly speaking, it’s like “taking photos.” For example, real estate, bonds, and fund shares: these assets still exist in traditional systems. On-chain you issue a corresponding token for them, essentially leaving a mirrored representation. The key steps—ownership confirmation, settlement, distributions—still have to be handled back in the real world, running slowly through offline processes.
The other approach is native issuance—equivalent to “digitizing directly.” From the day an asset is born, it exists on-chain. Issuance, registration, transfer, interest payments, and redemption are completed on-chain as much as possible. The longer the chain, the more can be managed on-chain, and the fewer middle steps you need to go through. For instance, interest and distributions can be automatically sent based on on-chain holdings, without waiting for a custodian to reconcile transactions one by one. What #dusk aims to provide is precisely the infrastructure to support this native issuance flow—of course, assuming the institution and trading venues have the appropriate licenses and product configurations.
I thought it through: tokenization may be the necessary road in the short term, but in the long term it looks more like a transitional solution. Native issuance is the endgame, but it brings all the old headaches—regulation, legal matters, settlement—onto the chain all at once, so naturally it’s much harder. I’m optimistic about the direction in the long run, but don’t expect it to happen overnight in the short run. As for the coin $DUSK , do your own homework—don’t just take my word for it.
Later, when I came across the project @Dusk , I found that in the context of RWA (real-world assets) it also splits the path into two types, somewhat like the difference between “taking photos” and true native digitization.
One approach is tokenization—plainly speaking, it’s like “taking photos.” For example, real estate, bonds, and fund shares: these assets still exist in traditional systems. On-chain you issue a corresponding token for them, essentially leaving a mirrored representation. The key steps—ownership confirmation, settlement, distributions—still have to be handled back in the real world, running slowly through offline processes.
The other approach is native issuance—equivalent to “digitizing directly.” From the day an asset is born, it exists on-chain. Issuance, registration, transfer, interest payments, and redemption are completed on-chain as much as possible. The longer the chain, the more can be managed on-chain, and the fewer middle steps you need to go through. For instance, interest and distributions can be automatically sent based on on-chain holdings, without waiting for a custodian to reconcile transactions one by one. What #dusk aims to provide is precisely the infrastructure to support this native issuance flow—of course, assuming the institution and trading venues have the appropriate licenses and product configurations.
I thought it through: tokenization may be the necessary road in the short term, but in the long term it looks more like a transitional solution. Native issuance is the endgame, but it brings all the old headaches—regulation, legal matters, settlement—onto the chain all at once, so naturally it’s much harder. I’m optimistic about the direction in the long run, but don’t expect it to happen overnight in the short run. As for the coin $DUSK , do your own homework—don’t just take my word for it.