- In a digital economy, all flows of value are token flows on a digital ledger
- Digital tokens are either direct value in cash or pledges of future flows
- Physical assets off-ledger are tokenised as ‘title tokens’
- Everything else exists only in token form, and only on-ledger
- One token = one pledge to one flow from one issuer to one recipient
- The location of a token defines its ownership
- Issue tokens at the pledged flow level, not the asset level
- Make the tokens, rather than the business systems, smart
- Make the smart tokens self-actuating, self-executing and self-limiting
- Make the smart tokens individually tradeable and fractionalisable
- Measure value and risk at the level of the tokens, not of the assets
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