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The Axioms of Digital Investment

  • 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

5 Rules for Optimal Digital Issuance


  1. Issue tokens at the pledged flow level, not the asset level
  2. Make the tokens, rather than the business systems, smart
  3. Make the smart tokens self-actuating, self-executing and self-limiting
  4. Make the smart tokens individually tradeable and fractionalisable
  5. Measure value and risk at the level of the tokens, not of the assets

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