Model

In a digital financial ecosystem:

All representation of value is in token form at addresses on a digital ledger
All flows of value are token flows on the digital ledger
The location of each token defines its ownership
Physical and organisational assets exist off-ledger, with only their title tokenised on-ledger
Everything else exists only on-ledger, as native digital cash tokens, or as native digital asset tokens
Native digital tokens represent either inherent value in cash or assets, or commitments to future flows of value

Issue native asset tokens that represent flow commitments, not conventional assets
Make the flow tokens smart and potent, rather than the business systems
Make these smart tokens self-actuating, self-executing and self-limiting
Make the smart tokens individually fractionalisable and tradeable
Measure value and risk at the level of the tokens, not of the assets
One smart token = one commitment to one flow from one issuer to one recipient