The ITIN “CNH3-QEFR-E” has been assigned to the “STASIS EURO” (EURS) token by ITSA.
About STASIS EURO (EURS)
Produced by STASIS, EURS was developed to tokenize the traditional fiat asset known around the world as the Euro. EURS mirrors the value of the Euro on the blockchain, and is said to be supported by liquidity assurance mechanisms combining the benefits of a global fiat with the transparency, immutability and efficiency of the blockchain. According to their website, all tokens are fully backed by 1:1 collateral reserves. The company aims to promote transparency by providing daily statements from account providers along with weekly verifications and quarterly audits by a top 5 global accounting firm.
The International Token Standardization Association (ITSA) e.V. is a not for profit association of German law that aims at promoting the development and implementation of comprehensive market standards for the identification, classification and analysis of DLT- and blockchain-based cryptographic tokens.
When transferring, buying or referencing a token (e.g. in a contract), you have to make sure it is the correct one on the correct ledger rather than a copy on an obscure fork. But how to identify these tokens uniquely, permanently over time and internationally? Referring to tokens with their name, ticker or smart contract address only is prone to errors, ambiguity and misspellings.
For this, ITSA has developed the International Token Identification Number (ITIN) and its technical foundation, the Uniform Token Locator (UTL).
Efficient and seamless token identification
An ITIN provides the details for the exact identification and location of tokens at any time and comes with great benefits:
"ITIN is the first identifier that embraces the decentralized nature of the token economy. Tokens can now be uniquely identified and referenced in e.g. legal contracts without worrying about forks. This is a decisive foundation for a healthy growth of the token ecosystem."Project Manager ITIN at ITSA
How does it work?
What makes the ITIN so powerful is its technological foundation, the Uniform Token Locator (UTL). Think of a website in the WWW. It can be uniquely accessed by an internet address – precisely, an URL – even if the content itself is moved from one server to another. In the same way, tokens can be uniquely addressed through the UTL. Just like the URL for websites consists of different components such as a protocol and a subdomain, the UTL for tokens includes the following parts:
What is needed to technically identify a token?
The UTL consists of these elements and allows a unique identification of tokens. These elements are automatically provided by ITSA when registering an identifier:
- Genesis hash: The hash of the genesis block of a blockchain.
- Post-fork hash (PFH): The hash of the first finalized block complying to the protocol rules of the newest blockchain fork. This hash is generally unique.
- Recent hash (RH): The newest known hash of the chain.
- Optional: Smart contract address: Required for non-native tokens.
- Optional: Token sub-address: Required for multi-token contracts.
What is an example for a UTL?
Are you interested in the technological underpinning?
With the post-fork hash (2) and smart contract address (4) combined most tokens can be identified. Non-fungible tokens can also be addressed by adding a token sub address (5). The optional recent hash can be added as a metric for the reliability of the UTL. As new forks in a blockchain can occur at any time after issuance of the UTL, including the most recent hash available (3) helps assessing the UTLs ambiguity.
Shorten the long UTL to a short ITIN
UTLs are quite lengthy even though they are technically correct and needed for a unique identification. We therefore developed the following approach: ITIN. It works like an UTL shortener allowing long UTLs to have a short identifier:
Are you interested in even more technological backgrounds?
You can easily resolve UTLs to ITINs using ITSA servers. So, you could for example take some smart contract from Ethereum and ITSA will return the ITIN (“reverse lookup”), in case an ITIN has been assigned.
Example: Here is the UTL page of Binance. On this page you can easily see the variable ITIN that represents the ITIN of Binance’s BNB token.
You can also obtain UTLs based on an ITIN. This works as follows: From the ITIN page, one can always generate an up-to-date UTL.
Example: Here is the ITIN page of Tether. On this page you can find existing UTLs for this token and a button to generate the most up-to-date UTL.