The Ethereum community has approved ERC-3643 as a standard for compliant tokenization of real-world assets. The proposal has undergone formal review, discussion and agreement within the Ethereum community, similar to the process used to establish the ERC-20 and other popular standards in the past.
What are the features of ERC-3643
The alphanumeric code known as ERC-3643 helps in managing RWAs, facilitating payment systems, and running loyalty programs. It verifies users’ eligibility for a token via a self-sovereign identity (SSI) framework, providing anonymous yet verifiable credentials.
The approved standard was proposed in 2021 and is built on top of ERC-20. It incorporates two distinct permission layers to enhance security and compliance. The first layer focuses on the identity and eligibility of the transaction receiver.
This helps in utilizing ERC-734/-735 standards to verify if the necessary claims are present on the identity. Later, they are authenticated by trusted claim issuers.
Asset tokenization converts the value of an asset into a digital token on a blockchain or distributed ledger, increasing liquidity, speeding up settlements, and providing transparency and accessibility to various markets. It can be used for fractional trading of real estate, art, financial assets and intellectual property.
The second layer of tokenization implements global restrictions on the token itself, such as limits on daily token volume and the maximum number of token holders, ensuring controlled and regulated token circulation.
Technical Analysis and Prediction of the ETH Coin Price
JPMorgan analysts predict that a potential network upgrade for Ethereum could have a bullish effect on the crypto market next year. In their crypto outlook for 2024, they believe that Ethereum will outperform Bitcoin and other cryptocurrencies and gain market share. The Current support levels for the ETH coin price are at $1,783 and $1,567.
They stated that, while they are cautious about overall crypto markets in the coming years, the forthcoming upgrade, known as “Protodanksharding” could help Ethereum reduce transaction costs and increase the number of transactions per second. However if this took place, there are two major reistsnaces on top $2398 and $2956 where the bears will be active. Price prediction for the ETH coin is bullish as long as the bulls can remain above the first support.
Conclusion
The Ethereum community has approved ERC-3643 as a standard for tokenization of assets. JPMorgan analysts predict that Ethereum will outperform Bitcoin and other cryptos in 2024.
Technical Levels
- Support Levels: $1,783 and $1,567.
- Resistance Levels: $2398 and $2956
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2023/12/17/ethereum-network-eth-bulls-broke-a-major-resistance-level/