Smart contracts

  • Crypto Currencies (CYC)

  • Payment Token

  • Utility Token

Type

Crypto Currencies

Ticker

CYC

Token (Blockchain)

ERC20 (Ethereum)

Solidity code

Code Repository

Description:

Crypto currencies can be used as a store of value and medium of exchange as well as provide some functionalities such as access to web applications and other services. We contemplate crypto currencies as commodities. They are highly fungible and have no intrinsic value, so their value is driven by their utility and scarcity rather than a stream of cash flows.

Features

· Initial supply

· Token name

· Decimal units

· Token symbol

Minimum listing requirements

· AML & KYC

Sub-type: Payment Token

Examples: Bitcoin, Litecoin, Dash

Description: Crypto currencies without functionalities apart from storing value and medium of exchange.

Sub-type: Utility Token

Examples: Ether, NEO, Waves

Description: Crypto currencies with functionalities besides storing value and medium of exchange.

  • Income Smart Contract (ISC)

  • Equity Token

  • Debt Token

Type

Income Smart Contract

Ticker

ISC

Token (Blockchain)

ERC20 (Ethereum)

Solidity code

Code Repository

Description:

ISCs allow issuers the distribution of income by setting fixed or variable payments in Ether to token holders. Capital distributions are automatically executed provided some predefined contract specifications are met.

Income Smart Contracts are classified as financial assets and may be analogous to conventional equity and debt instruments.

Features

· Initial supply

· Token name

· Decimal units

· Token symbol

· Holding time

· Payments

Minimum listing requirements

· AML & KYC

· Payments schedule disclosure

Sub-type: Equity Token

Examples: Common stock, Preferred stock

Description: Tokens set up with variable payments at issuers discretion.

Sub-type: Debt Token

Examples: Loans, Bonds

Description: Tokens set up with one-off or fixed periodic payments.

  • Asset-Backed Tokens (ABT)

  • Commodities

  • Financial assets

Type

Asset-Backed Tokens

Ticker

ABT

Token (Blockchain)

ERC20 (Ethereum)

Solidity code

Code Repository

Description:

ABTs represent digital ownership with respect to an underlying tangible, intangible or financial asset. Lescovex only considers for listing ABTs whose underlying assets are highly fungible, such as commodities and securities. To decide which asset class an ABT represents to we look at its underlying asset. If an ABT is “backed” by a commodity, we will consider it a commodity. Likewise, if an underlying is a security the ABT will undoubtedly be a financial asset.

ABTs are traded in the spot market and thus cannot be regarded a financial derivative unless the underlying asset is indeed a financial derivative.

Features

· Initial supply

· Token name

· Decimal units

· Token symbol

· Asset category

· Contract specs

Minimum listing requirements

· AML & KYC

· Highly fungible underlying

Contract standardisation:

With the aim of facilitating the trading activity for asset-backed tokens, Lescovex will define standardised contracts with some specifications such as contract unit, settlement method and procedures as well as delivery period for the underlying asset.

Sub-type: Commodities

Examples: Agriculture, Metals, Energy, Currencies

Description: Asset-backed tokens whose underlying asset is a commodity. Therefore, they have no intrinsic value.

Sub-type: Financial assets

Examples: Equity, Debt, Derivatives

Description: Asset-backed tokens whose underlying asset is a financial asset. Therefore, they have intrinsic value.

  • Crypto Investment Fund

  • Closed-end

  • Open-end

Type

Crypto Investment Fund

Ticker

CIF

Token (Blockchain)

ERC20 (Ethereum)

Solidity code

Code Repository

Description:

CIFs may take the form of closed-end or open-end and whose underlying investments comprise digital assets of any kind. Smart contracts unleash efficiency improvements for investment funds operations, including fast and auditable capital calls and distributions alongside transparent, error-proof, Net Asset Value (NAV) calculations. We label crypto investment funds as securities.

Features

· Initial supply

· Token name

· Decimal units

· Token symbol

· Holding time

· Payments

· Automatic NAV calculations

· Closed-end supply

· Open-end supply

Minimum listing requirements

· AML & KYC

· Statutory regulatory requirements

Sub-type: Closed-end

Examples: ETFs

Description: Closed-end crypto funds have a fixed token supply so they cannot be redeemed but traded in the secondary market. Tokens’ price will depend on markets’ demand and therefore may trade above or below the NAV attached to the underlying investments.

Sub-type: Open-end

Examples: Mutual funds, Hedge funds

Description: Open-end crypto funds have a variable token supply, meaning they can be issued and redeemed upon request. Tokens’ value equals the NAV of the underlying investments which includes any management fee.