AssetBase is here to provide three needed utilities through the blockchain for individuals and businesses.
Why is the AssetBase Foundation different?
The use of a foundation for its stated purposes is simple.
The foundation is considered a legal person by law and is not owned by anyone. The foundation can hold assets legally in almost any jurisdiction in the world.
The foundation operates as any nonprofit foundation, accepting donations and issuing out gifts; this structure is also recognized by most jurisdictions in the world. AssetBase Foundation gifts are linked to the tokenized receipts (Asset Coins) that are redeemable in the stated asset without expiration.
Why most asset-based tokens being launched today seem like a good idea, tokenized real estate, cars, businesses, precious metals etc.. are really doomed to fail is because these and other assets like them need to have a legal person as a title holder (legal owner) and cannot be held autonomously.
AssetBase Foundation is set up to hold assets and be guided as autonomously as possible.
The founders of the AssetBase Foundation have no legal authority in the Foundation.
The Foundation is controlled by a real council.
The council is three or more attorneys or lay people that control the legal and operations of the Foundation.
AssetBase has in its by-laws that the council has to review the legality and possible consequences of proposals of the virtual council, and if possible, after this review, implement the approved proposals of the virtual council. The by-laws require that the council protect all gifts (real assets) reserved for the asset coin holders in perpetuity until said receipt for asset tokens are redeemed.
What We Do
AssetBase Foundation is working on ways to standardize asset tokenization.
Much like a bank loans money to a business or individual, we are working to develop a platform where a person can present information on an asset he would like to tokenize (e.g. land, precious metals, rental property, a business etc.) and acquire funds through.
There are two types of assets classes the Foundation is looking in to: vaultable and non-vaultable assets.
The vaultable assets can be appraised, graded, and insured in a vault; these might include precious metals, gems, or other such items. Non-vaultable assets include proprieties such as real estate, businesses, other types of investment that cannot be put in the vault.
How we can help a business or person tokenize their Assets
One way to do this is:
Community Acquisition of Asset Campaign
Proposal to the foundation’s virtual council
The person or entity wishing to tokenize an asset will first fill out an extensive proposal form on the foundation website like:
Type of asset: vaultable or non-vaultable
Other information : real-world value, cash flow, taxes, insurance, prospective, improvement ideas etc.. The asset foundation community will vote on whether to have a token campaign, if that vote is successful then it will proceed to the next step: 3rd party verification of value and clear title, the true value of the asset will be determined along with a title search(depending on the asset) if that comes back positive we will proceed to the Coin Offering campaign and will preminted tokens for the necessary amount to cover the investment cost and expenses. If a minimum amount is not reached all token buyers will receive a refund. If the minimum amount is sold the acquisition precedes.
If the campaign is successful the funds will be held in escrow until the transfer of ownership or encumbrance of the asset from the asset owner to a foundation or designated legal vessel.
In order to safeguard the person or entity tokenizing their asset a clause in the token contract will allow him to buy back all the tokens for a set amount. In case of default or turnover, token holders may vote to liquidate an asset. In this event, the asset donor will have a right to purchase all coins before sale proceeds. Other ways Asset Base Foundation can help is by Valuation and verification of assets In the above matter the foundation will promote other new and exciting ways to tokenize assets such as determining value and safety for other asset tokenization campaigns. We will attempt to determine real world, value, dangers of assets, and investment quality to promote all types of asset tokenization. We will seek help to perfect contracts for different assets.
You can help by
Aquiring, using and transferring Asset-based coins
Donating directly to the foundation in tokens or fiat money
If you are a programmer and would like to donate your time to make and review contracts or would like a job working for AssetBase foundation please contact us.