The cost of protection against counterfeit is low.
The merchant can take a quick glance at the 20 and look for the difficult watermark. Thus the merchant and customer can act as if they are a ring fence of secure elements. Each party has a one step protocol.
Stock certificates have a complex contract associated with them, their exchange costs are high, like blockchain based currencies. In the partition we get high powered money operating on the more expensive and secure exchange system.
In Fintech, both contracts and coins are crypto digital with low cost executions. So we will get a very sharp partition between high powered money and auto-traded coins, there is no transaction cost wedge between the two forms. Hence we get the sharp layering between auto-traded cash and smart contracts, and can identify the smart contracts as mostly mapping time and space to relative likelihood.
The subject comes up again because Matt Levine is on the case. Matt is well respected in sorting this stuff out. With respect to ICO, the distinction demands a definition of the coin. Is it meant for banking purposes, a discount coupon for purchase, an ownership certificate? Our personal secure elements can easily handle all types.
If your company is doing an Initial Fintech Offering, just identify the contract web location, our bots and apps can build out the interpretation properly. Our apps can search and find places to trade any contract you define.
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