One of the goals in the Blockchain space is to digitize real world assets such as real estate, US Dollar, Gold, Euros, Oil, Stocks & Bonds and more. This market is said to be worth over $250 Trillion Dollars. The Tokens would represent fractional ownership or control of the asset. Through trusted attorneys Smart Contracts would be created appointing ownership to those named in the Smart Contract and registered Ethereum addresses. This would create a legally binding document which could be enforced under penalty of law. TrustToken will also be issuing the “TrueUSD” Stablecoin which will be pegged to the USD, it is also the first asset to be launched on the TrustToken platform.
TrustToken, a Cryptocurrency will be the heart of the platform. It will:
- Pay fiduciaries who fulfill accounting requirements and interface with legal-financial institutions
- Align incentives between platform participants and disincentivizes bad actors
- Collateralize all SmartTrusts’ underlying assets
The TrustProtocol will be created to have an audit trail of fiduciary behavior for Smart Contracts, Escrow agreements, and assets. Given the nature of Smart Contracts and a lack of legal repercussions, it makes sense that to grow adoption, these elements will need to be added into the Blockchain ecosystem to protect them and their assets. It also makes sense to launch a Stablecoin that will protect investors or Cryptocurrency holders against massive volatility which is guaranteed at this point in the Blockchain space.
“Without legal penalties to offset misappropriation rewards, the risk of defection will rise with increasing asset tokenization Protocols, decentralized apps, and exchanges relying on tokenized assets are all at risk, Ultimately token holders need asset management that they can trust.” -TrustToken team
Team & Partnerships
TrustToken is lead by CEO Danny An, who is based in San Francisco, California. Prior to starting TrustToken he was a Data Scientist at Kernel, a biotech company headquartered in Los Angeles, CA. He also spent 1 year at PWC in San Francisco as a product manager and analytics innovation accelerator. He received a BA from the University of Texas in Information Systems. Also onboard is Rafael Cosman who has a strong entrepreneurial background founding companies like Street Code Academy which raised $1M to educated communities in East Palo Alto for youth interested in Coding. He also worked at Google, and Kernel. He earned his degree in computer science from Stanford University in computer science. The third founder is Stephen Kade, who served as a project manager for Kernel from 2015-2017. He also has an entrepreneurial background founding a company called NeuroTech X in 2015.
Supporting TrustToken’s growth is Stanford Universities “StartX Fund”, prominent law firm Cooley, and renowned investment firm BlockTower. The combined team brings talent from major companies like Google, Facebook, Goldman Sachs, PayPal, Yale, Carnegie Mellon, Wharton and more. TrustToken is currently finishing it’s final raise, and it will be interesting to see it’s development in the coming months.