Element Tokens da Everything Tokens: Tsarin Gine-gine Biyu don Tattara Kayan Dukiya Na Musamman

1. Gabatarwa

Fitowar kayan dukiya masu shirye-shirye akan blockchain na nufin ƙaddamar da zuba jari a cikin kayan dukiya na musamman masu ƙima amma marasa ruwa kamar ababen more rayuwa, ma'adinai, da masana'antun wutar lantarki. Duk da haka, samfuran tokenization da suke akwai sau da yawa suna ɗaukar waɗannan hadaddun kayan dukiya a matsayin gabaɗaya, suna ɓoye sassansu daban-daban (misali, fitarwa ta zahiri, haƙƙoƙi, ƙimar bashi). Wannan haɗuwa yana haifar da rashin bayyana ƙima, manyan shingayen shiga, da kuma iyakance ikon masu zuba jari don samun bayyanar da aka yi niyya. Wannan takarda tana ba da shawarar sabon tsarin gine-gine biyu na tokenization don magance waɗannan iyakoki.

2. Tsarin Gine-gine Biyu na Tokenization

Babban ƙirƙira shine raba wani hadadden kayan dukiya zuwa sassa masu daidaito da sake haɗa su, wanda nau'ikan token guda biyu daban-daban ke sauƙaƙa.

2.1 Element Tokens

Element Tokens suna wakiltar sassa masu banbance-banbance, masu daidaito, da cikakken haɗin gwiwa na ainihin kayan dukiya. Misalai sun haɗa da:

• Output Tokens: Suna wakiltar da'awar kan raka'a na fitarwa ta zahiri (misali, 1 MWh na wutar lantarki, 1 oza na zinariya).
• Right Tokens: Suna wakiltar takamaiman haƙƙoƙin amfani ko shiga (misali, haƙƙin haya na ƙasa, izinin hakar ma'adinai).
• Credit Tokens: Suna wakiltar ƙimar muhalli ko na ka'idoji (misali, ƙimar carbon, Takaddun Shaida na Makamashi Mai Sabuntawa).

Kowane Element Token yana goyon bayan abokin aikinsa na zahiri 1:1, yana tabbatar da bayyana kuma yana rage haɗarin abokin ciniki.

2.2 Everything Tokens

Everything Token (ET) yana wakiltar ainihin kayan dukiya gabaɗaya a matsayin kwandon da aka ƙayyade ko fayil na Element Tokens da suka haɗa shi. An bayyana shi da takamaiman ƙa'idar haɗawa maras canzawa. Misali, ET na gonar makamashin rana ana iya bayyana shi azaman tarin 1000 na Output Tokens na Wutar Lantarki, 50 na Right Tokens na Ƙasa, da 200 na Credit Tokens na Carbon.

2.3 Juyawa Biyu & Arbitrage

Wani muhimmin tsari yana ba da damar juyawa ta atomatik tsakanin Everything Token da kwandon sa na Element Tokens, da kuma akasin haka. Wannan yana haifar da madauki mai ƙarfi na arbitrage:

1. Idan $P_{ET} < \sum_{i=1}^{n} (q_i \times P_{E_i})$, inda $P_{ET}$ shine farashin ET, $q_i$ shine adadi, kuma $P_{E_i}$ shine farashin Element Token $i$, masu arbitrage za su iya sayan ET, su mayar da shi don samun Element na asali, su sayar da su don riba mara haɗari.
2. Wannan matsin lamba na sayayya yana tura $P_{ET}$ sama zuwa Ƙimar Net Asset (NAV).
3. Aikin akasin haka yana aiki idan $P_{ET} > NAV$, yana ƙarfafa ƙirƙirar sabbin ETs daga sassan da suka haɗa.

Wannan tsari, wanda aka yi wahayi daga ƙirƙira/ransom na ETF, yana da mahimmanci don kiyaye daidaiton farashi da ingancin kasuwa.

3. Misalai Masu Bayyanawa

3.1 Bangaren Makamashi: Tashar Makamashin Rana

An yi tokenization na gonar makamashin rana mai 50MW. An fitar da Element Tokens don:

• Fitar Wutar Lantarki (kowane MWh)
• Haƙƙin Haya na Ƙasa (kowane acre-shekara)
• Takaddun Shaida na Makamashi Mai Sabuntawa (RECs, kowane raka'a)

3.2 Bangaren Masana'antu: Aikin Hakar Ma'adinai

An yi tokenization na ma'adinan zinariya zuwa:

• Output Tokens na Zinariya (kowane oza)
• Right Tokens na Ma'adinai
• Credit Tokens na Bin Ka'idojin Muhalli

4. Fa'idodi & Abubuwan da ake la'akari

4.1 Fa'idodi ga Masu Zuba Jari & Masu Dukiya

• Ƙananan Shingayen Shiga: Yana ba da damar zuba jari na raka'a a cikin manyan ayyuka.
• Bayanan Haɗari/Komawa: Masu zuba jari za su iya daidaita bayyanawa zuwa takamaiman sassan kayan dukiya.
• Ingantaccen Gano Farashi: Cinikin Element yana bayyana ƙimar ƙananan sassa.
• Ƙarfafa Ruwa: Tsarin gine-gine biyu yana haifar da wuraren ciniki da yawa.
• Kuɗi Mai Sassauci: Masu dukiya za su iya tara jari a kan takamaiman sassa.

4.2 Aiwa da La'akari da Ka'idoji

• Tsarin Doka: Taswirar tokens na dijital zuwa haƙƙoƙin duniya na zahiri yana buƙatar ingantaccen ra'ayi na doka da amana na kwangilar wayo.
• Amincin Oracle: Dogaro akan oracles don bayanan duniya na zahiri (misali, fitarwa na samarwa) yana gabatar da wurin gazawa.
• Rarraba Ka'idoji: Ana iya rarraba Element Tokens a matsayin tsaro, kayayyaki, ko wani sabon abu, yana buƙatar bayyananniyar jagorar ka'idoji.
• Hadaddun Aiki: Gudanar da tsarin rayuwa (fitarwa, fansa, rarraba riba) na nau'ikan token da yawa yana da rikitarwa.

5. Injiniyoyin Fasaha & Ra'ayin Mai Bincike

Binciken mai binciken masana'antu game da tsarin gine-ginen da aka ba da shawara.

5.1 Babban Fahimta & Tsarin Hankali

Hazakar takardar tana cikin gane cewa rashin ruwa na hadaddun kayan dukiya ba kawai matsala ce ta girma ba—ta tsarin rashin bayyana ce. Tokenization gabaɗaya shine ƙirar dijital akan tarin analog. Tsarin hankali na marubutan ba shi da aibi: 1) Rarraba kayan dukiya zuwa "atoms" masu ma'ana na kuɗi, masu daidaito (Element). 2) Yi amfani da waɗannan atoms a matsayin tubalan gini don "kwayoyin halitta" na roba (Everything Token). 3) Ƙirƙirar tsarin juyawa maras gogayya, na atomatik tsakanin jihohin biyu. Wannan ba kawai raba raka'a bane; shine spectroscopy na kuɗi, yana barin kasuwa don tantance da farashin takamaiman tsawon raƙuman ƙima a cikin wani ɓangaren da ba a bayyana ba a baya.

5.2 Ƙarfi & Kurakurai

Ƙarfi: Tsarin arbitrage shine fasalin mai kisa. Ta hanyar aro daga ingantaccen littafin wasan ETF, yana ba da tsarin daidaitawa na kasuwa, wanda yawancin abubuwan DeFi ba su da shi. Yana juya hasashe zuwa ƙarfi don ingancin farashi. Tsarin gine-gine kuma yana warware matsala ta "rangwamen haɗawa"—inda hadadden kayan dukiya ke ciniki ƙasa da jimillar sassansa saboda rashin daidaiton bayanai—ta barin kasuwar farashin sassan kai tsaye.

Kurakurai & Makaho: Takardar tana da kyakkyawan fata game da daidaitawar "Element." Gaskiyar doka da aiki na raba haƙƙoƙin ma'adinai daga fitarwarsa wani laka ne, ba kwangilar wayo mai tsabta ba. Samfurin kuma yana ɗauka a fakaice cewa ruwa mai zurfi ga kowane Element Token, wanda shine kuskuren "idan ka gina shi, za su zo" na gargajiya. Element da ba a yi ciniki sosai ba za su sa tsarin arbitrage ya zama mara amfani, suna karya babban garantin daidaiton farashi. Bugu da ƙari, takardar ta yi watsi da babbar matsalar oracle—me zai faru lokacin da aka gaya wa kwangilar wayo cewa tashar makamashin rana ta samar da 1000 MWh, amma mai sarrafa grid ya ce 950?

5.3 Abubuwan da za a iya aiwatarwa

Ga Masu Dukiya: Kada ku ɗauki wannan a matsayin kayan aikin tara kuɗi kawai. Gwada shi akan kayan dukiya masu tsaftataccen hanyoyin samun kuɗi, masu rabuwa (kamar titin biyan kuɗi tare da haƙƙin zirga-zirga da haƙƙin izini daban-daban) don tabbatar da samfurin kafin a kula da ma'adinai mai rikitarwa. Ga Masu Zuba Jari: Fa'idar farkon motsi ba za ta kasance a cikin cinikin ETs ba—za ta kasance a cikin samar da ruwa ga kasuwannin Element Token, inda zaɓi za su kasance masu faɗi da farko. Ga Masu Ka'idoji: Wannan tsarin gine-gine yana haifar da dakin gwaje-gwaje na halitta. Ku kalli yadda kasuwa ke farashin Carbon Credit Token lokacin da aka haɗa shi a cikin ET idan aka kwatanta da ciniki na kansa. Zai iya samar da bayanan ainihin lokaci don ingancin manufofin muhalli. Babban abin da za a ɗauka: wannan tsari ne na shekaru goma masu zuwa, ba mafita mai sauƙin shigarwa ba don gobe. Nasararsa ta dogara ne akan warware matsalolin da ba su da kyau na haɗin kai na doka da amincin bayanai, ba kawai kyakkyawan tattalin arzikin crypto ba.

6. Bincike na Asali & Gudunmawa

Wannan takarda tana yin babban tsalle na ra'ayi a cikin sararin Tokenization na Real-World Asset (RWA). Yayin da yawancin wallafe-wallafe, kamar aikin tushe na Catalini da Gans (2018) kan yadda blockchain ke rage farashin ma'amala don tabbatar da kayan dukiya da canja wuri, suka mai da hankali kan "digitization" na mallaka, wannan aikin yana magance "rarrabuwa" na ƙima. Gudunmawar sa tana kama da ƙirƙira na Collateralized Debt Obligations (CDOs) a cikin securitization—amma tare da babbar fa'ida ta bayyana da aka tilasta ta hanyar rajistar blockchain.

Tsarin gine-gine biyu da aka ba da shawara yana magance kai tsaye wani muhimmin iyaka da Bank for International Settlements (BIS) ya lura a cikin rahotonsu na 2021 "Fintech da canjin dijital na ayyukan kuɗi," wanda ya nuna cewa yayin da tokenization zai iya inganta daidaitawa, tasirinsa akan ruwa don kayan dukiya na musamman ya kasance ba a sani ba. Ta hanyar ƙirƙirar Layer mai iya canzawa (Element Tokens) daga sassan da ba za a iya canzawa ba, samfurin yana ba da hanyar zuwa ruwa. Tsarin arbitrage shine shigo da wayo daga kuɗi na gargajiya, mai tunawa da samfurin ɗan takara da aka ba da izini a cikin ETF da Poterba da Shoven (2002) suka yi nazari, amma an sarrafa shi kuma ba shi da izini. Duk da haka, yiwuwar samfurin yana dogara ne akan warware "matsalar oracle," ƙalubale da aka sani a cikin tsarin blockchain inda dole ne a ciyar da bayanan waje akan layi da aminci. Kamar yadda bincike daga Gidauniyar Ethereum ya jaddada, hanyoyin sadarwa na oracle na rarraba suna da mahimmanci amma har yanzu suna haɓaka kayan aiki. Zaton takardar na cikakken bayanan oracle shine mafi girman raunin ka'idar a aikace.

7. Cikakkun Bayanai na Fasaha & Tsarin Lissafi

Daidaiton farashi tsakanin Everything Token ($ET$) da kwandon sa na Element Tokens ana kiyaye shi ta hanyar ƙirƙira/ransom. Bari:

• $ET$: Everything Token.
• $E_i$: Nau'in Element Token na i-th a cikin kwandon, inda $i = 1, 2, ..., n$.
• $q_i$: Ƙayyadadden adadin $E_i$ da ake buƙata don ƙirƙirar $ET$ ɗaya.
• $P_{ET}$: Farashin kasuwa na $ET$ ɗaya.
• $P_{E_i}$: Farashin kasuwa na raka'a ɗaya na $E_i$.

Ƙimar Net Asset (NAV) na $ET$ ɗaya shine:

$$ NAV_{ET} = \sum_{i=1}^{n} (q_i \times P_{E_i}) $$

Sharuɗɗan arbitrage sune:

Ƙirƙira (Lokacin $P_{ET} > NAV_{ET}$):
Masu arbitrage za su iya samun riba ta hanyar:

1. Samun kwandon Element Tokens mai darajar $\sum (q_i \times P_{E_i})$.
2. Yin amfani da su don ƙera sabon $ET$ ɗaya ta hanyar kwangilar wayo.
3. Sayar da $ET$ a kasuwa akan $P_{ET}$.

Ransom (Lokacin $P_{ET} < NAV_{ET}$):
Masu arbitrage za su iya samun riba ta hanyar:

1. Sayan $ET$ ɗaya a kasuwa akan $P_{ET}$.
2. Ransom shi ta hanyar kwangilar wayo don kwandon Element Tokens na asali.
3. Sayar da Element Tokens akan $NAV_{ET}$.

Wannan samfurin yana tabbatar da $P_{ET} \approx NAV_{ET}$ a cikin kasuwa mai inganci, ban da kuɗin ma'amala da zamewa.

8. Tsarin Bincike & Misalin Shari'a

Shari'a: Kimanta Aikin Tokenized na Gonar Iska

Mataki na 1: Rarraba Kayan Dukiya
Gano da bayyana sassan da suka haɗa:

• E1 (Token na Fitar Wutar Lantarki): Yana wakiltar 1 MWh na wutar lantarki da aka isar da shi zuwa grid. An goyi bayan Yarjejeniyar Sayen Wutar Lantarki (PPA).
• E2 (Token na Haƙƙin Ƙasa): Yana wakiltar haya na shekara 1 don ƙafar injin. An goyi bayan kwangilar haya na ƙasa.
• E3 (Token na Tallafin Gwamnati): Yana wakiltar da'awar kan raka'a 1 na harajin samarwa (PTC). An goyi bayan fayiloli na ka'idoji.

Mataki na 2: Bayyana Everything Token (ET)
An bayyana "WindFarm-ET" a matsayin kwandon da ke ɗauke da: 800 E1 Tokens + 10 E2 Tokens + 800 E3 Tokens. Wannan yana wakiltar fitarwa/haƙƙoƙin shekara-shekara na injin tururi guda ɗaya.

Mataki na 3: Binciken Yanayin Kasuwa
Ɗauki farashin kasuwa: $P_{E1} = \$60$, $P_{E2} = \$1,000$, $P_{E3} = \$25$.
$NAV_{ET} = (800*60) + (10*1000) + (800*25) = \$48,000 + \$10,000 + \$20,000 = \$78,000$.

Yanayi A (ET Ƙasa da Ƙima): $P_{ET} = \$75,000$.
Mai arbitrage yana sayan ET 1 akan $75k, yana fansa shi don kwandon Element, yana sayar da Element akan $78k, yana samun riba $3k (ban da kuɗi). Wannan yana sayar da ETs, yana ɗaga $P_{ET}$.

Yanayi B (Canjin Manufar Tallafi): Gwamnati ta sanar da kawar da PTCs. $P_{E3}$ ya faɗi zuwa $5. Sabon $NAV_{ET} = \$48,000 + \$10,000 + \$4,000 = \$62,000$. Farashin ET zai daidaita da sauri ƙasa ta hanyar ransom arbitrage. Mai zuba jari mai kyakkyawan fata game da farashin wutar lantarki amma mai ra'ayin mazan jiya game da tallafi yanzu zai iya sayan E1 tokens kai tsaye, yana guje wa bayyanawa ga E3.

Wannan tsarin yana nuna yadda tsarin gine-gine ke ba da damar ƙayyadaddun ƙima da dabarun zuba jari da aka yi niyya.

9. Aikace-aikace na Gaba & Hanyoyi

• Kwandon Kayan Dukiya masu Tsallakewa: Everything Tokens na iya haɗa Element daga kayan dukiya daban-daban (misali, "Clean Energy Infrastructure ET" mai ɗauke da fitarwa tokens daga ayyukan rana, iska, da ruwa).
• Kwandon Mai Ƙarfi/Sarrafa: Haɗuwar ET na iya zama sarrafa ta algorithm ko DAO, yana haɓaka akan lokaci bisa aiki ko dabarun, ƙirƙirar asusun da aka sarrafa da aka yi tokenization don kayan dukiya na zahiri.
• Kasuwannin Inshora & Abubuwan da aka samo asali: Element Tokens don takamaiman haɗari (misali, token na fitarwa na "Gazawar Haɗin Grid") za a iya raba su da ciniki, suna zama tushen sabbin samfuran inshora ko abubuwan da aka samo asali.
• Kuɗin Aiki & Gina: Ana iya amfani da samfurin yayin lokacin gini, tare da Element Tokens suna wakiltar fitarwa ko haƙƙoƙin gaba, suna ba da damar ƙarin kuɗi na matakan ci gaba.
• Haɗin kai tare da DeFi: Element Tokens, a matsayin kayan dukiya masu daidaito, masu samun riba, za su iya zama babban haɗin gwiwa a cikin ka'idojin lamuni na rarraba, suna buɗe tafkunan ruwa masu zurfi.
• Juyin Halitta na Ka'idoji: Nasara aiwatarwa zai iya tura masu ka'idoji don haɓaka sabbin nau'ikan kayan dukiya don "Component Securities," suna daidaita bin ka'idoji don samfuran mallakar ɓarna.

10. Nassoshi

1. Catalini, C., & Gans, J. S. (2018). Wasu Tattalin Arziki Sauran na Blockchain. MIT Sloan Research Paper No. 5191-16.
2. Bank for International Settlements (BIS). (2021). Fintech da canjin dijital na ayyukan kuɗi. Rahoton Tattalin Arziki na Shekara-shekara na BIS.
3. Poterba, J. M., & Shoven, J. B. (2002). Exchange-Traded Funds: Sabon Zaɓin Zuba Jari ga Masu Zuba Jari Masu Haraji. American Economic Review, 92(2), 422-427.
4. Buterin, V. (2014). Kwangilar Wayo ta Zamani da Dandalin Aikace-aikacen Rarraba. Ethereum White Paper.
5. World Economic Forum. (2020). Kayan Dijital, Fasahar Rajista ta Rarraba da Makomar Kasuwannin Babban Birnin. WEF White Paper.
6. Gensler, G. (2021). Magana Kafin Kwamitin Dokokin Abubuwan da aka samo asali da na Gaba na Ƙungiyar Lauyoyin Amurka Virtual Mid-Year Program. Hukumar Tsaro da Musayar Amurka.