Arax Holdings announced the successful deployment of its CBC20 Core Token on the Core Blockchain on Nov. 17 as part of its expansion plan for the blockchain network ecosystem, according to a Nov. 28 statement.
The Core Token has a total supply of 1 billion and is designed to streamline the integration of real-world assets into digital asset management platforms. According to the statement, the token “opens doors to a myriad of services in the Core Ecosystem and facilitates the integration of real-world assets into the digital asset management platform.”
Last year, Arax acquired 75% of blockchain firm Core Business Holding‘s share capital, the company behind Core Blockchain. With this move, the Core Blockchain ecosystem now encompasses the Core Token, Ping Exchange, Wall Money, and Core Pay.
Built on the novel CBC20 standard, Arac explained that the token benefits from the Core blockchain’s enhanced security, efficiency, and adaptability. It added that the standard enables seamless asset conversion and movement across different platforms.
It also prioritizes accuracy and transparency in asset valuation by displaying real-time pricing for fair digital asset trading.
Moreover, the CBC20 token enhances security by enabling offline transactions and minimizing cyber threat risks. Its incentivization mechanism rewards users for on-chain activities, and its upgradeable nature ensures future adaptability.
Arax justified its choice of CBC20 over ERC20 by positioning it as an upgraded version, elevating foundational features while focusing on scalability and adaptability. Arax said, “CBC20 enhances ERC20’s features, offering improved customization, bolstered security, and flexibility for digital assets, evolving with the dynamic blockchain landscape.”
Core Blockchain eyes key role in asset tokenization
Arax explained that the Core Blockchain ecosystem’s expansion moves revolve around enhancing the tokenization of real-world assets.
Arax predicts that the tokenized asset market could surpass $4 trillion by 2030 and expects its Core Blockchain to play an essential role in democratizing tokenization by utilizing the Core Token Smart contract and integrating CorePass KYC and AML compliance platforms.
It added that the ecosystem would facilitate several key use case sectors that will be tradable on ARAX’s hybrid Ping Exchange Platform.
“The integration with CorePass ID’s fully decentralized Digital Identity ensures compliance and security, allowing any individual or institution to attach any attribute in the form of a tokenized asset through the Core Token Smart Contract Platform to a CorePass ID and to connect such tokenized digital assets to a Digital Asset Management Platform,” Arax wrote.
Disclaimer: Arax is a CryptoSlate partner.