HomeCoinsNEM (XEM)COMSA’S new policy to support the issuance of tokens that are not...

COMSA’S new policy to support the issuance of tokens that are not categorized as Crypto assets

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Comsa support the issuance of tokens This is a joint message for our community on behalf of the Catapult Migration Group, comprised of The NEM Foundation, NEM Studios, NEM Ventures, and Tech Bureau Holdings.  Translations: Japanese: Here. 27 Spanish: Here. 5 Mandarin: Here. Italian: Here. 1 Russian: Here. 21 Tech/Product Updates  It has been a busy and interesting past month for not only the development team, but also everyone involved with NEM as well as the whole world with coronavirus wreaking havoc around the globe. We hope that all of you in the community have remained safe and your lives have been minimally affected by the pandemic. Being a remote and decentralized team we have been lucky enough to continue along with development efforts even with the changes to daily routines and the mental tax that the virus has provided for everyone.  A focused effort for the team has been around applying the latest batch of updates while preparing for what we think will be the final development changes to the platform before the public network launch based on testing and feedback during the protocol review phase. Server 0.9.4.1 Updates  We are in the final phase of getting the 0.9.4.1 release tested and ready. This effort centered around updates related to network and protocol review feedback focused on peer and network communications and switching to the TLS 1.3 standard. This will have no impact on the sdk(s) or any client applications that leverage them or the REST API directly. Once the release is ready similar to past releases we will public new builds as well as related test network updates. Server 0.9.5.x Planned Updates  While work is winding down on getting 0.9.4.1 ready efforts have already begun on a bigger set of updates, what is currently being targeted as the final batch of updates related to testing and feedback during the protocol review process. During the review process consensus was looked at deeply in relation to private network usage, the targeted public Symbol network release and various use cases. It was decided that some consensus updates would be in order, in particular looking into the concept of block finality and how to enable the behavior that onces the network comes to consensus around a block being valid or “final” in the network it can no longer be reverted or “rolled back”.  These targeted updates around consensus, block finality for the public network release will take some time to work through. Currently the core team is working towards finalizing their initial design target for the updates, from there things will be finalized and the design will dictate scheduling from there. We will update in next news updates as there are more details on targeted roadmap and scheduling.  Besides core server updates lots of work has been going into the various components that make up the project. Below are some highlights. Documentation Symbol Key Pair Generation and Address Format  Cryptography: https://nemtech.github.io/concepts/cryptography.html 7  These changes introduce the usage of SHA-512 instead of the previous Keccak and SHA3 hashing algorithms. One of the major features of this change is that key pairs will be generated using OpenSSL, which is standardized across communication protocols. The cryptography concept and code examples have been updated accordingly to support this breaking change. Merkle Trees  Data validation: https://nemtech.github.io/concepts/data-validation.html 2  Symbol uses tree structures to store large data associated with a block that cannot be retrieved directly from the block header. This allows light clients to verify if an element (e.g., transaction, receipt statement) exists without demanding the entire ledger history. The docs now include a page explaining how to work with Merkle proofs. Extending Symbol  Plugin: https://nemtech.github.io/concepts/plugin.html 6  A plugin is a self-contained group of functions that can be added to the Symbol protocol to extend its capabilities. The plugin approach allows developers to introduce different ways to alter the chain’s state via transactions without modifying the core engine or disrupting other features. How to connect to MongoDB  Guide: https://nemtech.github.io/guides/network/connecting-to-mongodb.html 2  The REST Gateway offers a broad range of endpoints so that you don’t have to connect to MongoDB. Still, if you are developing new plugins for Symbol, or analyzing extensive blockchain data, you might want to consider connecting to MongoDB directly. By the end of the guide, you will be connected to your API node database instance and doing some basic queries. Libraries versioning  SDK References: https://nemtech.github.io/sdk.html 1  We strive to have better versioning support for all the libraries referenced on the developer docs. At the moment, we started to keep multiple versions for the Java & TypeScript SDKs and CLI. Shortly, we plan to hold multiple documentation versions for every other library hosted under the GitHub nemtech organization.  Contributing to open-source is not just about submitting code! If you are interested in contributing with content, start with the contributor guide. Desktop Wallet  The latest version of the Symbol Desktop Wallet v0.9.7-beta1 19 was released at Github. We are continuously working to improve the software and published this latest version with many bug fixes.  Included in this last months effort are following Github Issues resolutions:      Fix for downloading QR Codes with Mnemonic: https://github.com/nemfoundation/symbol-desktop-wallet/issues/168 2     Fix for multi-signature Signer Selector address display: https://github.com/nemfoundation/symbol-desktop-wallet/issues/205     Fixes related to changing profile passwords: https://github.com/nemfoundation/symbol-desktop-wallet/issues/195     Fix account import status errors: https://github.com/nemfoundation/symbol-desktop-wallet/issues/135     Fixed transaction pagination on Dashboard: https://github.com/nemfoundation/symbol-desktop-wallet/issues/112     Added discarding staged transactions: https://github.com/nemfoundation/symbol-desktop-wallet/issues/88     Added refresh button and expired objects display: https://github.com/nemfoundation/symbol-desktop-wallet/issues/186 1  To download the latest version, open this link in your browser 4. Mobile Wallet  The first beta of the mobile is code complete ready for external testing. The team is preparing a first packaged release for the Android Play Store followed by iOS App Store after that.  For those interested in participating in the mobile wallet testing via Android and/or iOS you can still sign up here: docs.google.com 8 8 Symbol Mobile Testing Signup 8  This is a sign up sheet for those interesting in helping test mobile applications on iOS and/or Android. Please enter which one(s) you would be interested in and please include an email. An email is required b/c a test user must be added to be able...  NOTE: if you already signed up you should be good to go. We will send emails out once the first test release is approved in the Play Store and App Store. CLI  1600×728 A new version of the symbol-cli (0.18.4) has been published. This release makes the tool compatible with catapult-server 0.9.3.1 and the latest testnet.  New enhancements include:      Transaction URI protocol: The command symbol-cli transaction uri supports the Transaction URI scheme. You can read more about the protocol in NIP 2. 1     Node commands: The commands node info and node health were added to monitor nodes.     Release automation: Alpha and full-releases are now automated with TravisCI. You can preview the latest master without having to wait for the next release by installing the latest alpha version available at npm.     Private network support: NetworkCurrency is attached to the profile, so now you can announce HashLockTransactions in private networks.     Receipts format: Receipts are now formatted as tables. Try to get the receipts of a block with the command symbol-cli block receipts .     Usability: The CLI now permits the user to amend an input in case of a validation error. With this last release, it is also possible to select prompt choices with arrow keys.     Informative messages: The CLI guides the user when the account has not submitted any transaction yet and how to monitor the transaction status after announcing a transaction. The tool also raises in-terminal notifications when there is a new CLI update.     Commands documentation: The usage docs are now generated automatically and versioned. You can check them out at the Symbol Developer Documentation.  To download the latest version, run npm install -g symbol-cli@latest in your terminal. Explorer  The latest version of the Symbol Explorer 13 was released at Github. We are continuously working to improve the software. Here are a few highlights of the last month, that we’d like to share:      Rebranding: Completed and merged in master.     Node Health: We added a filter that checks for healthy nodes.     Store manager: As an enhancement step for our Vuex Store, we added a store manager in the project. This facilitates development work to create/manage/access/ store data related to Vue components.     End-to-end Testing: Added more e2e testing to cover more on the explorer listing page.  Faucet  The latest version of the Symbol Faucet 10 was released at Github.  A short update about this project includes:      Rebranding: Our team has gone through a few initial steps about rebranding.     UI/UX: The faucet is currently being revised to provide with better user experience.  NEM Improvement Proposals NIP 13 - Security Token Standard  This new document 4 describes a standard for the publication of security tokens with Symbol features. A draft implementation proposal for the library is currently being worked on.  The aim of this initiative is to provide standards that facilitate and accelerate the processes of issuance and management of security tokens on Symbol.  To issue and manage securities on Symbol, this standard will leverage several Symbol features. Implementation details will be described in a document jointly to this standard definition.  We appreciate receiving your feedback 1 to improve the standards definition… NIP 14 - Release Management for Symbol Packages  This new document 3 describes the standard release cycle for all the packages hosted under the GitHub nemtech organization aiming to:      Standardized release process: How the release process is done is committed and documented in the automation scripts.     Tighter feedback loop: Users can test alpha versions of packages before there is a full release.     Faster releases: Symbol teams can do extra checks and feedback before doing a release, by smoke testing the snapshot artifact in other projects like the CLI, wallet or explorer.  We appreciate receiving your feedback 2 to improve the release process. You can expect to gradually see how other Symbol related packages adopt the proposed guidelines.  crypto assets

First appeared on Comsa.io

COMSA’S new policy to support the issuance of tokens that are not categorized as Crypto assets, by utilizing the five elements of Core, Hub, NEM, Symbol and Mijin.

Tech Bureau and Tech Bureau Holdings will continue COMSA to support the issuance of tokens on blockchain, but will also focus on SYMBOL (the name of the next generation NEM), which is based on NEM and its evolutionary Catapult engine, and our private blockchain product mijin, which is based on a common engine. COMSA will also consider changing the course of its business with a view to utilize enterprize tokens that are not categorized as crypto assets or electronic record transfer rights.

First of all

It has been more than two years since ICO related regulatory direction forced the suspension of various ICO deals of COMSA. Since then, communication and publication from our company has been limited and, we fully understand that token holders are feeling uncomfortable about the situation. This is the most formidable obstacle for our company as we try to move our business forward.

Due to the lack of clear guidelines, we were unable to implement most of the token features we originally envisioned. We are frustrated by this fact, however, we deeply appreciate token holders who presently believe in the COMSA vision.

Legal amendment in May 2020 and risks

The amendments to the Japan Payment Services Act effective as of 1 May 2020 changed the term “virtual currency” to “crypto asset”. In addition, the revised Financial Instruments and Exchange Act, which came into effect on the same day, created a new “electronic record transfer right” and clarified the scope of security tokens.

We had hoped that the law would finally enable some communications between token holders and the implementation of the token function with the amendment. Unfortunately it only provided basic directions for the implementation of ICOs, and as a result, it highlighted the risks of ICOs and the following business operations.This is because, like the stock market, the policy of market manipulation and the dissemination of rumors will be clearly regulated for crypto assets.

Although the amendment of the law itself is a positive one that will lead to the development of crypto assets, administrative penalties such as fines for market manipulation and dissemination of rumors have not yet been established. If people fall under such penalties, there is a risk of being directly criminally punished, which is the most serious type of sanction under the Financial Instruments and Exchange Law.

This is a risk not only to Tech Bureau as a token issuer, but also to the COMSA token holder. Therefore, avoiding that risk ourselves in the first place will likewise reduce the future risk and improve the profits of token holders.

At present, there are no detailed guidelines for disclosure in ICOs or STOs industry associations. In order to protect the interests of our company and token holders, existing token issuers are unable to accurately assess the extent and risk involved in disseminating information on blogs, social media, and chat, so we have been forced to limit the scope of our external activities to a limited and clerical disclosure and announcement.

The same is true for communications between token holders and us as the token issuer. In the situation where the guidelines do not yet specify the responsibility for disclosure and oversight of the community, continuing to operate the official COMSA chat rooms on the Telegram poses a significant risk not only to our business, but also to all parties, including volunteer moderators, chat participants, and token holders.

Currently, Tech Bureau Holdings develops a solution outside of Japan and another entity Tech Bureau develops a solution in Japan, and both companies have to carefully consider  all associated risks

COMSA’s official chat room is suspended.

Avoiding risks imposed by the amendment, we have decided to suspend users’ writing privileges in the official COMSA chat rooms. Existing moderation rules will continue until write privileges will be removed by 17:00 JST May 31, 2020.

After this deadline, volunteer moderators privileges will be removed, we will continue to have administrative privileges, and the chat room itself will remain intact on Telegram.

Once new ICO disclosure and community management standards are established in the industry’s guidelines, we will review them and determine if we can follow, and then consider reopening the official chat room.

We will continue to respond to your inquiries through the contact form on the official website COMSA.io.

Revision to new business policies in line with legal revisions

Given the huge risks that are not fully visible, as described above, it would be very reluctant to continue operating while seeking new regulations and restrictions in the future.

In order to break away from this swamp and move forward with COMSA’s business, we have concluded that the best direction to go is to take advantage of the outside of the framework that has been clarified by the recent amendments to the law.

Therefore, we are considering revising our business policy to support the token business by using public blockchain, COMSA CORE, HUB, and mijin synthesized outside the framework of crypto assets, while maximizing the existing resources and experience.

Previously Proposed COMSA Token Features

We have been exploring all possible uses for COMSA tokens since the sudden restriction of ICOs where COMSA had been doing well. However, after two and a half years and after the revision of the law, there are still no appropriate guidelines for ICOs, so it is still difficult to say clearly that the incentives for token holders proposed in the white paper are feasible.

We are also considering STOs that issue security tokens as electronic record transfer rights and ICOs that issue utility tokens as other crypto assets as part of our long-term strategy. However, given the required securities and exchange qualifications and the time to wait for future guidelines to be enacted, this is a disincentive to move quickly as a business in the immediate future.

In addition to the above-mentioned guidelines, accounting standards for ICOs have not yet been established, and the barriers to the implementation of STOs and ICOs are still high even for general companies, so it must be said that it is difficult to see the future in terms of business processes.

As for our long-term strategies for STOs and ICOs, now that we have transferred our affiliated crypto asset exchange to other companies, we need to promote business alliances with partner exchanges and partner brokerage firms with IEO in mind.

The same can be said for the overseas ICO solutions developed by TechBureau Holdings. In recent years, international businesses have been required international STO standards, but the regulations still vary by region and jurisdiction, making it difficult to provide a consistent solution.

Therefore, once we eliminate all features that could be considered security tokens, burn for tokens that are still open to interpretation, and payment methods for the purchase of ICO tokens that are not feasible to implement at this time, there is no choice but to new features.

In the midst of such a stagnant situation, we have been able to find the light in our solutions business, which maximizes our years of experience and offers token issuance and utilization in a way that is neither STOs nor ICOs.

Among them, a business model using NFT(non-fungible tokens) or tokens restricted transactions by an unspecified number of people by using transfer restriction functions, that cannot be listed on a crypto asset exchange, is highly feasible.

Proposed new token business and COMSA token features

What we have now started to consider and propose as a concrete idea is the distribution of coupon type tokens that can only be returned to the issuer using air drops.This approach allows you to automatically distribute a variety of benefits to existing COMSA token holders and to token holders of COMSA customers based on the number of tokens they hold.

In addition, if we are able to partner with a crypto asset exchange that has listed or is seeking to list these COMSA-related tokens in the near future, it will be possible to use the COMSA-related token itself, along with the coupon token, as a means of payment for goods and services that are eligible for coupons.

NEM’s Mosaic feature, which we have years of experience with, allows us to issue non-transferable, returnable-only-to-issuer tokens in protocol level, with minimal effort.

In addition, Symbol, which evolved from the NEM to the one with catapult core system, not only allows transfer restrictions to be set at the protocol level, but also allows coupon issuers or us to pay XYM transaction fee instead of users for a regular coupon transfer, creating an innovative blockchain couponing service with no network costs to the user.

In addition, because Symbol enables atomic swaps at the protocol level, the complicated transactions involving a coupon issuer, a solution provider like us, and a coupon user can be completed as a single transaction with an atomicity that does not break down in consistency, thus creating an extremely complete transaction system.

In a situation where it remains unclear whether the incentives for token holders originally proposed in the white paper could be implemented in a regulatory-compliant manner, a business proposition that leverages tokens that are not crypto-assets or electronic record transfer rights seems to be the best approach currently available that could enhance the liquidity and functionality of COMSA-related tokens,i.e., the interests of the token holders connected to them.

Additionally we will expand the already offered COMSA Core software, which enables to exchange tokens between the NEM, Ethereum and SYMBOL blockchain, while maintaining balance consistency.

In particular, there are a certain number of companies that want to adopt fungible and non fungible tokens, such as ERC20 and ERC721 on Ethereum as a standard. These tokens can be accommodated by expanding COMSA CORE in the same way.

Furthermore, with COMSA HUB, token-issuing companies can manage the tokens on internal accounts that serve as coupons on mijin’s private blockchain, without directly touching the public blockchain. If any of our potential customers adopt SYMBOL for their token platform, we and our partner exchanges will be able to build services using the latest blockchain technology without having to account for any crypto assets as a token issuer, complete with existing accounting standards.

We are currently considering the feasibility of conducting a test token distribution demonstration on both NEM and Ethereum networks, assuming an airdrop to existing COMSA token holders, starting from the technically realistic standpoint.

Three blockchains connected by two COMSA products

In conclusion, COMSA’s new business policy proposes and considers services based on the following three blockchain axes

  1. NEM is a public chain that has already proven to be versatile and robust.
  2. SYMBOL has been newly incorporated with advanced features such as atomic swap.
  3. mijin is a private chain that has already accumulated several years of actual use.

mijin, which we have been developing for a long time, is not a demonstration platform, but one of the world’s leading private blockchain products that are already being used in a variety of situations such as shareholder electronic voting rights, barcode readers (IoT), meat traceability, point accounting, and attendance management.

The COMSA CORE and HUB, which we developed, connect the above three chains to ensure token integrity, and the simultaneous use of the three chains leads to a certain level of risk diversification.

i.e., in the event of an emergency, one of the chains can be evacuated, or the main chain can be used as the main account to ensure integrity.

If it is an ordinary crypto asset, such a method will lead to confusion in the amount of assets held by the holder, but if it is a token that are not categorized as crypto asset, it is advantageous to use it in a practical way.

With our current product, COMSA CORE already enables cross-chain trading of tokens in three public chains – Bitcoin, Ethereum and NEM – and COMSA HUB provides a mechanism to migrate those accounts to the private chain, mijin.

In the next phase, we will consider a token management environment that integrates NEM, SYMBOL, and mijin with COMSA CORE and HUB, and as a result, we aim to build a mechanism that will be returned to COMSA token holders.

Towards an Era of Efficiency After Corona

It is about to be 7th year since Tech Bureau was founded, and we have had a lot of hard work to build up our track record, including the aforementioned mijin example. However, when an efficiency really matters like now, even traditional industries, markets, and companies that have clung to legacy conventions will be forced to become more efficient in their operations, system construction, and service operations than ever before.

In such a situation, our company will continue to provide services with the same policy for the bright future of After Corona, based on the blockchain technology that has already been proven to be practical and efficient and the experience of its use.

In the future, we would like to comply with the rules and guidelines that are likely to be newly established in Japan, and develop our services while returning the axis to the COMSA business that we were originally aiming for.

We will make every effort to ensure that this new business policy will result in a brighter future for token holders as well as the future of the crypto asset and blockchain industry, so please continue to support us.

 

Tech Bureau CEO

Tech Bureau Holdings CEO

Takao Asayama

 

Previous articles about COMSA and TechBureau related content:

Commencement of development project for RakuE online medical solutions using ​mijin Catapult v.2

Tech Bureau Holdings Announces Gifu University Begin Collaborative Research



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