Token Identification in the Cryptomarkets
In a market we interact with others, and must agree on the thing we’re talking about — the stock, the bond, the token — before we can do anything else. Everyone needs shared references, names. Unique identification (naming) is the primary use case for reference data.
The absence of a reliable identifier opens a market up to a host of problems. There are the obvious issues of scams, fake instruments and mistakes. But the larger problem lies in the excess costs and hidden chaos caused by the need for each participant to manage their own identifiers, and their reliance on others to do the same.
At TruSet we’ve built a system for community publication and validation of reference data about tokens. Since the community both provides and validates the data (for a reward), the resulting records represent the intersubjective consensus of that community. In our token data model’s description section, you’ll find all the fields necessary to uniquely identify a token or cryptocurrency .