Cyril Lapinte - September 26th 2018
A few weeks ago we were unveiling the Mt Pelerin Bridge Protocol, our comprehensive open-source system for the issuance and management of fully compliant security tokens, asset-backed tokens and fiat currency tokens. Today, we are putting the spotlight on an extra feature of this ecosystem in order to demonstrate its amazing potential. We have added to its Github repository an open-source mechanism to upgrade any ERC20 token. This small yet powerful addition will be a game-changing asset for any issuer of token, especially the ones who wish to enjoy the benefits of security tokens with a compliant and durable approach.
In a nutshell, this tool is a script that easily enables the modification of an existing token without having to repudiate it. Why modify an existing token? The need for such an adaptation might come from technical reasons, such as a critical bug or a wish to fork an existing ERC20 project, but also from business and regulatory reasons that make a token impractical, inappropriate or downright illegal.
The principle behind our script is quite simple, and includes the following three main steps:
As a stand-alone tool, this script can be a great solution to apply necessary corrections to any token. More importantly, this tool allows a migration to the Mt Pelerin Bridge Protocol, and therefore retrofit any ERC20 token that have been issued with a model that proved to be not complying with financial regulations into fully compliant security tokens.
For instance, we have all seen in the past couple of years many startups and ICOs issue a vast diversity of tokens that ended up being incompatible with the legal reality of financial regulations. Their issuers may now be facing dead-ends and may be unable to pursue the execution of their business roadmap. With this new tool and the Mt Pelerin Bridge Protocol, they now have a convenient solution to adapt their tokens to a form that regulators will be able to accept. Moreover, once on our protocol, a token will not face this kind of problematic ever again as the whole ecosystem is designed to ensure its proper evolvability and make it this way fully future-proof.
And yes, this tool is open-source!
If you have any technical or legal demand, do not hesitate to contact us and explain your needs. Our experts will be happy to assist you.