A comparison of different security token standards
by Jean-Philippe Aumasson and Ryan Sauge
We propose a comparison of CMTAT with other tokenization smart contract frameworks, namely:
- ERC-1400, as supported by Polymath’s https://github.com/PolymathNetwork/polymath-core.
- ERC-3643, also known as “T-REX Protocol”, whose reference implementation is at https://github.com/TokenySolutions/T-REX.
We compare these with CMTAT’s Solidity version 2.3.0. Note that, unlike those frameworks, CMTAT is a blockchain-agnostic tokenization standard, of which implementations exist of other, non-EVM blockchains.
Disclaimer: The comparison points are not exhaustive. The absence of a feature is not necessarily a negative point but may just be a design choice. Each tokenization framework has its unique properties, and different use cases may call for different technology choices. We also restrict our comparison to Solidity, EVM-compatible smart contracts, and thus do not include, for example, the Polymesh network technology. This comparison was carried out as of January 2024.
Comparison of tokenization smart contract frameworks |
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|---|---|---|---|
| CMTAT Solidity code | ERC-1400 | ERC-3643 | |
| Version compared | CMTAT 2.3.0 (https://github.com/CMTA/CMTAT/releases/tag/v2.3.0) | polymath-core (https://github.com/PolymathNetwork/polymath-core) | Tokeny's T-Rex (https://github.com/TokenySolutions/T-REX) |
| ERC-20 | |||
| Transfer restriction | |||
| On-chain identity management | |||
| Document management | |||
| Whitelist management | |||
| Token contract pause | |||
| Snapshots/checkpoints | |||
| Explicit support of debt instruments | |||
| Third-party security audit | |||
| Role-based access control | Partial (only one role Agent) |
||
| Security identifiers | |||
| Mint & burn to any address | |||
| Forced transfer function | Realized as burn-and-mint | ||
| Partially fungible token support | |||
| Contract version tracking | |||
| Gasless support (ERC-2771) | |||
| Customizable modular design | |||
| License | MPL 2.0 (permissive) |
Apache 2.0 (permissive) |
GPL 3.0 (copyleft) |