Author: RWA Industrial Research Institute

The following are about RWA (real world assets) and points The depth comparison analysis of the system covers the definition, value logic, compliance framework, and future development trends. It is divided into six core chapters. Through systematic comparison, the positioning, advantages and inferiority, and fusion possibilities of the two in the digital economy are revealed.

Chapter 1: Definition with the core logic comparison

1.1 RWA (real world asset token)

-Definition:

transform physical assets (such as real estate, commodities, bonds, etc.) into the chain token (token) through blockchain technology, token, token, token, and token (token), token, token, Realize ownership division, liquidity improvement and transparent transactions.

-core logic:

- Asset map: Bind to ensure the correspondence.

-Llobbage release: standardize non-standard assets and reduce transaction friction.

-Dylogy: Automatically perform dividends, liquidation and other operations through smart contracts.

1.2 Point system

-Definition:

User behavior incentives issued by enterprises or platforms, obtain points through consumption, interaction and other behaviors, can be exchanged for goods, services or rights.

-core logic: not Loyalty.

-closed-loop economy: points are only circulated in specific ecology, forming internal value cycle.

-Ta marketing tools: used for promotional activities (such as "double points"), stimulating short-term consumption.

1.3Different

| dimension | RWA | Integral system |

(Such as real estate, bonds) | No physical assets, dependence on platform credit |

| Value source | Asset income (rent, interest, etc.) | Ecological goods/services Redemption right |

| Circulation range | Cross-platform, globalization | closed ecological internal circulation |

Chapter 2: Value Logic and Economics Model

2.1 RWA's Value logic

-Llobbage premium:

Non-standard assets (such as private equity) on behalf of After currency, the transaction can be split and attracts long -tail investors.

Case: MakerDao increases DAI stable currency reserves through RWA mortgage (such as US Treasury).

-Curation and efficiency:

Reduce intermediary links (such as brokers, law firms) , Reduce the cost of issuance and transaction.

Data: The cost of real estate tokenization transaction can be reduced by 50%-70%.

-Glid-global Touch:

Assets on the chain can be held by global investors. , Break the regional restrictions.

2.2 value logic of the integral system

-The user behavior guidance:

< P Syle = "Text-Align: Left;"> Shape user habits through integral rules (such as sign-in, consumer rebates).

Case: Aviation mileage points are promotedHouseholds choose specific airlines.

-Ecological closed-loop construct:

Points exchange limited products or services, enhance the platform monopoly of the platform Essence

Risk: Excessive inflation causes points to depreciate (such as "points shrink" caused by user loss).

-Data asset-based:

User behavior data is quantified through integral systems, used for precision accuracy marketing.

2.3 Economic model comparison

| Model feature | RWA | Integral system |

>

| Edge-under-linked asset cash flow (such as rent, dividend) | Platform ecological product/service pricing |

| Inflation control | Tokens Issuance is limited by asset scale | Dynamic adjustment of points distribution and consumption balance |

| Price fluctuation | suffering Dual impact of asset fundamentals and market emotions | Usually stable, dependence on platform regulation |

| Exit mechanism | Second-level market transaction, redeem underlying assets | Only ecology is limited to ecology Internal exchanges or expires |

Chapter 3: Compliance and legal challenges

3.1 RWA compliance framework

-Securities attributes controversy:

- If the token represents the right of income, it may be identified as securities (such as the Howey test of the US SEC).

-compliance path: to exempt from the REG D/s or STO (securities tokens) compliance.

- Cross-border regulatory conflict:

- Legal conflicts in jurisdiction.

Case: The EU MICA Act requires RWA issuers to hold licensed operations.

- Off-chain-on-chain collaboration:

- Legal entities (such as SPVs) and The division of rights and responsibilities of on-chain tokens needs to be clear.

3.2 compliance risk of the integral system

-currency attribute controversy:

- If points can be freely traded or redeemed, it may be regarded as "virtual currency" regulatory (such as the central bank's ban on virtual currency).

-Cesto protection:

(Such as the EU "Consumer Rights Instruction").

-Tage:

- Whether the points issuance is considered "income" to be regarded as "income" depends on Local tax law is defined.

3.3 comparison comparison summary

| Risk dimension | RWA | Integral system | p>

| Core challenges | securities law compliance, cross-border supervision coordination | Avoid being qualitative to currency or securities |

| 监管主体| 金融监管机构（SEC、MAS等）| 消费者保护机构、税务部门|

| 合规成本| 高（ Law, audit, license) | Low (dependent platform self-discipline) |

| typical punishment | high fine, project termination | user lawsuit, brand reputation loss |

Chapter IV: Technical Realization and Ecological Construction

4.1 RWA technology stack

pieceChain selection:

-public chain (such as Ethereum) is suitable for high-liquid assets, and the alliance chain (such as Hyperledger) is suitable for institutional collaboration.

-key component:

-Phillin: (Such as the house price index).

-Smark contract: automatic execution of dividends and liquidation (such as real estate rent distribution).

-Privacy Protection: Zero Knowledge Proof (ZKP) hidden sensitive transaction information.

4.2 technology implementation of the integral system

-centralized architecture:

< p style = "Text-Align: left;">-Traditional solution: MySQL+API, suitable for small ecology.

-risk: single point failure, data tampering.

-blockchain attempt:

"Ant points"), enhance the ability of transparency and tampering.

-Challenge: TPS limit and user experience balance.

4.3 Comparison of ecological participants

| Role | RWA | Points System |

| Issuer | Asset holder (enterprise, fund) | Platform operator (e-commerce, aviation) |

| Investor | Institution/Qualified Personal Investor | Platform user |

| Service provider | Law, audit institution, exchange | Payment | Payment | Payment | Payment | Payment Gateway, Data Analysis Company |

| Supervisor | Financial supervisionInstitution | Consumer Protection Agency |

----/p> Chapter 5: Application scenario and case

5.1 RWA Typical Scene

-real estate tokenization:

Case: Realt Dividing U.S. real estate to ERC-20 token, investors can get rental income.

-Car carbon credit transaction:

Case: TOUCAN Protocol converts carbon credit to BCT generation Coins to improve market liquidity.

-supply chain finance:

Case: PROPY uses NFT to represent real estate property rights, accelerate cross-cross Border transaction.

5.2 Application scenario of the integral system

-retail industry:

Case: Starbucks "Star Rites" points Promote repurchase and membership retain.

-game economy:

Case: Axie Infinity's SLP points have trading attributes, although the trading attributes, But strictly limit the scope of exchange.

-Community governance:

Case: Reddit community points (ERC-20 token) Used for voting and rewards.

5.3 Scene fusion possibility

P Syle = "Text-Align: Left;"> Translate centralized points into chain assets (such as NFT), allowing cross-platform circulation.

Challenge: The problem of compliance and value anchor needs to be solved.

-RWA+Points hybrid motivation:

User participates in RWA investment points, and the points can be exchanged for assets on the chain. p>

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Chapter 6: Future trend and challenge

6.1 RWA

-trend:

-The fusion with traditional financial (such as BlackRock's BUIDL fund invests in Treasury tokenization ).

-Clery asset category extension (intellectual property, climatic derivatives). -The challenge:

-regulatory fragmentation hinders global liquidity. Asset confirmation relies on centralized agencies (such as property registered offices). ; ">-Trend:

- Points to pass token: realize cross-platform interoperability through the blockchain (such as the merger of aviation and hotel points).

-D dynamic pricing: AI algorithm adjusts the point value in real time (such as the floating exchange ratio according to supply and demand). Challenge:

-Strequent finance caused regulatory review (such as the secondary market for points). ; "--User privacy and data abuse risk.

6.3 Ultimate fusion: collaboration between RWA and points

possibilities:

- Points as" governance vouchers "of the RWA ecosystem, such as holding points to participate in participationAsset voting.

-RWA income is distributed in the form of integration to enhance user stickiness (such as real estate token dividends to platform points).

-An barriers:

-Langle legal attribute conflict (points need to be avoided as securities) Essence

-The technical architecture difference (RWA needs high security, points need high complication).

Conclusion

RWA and the integral system represent two paradigms of the digital economy:

-RWA The asset upgrade of "from entity to virtual", the core is to break liquidity barriers;

-Points are user operation tools from "from behavior to value", the core It is to build a closed economic cycle.

In the future, the border between the two may be blurred-points can be supported by real assets through the tokenization, and RWA can expand the user base through the integration system. However, this process needs to resolve fundamental conflicts of compliance, technology and economic models. Only by finding a balance point can we release the true potential of "false and reality integration".

Part of the use of artificial intelligence.