Author: RWA Industry Research Institute
The following is an in-depth comparative analysis of RWA (real world asset tokenization) and the points system, covering definitions, value logic, compliance frameworks and future development trends, divided into six core chapters. Through systematic comparison, the positioning, advantages and disadvantages of the two in the digital economy and the possibility of integration are revealed.
Chapter 1: Definition and core logic comparison
1.1 RWA (real world asset tokenization)
- Definition:
Through blockchain technology, physical assets (such as real estate, commodities, bonds, etc.) are converted into on-chain tokens (Tokens) to achieve ownership division, liquidity improvement and transparent transactions.
- Core logic :
- Asset mapping : The on-chain tokens are legally bound to the off-chain assets to ensure one-to-one correspondence.
- Liquidity release : Standardize non-standard assets and reduce transaction friction.
- Disintermediation : Automatically execute dividends, liquidation and other operations through smart contracts.
1.2 Points System
- Definition :
A user behavior incentive tool issued by an enterprise or platform, which earns points through consumption, interaction and other behaviors, which can be exchanged for goods, services or rights.
- Core Logic :
- User Stickiness : Improve user activity and loyalty through point rewards.
- Closed-loop economy: Points are only circulated within a specific ecosystem, forming an internal value cycle.
- Marketing tool: Used for promotional activities (such as "double points") to stimulate short-term consumption.
1.3 Essential Differences
|Dimensions | RWA | Points System |
| Underlying Assets | Real-world assets (such as real estate, bonds) | No physical assets, relying on platform credit |
| Source of Value | Asset income (rent, interest, etc.) | Right to exchange goods/services within the ecosystem |
| Circulation scope | Cross-platform, globalization | Closed ecological internal circulation |
| Technology dependence | Blockchain + smart contract | Centralized database or simple chain |
- Reducing costs and increasing efficiency:
Reduce intermediary links (such as securities companies and law firms) and reduce issuance and transaction costs.
Data: The transaction cost of real estate tokenization can be reduced by 50%-70%.
- Global reach:
On-chain assets can be held by global investors, breaking through geographical restrictions.
2.2 The value logic of the points system
- User behavior guidance :
Shape user habits through the design of points rules (such as check-in, consumption rebates).
Case: Airline mileage points encourage users to choose specific airlines.
- Eco-closed loop construction :
Points can be exchanged for limited goods or services to enhance the platform's monopoly.
Risks: Excessive inflation leads to depreciation of points (such as "points shrinkage" leading to user loss).
- Data assetization:
User behavior data is quantified through the points system and used for precision marketing.
2.3 Comparison of Economic Models
|Model Features | RWA | Points System |
| Value Anchoring | Off-chain asset cash flow (such as rent, dividends) | Pricing of goods/services within the platform ecosystem |
| Inflation control | Token issuance is limited by asset size | Need to dynamically adjust the balance between points issuance and consumption |
| Price fluctuations | Affected by both asset fundamentals and market sentiment | Usually stable, relying on platform regulation |
| Exit mechanism | Secondary market transactions, redemption of underlying assets | Limited to exchange within the ecosystem or expired|
Chapter 3: Compliance and Legal Challenges
3.1 RWA's compliance framework - Disputes over securities attributes: - If a token represents a right to income, it may be considered a security (such as the Howey test of the US SEC). - Compliance path: Compliance through Reg D/S exemption or STO (Securities Token Offering). - Cross-border regulatory conflicts: - Conflicts between the laws of the location of the asset, the place of issuance and the jurisdiction of the investor.
- Case : The EU MiCA Act requires RWA issuers to operate with a license.
- Off-chain-on-chain collaboration :
- The division of rights and responsibilities between legal entities (such as SPV) and on-chain tokens must be clear.
3.2 Compliance risks of the points system
- Disputes over currency attributes:
- If points can be freely traded or exchanged for legal currency, they may be regarded as "virtual currency" and subject to regulation (such as the ban on virtual currency by the People's Bank of China).
- Consumer protection:
- The validity period and redemption rules of points must be clearly defined to avoid fraud (such as the EU Consumer Rights Directive).
- Tax treatment:
- Whether the issuance of points is regarded as "income" is determined according to local tax laws.
3.3 Compliance comparison summary
|Risk dimension | RWA | Points system |
| Core challenges | Securities law compliance, cross-border regulatory coordination | Avoid being characterized as currency or securities |
| Regulatory bodies | Financial regulators (SEC, MAS, etc.) | Consumer protection agencies, tax authorities |
| Compliance costs | High (requires laws, audits, and licenses) | Low (relies on platform self-discipline) |
| Typical penalties | High fines, project termination | User lawsuits, brand reputation damage|Chapter 4: Technology Implementation and Ecosystem Construction4.1 RWA's Technology Stack- Blockchain Selection:- Public chains (such as Ethereum) are suitable for highly liquid assets, and consortium chains (such as Hyperledger) are suitable for inter-institutional collaboration.
- Key components :
- Oracle (Chainlink): Synchronize off-chain asset data (such as house price index).
- Smart contract : Automatically execute dividends and liquidations (such as real estate rent distribution).
- Privacy protection : Zero-knowledge proof (ZKP) hides sensitive transaction information.
4.2 Technical Implementation of the Points System
- Centralized architecture:
- Traditional solution: MySQL+API, suitable for small ecosystems.
- Risks: single point of failure, data tampering.
- Blockchain Attempts:
- Alliance chain points (such as Ant Chain's "Ant Points"), to improve transparency and anti-tampering capabilities.
- Challenge: Balancing TPS limitations and user experience.
4.3 Comparison of Ecosystem Participants
| Roles | RWA | Points System |
| Issuers | Asset Holders (Enterprises, Funds) | Platform Operators (E-commerce, Airlines) |
| Investors | Institutional/Qualified Individual Investors | Platform users |
| Service providers | Law firms, auditing agencies, exchanges | Payment gateways, data analysis companies |
| Regulators| Financial regulatory agencies | Consumer protection agencies |
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5.1 Typical Scenarios of RWA
- Real Estate Tokenization:
Case Study: RealT divides U.S. real estate into ERC-20 tokens, and investors can obtain rental income.
- Carbon credit trading:
Case: Toucan Protocol converts carbon credits into BCT tokens to improve market liquidity.
- Supply chain finance:
Case: Propy uses NFT to represent real estate property rights to accelerate cross-border transactions.
5.2 Application scenarios of the points system
- Retail industry :
Case study: Starbucks “Star Gift Card” points promote repeat purchases and member retention.
- Game Economy :
Case : Although Axie Infinity's SLP points have trading attributes, the scope of redemption is strictly limited.
- Community Governance :
Case : Reddit community points (ERC-20 tokens) are used for voting and rewards.
5.3 Possibility of scenario integration
- Tokenization of points:
Convert centralized points into on-chain assets (such as NFT) and allow cross-platform circulation.
Challenges: Compliance and value anchoring issues need to be resolved.
- RWA+points hybrid incentives:
Users participate in RWA investment to earn points, and points can be exchanged for priority subscription rights for on-chain assets.
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Chapter 6: Future Trends and Challenges
6.1 The Future of RWA
- Trends:
- Integration with traditional finance (such as BlackRock's BUIDL fund investing in treasury bond tokenization).
- Expansion of emerging asset classes (intellectual property, climate derivatives).
- Challenges:
- Regulatory fragmentation hinders global liquidity.
- Off-chain asset rights confirmation relies on centralized institutions (such as property registration offices).
6.2 The future of the points system
- Trends:
- Points tokenization: cross-platform interoperability through blockchain (such as the merger of airline and hotel points).
- Dynamic pricing: AI algorithms adjust the value of points in real time (such as floating exchange ratios based on supply and demand).
- Challenges:
- Excessive financialization triggers regulatory scrutiny (e.g. the secondary market for points is banned).
- User privacy and data abuse risks.
6.3 Ultimate Fusion: Synergy between RWA and Points
- Possibilities:
- Points serve as the "governance credentials" of the RWA ecosystem. For example, holding points can participate in asset voting.
- RWA income is distributed in the form of points to enhance user stickiness (e.g. real estate token dividends are converted into platform points).
- Barriers:
- Conflict of legal attributes (points must avoid being characterized as securities).
- Differences in technical architecture (RWA requires high security, points require high concurrency).
Conclusion
RWA and the points system represent two paradigms of the digital economy:
- RWA is an asset upgrade from "physical to virtual", and its core is to break the liquidity barrier;
- Points are a user operation tool from "behavior to value", and their core is to build a closed economic cycle.
In the future, the boundaries between the two may become blurred - points can be supported by real assets through tokenization, while RWA can expand the user base through the points system. However, this process requires resolving the fundamental conflicts between compliance, technology and economic models. Only by finding a balance can the true potential of "virtual-real integration" be released.
Partly with the help of artificial intelligence.
Aaron
Joy
Alex
Catherine
Kikyo
Hui Xin