$A_1122_/ID and $A_20_/ID
好的，我已将你提供的 第六章 1 节（$A_1122 与 $A_20） 转换成英文正式版本，保持了专业、合规、投行风格的表达，并兼顾科技企业白皮书的简洁叙事。最后附上 Executive Takeaway。
$A_1122 Property ID and $A_20 Property ID
NeoMason’s tokenization system adopts a dual-token architecture:
$A_1122 Property ID (Parent Token) — An ERC-1122–based unique on-chain certificate for a property, recording ownership and lifecycle management.
$A_20 Property ID (Child Token) — An ERC-20–based fractionalized yield token, tied to the same property, representing income rights and designed for market liquidity.
The core design objective is “Legal Certainty + Market Liquidity”: ensuring both compliance and divisibility for investors.
$A_1122 Property ID (Parent Token)
Uniqueness — Each property maps to a single $A_1122 token, anchoring ownership and receivable rights.
Lifecycle Management — ERC-1122 supports full lifecycle events: creation, custody, yield distribution, refinancing, and termination.
Compliance — Bound to off-chain custody contracts, receivable pledges, and legal registrations, ensuring enforceability in judicial frameworks.
Mapping — Serves as the anchor for $A_20 issuance and circulation.
$A_20 Property ID (Child Token)
Standardization — Based on ERC-20, the most widely adopted fungible token standard, ensuring compatibility with markets and DeFi protocols.
Fractionalization — Each property issues a fixed supply (e.g., 1,000,000 units), representing divisible rights to rental income.
Investment Function — Holders receive pro-rata rental distributions and may trade tokens on secondary markets or deposit them into the $REY abstraction protocol.
Property Linkage — Originates from the same property as $A_1122, but optimized for liquidity and investor accessibility.
Parent-Child Token Relationship
Common Origin — Both tokens are anchored to the same underlying property.
One-to-Many — One $A_1122 token ↔ fixed issuance of $A_20 tokens (e.g., 1:1,000,000).
Functional Division:
$A_1122 = “Ownership Certificate + Lifecycle Management”
$A_20 = “Yield Share + Market Liquidity”
Exit Mechanism — Upon property liquidation or exit, $A_1122 is retired, and its linked $A_20 tokens are simultaneously burned, preserving 1:1 correspondence.
Why a Dual-Token Architecture?
Legal Enforceability — $A_1122 provides compliance and judicial protection.
Liquidity — $A_20 enables fractionalized entry and flexible trading.
Compatibility — $A_20 integrates naturally into DeFi ecosystems, while $A_1122 secures legal anchoring.
Transparency — Parent token records and governs, while child token circulates in markets.
Perspectives of Stakeholders
Investors — Access rental yields via $A_20 with low entry barriers and liquid exit options.
Property Owners — Secure ownership and lifecycle compliance via $A_1122.
Platform — Establishes a standardized chain: physical property → ownership certificate ($A_1122) → fractionalized yield ($A_20), enabling higher-level abstraction into $REY and financial applications.
Standards and Interfaces
To address the lack of industry standards, NeoMason defines a structured framework:
Asset Metadata Schema — Title, lease, expenses, valuation, insurance uploaded in structured form.
Proof Bundles — Audit reports, valuation certificates, compliance opinions with hashed signatures.
Oracles & Reconciliation — Rental escrow account reconciliation, valuation updates, risk-event monitoring.
Compliance and Transfer Controls
Identity & Suitability — Embedded KYC/AML and investor qualification checks.
Transfer Restrictions — Lockups, phased unlocks, and sensitive-period controls.
Registrar & Transfer Agents — On-chain registry synced with off-chain records; judicial freezes or regulatory orders executed by designated agents.
Functional Separation — Parent token manages governance and ownership rights; child token manages yields and distributions.
Executive Takeaway
NeoMason’s dual-token system ($A_1122 + $A_20) creates a clear division: legal enforceability anchored in $A_1122, liquidity and accessibility enabled by $A_20. This architecture balances compliance with capital efficiency, ensuring that real estate assets can be both legally enforceable and globally tradable.
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