Digital assets Intermediate
Anatomy of a Digital Asset
Issuance, scarcity and governance are stated properties, not guarantees. Where to verify each one.
- Author
- FINOVEX Academy
- AI-generated text
- Published
- Reading time
- 9 mins read
Every digital asset carries three attributes that determine its patrimonial behaviour: how it is issued, who can alter that issuance and under what rule the change occurs. The price is a consequence of this, never the opposite.
Issuance
Issuance describes how much exists today, how much will exist and by what mechanism. A declared ceiling only has value if it is inscribed in the rule that participants verify, and not on an institutional page that the issuer edits whenever it wishes.
Governance
Governance answers an uncomfortable question: who can change the rule without asking permission. Where there is an administrative key capable of pausing, freezing or reissuing, there is a counterparty - and a counterparty is always a credit risk disguised as technology.
| Attribute | Where it is verified | What invalidates the claim |
|---|---|---|
| Offer | Consensus rule and published contract | Discretionary issuance function |
| Custody | Who holds the signing key | Undisclosed administrative key |
| Governance | Amendment process and quorum | Unilateral change by the issuer |
