Reference library & configurator
Design by vector, not by decision tree
Set a value on each axis, tick the functions and rights. The vector builds itself and coherence (constraints, forbidden cells) is checked live — then compared to 17 real-world cases.
A configurator, not a diagnosis
A decision tree branches: each answer rules others out, you follow a path to a leaf. This grid doesn't branch — you set each axis independently, and the combination is the product. The tree qualifies; the grid designs.
Pick-one vs check-all
Categorical axes (A1–A6) are mutually exclusive: one value. Flags (functions, rights) stack: a token is often a means of payment and a store of value and an investment at once.
“Issuer” is a trap word
The same word covers two roles with opposite consequences. We split them; the minter stays mere metadata.
Debtor / counterparty
Who owes you something → counterparty risk, redemption, insolvency. The “issuer” in the finance sense (a bond issuer, Circle for USDC).
Guarantor / attester
Who vouches → trust authority, liability for false attestation. The “issuer” in the W3C Verifiable Credentials sense (a university granting a diploma).
A diploma has an identified guarantor but no debtor. Bitcoin has neither. A bond has both. Three real combinations → two distinct axes, not one.
Constraints
The grid isn't perfectly free: some combinations are contradictory, others reveal a legal boundary.
native ⇒ coverage = n/a and debtor = none. “native + identified debtor” is contradictory: a native asset is a claim on no one.
backed + pooled coverage + no debtor: a pooled claim implies a debtor — except the protocol case (debtor = diffuse, e.g. DAI).
claim + no debtor + identified guarantor: allowed. A claim on a certified right doesn't imply a debt (carbon credit, authenticity NFT).
attestation = yes ⇒ guarantor ≠ none. An attestation implies an attester.
Pooled backing + simple redemption right → backed. Allocated/segregated asset with legal title → claim.
Configurator
Vector
Fung·—Relation·—Cover·—Debtor·—Guarantor·—Transfer·—
○ start setting values
Reference library
17 real-world cases mapped onto the same axes. Filter and search, card or matrix view.
17 / 17 cases
Bitcoin
- Fung
- fungible
- Relation
- native
- Cover
- n/a
- Debtor
- none
- Guarantor
- none
- Transfer
- free
Pure native asset — no counterparty, no coverage.
CBDC
- Fung
- fungible
- Relation
- backed
- Cover
- none (general claim)
- Debtor
- identified
- Guarantor
- identified
- Transfer
- freezable
Base money; debtor = central bank, no credit risk.
Tokenized bank deposit
- Fung
- fungible
- Relation
- backed
- Cover
- none (general claim)
- Debtor
- identified
- Guarantor
- identified
- Transfer
- freezable
Internal money; claim on a commercial bank (credit risk).
USDC
- Fung
- fungible
- Relation
- backed
- Cover
- pooled
- Debtor
- identified
- Guarantor
- identified
- Transfer
- freezable
EMT; pooled reserve + redemption right; freeze/blacklist possible.
DAI
- Fung
- fungible
- Relation
- backed
- Cover
- pooled
- Debtor
- diffuse
- Guarantor
- diffuse
- Transfer
- free
Crypto-collateralized stablecoin; the “issuer” = a governed protocol (smart contracts).
Tokenized bond
- Fung
- fungible
- Relation
- claim
- Cover
- dedicated/allocated
- Debtor
- identified
- Guarantor
- identified
- Transfer
- permissioned
Debt security token; coupon + maturity.
Tokenized share
- Fung
- fungible
- Relation
- claim
- Cover
- dedicated/allocated
- Debtor
- identified
- Guarantor
- identified
- Transfer
- permissioned
Equity security token; dividend + voting right.
Tokenized real-estate unit
- Fung
- fungible
- Relation
- claim
- Cover
- dedicated/allocated
- Debtor
- identified
- Guarantor
- identified
- Transfer
- permissioned
Single underlying; A1 = fungibility OF the token, not of the asset.
Tokenized gold (PAXG)
- Fung
- fungible
- Relation
- claim
- Cover
- dedicated/allocated
- Debtor
- identified
- Guarantor
- identified
- Transfer
- free
Claim on allocated physical gold.
WBTC (wrapped)
- Fung
- fungible
- Relation
- backed
- Cover
- dedicated/allocated
- Debtor
- identified
- Guarantor
- identified
- Transfer
- free
Wrapped; the underlying is another token (BTC 1:1).
LP token
- Fung
- fungible
- Relation
- claim
- Cover
- dedicated/allocated
- Debtor
- diffuse
- Guarantor
- diffuse
- Transfer
- free
Dynamic position; deposit receipt in a liquidity pool.
Art NFT (1/1)
- Fung
- non-fungible
- Relation
- native
- Cover
- n/a
- Debtor
- none
- Guarantor
- identified
- Transfer
- free
Guarantor ≠ debtor: the artist attests authenticity but owes nothing.
Tokenized carbon credit
- Fung
- fungible
- Relation
- claim
- Cover
- dedicated/allocated
- Debtor
- none
- Guarantor
- identified
- Transfer
- free
Claim + guarantor (registry) with no debtor; consumed on retirement — a valid off-diagonal cell.
Ticket / voucher
- Fung
- non-fungible
- Relation
- claim
- Cover
- dedicated/allocated
- Debtor
- identified
- Guarantor
- identified
- Transfer
- permissioned
Consumable (validated once) + expiration.
Loyalty points
- Fung
- fungible
- Relation
- backed
- Cover
- none (general claim)
- Debtor
- identified
- Guarantor
- identified
- Transfer
- non-transferable
Claim on the program; often non-transferable; burned on redemption.
Diploma / credential
- Fung
- non-fungible
- Relation
- native
- Cover
- n/a
- Debtor
- none
- Guarantor
- identified
- Transfer
- non-transferable
The case that justifies A5: identified guarantor (university) / no debtor; soulbound.
UNI (governance)
- Fung
- fungible
- Relation
- native
- Cover
- n/a
- Debtor
- none
- Guarantor
- none
- Transfer
- free
Protocol token; no counterparty; voting right.