PHASE 01 / 06
Real-World Asset Fundamentals
Start with assets, claims, cash flows and risk before examining the token.
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What Is a Real-World Asset?
Distinguish the underlying asset, the claim an investor holds and its digital representation.
What you will learn
- Separate an asset from a token representing a claim
- Map the parties between an investor and an underlying asset
Assets, Claims, Ownership and Liabilities
Read both sides of a financial relationship and identify who owes what to whom.
What you will learn
- Distinguish ownership from a contractual claim
- Map an investor asset to a counterparty obligation
Bonds, Funds, Loans and Equity
Compare the cash flows and investor rights of four foundational financial structures.
What you will learn
- Distinguish debt from equity and fund interests
- Explain how fund ownership differs from portfolio ownership
Where Does RWA Yield Come From?
Trace distributions to borrower payments, operating income and other economic sources.
What you will learn
- Trace a distribution to its economic source
- Separate cash income from price appreciation and token incentives
Asset Valuation, Liquidity and Risk
Separate a valuation estimate, an executable price and the ability to exit a position.
What you will learn
- Explain how discount rates affect present value
- Identify credit, liquidity and valuation risks independently
Why Tokenize an Asset?
Evaluate programmable transfers and shared records against the costs of a new operating model.
What you will learn
- Identify a concrete coordination problem tokenization could address
- Evaluate added operational and legal dependencies