Tokenizing an asset is the easy part. The token is a claim, and a claim is only worth the obligation behind it. Here is the checklist I actually care about when I review one. Binding: who guarantees 1 token = 1 unit of the asset, over time? A custodian, an SPV, a legal wrapper — not the contract. Redemption: burn the token, release the asset. Who is obligated to deliver, and what happens on a default or a transfer freeze? This is the path most designs leave thin. Proof-of-reserve: verif...