What is a token, in plain words?
Explanation
A token is a claim on the asset, like a coat-check ticket. It is never the asset itself.
What does it mean to “tokenize” something?
Explanation
Tokenizing creates a digital claim ticket for a real asset; the asset itself does not move.
What is a Real-World Asset (RWA)?
Explanation
An RWA is a real thing that exists first, with a token added to represent owning it.
How does an RWA differ from Bitcoin?
Explanation
Bitcoin is crypto-native; an RWA is a real-world thing with a token attached afterwards.
What is a Special Purpose Vehicle (SPV) used for?
Explanation
The token becomes a share of the SPV, and courts already understand company shares.
What is the oracle problem?
Explanation
An oracle feeds outside facts in, and someone must be trusted to run it honestly.
What are the three steps of the RWA value chain, in order?
Explanation
An asset is found and prepared, runs on the technical plumbing, then is distributed to investors.
Which value-chain step earns a large one-time fee?
Explanation
Origination is high-margin work done once, when a new asset is brought on-chain.
Which value-chain step is steady and recurring, like a subscription?
Explanation
Infrastructure earns a small ongoing fee for keeping the technical plumbing running.
What does “fractional ownership” mean?
Explanation
A token can be split into tiny pieces, so many people can each own part of one building.
What does “illiquid” mean?
Explanation
Cash is liquid; a house is illiquid, because selling it fast usually means accepting less.
In a lending pool, what is the senior tranche?
Explanation
The senior tranche trades a smaller return for being repaid first and more safely.
What is the junior tranche of a lending pool?
Explanation
The junior tranche trades safety for a higher return; it is hit first if a borrower fails.
Which finance jobs are most threatened by tokenization?
Explanation
A blockchain is itself an accurate shared record, so record-keeping roles are most exposed.
What does “co-option” mean in this lecture?
Explanation
JPMorgan, BlackRock, and Franklin Templeton chose to become the infrastructure themselves.
What is a business “moat”?
Explanation
The word borrows from the ditch around a castle; a real moat keeps rivals out.
What does “fork-resistance” test?
Explanation
Open-source code can be copied in days, so code alone is never a real moat.
What is the strongest moat in real-world assets?
Explanation
A licence takes years and large sums to obtain, so a competitor cannot simply copy it.
How do most RWA platforms make money?
Explanation
RWA platforms earn fees, much like an ordinary traditional-finance firm.
What do the main RWA failure modes have in common?
Explanation
Bad loans, custodian fraud, and rule changes are pre-blockchain problems reappearing on-chain.
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