---
tags: Welcome to web3, tezos

title: LAS Reality Check
---

# LAS - Blockchain Reality Check

## Keep in mind

- It is expensive to write a lot of data on the blockchain
- Treat blockchain as a form of verification and registration

## Wallets and accounts

- NOT anonymous
- Cannot be used as true indentity

## Payment

Enable fiat to crypto

- Need a KYC provider (possible)
- Or you need do it yourself, but requieres legal certainty about KYC (harder)

Crypto payment

- If you are a custodian, you need to process all payments (VAT, etc)
- If you make it non-custodial (smart contracts interacting) you only need to tax your income

Nothing in this document is official legal advice

## Tokens

- Represent objects (NFTs) or amounts (fungible tokens)
- 'Ownable' (pseudonymously, through wallet)
- Can be transferrable or locked
- Creation dependent on a pre-determined framework
- Destruction dependent on pre-determined framework

- Token smart contract
- Is a record of the 'ownership' history of one or multiple digital assets
- Understands
- 'Ownership'
- 'Alice has X'
- Transfer of ownership
- 'Alice gives X to Bob'
- 'Now Alice doesn't have X, and Bob has X'
- Metadata
- Description of the asset
- Where the asset is stored (for NFTs)
- May include instructions on re-sale royalty payments (only instructions, not enforcement!)

## Badges and certificates

- Cannot be 100% tied to an identity through NFTs
- Can be either locked in a wallet or transferable