---
# System prepended metadata

title: LAS Reality Check
tags: [Welcome to web3, ' tezos']

---

---
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
