Introduction&nbsp;Tokenization of real-world assets (RWAs, also known as “assets”) is basically the creation of representative digital value on distributed ledgers for tangible assets. A typical example of tokenized assets is electronic money tokens such as USDC[1] and USDT[2]. Tokenized assets could be seen as a form of cryptography-enabled dematerialized securities that are recorded on considerably more decentralized ledgers like a proxy for a distributed ledger technology-based asset-backing.[3] The trades for tokenized assets can be settled in real-time more effectively by well-audited and legitimate smart contracts as the ownership of an asset can be monitored on-chain. A high level of disintermediation through the trading process with a significant level of on-chain transparency can also create a worthy level of volume for low-value items.&nbsp;Figure 1: A simple asset tokenization map.[4]<img class="image_resized" style="width:629px;" src="https://fintelogybucket.s3.eu-central-1.amazonaws.com/image_29fda11d49.png" srcset="https://fintelogybucket.s3.eu-central-1.amazonaws.com/small_image_29fda11d49.png 284w, https://fintelogybucket.s3.eu-central-1.amazonaws.com/medium_image_29fda11d49.png 426w, https://fintelogybucket.s3.eu-central-1.amazonaws.com/large_image_29fda11d49.png 569w" sizes="100vw" width="569"> Value of Tokenization&nbsp;The tokenization market is estimated to be a 16 trillion U.S. dollar business opportunity by 2030, according to Boston Consulting Group and ADDX.[5] The numbers of tokenizable assets are increasing in parallel with the development of (1) on-chain finance, (2) open banking, (3) the interoperability solutions for distributed ledger technologies (DLTs) such as token bridge protocols, (4) hybrid smart contracts, (5) legal certainty for DLT-based infrastructures and crypto-assets, (6) the internet of things. Tokenization is a process that can be achieved with the participation of players from mature markets thanks to the technology-ready and know-how capacity for robust adoption.&nbsp;Figure 2: An illustration by Chainlink for a fully tokenized global economy.[6]<img class="image_resized" style="width:646px;" src="https://fintelogybucket.s3.eu-central-1.amazonaws.com/image_d6ffd6aa9b.png" alt="Inserting image..." srcset="https://fintelogybucket.s3.eu-central-1.amazonaws.com/small_image_d6ffd6aa9b.png 286w, https://fintelogybucket.s3.eu-central-1.amazonaws.com/medium_image_d6ffd6aa9b.png 428w, https://fintelogybucket.s3.eu-central-1.amazonaws.com/large_image_d6ffd6aa9b.png 571w" sizes="100vw" width="571"> Advantages of Asset Tokenization&nbsp;The concept has considerably more effective mechanisms than the traditional methods to trade and store digital ownership. (1) Considerably more decentralized consensus mechanisms and automated verification methods create a more secure settlement for storing and trading assets. (2) Enhanced transparency with the inherent auditability of blockchain technology increases the efficiency of financial activity. (3) Automated verification of off-chain reserves backing an asset using smart contracts can save intermediation costs and provide more transparency for users. In this matter, the “proof-of-reserve" concept will be more critical for the development of asset tokenization.Issue of Interoperability&nbsp;Seamless trades and storage for a wide range of tokenized asset varieties can only be possible with more secure, scalable, and decentralized interoperability solutions between application chains (also known as public blockchains), bank chains (are also private blockchains), verified off-chain data provision applications with a considerably more decentralized verification. It is imaginable to trade and store between blockchain native tokens, central bank digital currency, issued bonds and collaterals, real estate, commodities, and stocks. In this matter, the development of cross-chain bridge solutions, the Internet of Things, and off-chain verification applications will bring a significant amount of value to the fintech industry.References[1] USD Coin, Circle, <a href="https://www.circle.com/en/usdc#transparency">https://www.circle.com/en/usdc#transparency</a> (Accessed on August 12, 2023). [2] “Tether: Fiat currencies on the Bitcoin blockchain”, Tether, Whitepaper, <a href="https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf">https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf</a> (Accessed on August 12, 2023). [3] Iota Kaousar Nassr, “The Tokenisation of Assets and Potential Implications for Financial Markets”, OECD Highlights, January 2020, <a href="https://www.oecd.org/finance/The-Tokenisation-of-Assets-and-Potential-Implications-for-Financial-Markets-HIGHLIGHTS.pdf">https://www.oecd.org/finance/The-Tokenisation-of-Assets-and-Potential-Implications-for-Financial-Markets-HIGHLIGHTS.pdf</a> (Accessed on August 12, 2023). [4] Chainlink, “How to Tokenize an Asset: A Step-by-Step Guide to Asset Tokenization”, 21 April 2023, <a href="https://blog.chain.link/how-to-tokenize-an-asset/">https://blog.chain.link/how-to-tokenize-an-asset/</a> (Accessed on August 12, 2023). [5] Rajaram Suresh, Sumit Kumar, Darius Liu, Bernhard Kronfellner, Aaditya Kaul, “Relevance of On-chain Asset Tokenization in ‘Crypto Winter’”, Boston Consulting Group, <a href="https://www.bcg.com/publications/2022/relevance-of-on-chain-asset-tokenization">https://www.bcg.com/publications/2022/relevance-of-on-chain-asset-tokenization</a> (Accessed on August 12, 2023). [6] Chainlink, “Introducing a Low-Latency Oracle Solution for the DeFi Derivatives Market”, 1 November 2022, <a href="https://blog.chain.link/low-latency-oracle-solution/">https://blog.chain.link/low-latency-oracle-solution/</a>&nbsp; (Accessed on August 12, 2023).

IntroductionTokenization of real-world assets (RWAs, also known as “assets”) is basically the creation of representative digital value on distributed ledgers for tangible assets. A typical example of 

Asset Tokenization: Bringing Value to the Fintech Industry

Hasret Ozan

ChatGPT, 30 Kasım 2022 tarihinde hayatımıza girip yapay zeka ve geleceğe dair fikirlerimizi tamamiyle değiştirdi. Belki yapay zekayı 20-30 yıl sonra karşımıza çıkacak bir teknoloji olarak gören bizler

ChatGPT Nasıl Düşünür? NLP Modellerinin Çalışma Prensipleri

Mehmet Furkan

<figure class="image"><img src="https://fintelogybucket.s3.eu-central-1.amazonaws.com/shubham_dhage_g_C_ao_Aj_Ql2_Q_unsplash_ee67709605.jpg" alt="DAO concept illustration" srcset="https://fintelogybucket.s3.eu-central-1.amazonaws.com/small_shubham_dhage_g_C_ao_Aj_Ql2_Q_unsplash_ee67709605.jpg 281w, https://fintelogybucket.s3.eu-central-1.amazonaws.com/medium_shubham_dhage_g_C_ao_Aj_Ql2_Q_unsplash_ee67709605.jpg 422w, https://fintelogybucket.s3.eu-central-1.amazonaws.com/large_shubham_dhage_g_C_ao_Aj_Ql2_Q_unsplash_ee67709605.jpg 563w" sizes="100vw" width="563"></figure>Image source: <a href="https://unsplash.com/photos/gC_aoAjQl2Q?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditShareLink">Unsplash</a>The world of decentralized finance (DeFi) is constantly evolving, and one of its most innovative products is the Decentralized Autonomous Organization (DAO). In simple terms, a DAO is an organization that operates with little to no central authority, allowing for decisions to be made through a democratic consensus. But what exactly does this mean for the future of organizations, and how does it work? Let's take a closer look.What are DAOs?DAOs are a new form of organization that leverages blockchain technology to create decentralized, transparent, and democratic governance systems. These organizations are run by a network of users, who can propose and vote on decisions without the need for intermediaries or centralized control.As Chris Dixon, a partner at Andreessen Horowitz, puts it, “DAOs are internet-native organizations collectively owned and managed by their members. They have built-in treasuries that no one has the authority to access without the approval of the group.”[1]How do DAOs work?DAOs operate through smart contracts on a blockchain platform, such as Ethereum. Smart contracts are self-executing agreements that automatically enforce their terms when certain conditions are met. These contracts help to facilitate the decision-making process in a DAO, allowing users to propose, vote on, and implement changes within the organization.DAO members typically hold tokens, which represent their voting power within the organization. The more tokens a member holds, the greater their influence on decision-making. This token-based governance system ensures that decisions are made collectively and transparently, with the majority determining the outcome.The benefits of DAOsDecentralization: DAOs operate without a central authority, eliminating the potential for corruption and mismanagement that often plagues traditional organizations.Transparency: All decisions and transactions within a DAO are recorded on the blockchain, providing an immutable, transparent record for all members to see.Inclusivity: DAOs allow for equal participation and representation from all members, regardless of their financial status or location.Efficiency: The use of smart contracts and blockchain technology helps to streamline decision-making processes, removing the need for lengthy negotiations or bureaucracy.Innovation: DAOs have the potential to foster innovation and disrupt traditional industries by allowing for the creation of new, decentralized business models.Challenges and risksDespite their numerous benefits, DAOs are not without their challenges. Some of the most pressing issues include:Scalability: As DAOs grow in size, their governance systems may become more complex and harder to manage.Regulation: The legal status of DAOs is still unclear in many jurisdictions, which could pose challenges to their adoption and operation.Security: Smart contracts are susceptible to bugs and vulnerabilities, which could compromise the integrity of a DAO's governance system.Coordination: Achieving consensus within a large, decentralized organization can be challenging, particularly when there are competing interests or disagreements among members.ConclusionDAOs represent a paradigm shift in the way organizations can be structured and governed. While they are not without their challenges, they hold the potential to disrupt traditional industries and pave the way for a more decentralized, democratic, and innovative future.Resources[1] Dixon, C. (2021, May 27). Decentral

Image source: UnsplashThe world of decentralized finance (DeFi) is constantly evolving, and one of its most innovative products is the Decentralized Autonomous Organization (DAO). In simple terms, a D

Demystifying Decentralized Autonomous Organizations (DAOs)

Nurhak

IntroductionDigital games or, in different words, computer games / video games have become one of the most important parts of many people's daily lives, both economically and culturally. The digital games industry, even by leaving the film industry behind, clearly shows that it has an important economic and cultural power. Specifically, it is essential to note that&nbsp;Turkey became the 10th country to attract the most investment among European countries over two years and hosts six unicorns. Among six unicorns, two of them namely Dream Games and Peak Games are popular well known gaming companies which have remarkably contributed Turkish fast-developing investment ecosystem and as well as the Turkish economy.&nbsp;In our point of view it will be useful to clarify the current status of digital games which are new to the legal order in general and to set forth the legal framework of legal protection regime considering domestic and international law, under the umbrella of intellectual property legislation. &nbsp;Definition and Legal Nature&nbsp;Since there is no official definition of this title in the Turkish legal literature yet, it is quite difficult to answer the question of what is the only term we can use to express all the games played on different platforms.&nbsp; However, it is observed that the&nbsp;<a href="https://tureng.com/tr/turkce-ingilizce/court%20of%20cassation">Court of Appeal</a> (“the Supreme Court”) occasionally adopts the concept of "computer game" and sometimes the concept of "video game" in its decisions. However, there is an opposing view that the use of the term referred to "digital game" will be more inclusive, and the use of the term "computer game" will cause confusion due to the ambiguity of this concept among the public. In the 2019 Digital Games Report of the Safe Internet Center, the definition of Digital Game is "… computer-based an entertainment and leisure activity software built on text or visuals, which can be used together by one or more people over a physical or online network on electronic platforms such as computers game consoles”.&nbsp;Digital games are included into the different genres by the doctrine as&nbsp;<a href="https://tureng.com/tr/turkce-ingilizce/computer%20programme">computer program</a>, cinematographic work, multimedia (mixed-media) and processing work (database).&nbsp;<ol><li>Evaluation of digital games as computer programs&nbsp;</li></ol>According to the article 1/B paragraph G of the&nbsp;<a href="https://tureng.com/tr/turkce-ingilizce/law%20on%20intellectual%20and%20artistic%20works">law on intellectual and artistic works</a> numbered 5846 (“Intellectual Law”) “the Computer program: It is the computer command system arranged in a way that will enable a computer system to perform a special operation or task, and the preparatory studies that will enable the formation and development of this command system.”&nbsp;Therefore, in order to support the legal definition, the Court made a determination as "for these reasons; it is necessary to accept that computer games, which have the characteristics of a mixed work in terms of many elements they contain, will be subject to the protection provisions regarding computer programs, since they are software-based, in other words, they are built on a computer software that has the characteristics of a computer program”.&nbsp;<ol><li>Evaluation of digital games as cinematographic work&nbsp;</li></ol>Despite the above mentioned definition, it is seen that the Court also defined digital games as cinematographic work.&nbsp;<ol><li>Evaluation of digital games as multimedia (mixed-media).&nbsp;</li></ol>In this definition, it is explained as "bringing different categories of works into an integrated combination by using new technology" which this definition refers to the concept of multimedia.Protection of Digital Games&nbsp;While digital games can be preserved as a whole as a&nbsp;cinematographic work or computer program, the elements of the digital game can be protected separately, such asscenarios and dialogue texts as scientific and literary works, drawings and visuals with specialty and aesthetic values, photographs as artwork, the original music of the game as musical work.&nbsp;<ul style="list-style-type:disc;"><li>Protection under the Intellectual Law&nbsp;</li></ul><ul><li>In Turkish law, various conflicts arise in case of violation of intellectual and industrial property rights. In case of infringement of the right, it is possible to initiate civil and criminal lawsuits. The right holder may request&nbsp;<a href="https://tureng.com/tr/turkce-ingilizce/provisional%20injunction">preliminary injunction</a>, as well as the implementation of special provisions and unfair competition provisions for the prevention of infringement.&nbsp;</li></ul>Within the framework of civil lawsuits, different claims can be requested from the relevant court such as:&nbsp;<ol style="list-style-type:lower-roman;"><li>Initiation of a "Case for Declaration of the Author" pursuant to paragraph 3 of article 15 Intellectual Law &nbsp;</li><li>Initiation of a "Case for Prevention and Prohibition of Infringement" pursuant to article 66 of Intellectual Law and,&nbsp;</li><li>Initiation of a "Case for Compensation" pursuant to article 70 of Intellectual Law.&nbsp;</li></ol><ul><li>Criminal cases are also included in the scope of the Law stated in Article 71, and the execution of investigation and prosecution procedures due to the crimes listed in this law is subject to complaint, therefore, the concerned parties should submit their complaints before the Office of the Chief Public Prosecutor.</li><li>As per the Article 77 of the Intellectual Law; in order for a preliminary injunction decision to be made, assessment of substantial damage or a sudden danger is not sufficient so there must be an essential condition for any reason. In consideration of the relevant provisions of the Enforcement and Bankruptcy Law, the court may decide to order the violating party to do or not to do an activity with an injunction decision.&nbsp; In this respect, according to articles 83 and 84 of the Intellectual Law, in cases where the protection is incomplete according to the provisions determined in the Intellectual Law, which is considered among the elements of the work, the unfair competition provisions of the Turkish Commercial Code are referred. &nbsp;</li></ul>&nbsp;<ul style="list-style-type:disc;"><li>Protection under the Optional Registration-Recording Process&nbsp;</li></ul>In Turkey, the right holders are entitled to register the digital games as a cinematographic work by applying to the Ministry of Culture and Tourism General Directorate of Copyrights. The Optional Registration- Recording process, which is carried out on the works, is considered as a non-mandatory process in order to make it easier to determine who created the work. With registration, all rights on the work belong to the person who created it and become inalienable through any institution. The registration process is carried out in accordance with the article 13 of the Intellectual Law and the Regulation on the Registration and Recording of Intellectual and Artistic Works. The registration fee in 2022 is determined as TRY 417. &nbsp;The classification of digital games in International LawToday, German doctrine and court decisions have accepted the nature of the digital game as a work, and it evaluates the category of work according to the concrete event. In the first stage of the two-stage protection mechanism granted to the owner of the game:&nbsp;<ol style="list-style-type:lower-roman;"><li>there is the protection allocated to the program that forms the basis of the game,&nbsp;</li><li>and the protection of the audio-visual artifacts in the second stage.&nbsp;</li></ol>Taking the gaming regulations of China into consideration, China has taken important steps in developing its legislation on intellectual property rights in recent years, and it is seen that the Chinese intellectual property legislation is indirectly protected by copyright law instead of directly protecting digital games.&nbsp;As it is observed, there is no specific set of rules devoted to digital games in International Law, and the legal regime regarding the protection of digital games is not clear.ConclusionBased on the above considerations; digital games cannot be fully categorized in any of the work genres, within the framework of the solution proposals on the subject, the tendency to classify this concept in various ways in the genres of works that are considered games by both the doctrine and the judiciary. &nbsp;Digital games industry developed rapidly and the size of such a gigantic industry reached $36.7 billion worldwide in 2021.&nbsp;The digital game industry has not only left the cinema industry behind with its enormous commercial volume but has already exceeded twice the commercial volume of the cinema industry due to the changing mentality of entertainment and the increase in individual consumption. As a matter of fact,&nbsp;the greater the demand for a market, more common environment of conflict in that market. Hence, shifting the sector to more innovative stages depend on the establishment of a strong legal infrastructure.&nbsp; Thus, the existence of mixed new rules changing &nbsp;the old rules in both Turkish Law and International law applied to the huge digital games industry requires the need for more specific regulations on this issue.&nbsp;References:&nbsp;<ol><li><a href="https://www.termsfeed.com/blog/legal-requirements-mobile-games/">https://www.termsfeed.com/blog/legal-requirements-mobile-games/</a></li><li><a href="https://www.mevzuat.gov.tr/mevzuatmetin/1.3.5846.pdf">https://www.mevzuat.gov.tr/mevzuatmetin/1.3.5846.pdf</a></li><li><a href="https://acikbilim.yok.gov.tr/bitstream/handle/20.500.12812/631766/yokAcikBilim_10322395.pdf?sequence=-1">https://acikbilim.yok.gov.tr/bitstream/handle/20.500.12812/631766/yokAcikBilim_10322395.pdf?sequence=-1</a></li><li><a href="https://dergipark.org.tr/en/download/article-file/1423690">https://dergipark.org.tr/en/download/article-file/1423690</a></li><li><a href="https://www.telifhaklari.gov.tr/Istege-Bagli-KayitTescil">https://www.telifhaklari.gov.tr/Istege-Bagli-KayitTescil</a></li><li><a href="https://www.aa.com.tr/tr/sirkethaberleri/teknoloji/bilgisayar-oyunlari-sektorunun-buyuklugu-36-7-milyar-dolara-ulasti/670075">https://www.aa.com.tr/tr/sirkethaberleri/teknoloji/bilgisayar-oyunlari-sektorunun-buyuklugu-36-7-milyar-dolara-ulasti/670075</a></li><li>&nbsp;https://www.weforum.org/agenda/2022/09/these-4-turkish-unicorns-divulge-how-to-support-digital-transformation-and-the-start-up-ecosystem/</li><li>Emin Hamdi Uysal- Bilgisayar Oyunlarının Hukuki Durumu Seçkin Yayınevi/2022</li><li>&nbsp;Abdullah Harun Ataşlar/İlkim Ülgen – Türk Hukukunda Dijital Oyunların Korunması, On İki Levha Yayıncılık/2022&nbsp;</li></ol>

IntroductionDigital games or, in different words, computer games / video games have become one of the most important parts of many people's daily lives, both economically and culturally. The digital g

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