This article discusses the unique challenges of generating Unique Product Identifiers (UPIs) specifically for derivatives on crypto-assets. Building on previous discussions about the UPI and the technical process of generating these identifiers, the article highlights the adoption of standards by ANNA-DSB. It points out that crypto-assets pose a unique challenge due to their lack of standardisation and non-unique identifiers, with various naming conventions like BTC or XBT for Bitcoin and ETH or Ξ for Ethereum.
To address this, ANNA-DSB has adopted identifiers from the Digital Token Identifier Foundation (DTIF), which issues unique nine-letter codes for each crypto-asset. This standardization helps avoid duplication and confusion in identifying crypto-assets. The article provides a non-exhaustive list of these identifiers and the crypto-asset these codes refer to.
Moreover, for entities dealing with crypto-asset derivatives, it’s crucial to use the correct DTIF code as the underlying reference value when generating or retrieving UPIs. The blog provides a sample list of issued UPIs for different contract types based on these DTIF codes.