Method for asset securitization using tokens on blockchain

Abstract

A method for token-based asset securitization according to the present invention comprises: a first step in which a token issuance server receives, from a holder terminal, a request for issuing a first token; a second step in which the token issuance server issues the first token, records the generated first token in a token record book, and transfers the first token to an electronic wallet of the holder terminal; a third step in which the holder terminal or an investor terminal transmits, to a trust institution server, a request for issuing a second token which is a profit security token or a use authority token based on the first token; a fourth step in which the trust institution server identifies requirements for issuance of the second token, and transmits, to a token issuance institution, a request for issuing the second token if the requirements are met; a fifth step in which the token issuance institution records the issued second token in the token record book and transfers the second token to an electronic wallet of an issuance requester; and a sixth step in which the trust institution server distributes profits of an operating result to a second token holder in accordance with the second token.

Description

A method for liquidating assets using tokens on the blockchain

[0001] The present invention relates to a method for securitizing ownership-based assets using tokens that can be recorded on a blockchain, and more specifically, to a method for securitizing assets in various ways using ownership-based tokens and tokens related to profit rights or usage rights based on ownership tokens.

[0002] Because blockchain adopts a consensus algorithm based on the majority rule principle, it is impossible to delete or change information recorded on the blockchain unless the network is completely controlled, effectively preventing falsification and alteration of information.

[0003] By issuing tokens for various assets, including real estate, precious metals, ships, machinery, and collectibles; financial assets such as stocks, bonds, trust securities, and income-generating securities; and intellectual property rights such as copyrights, patents, and trademarks, and recording these tokens on a blockchain, a unique and authentic record of the asset can be maintained safely and securely, without the risk of falsification. Blockchain networks can function as a decentralized registry on the Internet, replacing centralized registries previously maintained by government agencies and empowered by law and public authority to verify the uniqueness and integrity of authentic records.

[0004] There are attempts to apply blockchain technology in various fields by taking advantage of these characteristics. Representative examples include cryptocurrencies that aim to replace or supplement legal tender, blockchain payment services for fund transfers or settlements for online and offline transactions, product history management and proof of origin, proof of ownership or stake in digital art or game items, and identity verification and authentication using resident registration cards or driver's licenses.

[0005] Recently, discussions are underway among financial authorities in several countries on issuing and distributing securities such as stocks and bonds in the form of blockchain tokens to supplement or replace electronic securities.

[0006] From 2009 to 2021, attempts to apply blockchain technology in the financial sector were limited to cryptocurrencies, payment services, and ETFs that diversified investments across various cryptocurrencies. However, starting in 2022, discussions on digital assets, which involve issuing and distributing tokens based on various assets, encompassing not only financial assets but also real assets and intellectual property rights, have been actively underway.

[0007] It is recognized that whether to issue a token that represents ownership of an asset or a token that represents a right to profit from the asset must be chosen based on the nature of the asset.

[0008] Most assets tend to have both characteristics rather than one characteristic being particularly prominent. Even if one characteristic is relatively more prominent, issuing tokens in a form that is fixed according to one characteristic may be disadvantageous in terms of monetization or liquidation of the asset.

[0009] For example, if a business called A issues tokens, which are income securities, based on the rental income generated from a real estate property, even if Business A manages the property using funds raised from token investors, the rights of token investors are limited to the profits. If Business B issues tokens based on ownership of a real estate property, token investors may secure partial ownership corresponding to their invested shares, but Business B has no reason to be involved in the rental income, and generating additional operating income, such as rental income, is only possible if token investors with partial ownership stakes individually manage the tokens.

[0010]

[0011] [Prior Art Literature]

[0012] Korean Patent No. 10-2147283 (Published: August 24, 2020)

[0013] The purpose of the present invention is to provide a method for asset liquidity using tokens, which dramatically increases the usability of assets by issuing tokens related to not only ownership of assets but also profit securities or usage rights and recording them on a blockchain.

[0014] The present invention relates to a token-based asset securitization method executed in an environment including an owner terminal including an electronic wallet, an investor terminal including the electronic wallet, a brokerage server, a token issuing server, a trust institution server, and a blockchain node including a smart contract unit and a token record unit, the method comprising: a first step in which a token issuing server receives a request for issuing a first token based on ownership from an owner terminal; a second step in which the token issuing server issues a first token and records the generated first token in the token record unit and issues it to the electronic wallet of the owner terminal; a third step in which the owner terminal or the investor terminal transmits a request for issuing a second token, which is a profit security token or a usage right token based on the first token, to the trust institution server; a fourth step in which the trust institution server checks issuance requirements for the second token and, if the requirements are met, transmits a request for issuing the second token to the token issuing institution; a fifth step in which the token issuing institution records the issued second token in the token record unit and issues it to the electronic wallet of the issuance requester; The trust institution server includes a sixth step in which the profits from the operation are distributed to the second token holders in correspondence with the second token.

[0015] The asset securitization method according to the present invention may further include a seventh step in which a brokerage server receives a purchase request from an investor terminal for at least a portion of the first tokens issued in the second step and records the completed purchase of the first tokens in a token record book and issues the tokens to the electronic wallet of the investor who requested the purchase; an eighth step in which a trust institution server receives a request from the investor terminal for issuing second tokens based on at least a portion of the first tokens issued in the seventh step; and a ninth step in which the trust institution server issues at least a portion of the profits resulting from the operation corresponding to the second tokens issued in the seventh step to the owner of the second tokens.

[0016] The method according to the present invention may further include a tenth step in which the brokerage server receives a purchase request for a second token and issues the second token to the purchaser according to the purchase request.

[0017] The method according to the present invention may further include an eleventh step of creating a smart contract related to at least one of the first token issuance and the second token issuance in a blockchain node.

[0018] According to another embodiment of the present invention, the owner may include at least one member who is a distinct legal entity from the owner, and in this case, the smart contract may include a smart contract that executes a step of executing a first token sale between members and recording the details thereof, or, in the case of executing a sale of the first token between a buyer who is not a member and the owner, internally recording the changed details of the first token of the member who was the owner of the first token.

[0019] The method according to the present invention may further include a twelfth step of incorporating the purchaser as a member of the owner when a sale of the first token is executed between a purchaser who is not a member and the owner.

[0020] The method according to the present invention can be executed by a computer program recorded on a computer-readable recording medium.

[0021] According to the present invention, there is provided an asset liquidity method that dramatically increases the usability of assets by issuing tokens based on the ownership of assets, as well as issuing and distributing and utilizing profit security tokens or usage right tokens based on the ownership tokens.

[0022] Figure 1 is a diagram illustrating an example of an environment in which the asset securitization method of the present invention is executed.

[0023] Figure 2 is a flowchart of a first embodiment of the asset securitization method of the present invention.

[0024] Figure 3 is a flowchart of another embodiment of the asset securitization method of the present invention.

[0025] Figure 4 is a flowchart of the trading process of a second token in the asset liquidity method of the present invention.

[0026]

[0027] Hereinafter, the present invention will be described in detail with reference to the attached drawings.

[0028] The information (data) transmission / reception process performed in this specification may apply encryption / decryption as needed, and expressions describing the information (data) transmission process in this specification and the patent claims should be interpreted to include cases where encryption / decryption is applied, even if not specifically mentioned. Expressions such as "transmitting (delivering) from A to B" or "A receiving from B" in this specification include transmission (delivery) or reception involving another medium, and do not only express direct transmission (delivery) or reception from A to B. In the description of the present invention, the order of each step should be understood as non-limiting, unless a preceding step must be performed logically and temporally before a succeeding step. In other words, except in exceptional cases such as the above, even if a process described as a succeeding step is performed before a process described as a preceding step, the essence of the invention is not affected, and the scope of rights should be defined regardless of the order of the steps. In addition, "A or B" in this specification is defined not only to selectively refer to either A or B, but also to include both A and B. Additionally, the term "including" in this specification also includes other components in addition to the elements listed as including.

[0029] In this specification, “module” or “unit” or “part” means a logical combination of general-purpose hardware and software that performs its function.

[0030] This specification describes only the minimum components necessary to explain the present invention, and does not mention components irrelevant to the essence of the present invention. Furthermore, the description should not be interpreted as exclusive, encompassing only the mentioned components, but rather as non-exclusive, encompassing other components not mentioned.

[0031] The expressions “first,” “second,” or similar used in this specification are used to distinguish between the same or similar components or to distinguish the names of components or steps constituting the present invention, and do not imply an order or plurality.

[0032] The method according to the present invention can be executed by an electronic computing device such as a computer, tablet PC, mobile phone, portable computing device, or stationary computing device. It should also be understood that one or more methods or aspects of the present invention can be executed by at least one processor. The processor can be installed in a computer, tablet PC, mobile device, or portable computing device. A memory configured to store computer program instructions can be installed in such a device, and the program can be specifically programmed to cause the processor to execute the stored program instructions, thereby executing one or more processes as described herein. It should also be understood that the information and methods described herein can be executed by a computer, tablet PC, mobile device, or portable computing device that includes one or more additional components and a processor. In addition, the control logic can be implemented as a non-volatile computer-readable medium containing program instructions executable by a processor, a control unit, or the like. Examples of computer-readable media include, but are not limited to, ROM, RAM, CD-ROM, magnetic tape, floppy disk, flash drive, smart card, or optical data storage device. Additionally, the computer-readable recording medium may be distributed over network-connected computers, such that the computer-readable medium is stored and executed in a distributed manner, for example, by a remote server or a Controller Area Network (CAN).

[0033] The exemplary embodiments described herein provide a general understanding of the structure, function, fabrication, and use of the devices and methods disclosed herein. One or more such embodiments are illustrated in the accompanying drawings. Those skilled in the art will appreciate that the devices and methods specifically described herein and illustrated in the accompanying drawings are non-limiting and exemplary embodiments, and that the scope of the present invention is defined by the claims. Features illustrated and described in connection with one exemplary embodiment may be combined with features of other embodiments. Such modifications or variations are intended to fall within the scope of the present invention.

[0034] Figure 1 illustrates an example of an environment in which an asset securitization method according to the present invention is implemented.

[0035] The environment in which the present invention is implemented includes an asset owner terminal (10), an investor terminal (20), a brokerage server (30), a token issuing server (40), a trust institution server (50), a blockchain node (60), and a communication network (70).

[0036] The owner terminal (10) is a terminal of an owner who holds ownership of an asset or token and includes an operating unit (12) and an electronic wallet (14). The investor terminal (20) is a terminal of an investor who has purchased an ownership token or an investor who has purchased a profit security token or a usage token based on an ownership token. For convenience of explanation, the terminal is described as a single investor terminal regardless of the type of token purchased. The investor terminal (20) includes an operating unit (22) and an electronic wallet (24).

[0037] The operating unit (12, 22) of the terminal is a module that executes program commands for executing the process of the method according to the present invention, and transfers tokens or profits to the electronic wallet (14, 24) of the terminal. As described below, tokens or profits, etc. are recorded in the blockchain node and can be accessed through the electronic wallet (14, 24) of each terminal.

[0038] The brokerage server (30) plays a role in brokering transactions related to the management and distribution of ownership tokens and revenue securities / use rights tokens issued in the asset liquidity method according to the present invention.

[0039] For convenience in this specification, the ownership token issued based on asset ownership is referred to as the "First Token," and the income security token or usage token issued based on the First Token is referred to as the "Second Token." The income security token is a token related to the distribution of profits earned through asset management, such as leasing the asset or selling output produced from the asset. The usage token is a token representing the right to use the asset.

[0040] The brokerage server (30) may be a single brokerage server that brokers the sale of the first token and the second token, or a plurality of separate brokerage servers may each broker the sale of the first token and the second token.

[0041] The token issuing server (40) is a server that issues the first token and the second token issued in the asset liquidity method according to the present invention. For convenience of explanation and illustration, it is described and illustrated as a single server, but it can also be implemented as a plurality of token issuing servers.

[0042] As described below, the trust institution server (50) performs the role of allowing the first token owner to entrust the first token and perform profit-making activities based on the second token issued based on the first token, and paying the profits, etc. generated therefrom to the electronic wallet of the owner or investor.

[0043] The blockchain node (60) includes a smart contract section (62) and a token record section (64).

[0044] Figure 2 illustrates a flowchart of an asset securitization method according to a first embodiment of the present invention. In this first embodiment, an asset owner issues a first token and then issues a second token based on the first token to generate operating income.

[0045] The owner terminal (10) requests the token issuance server (40) to issue a first token and transmits the contract details (step 200). The contract details may include information about the asset, information proving that the owner legally owns the asset, and a guarantee that the transfer of all or part of the first token constitutes a transfer of all or part of the ownership of the asset.

[0046] In step (205), a smart contract is created in the blockchain node (60) so that, based on the contract contents received in step (200), the transfer of ownership of the first token is performed upon the agreement (electronic signature) of both parties to the transaction and completion of payment, and the contents are recorded in the token record (64) of the blockchain node (60).

[0047] The token issuing server (40) issues the first token requested by the owner terminal (10) (210) and requests the blockchain node (60) to record the issued first token (step 215). The issued first token is recorded in the token record (64) of the blockchain node (60) along with owner information (step 220). The issued first token is transferred to the owner's electronic wallet (14) and can be accessed through the electronic wallet (14).

[0048] The blockchain node (60) notifies the first token issuance result to the intermediary server (30) (step 225).

[0049] For assets, such as real estate, whose ownership can be legally proven through a separate, centralized registration system, the transfer of the first token according to the present invention can be linked to the registration system, thereby linking the transfer of actual ownership or ownership interest. For assets requiring registration with the Korean Intellectual Property Office (KIPO), such as patents, utility model rights, trademarks, and design rights, the transfer of the first token according to the present invention can also be linked to the KIPO registration system, linking the transfer of the first token according to the present invention to the actual transfer of ownership of the intellectual property rights.

[0050] However, considering the problem that there may be a gap between the positive law and the blockchain token system in the standards for recognizing separate ownership when multiple people share one asset, and that it may be cumbersome and expensive to update real estate registration or patent registration information every time the first token representing separate ownership is transferred, the first token owners may form an organization that can be recognized as a legal entity, such as a cooperative or decentralized autonomous organization that jointly exercises sovereignty, and register it as the owner of the asset under positive law, and the relationship between each owner of the first token and the organization can be exercised through a smart contract to exercise sovereignty according to the share.

[0051] If the asset owner is a legal entity capable of owning assets, such as a corporation or cooperative, a smart contract containing provisions defining the relationship between the asset owner's members can be created separately from the smart contract created in step (205). Alternatively, such provisions can be included in the smart contract created in step (205).

[0052] In other words, even if the first token is sold, the registration or registration details remain unchanged. Instead, the sale of the first token is executed by a smart contract, and the owner information of the first token is updated. For example, in step (305) of FIG. 3, when the sale of the first token is executed by a smart contract, if the buyer is not an existing member of the legal entity that owns the asset, the buyer can be included as a member of the legal entity. If the buyer and seller are members of the legal entity, the ownership of the first token can be internally changed from the seller to the buyer. If the seller has sold all of the first tokens held by the seller, the seller can be removed from the members of the legal entity, or, instead of being removed from the members, the seller can remain as a member with the first token holding amount set to 0.

[0053] If the owner of the first token is a corporate entity with multiple members and issues a second token, the corporate entity will primarily acquire the profits from the second token's dividends or sales, and the corporate entity may distribute them secondarily to its internal members. For such dividends or distribution, the smart contract created in step (240) may include such details, or a smart contract containing such details may be created separately from the smart contract created in step (240).

[0054] This legal entity becoming the owner of the first token can be applied not only to assets that require registration or filing, such as real estate or patents, but also to other assets.

[0055] In the above example, the number of members of the corporate entity is usually plural, but there may also be a single member.

[0056] In the case of movable property such as works of art, precious metals, and collectibles, the actual items can be moved to an authorized storage facility for storage.

[0057] According to the present invention, the first token owner can pursue profits from the use of profit rights as well as ownership by issuing a profit security token (second token) based on the first token.

[0058] The first token owner can entrust the first token to the trust institution server (50) via the owner terminal (10) and request the issuance of the second token accordingly (step 230). The target assets of the asset securitization method according to the present invention may primarily be non-monetary assets, such as real estate, artwork, accommodations, resort memberships, and yachts.

[0059] The trust institution server (50) verifies the requirements for issuing the second token (step 235). The requirements for issuing the second token include: whether the requesting owner is the actual owner of the first token; the possibility of possession and management of the target asset in the case of real estate or quasi-real estate assets; the consistency between the token and the asset in the case of assets stored in an authorized depository; the storage status; and the operability of the asset (e.g., the possibility of movement in the case of artwork).

[0060] If it is confirmed that the issuance requirements of the second token are met, a smart contract is created in the blockchain node (60) and the contract details related to the second token are recorded in the smart contract section (62) (step 240).

[0061] Smart contracts may include provisions regarding the scope of asset management, asset maturity dates, profit distributions, operating fees, and provisions related to the sale or transfer of secondary tokens (including restrictions on sale / transfer or conditions imposed upon sale / transfer). Once the smart contract is created, a secondary token issuance agreement is concluded through electronic signatures between the primary token holder who requested the issuance of the secondary token and the trust institution.

[0062] When a smart contract related to the second token is created and a second token issuance contract is concluded, the trust institution server (50) requests the token issuance server (40) to issue the second token (step 245).

[0063] The token issuing server (40) issues a second token (step 250) and requests a record of the issued second token from the blockchain node (60) (step 255).

[0064] The blockchain node (60) records the second token in the token record (64) (step 260) and notifies the trust institution server (50) of the second token issuance result (step 265). The second token recorded in the blockchain node (60) is transferred to the owner's electronic wallet (14).

[0065] The trust organization generates revenue through profit-making activities (step 270) and distributes the generated revenue to the terminal (10) of the owner of the second token (step 275).

[0066] As an example of generating revenue, we can consider the following cases:

[0067] If the asset is real estate, the first token is issued based on the real estate asset, and if the second token is issued based on the first token, the trust institution can lease the real estate to a tenant and generate income such as rent.

[0068] If the asset is a resort membership, ownership of a residential accommodation, or yacht ownership, partial usage rights based on ownership interests may be permitted. In this case, a second token based on the first token representing a portion of the asset can be issued, and profits from revenue-generating activities based on the second token can be distributed. For example, if the second token is a usage rights token, the trustee can sell the second token to a third party to generate revenue.

[0069] A percentage of the generated revenue according to the contract is distributed to the owner of the second token (step 275) and can be transferred to the owner's electronic wallet (14).

[0070] [Second embodiment of the present invention; embodiment in which a person who purchased a first token issues a second token]

[0071] FIG. 3 illustrates a flowchart of a second embodiment of the present invention, in which an investor purchases a first token issued by an owner or a first token of a purchaser who purchased the first token, and a second token is issued based on the first token purchased by the investor.

[0072] The owner who initially receives and holds the 1st token or the owner who purchases and holds the 1st token requests the sale of the 1st token to the brokerage server (30) along with the selling conditions such as price and quantity (step 300). When an investor who wishes to purchase the 1st token requests the purchase of the 1st token along with the conditions such as price and quantity through a terminal (20) (step 303), the brokerage server (30) mediates the purchase / sale that satisfies the conditions and executes the sale of the 1st token by the smart contract recorded in the blockchain node (60) (305), transfers the ownership of the 1st token in the amount purchased to the electronic wallet (24) of the investor who requested the purchase, and transfers the sale price to the electronic wallet (14) of the owner of the 1st token. The trading result of such first token is notified to the brokerage server (30) (step 310), and the brokerage server (30) notifies the trading result of the first token to the investor terminal (20) and the owner terminal (10) (steps 315, 320).

[0073] Although Figure 3 depicts the sell request for the first token first and the buy request for the first token second, the reverse order may also be used.

[0074] An investor who purchased the first token requests the issuance of a second token based on all or part of the first token held by the trust institution server (50) via a terminal (20). The process of distributing the profits generated by the trust institution to the investor, starting from step (325), which is the second token issuance request step, is largely identical to the corresponding steps in FIG. 2, and therefore, a detailed description of these steps will be omitted.

[0075] Since the smart contract related to the issuance of the second token is assumed to have already been created in FIG. 2, the smart contract creation step related to the issuance of the second token is omitted in FIG. 3. However, if the purchaser of the first token requests the issuance of the second token after the issuance of the first token, and this is the first request for the issuance of the second token, the creation of the smart contract related to the issuance and transfer of the second token may occur after the request for the issuance of the second token (step 325) in FIG. 3.

[0076] [Figure 4 is an embodiment in which a person who purchases a second token earns profit]

[0077] Figure 4 illustrates a flow chart of the buying and selling process of the second token.

[0078] The owner of the second token requests the sale of the second token to the brokerage server (30) via a terminal (10) along with selling conditions such as price and quantity (step 400). An investor wishing to purchase the second token requests the purchase of the second token to the brokerage server (30) via a terminal (20) along with purchasing conditions such as price and quantity (step 400).

[0079] Although Figure 4 depicts the sell request for the second token coming first and the buy request for the second token coming after, the reverse order may also be used.

[0080] A brokerage server (30) brokers a purchase / sale that meets the conditions, executes the sale of the second token (405) by a smart contract recorded in a blockchain node (60), and transfers the ownership of the second token in the amount purchased to the electronic wallet (24) of the investor who requested the purchase, and transfers the sale price to the electronic wallet (14) of the owner of the second token. The result of the sale of the second token is notified to the brokerage server (30) (step 410), and the brokerage server (30) can notify the result of the sale of the second token to the investor terminal (20) and the owner terminal (10) (steps 415, 417).

[0081] The trust organization conducts profit-making activities based on the second token (step 420), and the generated profits are transferred to the electronic wallet (24) of the purchaser of the second token (step 425).

[0082] The operator of the brokerage server (30) that mediates the trading process of the first and second tokens described above may charge a prescribed brokerage fee to the seller and / or buyer.

[0083] According to the present invention, rather than issuing tokens based solely on either ownership or profit rights (use rights), a first token based on ownership can be issued, and a second token, which is a profit security token or use rights token, can also be issued based on the first token, and trading of the first token and the second token is also enabled, thereby creating the effect of generating various types of profits based on tokens.

[0084] While the present invention has been described with reference to the attached drawings, the scope of the present invention is determined by the claims described below and should not be construed as being limited to the aforementioned embodiments and / or drawings. It should also be clearly understood that improvements, modifications, and variations apparent to those skilled in the art, as defined in the claims, are also included within the scope of the present invention.

Claims

1. A token-based asset liquidity method executed in an environment including an owner terminal including an electronic wallet, an investor terminal including an electronic wallet, a brokerage server, a token issuance server, a trust institution server, and a blockchain node including a smart contract section and a token record section, A first step in which the token issuing server receives a first token issuance request based on ownership from the owner terminal, A second step in which the token issuing server issues a first token and records the generated first token in the token record book and issues it to the electronic wallet of the owner's terminal; A third step in which the owner terminal or investor terminal transmits a request for issuance of a second token, which is a revenue security token or usage token based on the first token, to the trust institution server; A fourth step in which the trust institution server checks the issuance requirements of the second token and, if the requirements are met, transmits a request for issuance of the second token to the token issuing institution; Step 5: The token issuing agency records the issued second token in the token register and issues it to the electronic wallet of the issuing requester; The trust institution server includes a sixth step of distributing the profits from the operation to the second token holder in correspondence with the second token. Token-based asset liquidity method.

2. In claim 1, A seventh step in which the brokerage server receives a purchase request for at least a portion of the first tokens issued in the second step from the investor terminal and records the completed purchase of the first tokens in the token record book and issues them to the electronic wallet of the investor who requested the purchase; An 8th step in which the trust institution server is requested to issue a second token based on at least a portion of the first tokens issued in the 7th step from the investor terminal; The trust institution server further includes a ninth step of allocating at least a portion of the profits resulting from the operation corresponding to the second token issued in step 7 to the owner of the second token. Token-based asset liquidity method.

3. In claim 1 or 2, The brokerage server further includes a 10th step of receiving a purchase request for the second token and granting the second token to the purchaser according to the purchase request. Token-based asset liquidity method.

4. In claim 1 or 2, Further comprising an eleventh step of generating a smart contract related to at least one of the first token issuance and the second token issuance on a blockchain node. Token-based asset liquidity method.

5. In claim 4, The owner includes at least one member who is a distinct legal personality from the owner, The above smart contract is, Execute the first token sale between members and record the details, or In the case of executing a sale of the 1st token between a buyer and an owner who is not a member, a smart contract that internally executes a step of recording the changed 1st token details of the member who was the owner of the 1st token, Token-based asset liquidity method.

6. In claim 5, In the case of executing a sale of the first token of a non-member buyer and owner, a 12th step is further included to incorporate the buyer as a member of the owner. Token-based asset liquidity method.

7. A computer program recorded on a computer-readable recording medium for executing the method of claim 1 or 2.

8. A computer-readable recording medium having recorded thereon a computer program for executing the method of claim 1 or 2.

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