What you actually own when a real-world asset goes on-chain
Topic
What tokenization actually changes, the four legal wrappers a token can sit in, and how to verify that the asset behind it exists.
"Attestation" and "audit" are not synonyms, and the difference decides how much a reserve report is worth. A practical method for checking backing claims, what on-chain proof can and cannot show, and the five failure modes that no attestation would catch.
Two tokens can both be called "tokenised Apple stock" and give you completely different legal rights. Here are the four wrappers in use today, what each one makes you in a bankruptcy, and how to identify which one you are holding in about five minutes.