# Tokenization atlas

Alexey Ananin and the Echelon group
Public educational edition · 18 September 2026

## Two sides of energy tokenization

![Two sides of energy tokenization](https://xpower.agency/academy/materials/tokenization-relationships.png)

Generation, grid, supply and the system operator appear on the left. Retail, cooling, ventilation, buildings, computing and transport appear on the right. ENERGY, POWER, SAVE, FLEX, PEAK, RESERVE, RESOURCE, PRICE and TIME connect them. A description includes the asset, its state and its relationships with other assets.

For the agent: these labels describe different properties and products. PRICE and TIME can be conditions of a right. They do not justify nine independent claims on the same result.

## Reflection depository

![Reflection depository](https://xpower.agency/academy/materials/depository-reflection.png)

Telemetry, operating mode, resources, tariffs and constraints update the asset’s digital Reflection. It retains state, history, rights, obligations, verified effect, oracle data and an audit trail. The diagram follows Claimed → Verified → Permitted → Committed → Available → Dispatched → Delivered → Settled.

The route is illustrative. An operational process also needs rejection, suspension, dispute and expiry. The physical asset exists independently of its record; Reflection freshness determines whether its data can support a decision. Delivered requires performance evidence; Settled requires settlement evidence.

## Active depository and the improvement market

![Active depository and the improvement market](https://xpower.agency/academy/materials/depository-improvements.png)

The depository identifies potential in capacity, savings, flexibility and equipment life. Engineers, investors, analytical agents and solution providers can propose improvements. Authority to act is bounded by the asset, duration and safe operating conditions. Compensation is tied to verified incremental effect.

The sequence of legal wrappers in the drawing is a design hypothesis. Each transition requires a separate basis. The learning diagram does not establish an issuance status or any participant’s consent.

## Our financial instruments

![Our financial instruments](https://xpower.agency/academy/materials/tokenization-instruments.png)

The original diagram links the real asset, Reflection, authority to act, participation in effect, a monetary claim, an oracle, a smart contract, financing and settlement. SAVE, FLEX and PEAK / RESERVE appear on the right. This is a map of architectural functions.

Numbering does not prescribe a mandatory issuance sequence. Oracles and smart contracts are technical components. “UCP / right to act” is retained as the author’s diagram label; its legal meaning requires a separate review. Automatic execution of rules does not establish that a right exists.

## F01 · Electricity supply

Volume, interval and delivery point; reconcile measurements with the supplier’s obligation.

## F02 · Future generation

Expected output, commissioning date, underproduction risk and replacement rules.

## F03 · Capacity and readiness

Available kW, location, time window, duration and activation conditions.

## F04 · Load flexibility

Profile change against a baseline; response speed and rebound.

## F05 · Storage operation

Power and energy capacity, state of charge, losses, degradation and reservations.

## F06 · Heat and cooling

Useful thermal energy at the measurement boundary, temperature conditions and losses.

## F07 · Temperature as a service

Maintaining an agreed range and availability period; continuous measurement records.

## F08 · Quality and reliability

Quality metrics, permitted deviations and consequences of service failure.

## F09 · Energy origin

Origin attribute, registry, uniqueness and certificate retirement.

## F10 · Emission reductions

Methodology, boundaries, additionality, verification and prevention of double counting.

## F11 · Verified savings

Agreed baseline, adjustments, measured outcome, price and costs.

## F12 · Claim on future savings

Cash-flow forecast, obligor, conditions creating the claim and shortfall risk.

## F13 · Receivables

An existing monetary claim, maturity, dispute, assignment and unpaid balance.

## F14 · Participation in an energy asset

Equity or another participation right, governance, payment priority and owner costs.

## F15 · Price risk and derivatives

Index, settlement formula, collateral and counterparty risk.

## F16 · Prepayment and energy balance

Prepaid balance, consumption units, tariff, refund and expiry.

## F17 · Grid infrastructure

Node, constraint, connection, access and the party that pays for the effect.

## F18 · Composite energy product

Energy, intelligence and technology; constituent rights, compatibility and separate accounting.