01
Identity
Establish the observable subject — entity, asset, instrument — and the identifiers that keep one observation from being mistaken for another.
MS2 · Knowledge Tokens
From knowledge to a usable reference.
Private credit still moves as unstructured filings. MS2 is building the reference layer first: identity, evidence, and qualification — daily records institutions can actually reuse.
Layer 1 stays in front
A Knowledge Token is an information product. It is not a debt security or an ownership interest. Tokenization, if pursued, sits on top of the reference layer — never in front of it.
No common reference layer.
- Investors and risk teams lack consistent pricing, entity relationships, and redemption-stress visibility.
- Institutions still exchange mostly unstructured PDF and Word documents.
- Machine-readable, normalized records are what agents and downstream systems can reuse.
Three disciplines
Identity. Evidence. Qualification.
02
Evidence
Preserve the connection between a structured field and the source observation: the filing, the period, and the schedule line it came from.
03
Qualification
Separate supported knowledge from uncertainty, missing information, and conclusions the evidence does not establish.
Layer 1 · product families
Four families, different stages.
Completed · publication priority
Asset Details
Asset identity, portfolio company or obligor, instrument, valuation date, amortized cost when available, fair value when available, evidence, and knowledge boundaries.
Design underway
Credit Curve
A term-structure view built from qualified maturity and related asset information. Implementation follows Cohort 1. Unsupported credit characteristics are not implied.
Completed · packaging pending
Audited Notes
Governed knowledge from audited filing notes: inventories, evidence boundaries, and traceable source context. Standalone publication is still a decision.
Completed · packaging pending
Legal Entity
Observable legal identities, jurisdictions, and functional roles — advisory, administration, custody, servicing — where the evidence supports them.
These are information product families. They do not represent cryptocurrency, transferable ownership, or currently issued digital tokens.
Reference implementation
770
qualified asset observations
A private equity BDC.
A private equity firm serves as the reference enterprise for demonstrating evidence-grounded asset observations. The figure is the qualified reference population as of March 31, 2026. It is not a count of generated or published Knowledge Tokens. Publication status updates after artifact release and independent verification.
Open the referenceOne foundation, different institutional decisions.
Risk and compliance
Asset information, source evidence, and qualification boundaries inside oversight workflows.
Operations and market infrastructure
Asset observations and how they relate to enterprise structures and processes.
Investment and valuation
Asset-level information, including reported cost and fair value where the evidence supports it.
Potential uses. Not determinations of suitability, value, or legal conclusions.
Engage
One design partner. One research partner.
MS2 welcomes discussions with institutions interested in structured Knowledge Token products. This site is an illustration. Write info@ms2now.com.