Sure Tokenizer Protocol
To create, customize & trade asset based tokens
Inspiration
There are lot of complexities involved and many technical capabilities are required to create asset based tokens and acquire output from it to the users. Scarcity of the overall process of asset tokenization such as KYC, compliance, regulatory acceptance, trading and interoperability discourages the adoption. Tis whole thing lack standardization and so we thought of real need to create a strong tokenization protocol with the required functionalities and build Sure Tokenizer protocol.
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What it does
- Sure Tokenizer protocol provides in built functionalities to create, customize & trade asset based tokens (Tokenization as a Service (TaaS)).
- Sure Tokenizer protocol allows end users to easily start with Tokenization of their asset
- Provides guidance to users about what is getting created and how they will manage their asset-based tokens.
- Removes complexity from the users from technology perspective for creation, customisation, and management of asset-based tokens.
How we built it
Fine art tokenization use case is developed as an example for H21 hackathon to showcase protocol functionalities. Protocol is an asset agnostic and any one can create, customise and trade tokens using given REST APIs.
Challenges we ran into
-Initially it took time to understand the Hedera Token Services.
-Hedera documentation was great but gave lot of problems and implementing from scratch was the biggest task.
-HTS demo application helped us to move forward to the next steps.
-There were many issues with the SDK version. For every new upgrade, we used to face many problems.
-Signing with multiple signatures was confusing.
- Linking NFT with fungible tokens and keeping record of that was difficult to develope
- Storing data in file service entered by user was a tricky task
- Retrieving the information stored in token and sending it to web page for displaying ran in many problems
- Creation of NFT and FT combination under one NFT for gallery posed many challenges in handling data stored and linking it to correct tokens
Accomplishments that we’re proud of
- Yahoo! finally we could able to solve the Hackathon with our use case.
- Applied most of Hedera Token Service features in the application.
- Created APIs for all the method used for painting/gallery token creations.
What we learned
- Creating functionalities and REST APIs for development of protocol
- Combining HTS functionalities to make it more useful for the users
- Accessing file service and storing and retrieving data, metadata
- Linking of NFT with fungible tokens
- creation, minting, control and management of tokens
Challenges addressed
- Tokenization Protocol Challenge — Sponsored by University College London We designed this strong tokenization protocol which will help to solve many issues for the users. This is asset agnostic protocol to create, customise and trade tokens using given REST APIs
- Enhancing Tokenization Functionality Challenge — Sponsored by DLA Piper and BCW Group We are enhancing the tokenization functionalities in various ways to facilitate users to create and use asset-based tokens Sure Tokenizer protocol facilitates trading functionality and planning to use TOKO platform
- Wrapped Token & Interoperability Challenge — Sponsored by Armanino LLP Sure tokenizer protocol planning to provide porting and interoperability of tokens on other platforms and vice a versa We could not try this functionality due to time constraint but going to implement it in future and will be one of the core functionalities of this protocol
Built with
This project was build with various trending technologies. -Android Application Frontend: Kotlin, XML Backend: Nodejs, Mysql Blockchain: Hedera Hashgraph, HTS, File service -Cloud Technologies: AWS, RDS -API: Rest API(Postman) -Mockup tool: Invision and Draw.io -IDE: VS Code and Android Studio
What’s next for Sure Tokenizer Protocol
- Complete MVP development — Next 3–6 months
• Implementation of Encrypted Keys, Password Security, Secure storage, encrypted Transport Layer Security (TLS) connections, DDOS Protection, Two-Factor Authentication
• Develop onboarding corporate entities module
• Integrate KYC provider NETKI for individuals, corporate entities and regulatory authorities
• Create set of developer APIs for application developers
• Make Achieve compliance and audit
• Integration with existing enterprise systems and databases (as required)
• Development of protocol functionalities for cross chain porting, interoperability, trading, audit and assurance etc.
- Field testing and trials with MVP
• By onboarding collaboration partners for field testing, application development and compliance
