We're glad to announce that we are launching our TestNet v0.1 "Proteus" with a tokenization proof-of-concept.

Our Strategy and the Product Roadmap, to According, there are 5 to Components "Proteus" TestNet v0.1: File Storage, Tokenization, The Identity, Token Swap, and Stellar-Bridge.

This tokenization demo shows a simplified flow of tokenization for users and trust companies. Tokenization refers to the process of converting real-world assets to tokens, and this demo, you will get a hands-on experience of tokenizing your assets through the Rate3 Network.

The Tokenization Process

There are 6 main steps from start to finish:

User sends in tokenization request Users transfers fiat through wire transfers to trustee Trustee receivers fiat and verifies user (KYC / AML) Trustee approves of the tokenization request After the initial approval, there will be a time-locked period in which trustees can cancel their approval Final confirmation / second confirmation by trustee (tokens will be sent out) OR revocation of the user's request (tokens are not sent out).

When users want to withdraw in fiat, they will have to put in a trustee too.

User requests in withdraw in fiat currencies Trustee approves and finalizes the request from the user

What does this proof-of-concept show?

This highlights two concepts:

Minting (or Creation) of new SGDR tokens

2. Burning of SGDR tokens upon successful redemption

The Github repo is here:

The demo is on 3 testnets:

Ropsten Test Network,

Test Network, Rinkeby Test Network,

Test Network, Kovan Test Network.

Why is this Proof-of-Concept important?

This Proof-of-Concept showcases the entire flow for both users and trustees, within a beautiful and easy user experience. More importantly, it highlights the core technical elements of minting and burning tokens.

Through building this demo, the team also works out the kinks of a time-locked contract between the trustee and the user.