Scrypta release “Planum”, a sidechain layer for tokenized asset generation
Nowadays, asset tokenization represent one of the most promising blockchain applications. Scrypta has recently developed its own solution to favor the tokenization processes by creating “Planum”, an open-source and permissionless sidechains system that provide to anyone a clear interface where create, issue and track tokenized assets.
“Planum”, accessible through https://planum.dev, is a parallel layer that allow to anyone to create and issue his own tokenized asset, stored, managed and secured using the IDA Nodes Scrypta blockchain network.
Any tokenized assets, once generated with his own metrics, have his independent life cycle in a secured sidechain layer, which runs on top of the Scrypta blockchain, and in future can be transfered and traded with LYRA and all other tokens.
A step back: what’s “tokenization” means?
By definition, tokenization process is basically the translation of real world assets into blockchains converting them into digital assets and providing a trustable ownership.
In a very simple way, we can digitalize and convert anything into a supply of digital assets through the process of “tokenization”. That way the physical good, once tokenized, become “fungible”, can be transferred, fractioned, stored or traded electronically between different people’s in a digital way.
Actually, big value investments like real estate properties, fine art pieces like collectibles goods or other kinds of goods that represent an economic value, due to different kind of restrictions requirement, physical and much more), are not accessible to all investors.
Tokenization through blockchain solve this problem, lowering investment barriers facilitating the process and favouring the introduction of new financial capitals in the sector of interest.
Just to name a few, most relevant applications fields could be represented as:
- Real-estate investments market
- Membership and subscription system
- Gaming and gambling industries
- Fintech
- Online Ticketing
- Parallel payment system networks
- Tokenization of whole sport teams and franchises
- Non-fungible tokens emission
Tokenize an asset simply mean the representation of a physical asset in a digital way.
This digital representation can be divided in small portions, each one with a single value and then transferred, stored or traded electronically between different entities, corporations or single persons.
The total supply and the value of the single created tokens represent the total marketcap of the physical tokeinzed good.
The whole process reduce territorial barriers eliminating middlemen, lowering investment risk and improving liquidity of tangible and intangible assets.
After this short description of how the tokenization process works, we want to introduce “Planum” and describe how it works.
How “Planum” works: from creation to emission of tokens
“Planum” is an architecture developed and maintained on top of Scrypta blockchain technology, and allow to anyone to easily manage the whole tokenization process issuing his own digital token.
Accessing to the platform through https://planum.dev you and choose if you want to create your own token or explore existing tokens.
The process is very fast, doesn’t require very techical skills aside a basic knowledge of what you are doing, and can be resumed in 4 steps:
- Login to “Planum” through Scypta digital identity.
- Definition of token sidechain parameters.
- Asset creation.
- Asset management.
Login to “Planum” through Scypta digital identity.
In order to access “Planum” and start to use the sidechain generator, you need to login to https://planum.dev using one of different tools developed by Scryptachain for digital identity creation and management.
For an optimal experience of usability and security purpose we strongly suggest to download ManentApp (available in both web version or mobile (IOS/Android).
This will allow to easily create your first and brand new digital identity, or import an existing one.
For completion, you can check the wiki section related to Scrypta ID.
Once your identity is created, you can login into “Planum” with your .sid file or using ScryptaID Browser Extension (a tool that allow to create and manage identities for use easily Scrypta dApps)
Definition of token sidechain parameters
After logging in, you will be introduced to the main interface, where you have to introduce all parameters of your sidechain layer.
Those parameters describes all attributes for your tokenized asset, that will run in his proper layer of the sidechain.
You can choose name and ticker o your token, data metrics like total supply and decimals, plus few additional features.
Through “Asset metrics” tab, you can enter the total supply of your digital asset and the decimals of your digital asset.
Users have the option to make the token “reissuable” (owner can add any amount of supply also after the token is issued), or “burnable” (it’s possible to destroy a portion or the whole supply of the token).
Asset creation
When a new asset is issued, the layer architecture create the first sidechain genesis transaction for the new tokenized asset.
Here you can check the proof-of-existence for the created token
https://proof.scryptachain.org/#/uuid/941fe054.b6e1.4e4b.8d28.660179c46bae
A typical transaction should contain the following properties:
- Inputs: an array of unspent sidechain transactions (USXO) whose total is greater than or equal to the amount you want to send.
- Outputs: an object containing the reception and exchange addresses. Recall that on Scrypta the changes coincide with the main address.
The Sidechain transactions are in all respects comparable to the mother blockchain transactions. and follow the usual signature and hash processes, so if we refer to traditional TXIDs to identify main chain transactions, in the case of sidechains, to differentiate between them, we called them with the acronym of SXID.
So, from now on, we will refer to SXID as the id of the transactions in sidechains.
The only difference between main chain and sidechain TX is that the USXO set will be relative to any single sidechain therefore the funds are only within the specific sidechain of tokenized assets, and cannot be mixed with others sidechains.
Once your tokenized assets is created, the total token supply will be automatically issued to the address identity of the owner that created the token, and will result in the balance of his own Manent App.
Those tokens will appear alongside all other tokens issued by this owner or other tokens received, if any, and Lyra as currency of the main chain.
Asset management
After the token is issued and the balance is visible on the main address, the token can transferred to anyone, stored inside Scrypta apps or electronically traded with other tokens or with Lyra as main currency of the network.
According to our roadmap, we are already working on a platform where will be possible to digitally trade all sidechain tokens issued through “Planum”.
As sidechain tokens didn’t have their own addresses, in order to transfer any amount of token to anyone, you just need the Lyra address of the receiver.
From inside your token control panel, you have the option to choose which token you want to transfer, the receiver address and the amount, exactly as you do when sending cryptocurrencies to other users.
Costs and speed of transactions
It’s valuable to note that costs of issuing and exchanging tokens are represented only by the system fees which are equivalent, as in the other cases, to 0,001 LYRA per single transaction of 8000 Bytes (the amount of data size carried by the blockchain was recently increased by developers from an original value of 80 Bytes).
That’s mean that each transfer of tokens will cost 0,001 LYRA (roughly $0,00002) and the fee transactions are not correlated to the amount of token supply that is generated or transfered to other users.
The assets are transfered almost instantly thanks to the reading of the mempool executed by IdANodes which allows validating the transactions even with zero confirmations.
Validation is done at IdANodes level, therefore allows to be sure that the delivered transaction is valid and that it will be inserted in the first available block.
A deeper walk inside the token creation process
The creation process involves the following steps, automatically managed by IdaNodes
Definition of genesis fields
Creation of a new address by IdaNode
Trustlink creation
Sending a minimum of 1 LYRA by the owner to the Trustlink
Writing on the blockchain of the genesis transaction
Sending the entire supply by the Trustlink to the Sidechain owner
A Trustlink (a multisignature blockchain address generated by two or more standard addresses) is made between the user who wants to issue the token and the IdaNode that is invoked for the creation of the tokenized asset.
To guarantee the uniqueness, horizontality and non-replicability of the Sidechain, the address is generated on-the-fly and his private key are burned immediately after writing the first genesis transaction.
When the Trustlink transfers the entire supply to the owner, it is possible to start making transactions using the first transaction as USXO (UTXO related to the sidechain).
We then focused on creating a replication of the UTXO system using the Scrypta blockchain as a database and delegating transaction validation directly to IdA Nodes and other clients such as Manent App.
All informations entered in the blockchain are validated by IdANodes, then made available within the database of the IdANodes itself, just like all other informations.
Manent Card Integration
All identities and balances can be linked to the Scrypta Card Wallet, a safe and powerful tool that can be used to create secure and long-lasting backups of your wallets, for the daily management of your Lyra, of your digital informationidentity or as payment system within the Sidechain or physical POS.
Link references:
https://planum.dev
https://wiki.scryptachain.org/developers/sidechain
https://wiki.scryptachain.org/developers/scrypta-core/ida-node-management
SCRYPTA - Adaptive BlockchainWebsite: www.scryptachain.org
Foundation: https://scrypta.foundation
Block Explorer: https://chainz.cryptoid.info/lyra
Official Github: https://github.com/scryptachain
Twitter: https://twitter.com/scryptachain
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e-mail: info@scryptachain.org
