A reliable and trustworthy platform for tokenization and backing of digital assets with actual currency and unified ownership data storage format
October 2018 - December 2018
Andrew Fai is the founder and CEO of Y0G1 company. He currently provides consulting services for Taiwan Legislative Yuan and other financial institutions on matters relating to Blockchain, Cryptocurrency, FinTech and Strategy.
Stef Savanah is co-inventor on 57 blockchain-related patent applications. Stef’s background spans both academic and corporate spheres. In the corporate world, he has 30+ years of experience covering all aspects of Information Technology.
The main challenge was to create a truly zero-trust environment for the general public, companies and institutions to perform financial operations and maintain asset ownership.
The project was aimed to address the following issues:
The team at PixelPlex has developed a blockchain tokenization platform based on Bitcoin Cash.
Obito platform embeds token metadata directly into transaction outputs and therefore token ownership is defined in exactly the same way as Bitcoin itself – that is, by locking the transaction output to one or more public keys, making ownership storage trustworthy and secure.
Transaction costs on Bitcoin Cash are much lower than fees and commissions withdrawn by financial institutions and other intermediaries. This makes Obito a much more efficient platform for asset acquisition and disbursement.
The metadata on each asset is stored in fixed byte positions within several ‘faux-keys’ in a P2SH multisig. As part of the token issuance process, the parameters are serialized and hashed, then the hash is cryptographically signed by the issuer. The hash acts as the token identifier and is referred to as the Contract-ID.
The hash value and the signature are also stored as metadata within the transaction output. In addition, the token parameters and hash are stored on a cryptographically-secure, shared and distributed database.
Bitcoin Core, Node.js, React, MongoDB
"The platform successfully launched to a public test network. PixelPlex impressed with their prompt turnarounds, frequent progress updates, and deep understanding of project requirements. Their extensive knowledge of blockchain systems made them a valuable partner."
Andrew 費 Fai, Founder & CEO of OBITO.IO