Obito

Digital Asset Tokenization Platform

Asset tokenization and smart contract platform based on Bitcoin Cash enabling ownership, OTC trading, and compliance

  • Blockchain
  • Web
  • Cryptocurrency
  • Fintech

Eliminate unnecessary intermediaries and excessive data processing in asset trading and settlement by introducing a blockchain tokenization platform.

Work Done

  • Server mechanism communicating with BCH and embedding token parameters into transaction outputs
  • Back-end mechanism for generating, processing, and displaying BCH transactions
  • Web UI for issuing and exchanging assets

Solutions

Obito is a platform that can be used for tokenization of any type of real-world assets, including financial bonds, real estate, intellectual property, and collectibles. It uses the robust Bitcoin blockchain as a storage and transactional layer, making token ownership transparent and secure.

Technologies used:

Authorization, contract selection, and contract definition stages of Obito application

Dashboard of selling orders, and transaction details of Obito application

Details

The initial challenge was to exclude the number of intermediaries and redundant processes involved in capital markets where clearing agencies, custodians, and banks create excessive costs and slow down trading.

Tokenization and the use of blockchain tools enable assets to be traded peer-to-peer while also establishing industry standards for transparency, security, and compliance in asset ownership. We wanted to take advantage of this to generate cost savings and accelerate transactions. The solution was to be expanded beyond capital markets to allow trading of almost any kind of asset.

Tokens just as secure as Bitcoin transactions

The Obito platform embeds token metadata into spendable Bitcoin Cash (BCH) transaction outputs. The metadata represents the rights and obligations of the token holder and issuer. It may also contain other terms and agreements pertaining to the use of the transferable assets encapsulated by the token.

The metadata on each asset is stored in fixed byte positions within several ‘faux-keys’ in a P2SH multisig. So the private keys are split between holders and several signatures are required to initiate a transaction. As part of the token issuance process, the parameters are serialized and hashed, then the hash is cryptographically signed by the issuer.

The token is transacted in the same way as regular BCH currency, so the validating nodes won’t necessarily know they are processing a token. It’s a great way of ensuring privacy and security.

Smart contracts for enforcing rights and obligations

Besides metadata, the Obito platform also allows embedding programmable logic into BCH transactions. It opens up the opportunity to create complex smart contracts that would allow the disbursement of tokens only if certain conditions are met. Some agreements may even be encoded to be automatically executed. For example, a monthly subscription fee to a service can be regularly withdrawn.

Programmable logic of Obito project

It is also possible to link transaction outputs to external resources on a distributed database. This enables smart contracts to monitor certain events in the real world using IoT devices and trigger transactions if a pre-agreed task is completed.

Smart contracts can also be used to declare requirements and conditions across various jurisdictions to ensure compliance with regulations. KYC/AML procedures are carried out within the platform itself.

Modular architecture enables scalability

The Obito tokenization platform follows a modular approach to design, with standalone components interconnected with APIs. This architecture allows diverse industry sectors to integrate their business models, creating a sophisticated ecosystem where players from different markets openly collaborate with each other.

Participants on the platform can create their own smart contracts to define and execute business rules. The platform can stage Distributed Autonomous Organisations (DAO) with fully automated and streamlined processes where human supervision and intervention is minimal.

With different types of businesses, including DAO enterprises and all the other pieces in place, the platform could potentially grow to become a fully decentralized crypto-economy with the robust Bitcoin blockchain at its core.

Project features

Token issuance backed by Bitcoin Cash

Token parameters stored in spendable transaction outputs

Peer-to-peer market with OTC trading

Smart contracts embedded into tokens

Audit trail for smart contracts and tokens

Guaranteed and transparent regulatory compliance

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