Stakeholder Technology Update
The current pandemic induced lockdown has actually led to a speed up in our technology build. Reduced travel has led to more time to do actual work along with a degree of clarity on next steps and clearing of some deadwood.
the first version of our money market is live on the Kovan test net and within a matter of days will go to mainnet.
We have also built an admin module
which allows us to add more assets to the money market as acceptable collateral to borrow against.
We are now building a simplified tokenization module that will allow anyone to come to the site, upload a legal document and create tokens.
Consider a company uploading its prospectus and then issuing shares in the form of tokens as an example.
The company would add its revenues, or dividends in the form of DAI to the smart contract where it would be locked.
Token holders can access the locked revenues by burning their tokens and cashing out.
Once such a module is ready we will create our own tokens and issue them to shareholders, advisers etc.
We will add a small fee (in due course) for any new clients to come to our site and create tokens in addition to the usual gas fee. This fee will automatically flow to the smart contract address of our tokens and become the property of our token holders.
We are also building a simple interface where these tokens can be sold and redeemed. Being ERC20, those creating the tokens can always bypass us and build their own interfaces if they so desire. But only the tokens we allow would be allowed to be sold on our interface.
This admin control will be passed to Konkrete token holders who can determine via a process of voting (similar to MKR governance) when any token comes for approval.
Similarly the process of picking which tokens to allow on the money market and what collateral ratios to assign each asset will also be in the hands of the token holders of Konkrete.
And the fees from the operations of the money market will also flow back to the Konkrete token contract pool.
We will be providing more updates in the coming days.