Crowd Genie’s alpha release
New architecture built from the ground up to accept and transact tokenized assets
We are very excited to announce the alpha release of Crowd Genie’s platform that can handle blockchain-based asset tokenization. When fully operational, this will make Crowd Genie the first licensed, and operational crowdfunding platform that will create, transact, and settle real-world assets in tokens.
This is in line with our announcement to our community that the alpha product will be ready by last quarter 2018, and we continue to be confident that we will have the beta by Q2. 2019.
Keep building, keeping the end in mind
We believe that the blockchain technology is going to be one of the most disruptive forces in the world. However to bring that potential to life, time has come for us to move from being tech evangelists to builders.
The tokenized platform when fully live, will be a huge step towards our vision of building a regional crowdfunding platform, because we could then tokenized any asset; open it to investors from around the world; and truly democratize the access to capital for small businesses.
The current market for blockchain technologies, and applications is nascent to non-existent, and the only way forward is to continue to build, test, improve products, and delivering on our commitments. We take a lot of pride in being one of the few token sales companies, who have continued to work to deliver what we promised and hope to bring the final product to market on-time!
Alpha features
The platform had to be rebuilt completely from the ground up, to enable listing and investment in tokenized assets. Additionally, the workflows, and data management had to be changed to enable exchange of information, and the exchange of value over the blockchain.
Below are screenshots of the platform:
Architecture
The platform encompasses verification of the its users (borrowers and lenders), to enabling lending and investment using our tokens against assets, and eventually a secondary market for trading the assets.
All internal data, and personal KYC information will be on Quorum, where the nodes are all within the organization, and the privacy module of theirs looks quite robust that essentially ensures that it only gives the validity of the information (yes/no), and does not give access to the underlying information. In addition, its features of coding some data as private is an important feature for financial services.
All lender and borrower transactions and investments will be on the public blockchain — Ethereum. It helps to have a well-known source for tracking transactions and we want that any user of our platform should be able to know where their investments have gone, and what they have received as repayments.
What’s next: Real-world testing and beta launch
We are going for real-world testing of the alpha product itself, and will start cutting over to the new platform design from January 2019. This will enable us to test whether the back-end information exchange, and workflows are working well. We want to make sure that all the use cases are adequately covered in the platform design before we start integrating it with the blockchains.
In the beta product, we will integrate the blockchains — private and public — into the backend to start the tokenization of the assets on the platform, and also enable the use of our token — CGC — as utility on the platform. The beta launch is aimed for Q2 ’19.
Thank you for your support and we continue to build on!
— Crowd Genie team
