Rate3 Progress Update #15 (DECEMBER)
Happy holidays everyone! Lets jump right into what’s going to be a progress update which we are excited to share with you this month.
Rate3 Smart Contracts Security Analysis
As standard procedure to mark the completion of a key phase in the development of our protocol, we engaged SmartDec to perform a detailed smart contract security analysis on our code. No critical issues were found. If you would like to gather an understanding of how a smart contract audit firm performs a thorough independent analysis, read the full report of the audit here!
How Beer Inspired Our First Ethereum Hackathon Win At The Inaugural ETHSingapore
Over the 7th — 9th December weekend, our Rate3 engineers won the top prize available at ETHSingapore — the inaugural Ethereum hackathon to be held in ASEAN, for creating DAI-ly.
DAI-ly provides users hailing from any level of technical sophistication with a beautiful user interface to make payments with the DAI stablecoin, while relieving these users of the need to keep an Ether balance for gas fees to the Ethereum network, thus solving for one key area causing friction today that is preventing new users from using Ethereum applications intuitively.
The DAI-ly team envisions such a product to be a great aid for onboarding new users to pay with cryptocurrencies including Dai. It will also open up the possibility for service providers and merchants to pay gas on behalf (with or without a fee) of consumers who are choosing to buy something from their store. In addition, the team foresees such a product to be useful for payments for all other stablecoins as well, including an SGD-denominated one.
Hackernoon featured the thoughts of our CTO Davis Gay around the team’s ideation process over those 36 hours during the hackathon. For those interested in getting inside the minds of a hackathon participant behind a winning entry to the competition, you can read more about it here!
Thought Leadership
Speaking of Hackernoon, our Product & Strategy Lead Benjamin Ong also had a piece on the Security Token Value Chain that was published this month. In it, he discusses the ‘security token wave’ that is building behind the scenes currently, as well as the security token “value chain” — a series of production line steps which are necessary to create and trade a Security Token. The article was also then further picked up by other sources such as The Tokenist and STOCheck, and also as recommended reading on Hackernoon’s very own “Friday’s Tech Stories That Matter” weekly series.
And lastly…
Recall the post on SmartDec performing a security analysis on some of our smart contracts?
Introducing SGDR
Well those smart contracts just happened to be Asia’s first Singapore Dollar-backed stablecoin, affectionately named SGDR, after the currency backing it :)
Today’s unveil will see SGDR be made available initially to just accredited, expert and institutional investors (as defined in the Singapore Securities and Futures Act).
All SGDR tokens in issuance are fully-backed by Singapore dollars within a local SDIC-insured bank account, held under escrow by an independent trust company operating with a license issued by the Monetary Authority of Singapore since 2008. Stablecoins possess the technology to function as an instant, seamless medium of exchange for peer-to-peer value transfers on a 24/7-settled basis. While SGDR presently exists as an ERC-20 token on Ethereum, it is designed to have cross-chain atomic swap features across both the Ethereum and Stellar public blockchains at a later date in 2019. Greater interoperability with more blockchains are also being planned.
https://medium.com/sgdr/what-is-sgdr-and-why-was-it-essential-to-create-it-8b2824551779
You can read more into the team’s thoughts around why “smart money” is essential for nations that are seeking to transition into smart economies, such as Singapore, over here:
Stay tuned for more detailed information on this development, and do drop by our Rate3 Telegram group if you’ve got any questions!
About Rate3
Rate3 is a decentralised dual protocol for cross-chain asset tokenization and identity management. The Rate3 Tokenization Protocol is an end-to-end protocol for tokenization on both Ethereum and Stellar, while the Rate3 Identity Protocol is a protocol to create and manage a unified cross-chain identity.
Website: https://rate3.network
Twitter: https://twitter.com/officialrate3
Telegram: https://t.me/officialrate3
