Rate3 Progress Update #17 (FEBRUARY)
The last couple of months saw the unveiling of several milestones around our initiatives with IOST, and also the release of our Rate3 Cross Chain Swap MVP. These efforts will continue to bear fruit over the rest of this quarter and beyond, as we continue to build up the early foundations of the IOST ecosystem via our cross-chain stablecoin initiative.
We also shared the 2019 Rate3 Manifesto where we discussed topics like the project’s goals, the RTE token utility, considerations when designing a protocol, and the main strategic focus for 2019. Read on for more details!
IOST Mainnet Launch: Where We’re At
IOST Gaming Dapps As Early iStablecoin Adopters
February 25th 2019 marked the launch of IOST’s blockchain Mainnet titled Olympus v1.0. Blocks are now being produced, and the full Mainnet token swap process (i.e. swapping ERC20 IOST tokens for IOST Mainnet tokens) will be completed on March 10th. So expect to see more user transactions from March 10th onwards on both IOST Dapps and major wallets.
Several games have already been lined up to launch at or around that date. These include role-playing games, collectibles, gambling Dapps and even a blockchain-based version of glutton snake. The Rate3 team is presently supporting some of these partners with their test implementations of our iStablecoin tokens, which will provide users of these Dapps with a stable medium of exchange when in-game transactions are being made. At scale, one can imagine the amount of iStablecoin tokens which will be demanded by the ecosystem as a result of these games alone.
We’re on track with making our IOST iStablecoin service available to the public once the IOST token swap is done (i.e. March 10th), and for it to start being used by pioneering Dapp partners of the IOST ecosystem!
Please refer to this blog post to understand why we’ve chosen to carry out this cross-chain swap service, and the mutual benefit behind it:
In the future, our cross-chain swap service will further evolve to include bilateral compatibility across ALL three blockchains (Ethereum, Stellar and IOST), and also to allow swaps for all compatible tokens as well (not just stablecoins).
Refer to the following link below (and assorted media coverage on this) for a quick recap of our Ethereum-Stellar cross-chain swap MVP on testnet:
Rate3 is a part of the Inaugural ICAC
Being part of the IOST ecosystem at such an early, strategic stage comes with responsibilities (mostly around governance) as well. Rate3 is part of the inaugural IOST Core Arbitration Community (ICAC), which is made up of other IOST Servi Node operators, such as Huobi Pool, Sutler Ventures, Cobo Wallet and IOST Venezuela. The opportunity to further expand our business network for potential cooperation and partnerships was too good to pass up.
You can read more about the first batch of ICAC members— as well as our partner speech — over at this link:
Extract from Rate3 Partner Speech:
Rate3’s value proposition lies in the fact that any organization or entity leveraging upon it can create tokens (utility tokens, stablecoins, asset-backed tokens, securities, etc) and move these tokens across multiple supported blockchains.
IOST will be supported on Rate3’s cross-chain protocol for tokenization and identity management alongside with Ethereum and Stellar. This will allow the network effects of all these interoperable blockchains to grow exponentially, where products may be constructed out of integrations to various Dapps from seperate blockchains. The iStablecoin on IOST will be a prime example of this, as users of each of the different chains will be able to seamlessly transfer payments among each other.
The 2019 Rate3 Manifesto
Finally, we also spent some time this month in creating a simple, laymen-friendly series of blog posts entitled the 2019 Rate3 Manifesto. The purpose of this series of write-ups is to provide clarity on the positioning and purpose of Rate3 Network, give insight into the thought process of the team, as well as to serve as a comprehensive one-stop shop to (re)introduce the project to those who are new to, or need a refresher on Rate3.
Check out the three parts here:
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
