Behind the scenes of Ethereum #1: asset tokenization
Rockside interview with Joachim Lebrun, Head of Innovation at Tokeny
In order to build the best transaction relayer at Rockside, we have interviewed the real ethereum users. Corporates, startups, and consulting companies from different sectors agreed to share with us their day to day challenges of building on ethereum. Here is what we learned from them!
Rockside: First, let’s understand Tokeny. Could you please explain your project?
Joachim Lebrun: Tokeny allows the tokenization of financial assets on the ethereum blockchain. We have created security token standards (T-REX — tokens for regulated exchanges). T-REX tokens work in synergy with ONCHAINID to ensure the compliance of each asset transfer on the blockchain.
Tokeny provides the tokens and the platform to interact with these tokens. With the platform, any issuer or agent can manage their token, whitelist identities, burn tokens, create new identities, issue new tokens, etc. The objective is to provide all the tools necessary for any company to easily issue, manage, and distribute tokens. With the Tokeny platform, as soon as two people are KYC checked by the sender, they can exchange tokens very easily and at no significant cost.
R: What is your biggest added-value: the smarts contracts or the application?
JL: It is actually both. Tokeny provides all the interfaces that are added to the smarts contract which allows smooth and optimal token management. On the other side, smart contracts are open source and the idea is to create a future standard.
R: Do you manipulate EIP?
JL: The T-REX token is ERC20 compatible. So if you’re whitelisted, the token will appear as an ERC20 on any wallet. The only difference is that the transfer function is overridden to check the compliance for each transfer. So the transfer fails if the person to whom we are trying to send the token is not eligible to receive them. Otherwise, it is handled in the same way as an ERC20 and it is compatible with all the same functions.
R: Why did you choose a fungible token?
JL: In private equity, a part of equity corresponds to another part of equity, it’s the same thing, it’s just a question of quantity so the choice of a fungible token is logic. Nonetheless, if we have the need from our customers for a non-fungible token, we would use the ERC721 standards for transmitting.
R: Can you tell us a bit more about the identity standards that you use?
JL: We handle the ERC734 and ERC735 for all that is ONCHAINID related. Basically the ERC734 provides the key management so it manages the access, and the ERC735 is a claim manager so it allows us to add pieces of information on the identity (ex: AML or KYC claim). The combination of both standards creates a whole identity and everything is traceable on-chain.
R: What about the key management on your customers’ side?
JL: Each user has an ONCHAINID and the management key deployed, so he can actually add other keys to it. Tokeny also keeps a management key for each deployed user, in case of wallet loss. In the Tokeny interface, any wallet compatible with wallet connect is available.
Rockside: What are your thoughts on Ethereum 2.0? Are you looking forward to it?
JL: Yes, we do because we believe it’s gonna fix various issues. Now, we don’t have that many problems with ethereum as it is today as we managed to find solutions for our volumes. For example, when we have to whitelist a certain number of IDs, the transaction limit per second can be problematic but we can overcome with batch functions.
R: How do you estimate the gas price for your transactions?
JL: We are using an API of Ethereum gas station and we use the average price. For batches, we simply multiply the unit gas amount per the number of IDs in the batch.
R: Do you use meta transactions in your smart contracts?
JL: Not for now, but that’s in the roadmap. As a next step, we are planning to have proxies that will call the smart contracts, and thus we will require meta transactions. The objective is to improve flexibility but also to be able to provide gasless transactions.
Rockside is the platform for integrating blockchain in any business. Through a simple and reliable transaction relayer API, Rockside makes sure transactions are executed on time at the best price. The service is fully non-custodial to benefit from the full advantage of blockchain technology. Thanks to Rockside, companies can scale their projects getting rid of complex development and infrastructure.
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