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Most of the tokens created on Ethereum are ERC-20 compatible. Creation of these tokens are not more than 100 lines of solidity code. Through WandX, we provide a simple interface for users to create tokens which can be incentivization tokens, tokens backed by a real world asset, or tokens created for a specific purpose. Record and trade assets on the ethereum blockchain using WandX; create financial products on these assets through the WandX framework Use case: For example, if there is a local certification body that certifies apartment complexes and business parks on their sustainability index, they could create a “sustainability token” that could be used to track metrics related to sustainability. The figure below shows further details on how this could be done. One of the tokens that can be created are sustainability tokens for apartment complexes and office complexes Just like products can be created on crypto-secured assets, products can be created on these tokens as well. The features of easy token creation and a front end for creating products on these tokens make WandX an attractive choice for various use cases. Creating tokens helps to digitize any asset that is currently traded through centralized parties. Some examples are energy units, internet bandwidth; at WandX, we are creating pilot projects at an industry level to trade in these assets in a decentralized manner. Although this trade would happen in a consortium ethereum network, we are actively looking into technologies to peg the consortium blockchain to the ethereum blockchain. About WandX: WandX is a decentralized marketplace where users can trade ERC20 tokens and baskets of ERC20 tokens. The WAND token can be used to get a 75% discount on the exchange fee.Know more at https://www.wandx.co |
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We have built a protocol that enables users to create and trade ERC20 Token Baskets entirely through smart contracts. A Token basket is a group of ERC20 Tokens bundled together, for example this could be 10GNT+ 10GNO+ 10WAND. This basket is created by a user who owns the above Tokens, and wants to manage the basket on a smart contract. Creation of a Basket means that the user now holds the ownership of the smart contract that contains these Tokens. Architecture to create and trade in ERC20 Token Baskets. As a second step, the user can now post this Basket for trade by quoting an ask price for the Basket. This ask price is quoted on the smart contract; for example if the user quotes 0.2ETH for this Basket, then any address from any wallet that sends 0.2ETH to this Basket gains ownership of the Token basket. This enables a truly decentralized way of creating and trading in ERC20 Token baskets. The order book is now only a list of smart contract addresses, Tokens, ask prices. Each order is a smart contract and is owned by the user who places the order. This “order book” can be hosted anywhere, and orders can be executed from any wallet. These Token baskets can be integrated into any exchange or wallet that allows signing with a users’ private key (Metamask, Mist, MEW, Ledger). These Token basket orders can be executed by any wallet or exchange. The first few transactions with the WandX Basket protocol were done here: Exchange used to create the Basket contract: https://ropsten.etherscan.io/address/0x384d7b36c7124a0a664a5a70ca60cf851f775aa8Basket contract: https://ropsten.etherscan.io/address/0x5c10f4982b8883943c354e2f981205f32d54f0a2Flow: Owner/Seller publishes the Basket -> Deposits the underlying Tokens -> Buyer can buy the Basket using Ether -> Buyer gets the Basketand seller gets the Ether -> Buyer Liquidates the Basket if he/she wishes -> Buyer gets the underlying Tokens and the Basket is dead forever. Basket summary: Assets — 0x7354b4cea1cb8188a290b857132cd1214bd1cbbc, 0xc8f0c992660666b64596c452fc0e7e6b07a448c2 Volumes — 3 tokens each Asking price — 2 ether Seller — 0xf3E9b2e4bE5010fa7F4c1356417e3D43Be488df7 Buyer — 0xa371d9329C2b7e37104b006525c66c38541f82f8 Transactions: 1. Creating the Basket contract — https://ropsten.etherscan.io/tx/0x1415278477f4ed032ab1436eede5921cf0fd0f354b3b87677d4c46b81a7ab5a1It creates the dummy exchange. The exchange in turn creates a Basket contract. 2. Seller publishes the Basket and enables it for trade — https://ropsten.etherscan.io/tx/0xad23f8e7985840643849d26c1f9652ccd50021236d53728b0f3c91d2c3bbd17c3. Seller deposits the Tokens — https://ropsten.etherscan.io/tx/0xbe5d757457f58d540a55254c21137f159b3387ad9d272537e1f77f64748c4675https://ropsten.etherscan.io/tx/0xc07f02ce06078f6280825ee551cbda3f5c457f4a046bb630894c65f85ab2c45c4. Buyer buys the Basket by transferring Ether to the contract — https://ropsten.etherscan.io/tx/0x76943419a9c11b6b1b51599493872c47448dc835aee3df41c92b99a57eb7f2fdafter this transaction, buyer becomes the owner and he can withdraw or liquidate the underlying Tokens. 5. New Owner (Buyer), liquidating the Basket — https://ropsten.etherscan.io/tx/0xb3cf3604b0006980898f0a4775a8e64d3b83306830efed5c9224b6878c402f87Read the full update here - https://blog.wandx.co/development-update-enabling-a-liquidity-layer-of-erc20-token-baskets-using-the-wandx-basket-ae19a2f9fab5 |
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We have just released the contracts that enable seamless payment through any ERC20 Token using a payment channel. This can be applied in any use case where there are constant payments required to be made between two parties. For example, let’s say Alice hires Bob for 20 hours for some website design work, Alice pays Bob on an hourly basis, and Alice pays Bob $40 per hour. Alice can now open a payment channel with Bob and deposit $4020 = $800 into an escrow account. Every hour, Alice signs a transaction that enables Bob to get $40 once he signs the transaction. After 15 hours of work, Alice finds that Bob is not delivering results as expected. Hence Alice does not sign any more transactions. Bob finds that Alice is not signing any more transactions, hence he signs the last transaction which is the one after 15 hours and keeps $4015 = $600. Gas costs are paid only for the last transaction. This provides the parties with major advantages: Payments can occur every hour without paying gas fees every time. Payments can occur through any ERC20 Token or a combination of ERC20 Tokens and Ether. Dispute resolution can occur through the payment channel as it would only involve a party not signing the transaction. Micro payments for hourly work, music streaming, video streaming can all occur entirely through these payment channels. The payment channel app created by WandX is currently on the Ropsten testnet — https://ropsten.etherscan.io/address/0xbcaaa486b1491d0bd6548a79a59efdf2bf9a0e54. |
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Development on the WandX roadmap as given on wandx.co has been going well and we’re on track to meet our goals. We’ve released the first version of our decentralized exchange at exchange.wandx.co. This application not only allows users to trade in ERC20 Tokens in a fully decentralized manner, but it also enables users to create and trade in ERC20 Token baskets. This means that users can create Token baskerts such as “Decentralized Identity Tokens” or “Decentralized Exchange Tokens” and trade these themed baskets rather than trading in individual Tokens. Decentralized trade in ERC20 Token baskets. The current application requires Metamask to be installed to access the application. Going forward, login through any JSON file will be incorporated. ERC20 Token baskets: Users can create and trade in ERC20 Token baskets through our Basket protocol. Creating and selling an ERC20 Token basket: Prerequisite is that the user should have the Tokens in his/her Metamask account. Users can then create Themed baskets or any basket that the user wishes to create on the platform. Users have to define the sell price for such a basket before displaying it on the platform. Buyers would be quoting their prices, and the final sell price would be decided by the creator of the basket. Buying an ERC20 Token basket: Requires depositing WXETH into our smart contract. WXETH is the ERC20 Token equivalent of Ether, which is required to enable a decentralized swap of Basket for Ether. ERC20 Token trading: Users can trade ERC20 Tokens in a fully decentralized manner in the Trade ERC20 Tokens tab. Selling ERC20 Tokens: Users will have to authorize the Token for selling it under the sell tab, and will have to deposit the Token under the Funds tab. Once the user has deposited the Token and authorized it for sale, the user can place a sell order for the Token. If the user sees a sell order that he likes, he can execute that sell order and sell his Tokens rather than placing an order. Buying ERC20 Tokens: Users can either place a buy order for an ERC20 Token. A prerequisite for buying an ERC20 Token is that the user must deposit ETH into the smart contract on the Funds tab, and must deposit enough ETH to cover the buying cost as well as the exchange fee cost. If exchange fee is paid in WAND, users get a 75% discount on the exchange fee. Authorization of WAND is required for this. Authorization is a one time activity. Once authorized, users don’t need to authorize again while trading with the same Metamask account. Originally posted on WandX blog. Check out the WandX marketplace here - https://exchange.wandx.co/ |
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Most of the tokens created on Ethereum are ERC-20 compatible. Creation of these tokens are not more than 100 lines of solidity code. Through WandX, we provide a simple interface for users to create tokens which can be incentivization tokens, tokens backed by a real world asset, or tokens created for a specific purpose. Record and trade assets on the ethereum blockchain using WandX; create financial products on these assets through the WandX framework Use case: For example, if there is a local certification body that certifies apartment complexes and business parks on their sustainability index, they could create a “sustainability token” that could be used to track metrics related to sustainability. The figure below shows further details on how this could be done. One of the tokens that can be created are sustainability tokens for apartment complexes and office complexes Just like products can be created on crypto-secured assets, products can be created on these tokens as well. The features of easy token creation and a front end for creating products on these tokens make WandX an attractive choice for various use cases. Creating tokens helps to digitize any asset that is currently traded through centralized parties. Some examples are energy units, internet bandwidth; at WandX, we are creating pilot projects at an industry level to trade in these assets in a decentralized manner. Although this trade would happen in a consortium ethereum network, we are actively looking into technologies to peg the consortium blockchain to the ethereum blockchain. About WandX: WandX is a decentralized marketplace where users can trade ERC20 tokens and baskets of ERC20 tokens. The WAND token can be used to get a 75% discount on the exchange fee.Know more at https://www.wandx.co |
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The idea for WandX first came to me in early January. I moved on from my earlier project (Dtalk), and I was looking into how we can help the environment through Anivark. wanted to use gamification to enable communities to work together toward the common goal of preventing environmental degradation — this included reducing plastics usage and water conservation. I stumbled onto the idea of how personal carbon credits could be issued, tracked, traded, and hence valued by people. Exploring the creation and trade of carbon credits, I decided to shadow a large agritech company to see if I could trace their products from source to shelf, and see if I could crack the carbon credit scheme for a business as well as the end customer. Through carbon credit trading, I got the idea of building a system to create, trade, and settle any crypto-asset on a blockchain. Create and trade in simple financial instruments such as portfolios on ERC20 Tokens on WandX. After enquiring with some colleagues on how I could go about doing this, I met Sridhar and Dinesh. Both of them work at Honeywell and they decided to help me out in building out this platform. We worked with freelancers — Amit (who co-founded Dtalk with me), Inder (who helped me design Dtalk and it’s mobile applications), and quite a few others to help out with the front-end website and the portfolio trading Dapp front-end. In parallel, we chalked out our whitepaper, and spoke with people in the energy, finance, retail, music, and art industry to highlight the various applications of our platform. Then the team and I connected with colleagues who have spent over 20 years in management consulting, banking, and financial services to receive feedback on our application, our vision, and most importantly our business model. Needless to say, after months of sleepless nights and uncertainty, we’re now on the home straight to release our application on the Rinkelby testnet. Our prototype that we’ll release on the Ethereum testnet. I’ve received quite a few emails/messages asking me who are on the WandX team. Since we’re doing a token sale wherein we’re asking users to believe in our platform and vision, it’s only logical that we disclose as much as needed on our team. Half the people in our team are still working in their respective jobs, but have been kind enough to moonlight for us. Being a platform for creating financial instruments (most of which are instruments to reduce risk), it just doesn’t make financial sense for everyone in the team to quit their jobs. We are bootstrapped so far, and we’ve already built out our portfolio trading Dapp that we’ll have out on the Rinkelby test net in the next few days. “You know, I didn’t set out to create a company or anything like that. I had a day job. “ — Pierre Omidyar Though our application is based on the 0x concept, we’ve modified quite a few aspects to suite trading in portfolios as well as being browser agnostic (no dependency on Metamask). Sign up at our Prototype with your email address and stay tuned to our blog for instructions on how you can use the application! Read more: https://blog.wandx.co/on-building-wandx-trading-in-portfolios-of-erc20-tokens-on-smart-contracts-6c89c9865b93#ixzz5BbDN04ba |
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Let’s say Alice hires Bob for 20 hours for some website design work, Alice pays Bob on an hourly basis, and Alice pays Bob $40 per hour. Alice can now open a payment channel with Bob and deposit $4020 = $800 into an escrow account. Every hour, Alice signs a transaction that enables Bob to get $40 once he signs the transaction. After 15 hours of work, Alice finds that Bob is not delivering results as expected. Hence Alice does not sign any more transactions. Bob finds that Alice is not signing any more transactions, hence he signs the last transaction which is the one after 15 hours and keeps $4015 = $600. Gas costs are paid only for the last transaction. This provides the parties with major advantages: Payments can occur every hour without paying gas fees every time. Payments can occur through any ERC20 Token or a combination of ERC20 Tokens and Ether. Dispute resolution can occur through the payment channel as it would only involve a party not signing the transaction. Micro payments for hourly work, music streaming, video streaming can all occur entirely through these payment channels. The payment channel app created by WandX is currently on the Ropsten testnet — https://ropsten.etherscan.io/address/0xbcaaa486b1491d0bd6548a79a59efdf2bf9a0e54Read more here - https://blog.wandx.co/development-update-payment-channel-for-erc20-tokens-9ef44a0da8ab |
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“If you can’t explain it simply, you don’t understand it well enough” — Albert Einstein. We’re testing the WandX prototype Dapp on a private Ethereum network across 4 user types: Eric, who is familiar with cryptocurrencies and ICOs, and has invested in them earlier as well. Lisa, who owns Bitcoins and Ether, but doesn’t know too much about ICOs or other altcoins. Kate, who doesn’t own any cryptocurrencies but has heard of Bitcoin and Blockchain. Joshua, who has spent a lot of time in financial services and heard of Bitcoin, but hasn’t invested in it yet. We showed the 4 groups our website, whitepaper, articles, and prototype. The aim was to keep the prototype as user friendly as possible; all four groups understood how the prototype worked and could play around with it, however the articles weren’t understood by everyone, and this is what we want to fix. I will skip over the concept of a blockchain and how it works (two great references are given here and here). Ethereum is a blockchain on which decentralized applications can be built. Most applications are written using the Solidity language which is then deployed to the Ethereum blockchain. The solidity code constitutes a smart contract; these smart contracts run on every node in the Ethereum blockchain, and hence derives the benefits of decentralization — no single point of control or failure. Ethereum allows users to create their own custom tokens which can then be used in the users’ applications. The WandX platform aims to be the wall street for Ethereum. If you assume that all the tokens on Ethereum are stocks, then exchanges such as Coinbase (analogous to the NYSE) allow you to buy stocks as well as trade between stocks. However these exchanges are centralized services enabling you to trade in cryptocurrencies that are designed to be decentralized, both in creation and distribution of the cryptocurrencies. Hence there are decentralized exchanges such as the 0x protocol and EtherDelta. Now if you want to trade a basket of cryptocurrencies, or if you want to create/trade a cryptocurrency future or option, you could go to https://www.deribit.com/ which offers these services. However, if you want to trade these derivatives (futures and options) in a decentralized manner, you can do that on WandX. In the real world, derivatives are traded on commodities exchanges and the NYSE. Through the various WandX APIs, you can potentially create and trade in an ETF (exchange traded fund), Derivatives, portfolios, or any financial instrument on cryptocurrencies. I sometimes interchange cryptocurrencies and crypto-assets — a cryptocurrency is not backed by an asset, eg: Bitcoin, while a crypto-asset could be a cryptocurrency or a cryptocurrency backed by an asset such as loyalty points. WandX provides users with the tools to create and trade in financial instruments on cryptocurrencies (and later when regulation becomes , similar to how a brokerage account allows you to trade in stocks and derivatives, . The stock exchanges in the real world are secondary markets which were created to enable easy trade of stocks/assets as well as to enable accurate discovery of prices for these stocks. Futures and options on stocks were created to hedge risk against price movements. Other instruments such as shorting stocks were created to bet on falling stock price. WandX enables accurate price discovery of ERC20 tokens, as well as increased liquidity for trading these tokens and derivatives on the tokens. Hedging against price movements of tokens can be made through futures contracts, and investment in a variety of tokens can be done through investing in the WandX index. Thus, the WandX platform acts as the decentralized equivalent of a stock exchange for the cryptocurrency world. Appendix: Ethereum — a blockchain based on the Ether cryptocurrency (symbol of ETH). New cryptocurrencies or tokens can be created on the Ethereum platform by writing smart contracts (pieces of code that run on a blockchain). Token/cryptocurrency/crypto-asset — In this article I mainly refer to tokens created on the Ethereum platform. Derivatives — Financial instruments whose value is derived from the value of a more basic underlying variable. eg: futures and options. Decentralized — As the name indicates, not governed by a central party. ERC20 token — a token created on the Ethereum platform. ETF — An ETF is a type of fund that owns the underlying assets (shares of stock, bonds, oil futures, currencies) and divides ownership of those assets into shares. Financial instrument — They are assets that can be traded. These assets can be stock/bonds or derivatives. Check out the Wandx marketplace here https://www.wandx.co/ |
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On this first version, users have the ability to create baskets of tokens that they can trade on the exchange, they can accomplish the following: • Users can create and trade in token baskets such as “Decentralized Identity Tokens” and ’”Decentralized Exchange Tokens” • Users can trade in ERC20 tokens • The platform enables users to trade, view and settle their smart contracts At the moment, to access the platform, you have to install Metamask. Plans are underway to allow for logins using JSON files. ERC20 Token Baskets These are multiple ERC20 tokens that have been lumped together and can be traded as one in a basket using an agreed price that has been derived from the individual tokens making up the basket. To buy or sell, you need to have the basket of tokens on your Metamask account. Once you have them on Metasmask, you then go ahead and decide on the price you would like to sell the basket at. Check out the WandX exchange here - https://exchange.wandx.co |
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The development of the WandX platform has been going well for the last 1 month. We’re on track to meet the roadmap deadlines as outlined on https://wandx.co. We have just released the contracts that enable seamless payment through any ERC20 Token using a payment channel. This can be applied in any use case where there are constant payments required to be made between two parties. For example, let’s say Alice hires Bob for 20 hours for some website design work, Alice pays Bob on an hourly basis, and Alice pays Bob $40 per hour. Alice can now open a payment channel with Bob and deposit $40 x 20 = $800 into an escrow account. Every hour, Alice signs a transaction that enables Bob to get $40 once he signs the transaction. After 15 hours of work, Alice finds that Bob is not delivering results as expected. Hence Alice does not sign any more transactions. Bob finds that Alice is not signing any more transactions, hence he signs the last transaction which is the one after 15 hours and keeps $40 x 15 = $600. Gas costs are paid only for the last transaction. This provides the parties with two major advantages: - Payments can occur every hour without paying gas fees every time. Payments can occur through any ERC20 Token or a combination of ERC20 Tokens and Ether. - Dispute resolution can occur through the payment channel as it would only involve a party not signing the transaction. - Micro payments for hourly work, music streaming, video streaming can all occur entirely through these payment channels. Screenshot showing micro-payment channels initiated by users. The payment channel app created by WandX is currently on the Ropsten testnet — https://ropsten.etherscan.io/address/0xbcaaa486b1491d0bd6548a79a59efdf2bf9a0e54. We are in talks with two companies to do a PoC for this payment channel. For every payment channel implementation, and every payment channel that is closed, the platform/users can use Wand and obtain a discount on the cost of the payment channel implementation. Originally posted on WandX blog. Checkout the WandX marketplace here - https://blog.wandx.co/ |
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Development on the WandX roadmap as given on wandx.co has been going well and we’re on track to meet our goals. We’ve released the first version of our decentralized exchange at exchange.wandx.co. This application not only allows users to trade in ERC20 Tokens in a fully decentralized manner, but it also enables users to create and trade in ERC20 Token baskets. This means that users can create Token baskerts such as “Decentralized Identity Tokens” or “Decentralized Exchange Tokens” and trade these themed baskets rather than trading in individual Tokens. Decentralized trade in ERC20 Token baskets. The current application requires Metamask to be installed to access the application. Going forward, login through any JSON file will be incorporated. ERC20 Token baskets: Users can create and trade in ERC20 Token baskets through our Basket protocol. Creating and selling an ERC20 Token basket: Prerequisite is that the user should have the Tokens in his/her Metamask account. Users can then create Themed baskets or any basket that the user wishes to create on the platform. Users have to define the sell price for such a basket before displaying it on the platform. Buyers would be quoting their prices, and the final sell price would be decided by the creator of the basket. Buying an ERC20 Token basket: Requires depositing WXETH into our smart contract. WXETH is the ERC20 Token equivalent of Ether, which is required to enable a decentralized swap of Basket for Ether. ERC20 Token trading: Users can trade ERC20 Tokens in a fully decentralized manner in the Trade ERC20 Tokens tab. Selling ERC20 Tokens: Users will have to authorize the Token for selling it under the sell tab, and will have to deposit the Token under the Funds tab. Once the user has deposited the Token and authorized it for sale, the user can place a sell order for the Token. If the user sees a sell order that he likes, he can execute that sell order and sell his Tokens rather than placing an order. Buying ERC20 Tokens: Users can either place a buy order for an ERC20 Token. A prerequisite for buying an ERC20 Token is that the user must deposit ETH into the smart contract on the Funds tab, and must deposit enough ETH to cover the buying cost as well as the exchange fee cost. If exchange fee is paid in WAND, users get a 75% discount on the exchange fee. Authorization of WAND is required for this. Authorization is a one time activity. Once authorized, users don’t need to authorize again while trading with the same Metamask account. Originally posted on WandX blog. Check out the WandX marketplace here - https://exchange.wandx.co/ |
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The buyers of cryptocurrencies are increasingly vexed with the question of how to ensure that pure speculation does not negatively affect the price of the asset that they are buying. WandX establishes an infrastructure for decentralized creation and trading of ERC20 Tokens built on the Ethereum blockchain. The application allows users to create combinations of ERC20 Tokens (a Basket of Tokens) and trade the Basket by way of a single transaction. The platform has recently released the first version of decentralized exchange at exchange.wandx.co., as planned and mentioned in the WandX roadmap on its website. WandX Decentralized ExchangeThe Decentralized Exchange released recently by WandX is a great enhancement to the platform’s functionality, allowing the users to trade ERC20 tokens in a completely decentralized way. Moreover, users can create Token baskets like “Decentralized Identity Tokens” or “Decentralized Exchange Tokens” and trade these themed baskets instead of trading individual Tokens through WandX’s Basket protocol. Read more here - http://www.livebitcoinnews.com/wandx-blockchain-platform-create-trade-erc20-tokens-releases-decentralized-exchange/ |
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An ICO is not the same as an IPO. In an IPO, you actually own the stock of the company, while in an ICO you own a coin which can be used to transact in that particular application. For example, when you walk into ABCmart and buy groceries, you pay with fiat currency; ABCmart takes care of sourcing, transportation, and display of the products. Imagine ABCmart started offering ABCmart coins, and only using these coins you could by groceries in ABCmart. In addition, you can trade these coins with friends for Hypermart coins, but you have to pay another friend mediating this transaction. You can also trade back these ABCmart coins for fiat currency (in the ICO world, you have to trade to ETH or BTC, then to fiat) The creation of coins is analogous to loyalty points in retail. Retailers have always tried to create a loyal customer base through offering discounts in their store. These incentives are now crypto-economic incentives and bounties in the blockchain space. Liquidity of these coins is low, network effects will diminish and transaction costs will increase when there are a large number of competitors issuing tokens for a particular market segment (currently there are numerous applications in the decentralized betting and gambling space, each with their own tokens). Creating a basket of currencies as a product on WandX. There are, however many advantages of having a separate token as highlighted here. In summary: - Governance over the tokens and the community; - Monetary policies separate from Ethereum/other blockchains; - Incentivization of developers, users, investors; With over 200 coins already on the Ethereum blockchain, decentralized exchange applications are releasing to increase public participation through low or non-existent exchange fees. Our pilot at WandX will enable investors to diversify their portfolio of cryptocurrencies through creating a basket of currencies which can be traded as a single product. The WandX application layer will help token holders of different currencies to invest in other products, similar to creating a product of ABCMart + GroceryMart + ClothesMart loyalty points and trading this product, hence increasing the liquidity of these coins/points. Originally posted on WandX blog. Check out WandX marketplace here: https://www.wandx.co/ |
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We’re testing the WandX prototype Dapp on a private Ethereum network across 4 user types: Eric, who is familiar with cryptocurrencies and ICOs, and has invested in them earlier as well. Lisa, who owns Bitcoins and Ether, but doesn’t know too much about ICOs or other altcoins. Kate, who doesn’t own any cryptocurrencies but has heard of Bitcoin and Blockchain. Joshua, who has spent a lot of time in financial services and heard of Bitcoin, but hasn’t invested in it yet. We showed the 4 groups our website, whitepaper, articles, and prototype. The aim was to keep the prototype as user friendly as possible; all four groups understood how the prototype worked and could play around with it, however the articles weren’t understood by everyone, and this is what we want to fix. I will skip over the concept of a blockchain and how it works (two great references are given here and here). Ethereum is a blockchain on which decentralized applications can be built. Most applications are written using the Solidity language which is then deployed to the Ethereum blockchain. The solidity code constitutes a smart contract; these smart contracts run on every node in the Ethereum blockchain, and hence derives the benefits of decentralization — no single point of control or failure. Ethereum allows users to create their own custom tokens which can then be used in the users’ applications. The WandX platform aims to be the wall street for Ethereum. If you assume that all the tokens on Ethereum are stocks, then exchanges such as Coinbase (analogous to the NYSE) allow you to buy stocks as well as trade between stocks. However these exchanges are centralized services enabling you to trade in cryptocurrencies that are designed to be decentralized, both in creation and distribution of the cryptocurrencies. Hence there are decentralized exchanges such as the 0x protocol and EtherDelta. Now if you want to trade a basket of cryptocurrencies, or if you want to create/trade a cryptocurrency future or option, you could go to https://www.deribit.com/ which offers these services. However, if you want to trade these derivatives (futures and options) in a decentralized manner, you can do that on WandX. In the real world, derivatives are traded on commodities exchanges and the NYSE. Through the various WandX APIs, you can potentially create and trade in an ETF (exchange traded fund), Derivatives, portfolios, or any financial instrument on cryptocurrencies. I sometimes interchange cryptocurrencies and crypto-assets — a cryptocurrency is not backed by an asset, eg: Bitcoin, while a crypto-asset could be a cryptocurrency or a cryptocurrency backed by an asset such as loyalty points. WandX provides users with the tools to create and trade in financial instruments on cryptocurrencies (and later when regulation becomes , similar to how a brokerage account allows you to trade in stocks and derivatives, . The stock exchanges in the real world are secondary markets which were created to enable easy trade of stocks/assets as well as to enable accurate discovery of prices for these stocks. Futures and options on stocks were created to hedge risk against price movements. Other instruments such as shorting stocks were created to bet on falling stock price. WandX enables accurate price discovery of ERC20 tokens, as well as increased liquidity for trading these tokens and derivatives on the tokens. Hedging against price movements of tokens can be made through futures contracts, and investment in a variety of tokens can be done through investing in the WandX index. Thus, the WandX platform acts as the decentralized equivalent of a stock exchange for the cryptocurrency world. Appendix: Ethereum — a blockchain based on the Ether cryptocurrency (symbol of ETH). New cryptocurrencies or tokens can be created on the Ethereum platform by writing smart contracts (pieces of code that run on a blockchain). Token/cryptocurrency/crypto-asset — In this article I mainly refer to tokens created on the Ethereum platform. Derivatives — Financial instruments whose value is derived from the value of a more basic underlying variable. eg: futures and options. Decentralized — As the name indicates, not governed by a central party. ERC20 token — a token created on the Ethereum platform. ETF — An ETF is a type of fund that owns the underlying assets (shares of stock, bonds, oil futures, currencies) and divides ownership of those assets into shares. Financial instrument — They are assets that can be traded. These assets can be stock/bonds or derivatives. Check out the Wandx marketplace here https://www.wandx.co/ |
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Most of the tokens created on Ethereum are ERC-20 compatible. Creation of these tokens are not more than 100 lines of solidity code. Through WandX, we provide a simple interface for users to create tokens which can be incentivization tokens, tokens backed by a real world asset, or tokens created for a specific purpose. Record and trade assets on the ethereum blockchain using WandX; create financial products on these assets through the WandX framework Use case: For example, if there is a local certification body that certifies apartment complexes and business parks on their sustainability index, they could create a “sustainability token” that could be used to track metrics related to sustainability. The figure below shows further details on how this could be done. One of the tokens that can be created are sustainability tokens for apartment complexes and office complexes Just like products can be created on crypto-secured assets, products can be created on these tokens as well. The features of easy token creation and a front end for creating products on these tokens make WandX an attractive choice for various use cases. Creating tokens helps to digitize any asset that is currently traded through centralized parties. Some examples are energy units, internet bandwidth; at WandX, we are creating pilot projects at an industry level to trade in these assets in a decentralized manner. Although this trade would happen in a consortium ethereum network, we are actively looking into technologies to peg the consortium blockchain to the ethereum blockchain. About WandX: WandX is a decentralized marketplace where users can trade ERC20 tokens and baskets of ERC20 tokens. The WAND token can be used to get a 75% discount on the exchange fee. Know more at https://www.wandx.co |
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Most of the tokens created on Ethereum are ERC-20 compatible. Creation of these tokens are not more than 100 lines of solidity code. Through WandX, we provide a simple interface for users to create tokens which can be incentivization tokens, tokens backed by a real world asset, or tokens created for a specific purpose. Record and trade assets on the ethereum blockchain using WandX; create financial products on these assets through the WandX framework Use case: For example, if there is a local certification body that certifies apartment complexes and business parks on their sustainability index, they could create a “sustainability token” that could be used to track metrics related to sustainability. The figure below shows further details on how this could be done. One of the tokens that can be created are sustainability tokens for apartment complexes and office complexes Just like products can be created on crypto-secured assets, products can be created on these tokens as well. The features of easy token creation and a front end for creating products on these tokens make WandX an attractive choice for various use cases. Creating tokens helps to digitize any asset that is currently traded through centralized parties. Some examples are energy units, internet bandwidth; at WandX, we are creating pilot projects at an industry level to trade in these assets in a decentralized manner. Although this trade would happen in a consortium ethereum network, we are actively looking into technologies to peg the consortium blockchain to the ethereum blockchain. About WandX: WandX is a decentralized marketplace where users can trade ERC20 tokens and baskets of ERC20 tokens. The WAND token can be used to get a 75% discount on the exchange fee.Know more at https://www.wandx.co |
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If there is one thing lacking in the loyalty points market, it is that they are not easily tradable. If I go to another city and buy a bunch of clothes, I might get a coupon from the clothes company showing a $10 discount on my next visit. There is a very small chance that I will be visiting that store again, and loyalty toward retail outlets is fragile among customers, especially for common items such as groceries. If my $10 discount coupon were tradable, that would actually save me some money, for example, if another person walks into the store a few weeks later and buys similar clothing, they could see that I have a $10 discount coupon. They could buy that from me for, say $8, hence benefiting both of us. 0_GIYavCQovFABroPW_.jpg Every store has a different loyalty points program, making most points illiquid. For the retailer, he/she might have to find a balance between issuing tradable tokens to one time customers and non-tradable tokens to regular customers. My guess is that they wouldn’t mind issuing the tradable tokens since it would result in greater sales; this would be valid for large retailers, but probably not so much for the higher end brands and niche products. Tradability and fungibility of loyalty points could potentially increase sales numbers for many retailers. How loyalty programs work in most FMCG goods. For mainstream use of WandX for the loyalty programs, two main points have to be taken care of: we would need a large number of transactions that can be verified off-chain, or else there would be large gas costs for trading small quantities of points. We would need an easy way to “plug in” the loyalty points program for each application. For example, if we want to incentivize users to give ratings on a food ordering site, the site owners will create a loyalty points program on Wand with it’s own token, and every rating will be incentivized using the OrderToken. For this, users aren’t going to download a wallet or a browser extension. They will only care about getting the points and not care about whether blockchain is used or not. Hence, the transactions will have to be verified and settled off chain, and pushed to the network after bundling many such transactions. The blockchain accounts could be tied to user accounts and balances on the food ordering app; how this connection will be created, we will cover in our whitepaper. Using WandX, any digital asset could potentially be recorded, traded on the blockchain. Users could create products using loyalty points and any digital asset such as combining loyalty points of three brands which can be sold at a lower price, as well as trade in these products to see what would be beneficial for them. Check out Wandx marketplace here - https://blog.wandx.co/ |
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The lending space in Fintech is booming in India and around the world, with startups using machine learning and AI to better gauge the credit worthiness of an individual. Information from social media, text messages, and even location specific data from google is used to better understand customers by lending firms. Most lending firms target the middle class or even upper middle class of society, hence they are able to get accurate data through peoples’ mobile phones. Peer to peer lending is growing as an asset class in India with better KYCs enabled through the India stack APIs and Aadhaar number. Most traditional banks as well as emerging fintech players target the so called India-1 and India-2 who are the lower-middle to upper class. Microfinance loans being given out to women in a village in India. However in India, over 50% of the population live in the rural areas. Most of this population falls in the lowest income group in the country. This does not mean that most of them are poor, but just that everything from groceries to real estate is much cheaper in the rural areas hence people don’t make a whole lot of money, but they don’t spend a lot either. Microfinance institutions lend to this low income group segment through the grameen bank framework pioneered by Mr.Yunus. This framework uses lending circles and peer groups to loan money and enhance recovery of loans with a majority of loans given to mothers. Microfinance institutions often get their capital from banks. Their margins are on the higher rate of interest given to the low income families. The rate of interest is higher due to higher risk of default and large costs associated with loan recovery, sometimes to the tune of 40% of the interest charged on the loans. In India, microfinance has played an important role in farmers securing financing for their land. However, critics of microfinance show that due to increased pressure to show profits, MFIs give out a large number of loans without a proper credit check and use coercive methods to recover, which has lead to farmer suicides. Trusted lending circles launched by WeTrust. Peer to peer lending with smart contracts for loan disbursal and for interest payments could reduce costs giving out loans and recovering loans. Anyone from the urban areas can lend money to people requiring micro-finance in the rural areas. The Aadhaar could be used as identity, and lending circles could be created in the rural areas to which loans would be given; these lending circles would be groups of people identified by their Aadhaar and smart contracts could automate disbursal of loans as well as interest payments back to the loan originator. Another model could be a smart contract + incentivization program to help better recovery of loans in microfinance institutions. For example, let’s say a microfinance company ABC wants to give out 100 loans to women in a village. They design a multi-sig + smart contract that acts as a mini-company that gives out loans to each person; the loanees are identified by their Aadhaar numbers. Every person can see how the other has paid back, how much they have taken as a loan. Interest payments would occur back to the company (or DAO in blockchain language) as well as nano peer to peer lending could occur from one woman to another. Another organisation could use this data to determine how much insurance (such as crop insurance) to lend out or suggest to the women as to what they can do with the money given their current employment. This could be a different model of peer pressure that could be used for loan recovery. Another issue that is faced by people receiving microfinance loans is one of money management. If someone in the rural areas receives a loan of $100 with 20% interest payable semi-annually, how do they manage their money such that they can make enough to pay back the interest payments. Money management is not an easy task, and it is assumed that those who receive the loans are good at money management (statistics have shown that over 30% of the value of loans received is used for purposes other than what was intended for the loan). Organisations could offer money management tools to lending circles and peer groups to solve this problem, although it is not yet clear if money management could be automated through smart contracts. At WandX, our first product is the decentralized portfolio trading Dapp. Our larger vision is to enable easy digitization of assets and creation of financial products on these assets and cryptocurrencies. Our front-end module would enable creation of this microfinance model on WandX. Although such a model is some distance away in India (Internet connection and smartphone ownership is restricted to less than 50% of the population), WandX will create the platform for such applications to be possible. We see an application of our framework in many real life use cases which we will pilot in the next couple of months. Follow, like, and stay tuned to our blog! Originally posted on wandx blog. Check out the WandX marketplace here - https://www.wandx.co |
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Development on the WandX roadmap as given on wandx.co has been going well and we’re on track to meet our goals. We’ve released the first version of our decentralized exchange at exchange.wandx.co. This application not only allows users to trade in ERC20 Tokens in a fully decentralized manner, but it also enables users to create and trade in ERC20 Token baskets. This means that users can create Token baskerts such as “Decentralized Identity Tokens” or “Decentralized Exchange Tokens” and trade these themed baskets rather than trading in individual Tokens. The current application requires Metamask to be installed to access the application. Going forward, login through any JSON file will be incorporated. ERC20 Token baskets: Users can create and trade in ERC20 Token baskets through our Basket protocol. Creating and selling an ERC20 Token basket: Prerequisite is that the user should have the Tokens in his/her Metamask account. Users can then create Themed baskets or any basket that the user wishes to create on the platform. Users have to define the sell price for such a basket before displaying it on the platform. Buyers would be quoting their prices, and the final sell price would be decided by the creator of the basket. Buying an ERC20 Token basket: Requires depositing WXETH into our smart contract. WXETH is the ERC20 Token equivalent of Ether, which is required to enable a decentralized swap of Basket for Ether. ERC20 Token trading: Users can trade ERC20 Tokens in a fully decentralized manner in the Trade ERC20 Tokens tab. Selling ERC20 Tokens: Users will have to authorize the Token for selling it under the sell tab, and will have to deposit the Token under the Funds tab. Once the user has deposited the Token and authorized it for sale, the user can place a sell order for the Token. If the user sees a sell order that he likes, he can execute that sell order and sell his Tokens rather than placing an order. Buying ERC20 Tokens: Users can either place a buy order for an ERC20 Token. A prerequisite for buying an ERC20 Token is that the user must deposit ETH into the smart contract on the Funds tab, and must deposit enough ETH to cover the buying cost as well as the exchange fee cost. If exchange fee is paid in WAND, users get a 75% discount on the exchange fee. Authorization of WAND is required for this. Authorization is a one time activity. Once authorized, users don’t need to authorize again while trading with the same Metamask account. Originally posted on WandX blog. Check out the WandX marketplace here - https://exchange.wandx.co/ |
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