David Stancel
Cryptocurrency Expert, Advisor, Lecturer, Author, & exCTO @ Fumbi
- ERC721 standard
Decentraland— an open source virtual world platform with ownership of items on it being tracked as Ethereum based collectibles, pieces of land. You can buy MANA, the native currency of the platform and pieces of land that are ERC721.
More: http://bit.ly/2Wa5udP
First, ETH is turned into “wrapped ETH” (WETH), which is simply an ERC20 wrapping around ETH. This “tokenizes” ETH so it can be used like any other ERC20 token.
Next, WETH is turned into “pooled ETH” (PETH), which means it joins a large pool of Ethereum that is the collateral for all Dai created.
Once you have PETH, you can create a “collateralized debt position” (CDP), which locks up your PETH and allows you to draw Dai against your collateral, which is PETH.
As you draw out Dai, the ratio of debt in the CDP increases. There is a debt limit that sets a maximum amount of Dai you can draw against your CDP.
Once you have Dai, you can spend or trade it freely like any other ERC20 token.
If Dai < $1 USD, CDP owners can pay down their debt at a cheaper price!
fe. CDP with $1000 in ETH --> draw out 500 Dai
to close the position --> pay back 500 Dai (paying debt destroys Dai).
--> demand for Dai increases its price, until it approaches $1 USD.
If Dai stays below $1, CDP owners continue to pay down debt and remove Dai from the system.
--> When Dai goes above $1 USD, Dai is created to feed the demand. It is this push and pull, creation and destruction, supply and demand which ensures that Dai always matches the $1 USD peg.
In fact, of the 231 PoCs Gartner reported on, only 14 have moved into a limited scale live-in production environment, reflecting the immaturity of the market we’re seeing today.
The same report estimates only 10% of these projects will make it to a fully-scaled business model by 2020. Given this predicament, it’s no surprise seeing enterprises employing stricter vetting processes and restricting spending on DLT projects overall.
https://www.gartner.com/doc/3869368/blockchain-trials-industries-market-transition
In March 2017 a group of 30 enterprises announced formation of Ethereum Enterprise Alliance, which has recently grown to more than 200 members, making it probably the largest blockchain consortium today.
EEA’s focus in bringing Ethereum to the enterprise environment, meaning moving from a public, permissionless to a private, permissioned setting, which means it will be easier to provide better support for privacy and performance. There are some plans to support anchoring on the public Ethereum network as a way to securely timestamp the chain state.
September 2018, fifteen of the world’s largest banking and commodity companies announced the formation of komgo - a global blockchain-based trade financing platform.
Collaboration between: ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Société Génerale
While using ETHEREUM, it will launch with two initial products: a KYC process and a Letters of Credit product.
https://media.consensys.net/enterprise-blockchain-for-trade-financing-c005ec8fa079
https://etherisc.com/
Official exchange of eDocuments by national administrations
Exchange of access to electronic health records
eID and cross-border authentication of people and companies
Traceability of foodstuffs and pharmaceutical products
Validation of academic qualifications
Exchange of criminal records at EU level
*Registry of audit-related files (proposed by European Court of Auditors)
- based “ECA Registry” that provides beneficiaries of EU funds with a tool to systematically register audit-relevant documents (e.g. invoices, proof of payments, supporting documents, bids, etc.), thus creating a trusted, fully digital audit-trail. The ECA Registry acts as a notarisation service that leverages on the unique features of (public) blockchains: security, transparency and immutability of the data. The system allows to: record on blockchain(s) imprints (hashes) of documents, as well as their metadata; link together imprints; grant third parties, including EC and member States’ authorities, access to imprints, metadata and the underlying documents (which are stored off chain) in real-time instead of ex-post.
Presentation:
https://slides.com/stancel/kpmg
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By David Stancel
For KPMG
Cryptocurrency Expert, Advisor, Lecturer, Author, & exCTO @ Fumbi