In this blogpost we want to introduce you the update of the WeOwn blockchain architecture. Please note, that images are better seen, if you will open them in a new tab. Enjoy the read!
With the recent “Merge”, Ethereum 2.0 moved onto the more sustainable “proof of stake” validation model, with further improvements. Our tokenisation, issuance, and servicing technology requires interoperability, and the most liquid markets are required for tokenised assets and NFT’s. Ethereum 2.0 offers a more professional and sustainable baseline now, combined with an evolved app environment, more manageable energy consumption, and faster transaction speeds. But for us, it also means we cannot ignore the Ethereum environments any longer. So, after years of watching the space and focussing on our own blockchain, we’ve decided to open our product suites and integrate and support EVM blockchains.
A brief history
In 2017 the world of blockchain technology looked vastly different. Very few layer-1 blockchains were running anything other than proof of work. The ecosystem was growing but very few professional support services existed, with smart contracts the true game changer across the few DApps. Many more infrastructure and layer 2 projects sprung up during the ICO craze. DeFi and NFT’s didn’t exist, and the only semi decentralised exchange with volume was IDEX.
Back then, and what already feels like a lifetime ago, we decided to build our own layer-1 “dPoS” blockchain with a focus on digital shares and equity transactions. In later years, we created DeFinity as a very successful layer-2 solution for the institutional digital asset and FX currency market, with a token based on Ethereum and our own layer-1 blockchain.
Fast forward to now and we are living in a world where EVM-powered blockchains are continuing to dominate the DApp space, occupying most of the liquidity required to run DeFi protocols and allowing for a vibrant and liquid trading space. With the “Merge”, Ethereum 2.0 has moved away from energy-hungry proof of work and moved onto the more sustainable “proof of stake” validation model, with further improvements underway
We are still operating our CHX blockchain environment, and have expanded to other asset types, such as tokenised debt and NFT’s. Our tokenisation, issuance, and servicing technology requires interoperability, and the most liquid markets are required for tokenised assets and NFT’s. Ethereum 2.0 offers a more professional and sustainable baseline now, combined with an evolved app environment, more manageable energy consumption, and faster transaction speeds. But for us, it also means we cannot ignore the Ethereum environments any longer. So, after years of watching the space and focussing on our own blockchain, we’ve decided to open our product suites and integrate and support EVM blockchains.
What does this mean for our issuing clients and marketplace users?
We are currently upgrading our products and services (sitting on top of our own layer-1 blockchain) to be Ethereum Virtual Machine (EVM) compatible, giving issuers and token creators the option to choose any major EVM chain as their primary token network of choice. They can still choose our own blockchain as a more segregated and safer network, but they now have the option to create tokens on Ethereum, Binance Smart Chain, Avalanche, Polygon, and so on. Most importantly, they get access to liquid secondary markets, and they will be compatible with multiple enterprise custodians, wallet solutions and KCY providers as those tokens will be based on ERC-20 or ERC-721.
Our bridges still allow token holders to move tokens from one network to another, and our blockchain will continue to be used for token corporate actions and voting events. But it will allow issuers and investors to have the option to choose whatever network they feel comfortable with. Most importantly, they are fit and compatible for the future.
Most of the work happens in the background, as we have started to build a smart contract assembling framework that will allow issuers to create specific tokens and smart contracts based on their needs within our products and their network of choice. It will get the same level of rigor and regulatory safeguards as we have created for our own blockchain. The same level of transaction monitoring and compliance reporting. Each token and smart contract template will be security and pen tested and will be able to operate within the regulatory frameworks of its issuing countries. Right now we are building the NFT workflow, shortly followed by Security and Equity Token. We’re expecting the development to be completed end of this year, with all asset types supported by end of Q1 2023.
It’s an exciting change and with the inflow of ERC-20 and ERC-721 (and future support for Soulbound Tokens) our registration and servicing platform will see further usage and traction, as you will be able to register token holders for all EVM tokens and can manage your entire cap table, corporate actions, voting events and regulatory reporting from within our registry products.
Two of our latest clients (tokenised NFT rewards) will be already moved onto the new platform and the Ethereum network. With this change, we are ultimately paying respect to the vast EVM community and the brilliant work that went into Ethereum 2.0 and all its services.
The future is bright (and decentralised).