Nowadays, asset tokenization represent one of the most promising blockchain applications. Scrypta has recently developed its own solution to favor the tokenization processes by creating “Planum”, an open-source and permissionless sidechains system that provide to anyone a clear interface where create, issue and track tokenized assets.
“Planum”, accessible through https://planum.dev, is a parallel layer that allow to anyone to create and issue his own tokenized asset, stored, managed and secured using the IDA Nodes Scrypta blockchain network.
Any tokenized assets, once generated with his own metrics, have his independent life cycle in a secured sidechain layer, which runs on top of the Scrypta blockchain, and in future can be transfered and traded with LYRA and all other tokens.
How “Planum” works: from creation to emission of tokens
“Planum” is an architecture developed and maintained on top of Scrypta blockchain technology, and allow to anyone to easily manage the whole tokenization process issuing his own digital token.
Accessing to the platform through https://planum.dev you and choose if you want to create your own token or explore existing tokens.
The process is very fast, doesn’t require very techical skills aside a basic knowledge of what you are doing, and can be resumed in 4 steps:
- Login to “Planum” through Scypta digital identity.
- Definition of token sidechain parameters.
- Asset creation.
- Asset management.
Login to “Planum” through Scypta digital identity.
In order to access “Planum” and start to use the sidechain generator, you need to login to https://planum.dev using one of different tools developed by Scryptachain for digital identity creation and management.
For an optimal experience of usability and security purpose we strongly suggest to download ManentApp (available in both web version or mobile (IOS/Android).
This will allow to easily create your first and brand new digital identity, or import an existing one.
For completion, you can check the wiki section related to Scrypta ID.
Once your identity is created, you can login into “Planum” with your .sid file or using ScryptaID Browser Extension (a tool that allow to create and manage identities for use easily Scrypta dApps)
Definition of token sidechain parameters
After logging in, you will be introduced to the main interface, where you have to introduce all parameters of your sidechain layer.
Those parameters describes all attributes for your tokenized asset, that will run in his proper layer of the sidechain.
You can choose name and ticker o your token, data metrics like total supply and decimals, plus few additional features.
Through “Asset metrics” tab, you can enter the total supply of your digital asset and the decimals of your digital asset.
Users have the option to make the token “reissuable” (owner can add any amount of supply also after the token is issued), or “burnable” (it’s possible to destroy a portion or the whole supply of the token).
Asset creation
When a new asset is issued, the layer architecture create the first sidechain genesis transaction for the new tokenized asset.
Here you can check the proof-of-existence for the created token
https://proof.scryptachain.org/#/uuid/941fe054.b6e1.4e4b.8d28.660179c46bae
A typical transaction should contain the following properties:
Inputs: an array of unspent sidechain transactions (USXO) whose total is greater than or equal to the amount you want to send.
Outputs: an object containing the reception and exchange addresses. Recall that on Scrypta the changes coincide with the main address.
The Sidechain transactions are in all respects comparable to the mother blockchain transactions. and follow the usual signature and hash processes, so if we refer to traditional TXIDs to identify main chain transactions, in the case of sidechains, to differentiate between them, we called them with the acronym of SXID.
So, from now on, we will refer to SXID as the id of the transactions in sidechains.
The only difference between main chain and sidechain TX is that the USXO set will be relative to any single sidechain therefore the funds are only within the specific sidechain of tokenized assets, and cannot be mixed with others sidechains.
Once your tokenized assets is created, the total token supply will be automatically issued to the address identity of the owner that created the token, and will result in the balance of his own Manent App.
Those tokens will appear alongside all other tokens issued by this owner or other tokens received, if any, and Lyra as currency of the main chain.
Asset management
After the token is issued and the balance is visible on the main address, the token can transferred to anyone, stored inside Scrypta apps or electronically traded with other tokens or with Lyra as main currency of the network.
According to our roadmap, we are already working on a platform where will be possible to digitally trade all sidechain tokens issued through “Planum”.
As sidechain tokens didn’t have their own addresses, in order to transfer any amount of token to anyone, you just need the Lyra address of the receiver.
From inside your token control panel, you have the option to choose which token you want to transfer, the receiver address and the amount, exactly as you do when sending cryptocurrencies to other users.
Costs and speed of transactions
It’s valuable to note that costs of issuing and exchanging tokens are represented only by the system fees which are equivalent, as in the other cases, to 0,001 LYRA per single transaction of 8000 Bytes (the amount of data size carried by the blockchain was recently increased by developers from an original value of 80 Bytes).
That’s mean that each transfer of tokens will cost 0,001 LYRA (roughly $0,00002) and the fee transactions are not correlated to the amount of token supply that is generated or transfered to other users.
The assets are transfered almost instantly thanks to the reading of the mempool executed by IdANodes which allows validating the transactions even with zero confirmations.
Validation is done at IdANodes level, therefore allows to be sure that the delivered transaction is valid and that it will be inserted in the first available block.
Read the full article here
https://medium.com/@scryptachain/scrypta-release-planum-a-sidechain-layer-for-tokenized-asset-generation-cccd63d2f54d
Link references:
https://planum.dev
https://wiki.scryptachain.org/developers/sidechain
https://wiki.scryptachain.org/developers/scrypta-core/ida-node-management