Overview of MyContract.co
MyContract.co is a WebApp that allows users to create smart contracts for issuing tokens to crowdsale or asset tokenization without a need for any programming expertise, just in a few clicks. MyContract.co initially allows contract creation on Ethereum public blockchain with any of the ERC standards for issuing or tokenizing an array of asset classes: fungible cryptocurrencies and tradable assets (ERC 20 and ERC 223), non-fungible assets (ERC 721), or fixed income financial instruments (ERC 888).
- Current Problem Statement
Tokenization on Blockchain is a steady trend for coming years. It seems that everything is being tokenized on Blockchain from paintings, diamonds and company stocks to real estate. But the main problem stems from the fact that so far no country has a solid regulation for cryptocurrency. For example, what happens if a company that handles tokenization sells the property? Token owners just own tokens. They have no legal rights on the property and thus are not protected by the law. Therefore, legal changes are needed to accommodate these new business models.
Problem is that this system brings us back some sort of centralization. The whole idea of Blockchain and especially smart contracts is to create a trustless environment. While this is possible to achieve when tokenizing digital assets, with real world, physical assets, this is not the case. Therefore, we have to accept a certain dose of centralization.
Smart Contracts, Token Issuing, Commodities Tokenization, Currencies Tokenization, Exclusive Goods Tokenization, Private Shares Tokenisation, and ICOs are some of the major services that XinFin has been providing their clients for quite some time and subsequently occupies significant working time of the company. This results in developers working on repetitive tasks, where this effort could be better invested. As a result, the company felt a dire need to automate this process. By exercising the technical assets within XinFin, it developed an in-house solution that enables their clients to easily and quickly service these needs themselves, with no coding required.
- How is Mycontract Useful
Smart Contract and Tokenization is a method to convert rights to an asset into a digital token. By tokenizing assets, we have a digital representation of a real-world asset on a blockchain. The advocates of the new “Tokenized” economy claim that slicing and dicing assets into fractions of ownership on a blockchain will enhance liquidity, price discovery and, accessibility to high-value illiquid assets at a fraction of current transaction costs.
With liquidity, investors have the flexibility to sell private securities for an efficient market price, increasing marketability and unlocking greater potential asset value for issuers. There are many asset categories that can be benefitted. Mycontract.co can be as tokenization platform provider to such industries and asset categories.
The primary objective of Mycontract.co is to provide Token-as-a-Service (TAAS) which will eventually result in greater liquidity, real-time market pricing, cost savings, and transparency.
Advantages of Tokenization using Mycontract.co
Unlock Liquidity of your physical asset or business Enforce compliance on secondary trades Attract new investors Lower investment minimums by unbundling Create new fund types by rebundling Reach global investors Faster, Easier, Low-Cost Capital Formation Tokenize individual assets Enforce regulations through technology Maintain accurate records,
Industrial Use Cases : Any industry can use this platform and bring the asset to tokenization world.
- What you can build on Mycontract.co
Smart Contracts :
ERC20 - Used for token Smart Contracts ERC223 - Provides extra safety during token transfers ERC721 - Asset Tokenisation, STO
Crowdsale Contract : This is an audited smart contract with additional features. For eg, Bonus rates, Sending tokens to Investor etc.
Automatic Contract Deployment : Automatic and Manual Deployment with various ways to access wallets.
Contract Interaction : This feature can enable easy smart contract interaction with built-in interaction platform.
Tokenization Platform : This platform provides a convenient way to conduct initial coin offering with admin dashboard for KYC and AML support.
Currency Support : Ethereum and Bitcoin Support, top 10 cryptocurrency support in near future and secured gateway for keystore handling & withdrawal.
- Technical Overview
Mycontract.co is an open source platform for Smart Contract Generation, Deployment, Interaction, and Tokenization Platform that is build on below-mentioned technologies:
All files structures are as per the standard the code Node.js Express framework.
MyContract.co initially allows contract creation on Ethereum public blockchain with any of the ERC standards for issuing or tokenizing an array of asset classes: fungible cryptocurrencies and tradable assets (ERC 20 and ERC 223), non-fungible assets (ERC 721), or fixed income financial instruments (ERC 888).
Users can create their own token in a few minutes by just providing token basic details, such as token name, token symbol, token decimals, total supply, and token sale limit, in an easy to grasp environment.
After providing all the details of the token created, and buying the package — payable in XDCE tokens — the users can easily get the code of their brand new token.
MyContract will allow businesses of all sizes to deploy their own smart-contracts and tokens across industries, with working use cases in Supply Chain and Decentralized Credit applications.
Since MyContract keeps personal financial data — like know your customer (KYC) or Credit Score — privacy assurance features are carefully implemented. Your assets remain secure and protected by locking them all with a secure private key.
Intuitive e-wallet also lets users track their balances in XDCE, ETH, and other tokens.
MyContract implements an Initial Coin Offering (ICO) platform to be used once the token is configured for crowdsale. The ICO platform allows easy follow up for registered users, offering KYC verification, trades executed, and BTC and ETH balances.
Transactions can be tracked, whether they are depositing, sending, or updating.
In summary, MyContract offers a very practical and easy to use environment for users entering token issuing, ICOs, and token trading business, with contract ownership transfer as a remarkable feature.
MyContract is now live and is already being tested by clients that are piloting XinFin. Visit web app of Mycontract at https://mycontract.co