We created Restate, focusing on the growing need for global decentralization and democratization of assets. Our key inspirations include:
- Expanding Investment Horizons: Through our platform, investors can access unique assets previously unavailable for investment. This expands their portfolios and provides new opportunities for diversification.
- Embracing Digital Marketplace: Entrepreneurs can tokenize their offerings, opening up a new digital marketplace on Restate. This blends traditional business models with cutting-edge blockchain technology.
- Empowering Influencers: Influencers can use Restate to tokenize personal items of particular value to their fans. This increases their revenue and allows them to engage with their fans on a deeper level.
- Unlocking Artistic Capital: Artists can use Restate to tokenize their artwork. This will allow them to expand the availability of their works to a wide range of art lovers and increase their financial support.
What it does
Restate provides a secure and easy-to-use platform for tokenizing and trading various assets.
- Tokenization: We offer many tools for tokenizing assets, from celebrity items to unique art and businesses. Users can create tokens representing their tangible assets and use them to conduct trades.
- Asset Passport: This is a comprehensive document about the asset. It contains a detailed description, origin information, and valuation details, acting as the main source of information about the asset's authenticity, history, and value.
- Wallet: Upholding local regulations and AML/KYC requirements, Restate Wallet grants users complete ownership of their assets. Future implementations will include AI and machine learning to thwart suspicious transactions, ensuring a safe trading environment.
- Marketplace: Restate is a hub for trading tokenized real-world assets. Users can buy, sell, or trade tokens tied to unique collectibles, artworks, and memories, all within an easy-to-use platform.
- Asset Shipping: In cooperation with our partners, Restate enables the tangible transition of assets, reinforcing the complete cycle of asset ownership.
How we built it
We built Restate on the XRPL blockchain. We want to highlight the following stages:
- Market Research: Our journey began with an in-depth exploration of market demands, potential opportunities, and the landscape of decentralization and asset tokenization. This phase allowed us to better understand what functionality and solutions would be most beneficial to our users.
- Investigating XRP Ledger: During this stage, we analyzed the specifications of XRPL, its capabilities, and the potential benefits it could offer to our platform. By understanding XRPL better, we were able to integrate its features to boost the performance and usability of our platform.
- Software Design: We constructed a user-friendly interface that balances functionality and aesthetics, always keeping our end-users needs at the forefront.
- Software Development: We began crafting the platform's core code. Adhering strictly to our architectural plan, we worked towards establishing essential functionalities.
- Testing: We conducted rigorous testing to identify and rectify any bugs or issues in our code. This phase ensured the software met the set requirements and could deliver a seamless user experience.
- Deployment: After successful testing, we transitioned the software to a production environment. To ensure the product's readiness, it was first moved through various deployment stages like testing or staging environments, allowing for final adjustments before the full launch.
Challenges we ran into
Developing Restate proved to be a challenge, and we faced several obstacles on our way to success:
- Exploring a New Technology: The creation of Restate on XRPL involved navigating unfamiliar terrain. XRPL's departure from more conventional platforms, such as NEAR Protocol, Fantom, or Theta Network, required us to re-evaluate and adapt our blockchain development strategies.
- Warranty Agreements: It was a complex task to develop suitable agreement structures that seamlessly bind real-world assets to their digital counterparts – the NFTs. We had to meticulously delve into the nuances of regulations across various countries to construct a valid, unambiguous description for each asset.
- Legislation Research: As we aimed to tokenize various assets, we faced a considerable challenge in understanding and adapting to different countries' legal frameworks. Each jurisdiction has unique rules and regulations around asset ownership and digital representation, so we conducted extensive research and consultations to ensure our platform would comply globally. This required significant time and resources but was essential to secure our platform's legitimacy and long-term viability.
- Funding Constraints: As is familiar with many startups, we faced financial challenges early on. Our initial budget of $1000 was majorly depleted ($830) after just nine hours of consultations, making it clear that this budget was insufficient beyond the MVP stage. This realization underscored the importance of procuring additional investments to drive our research in different jurisdictions and fuel our project's continuous development."
Accomplishments that we are proud of
We are especially proud that our team made the initial idea a reality. From the outset, we faced complex challenges but successfully navigated them. Each accomplishment and milestone has brought us closer to our goal of transforming the asset ownership and investing world.
- We have developed a working prototype of our platform, visualizing the concept of our asset tokenization approach.
- We have successfully integrated our solution with the XRP Ledger, showcasing our technical capability.
- We have made substantial strides in understanding and outlining the legal framework for asset tokenization across different jurisdictions.
- Meeting project deadlines was our primary focus (and we did it!), ensuring each stage received the required attention.
- We are proud of the high-level organization shown by our team, as we left no stone unturned in understanding and harnessing the potential of XRP Ledger.
This is a significant step forward for us toward our goal of becoming the leaders in the blockchain industry.
What we learned
While working on Restate, we gained valuable experience, expanding our skills and knowledge in various fields. The process of building Restate emphasized the importance of maintaining a learning mindset. Every challenge and obstacle encountered on the way served as an opportunity for us to learn and grow as a team.
- Release a one-pager and a simple pitch deck;
- Build an MVP of the platform;
- Take 1st place in Tokenization Track of XRPL Summer Hackathon 2023;
- Raise $500,000 in the seed round financing;
- Implement a KYC identity verification strategy;
- Research regulatory requirements in the wine market;
- Release support for collections of tokenized assets;
- Release searching and filtering features of the marketplace;
- Launch an exclusive collection of tokenized wines introducing a new type of investment opportunity;
- Expand buying and selling strategies on the marketplace, e.g., offer-based deals, auctions, etc;
- Automate tangible asset tokenization procedure;
- Introduce new categories of tangible assets that can be tokenized;
- to be continued…