BKX Utility Token

We have released a demo-version for BANKEX smart asset tokenomics technology

BANKEX enables new sources of capital for real assets with publicly auditable decentralized banking. We have released a Demo-version of our product, the Proof-of-Asset Protocol, which provides new sources of capital for real assets on a crypto-centric FinTech platform. We have created an MVP product, and it signifies a solution for business.

BKX smart asset tokenomics demo:

The demo-version works best on WebKit-based browsers.

In order to use the demo you will have to install the MetaMask plugin first. You can use this guide to do so: https://blog.bankex.org/how-to-buy-ethereum-using-metamask-ccea0703daec

Where to start

After you log in using MetaMask, you can choose the type of smart asset that you would like to create. Currently there are 3 types available: car token, real estate token and Apple device token. For the purpose of this demo we will examine working with car token in this demo.

After you log in using MetaMask, you can choose the type of smart asset that you would like to create. Currently there are 3 types available: car token, real estate token and Apple device token. For the purpose of this demo we will examine working with car token in this demo.

After you choose a smart asset type, you are redirected to a form where you need to supply some initial info. Say you have selected the car token, in which case you need to fill in all the information on the car that you would like to tokenize. Your contact info is required as well. In our demo you don’t have to use real information. You can create a smart asset even while leaving the form blank.

After you choose your Car token, you can see the address of the wallet where the tokenization contract was created, and you can also see the address of the contract itself. You can look at this wallet if you are currently working on Ropsten test network.

This is the wallet that has created the contract and all further transactions will be performed through this very same wallet. If you click on the contract, you can see the contract and transactions which are recorded under its directory. Here you can see the address of its creator (owner).

This demo is provided to demonstrate the process of creating a smart asset, so there are no strict restrictions for data input. The form includes the option of including a KYC-provider, followed by information on the car (color, mileage, manufacture year of the model, VIN number).

After you input all the data about your smart asset (let’s say it’s your red Honda Civic), you will see the requirement to use DBKX to validate the information provided.

DBKX is the BANKEX test token, created to represent how the demo works. If you click on it, you will see the token homepage. As you can see, it is a standard ERC-20 token. 100 DBKX tokens will be added to your wallet so you can try out a test tokenization.

After selecting the button "Create contract" we have a record of this transaction in the blockchain. Unfortunately, our current balance in the Ropsten test network is 0 ETH. However, since Ropsten is a test network, we just need to click "Buy ether" to replenish our balance.

Next we click "Ropsten Test Faucet".

This begins the mining process and after some time the test ether will be credited to your account.

Then you should click the submit button.

You have now created your car token!

After that, you should check out your wallet. As you can see, you balance account has decreased by 0.007 ETH. It means we should check if DBKX token was actually spent. We go to Etherscan page, where ERC20 BANKEX Demo Token is displayed, see the address of the contract, and we copy this address of the contract.

Now, go to the Tokens tab in Metamask and click on "Add a Token". In the tab that opens, insert the address.

Metamask immediately determines that this is DBKX with a value of 9 after the decimal point. Click "Add". We see that the demo version of the program automatically added 100 DBKX tokens so that we can continue to work further. And, accordingly, if we click on the DBKX token, we immediately get to the Etherscan transaction, i.e. here we can see that 100 DBKX tokens have been credited to our wallet from the contract of the demonstration version of the tokenization program based on the BANKEX platform.

Now we can see that the transaction is complete and our Smart Asset token has been created. It is not validated yet, but it is already recorded in the blockchain. In our demo version we decided that one token is equal to one asset, but actually the economics of the token can differ.

Now we go back to our transaction to see what just happened.

Ether has performed the following operations:

  1. Charged us for 100 ERC20 BANKEX tokens. This accrual goes specifically to enable BANKEX platform users to test a smart asset on the Ropsten test network.
  2. Further we see that 1 BANKEX Demo token was immediately spent, and it was sent from the user's wallet, i.e. from your wallet, to the account of BANKEX, (a wallet that collects utility tokens in order to override the smart asset created by the client.).
  3. After that, we see that the second managing contract, that manages the issue of the smart asset of the token and which also contains further functionality for its validation and verification, issued a smart asset. And, accordingly, this token was credited to the wallet of the user who created this asset, i.e. to yours.

This system, accordingly, shows that for the creation of a smart asset on the BANKEX technology platform, special utility tokens are used, which are just BKX tokens, which are now being sold at the token sale. And we see here that this token will be necessary for those people who would create smart assets within the framework of the BANKEX ecosystem. We also see that the outcome of the tokenization operation, as shown in this simple example, is the release of the same version of the 20 smart asset of the token, which can have some other functionality, established by formulas for the tokenization of a given asset.

One more thing to mention is that Smart Asset Tokens can be useful in the future, sold in parts or forwarded to other users. BKX token is a technical token that is required to create a smart asset. If we go back to the demo version, then the steps for validating and verifying the smart asset will follow.

Congratulations! Now you know about the tokenomics of BANKEX tokens and can create your own smart asset tokens in our ecosystem.