By tokenizing real assets onto the blockchain, (TEND) is bridging the old and tangible with the new and digital world. And from a user perspective it is as easy as clicking on your smartphone!.
Once a customer has decided to buy shares in an asset, he/she clicks “buy” on the (TEND)platform.
This will trigger a request on the smart contract to validate that “token assets” are still available and
if that is the case, this will code on the smart contract the new ownership rights of this specific customer by means of non-divisible asset tokens (ie).
They are linked to the associated (experience) allocated to him/her. In parallel, the smart contract will give the same customer his/her experience tokens. Those tokens are also non-divisible but are ‘burnable’ in the case that the (experience) is not used within a certain timeframe.
When a customer wants to experience his/her asset, the principle of simplicity and transparency on the mobile app remains. He/she will check on the app what are the possibilities and book directly his/her next experience there. If we take the example of a collectible car, when a co-owner wants to drive it, he/she will book a date and go to the location of the car concierge service to collect the car. The concierge will then confirm on his own app that the experience has been used which will trigger a request directly on the blockchain to decrease the number of experience tokens of this customer, thereby reflecting it on the smart contract. At the end of the year, the smart contract resets the experience tokens and delivers a new set of experience tokens to each owner.
The specificity of our smart contract is to mint 2 types of non-divisible ERC-20 tokens: asset tokens for the ownership of the asset and experience tokens related to the usage and “touch & feel” experience of that same asset. The buying and selling mechanisms are also managed directly on the smart contract. This user management of the assets entirely on the blockchain is, we believe, unique and comes with the security and transparency that the blockchain offers.
To ensure that these capabilities are solely for (TEND )customers, we deploy a single master smart contract to conduct user management — this ensures that assets can’t be brought by non TEND members and that our users have been whitelisted. This is a so-called umbrella contract. Every asset has its own individual smart contract with its associated and linked asset and experience tokens.
(TEND) has leveraged the scalability, transparency and accessibility to the benefit of all partners of the smart contract, with blockchain technology supporting its business model. Launching the alpha version of the (TEND) platform in April, we are pioneering a new era in the sharing economy!.
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