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Core Idea: The protocol's core idea is a lien mechanism, which allows users to create conditional ownership of digital assets. By leveraging smart contracts, the protocol enables users to engage in various financial transactions, such as borrowing funds against the digital assets or purchasing assets and paying over time.
Use Cases:
Technical Details :
Below is potential interface for the for the protocol
By utilizing the Stellar-based DeFi protocol, users can engage in various financial transactions with digital assets, unlocking new opportunities for decentralized finance in real-world asset management.
Extended functionality added to roadmap after community review:
A - End to end lending flow, contract, backend and User interface. Original proposal was for Lien to enable financing, and rental flow only. Added features include:
B - Research cron job and auto mpayment, and implement if framework allows.
Plutus Stellar based Open Source DeFi protocol is a decentralized finance solution designed to facilitate conditional ownership of digital assets through a lien mechanism. Built using the Soroban framework in Rust smart contracts, the protocol serves as infrastructure for other projects to create their own applications, broadening the scope and possibilities of decentralized finance. By representing real-world assets as digital assets, the protocol enables users to engage in a variety of financial transactions, such as mortgages, rent, and borrowing.
Core Idea: The protocol's core idea is a lien mechanism that allows users to establish conditional ownership of digital assets representing real-world assets. Leveraging smart contracts, the protocol provides a secure, transparent, and efficient way for users to engage in financial transactions, such as purchasing assets and paying over time or borrowing funds against the digital assets.
Protocol Infrastructure: As a foundation for other projects, the Stellar-based DeFi protocol offers a robust infrastructure for developers to build upon. By providing a secure, scalable, and efficient framework, the protocol encourages the growth of decentralized finance applications in various domains, such as real estate, finance, insurance, and more.
Soroban: The protocol is built using Soroban, which is designed specifically for developing smart contracts and decentralized applications on Stellar. Soroban enables developers to create secure, efficient, and easy-to-audit smart contracts, ensuring the integrity and reliability of the protocol and its implementations.
Digital Assets Representing Real-World Assets: The protocol's digital assets are designed to represent real-world assets, such as property, vehicles, or commodities. By tokenizing these assets, the protocol allows users to gain exposure to real-world asset classes through the convenience and flexibility of digital asset ownership.
Implementation Use Cases:
Potential Implementation Partners:
Initial implementation partners include Real Asset tokenization platforms like Centrifuge, Goldfinch and Mappel Finance.
Regulatory Compliance
Plutus, operating as a second-layer protocol over base protocols like Centrifuge, inherently adopts the compliance mechanisms of these base layers. Compliance to additional regulations, considering Plutus's unique functionalities such as lending, borrowing, and rental of tokenized real estate assets, is also a priority.
Plutus acknowledges the variability of compliance requirements across different jurisdictions. Therefore, specific compliance measures will be implemented as necessary during the establishment of new partnerships and expansion into new areas.
The protocol also maintains communication with base layer protocols to stay informed about any compliance changes. This ensures Plutus's continuous compliance and ability to adapt swiftly to new regulatory landscapes.
Risk
Plutus, as a utility protocol, primarily facilitates terms of engagement between multiple parties. The financial product risk lies with the asset originator who is expected to disclose it per their jurisdiction's compliance requirements. Investors also have the responsibility to perform due diligence.
The primary risk associated with Plutus pertains to smart contract implementation or the underlying blockchain. Measures to mitigate these risks, including obtaining insurance, will be explored in the future.
Assets Tokenization
Similar to protocols like Aave or Uniswap, Plutus does not originate assets or speculate on the value of underlying assets. It serves as a facilitator, providing essential financial functions in a decentralized manner. Plutus self-executes the terms of financial instruments, such as loans, implementing them in a reliable and transparent fashion.
The enforcement of ownership transfer on default is out side the scope of Plutus functionality.
Example: Whoever own a token like NS2DRP, owns the right to the underlying RE assets, Plutus can wrap and implement advanced function like rental, financing, or lending.
Research and develop Lien Smart Contract. Build PoC of contracts and workflow for transfer of assets with a lien on it. Build test cases for each of the contract functionality.
Step taken already:
R&D already started on Soroban, to understand the framework and design the solution. A strategy for the solution was built. Core lien mechanism developed, and PoC rental process implement in command line only.
OnChain is blockchain development group active in the space since 2015. The group has a proven 17 years track record building high performance technology solutions for top tier companies using emerging technologies in the U.S, Japanese and South Pacific markets. Code produced by us is currently in production and has processed billions of dollars in transactions and securities exchange volume.
Plutus team has being active in blockchain development since 2015. Before that, the group has a proven 17 years track record building high performance technology solutions for top tier companies using emerging technologies in the U.S, Japanese and South Pacific markets.
The team already successfully built complex decentralized conditional ownership protocols on EVM and in Rust on Solana, and eager to take the same concept to Stellar for the many benefits the network provides from efficiency, functionality, reliability and bridges to real world application.
The team already closed funding from Polkadot to build similar concept in Rust on Substrate chain, and successfully completed the build.
The team also build similar concept on EVM for Vera and the protocol went live and is processing large volume of transactions on 4 EVM comptabilite chains.
Team Lead
Shashi brings a wealth of experience from previous DeFi projectn and IBM to his role to lead this project, specializing in the creation and optimization of decentralized applications, deftly merging cutting-edge technology with practical, scalable solutions.
https://www.linkedin.com/in/miolong/
Lead Blockchain Engineer
George is a full-stack software developer with deep Web 3.0 experience. He excels in building complex on-chain/off-chain applications, maintaining infrastructure, and leading DevOps
https://www.linkedin.com/in/georgeaa3/
https://www.linkedin.com/in/abch/
The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on December 5, 2022 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has been awarded to the project in XLM. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.