Redeem Protocol
Overview
The mission of Redeem Protocol Guild is to connect any metaverse and our first universe, filling in any gaps in between. Redeem Protocol is thus presented, aim to resolve asset interaction and management across multiple blockchains (web 3.0 systems) and Servers/Platforms (web 2.0), in a very systematic and standardized manner.
Due to the complexity, long existed in the current operating world, of asset management, Redeem Protocol take on the spirit of Progressive Multi-centralization. Instead of developing a completely new interaction model, we choose to embrace the optimality of state-of-the-art solutions and focus on combining the advantages of decentralized liquidity and centralized trustworthiness.
As a result, the protocol is supported by different components. To best support all possible business scenarios, each may be in the form of either web3.0 smart contracts, or web2.0 systems - depending on the use cases. For similar reasons, all components will support multiple chains (not necessarily cross-chain).
In short, Redeem Protocol is NOT just a portfolio of smart contracts.
Redeem Protocol is a standardized interface communicating all web3.0 and web2.0 systems, for asset management.
Of course, the developed protocol will be compatible and open to all existing standards and platforms if possible. This includes wallets, marketplaces, games, logistic systems etc. Users, projects, developers etc. can willingly select their best solutions and enjoy the benefits Redeem Protocol brings.
These components lies in 2 categories: Core and Satellites.
Core
Core, currently maintained and developed by RE:DREAMER Lab, covers the key aspects of asset management in physical-virtual correspondence:
Rights of disposition: RNFT based on standard NFT Contracts
A vital part of property management is to identify the owner and their corresponding rights. In past days a large portion of this is governed by heavily centralized platforms. However, thanks to the development of NFTs we have a novel way of interacting with digital assets. Redeem Protocol adopt the mechanisms and adapt them onto physical assets, proposing the idea of RNFT. RNFT can be from individual NFT with satisfying standard, existing NFTs (ERC-721, ERC-1155, spl-token etc.) or even attachment on the existing NFTs.
RNFT will be interacting with obligation component, to make sure right owners have smooth access to obligation holders to ensure their rights. This includes information exchange, logistics (physical assets obtaining), executing rights and proofs, etc.
Obligation and Responsibility: Custodian Contracts combined with Systems with SLAs
These components ensure the obligation is well handled. For connecting with decentralized asset interaction, decentralized custodian programs are introduced. This allows the community to keep track or even forcefully execute the corresponding obligations. For example, an RNFT loan on certain contracts may be disposed according to the defaulting terms written in immutable smart contracts, and will remain safe if all satisfices.
For real-world executing, we embrace the current legal system, channeling the information on chains directly to the obligation holder's existing, time-proven, procedures. This minimizes the possibility of not delivering the expected results, and guarantees the value of RNFTs
Identification and Authorization: Signing protocol and connectors
Another key part of asset interaction is verification on will expression. To lower the possibilities of miscommunication and increase trackability, signing protocols connecting RNFT and Custodian Components is vital. Redeem Protocol combines well developed methods from web3.0 and web2.0, providing authenticated proof for web3 apps and web2 systems.
Current implemented methods includes on-chain redeem and off-chain approval.
On-chain redeem: handles the process and logs in on-chain programs, requires gas fee but is more credible. Suitable for highly valuable assets
Off-chain approval: requires signature, zero-gas, more efficient. Suitable for high frequency applications.
Both required procedure from end-users interface, supported by all non-custodian wallets. This makes the property owner the only one to approve such process, ensuring the security of redeem process.
Satellite
Based on the 3 core components above, many potential protocols completing fulfilling more and more scenarios is thus possible. This can be implemented either by RE:DREAMER Lab or any other parties including:
Fulfillment: Interact with Obligation Components and tracks the fulfillment of certain obligations.
Reputation: Interact with Obligation Components and RNFT to reflect the long-term fulfillment rate. This may affect future application and valuation of certain NFTs.
Resolution: Some obligation requires multiple holders to verify different aspects, including physical ones. Resolution protocols Obligation Components to better handle and track the resolution process
Organizational Connectors: Connect with other decentralized organization (Guilds, DAO) to provide organizational support.
Partner Systems: Connect with various systems to support games, logistics, displays, interaction etc. By using Redeem Protocol standard interfaces, development speed can be much faster and require much less web3.0 knowledges.
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