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1 | 1 | # rain.vats |
2 | 2 |
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3 | | -VATS = Verifiable Asset Token System. |
| 3 | +VATS = Verifiable Asset Tokenization System. |
4 | 4 |
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5 | 5 | ## High Level (VATS) |
6 | 6 |
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@@ -52,7 +52,7 @@ this makes them all similar to each other, which justifies their "sameness", an |
52 | 52 | important feature of any fungible token. In another sense we have simply shifted |
53 | 53 | our liquidity problem offchain. What if there is a bank run on the token and a |
54 | 54 | significant percentage of these 100 houses all need to be sold in a short period |
55 | | -of time in order to maintain the backing. Selling 1 house in a good area is |
| 55 | +of time in order to maintain the backing? Selling 1 house in a good area is |
56 | 56 | relatively simple, although still might take months, selling 100 houses in the |
57 | 57 | same area could take many years to do in a way that doesn't crash the sale price |
58 | 58 | due to sudden oversupply. |
@@ -89,8 +89,8 @@ are created and destroyed in lockstep to maintain supply integrity. |
89 | 89 | V: Verifiable => "Anyone" can compare the onchain ERC1155 NFT IDs/data/supply |
90 | 90 | against the offchain assets to check the integrity of the system. |
91 | 91 | A: Asset => The system is designed to work referencing/backed by real assets. |
92 | | -T: Token => The system is fundamentally a tokenization approach to building |
93 | | - liquidity for the referenced assets. |
| 92 | +T: Tokenization => The system is fundamentally a tokenization approach to |
| 93 | + building liquidity for the referenced assets. |
94 | 94 | S: System => This is a system of tokens, both an ERC20 and ERC1155, and cannot |
95 | 95 | provide all promised features/guarantees without multiple tokens bound together |
96 | 96 | logically somehow (e.g. at mint/burn time) |
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