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Function design of “ALLEX TOKEN” iOS / Android version application will be released in January 2020

Standard Capital Co., Ltd. (Headquarters: Shibuya-ku, Tokyo; President: Taisei Yamaguchi) will inform you about the functional design related to “ALLEX TOKEN”, which will be released on iOS / Android version in January 2020.

■ Overview

ALX runs on an ALX network. The ALX network is based on the Stellar network, and it is a decentralized network that is highly reliable and secure.

The ALX network is a specialized structure for making all payments smart, and consists of two systems called Horizon and Core.

Horizon is an API server that performs various operations of ALX and it is a Restful HTTP API server, so it can be used without complicated settings.

Core plays a central role in ALX for transaction approval, etc. Horizon can perform various operations by connecting to Core.

The development of Stellar was based on Ripple. Like Ripple, the consensus building algorithm can be approved only by an administrator or an approver (validator) authorized by the administrator, so Proof of Consensus (PoC) is adopted.

※Can be created if necessary. Can also be used with other servers. A validator server is a server that acts as an administrator who approves transactions.

The API server is a server that accepts requests from software such as wallet apps and web wallets. The history server is a server serves to publish the transfer history of securities.

The validator server is made up of three units in a redundant manner, created for stable operation and for improving system processing capacity.

Functions

ALLEX has the following functions in addition to the basic virtual currency functions. – Securities management function (smart contract)

Securities registration function
Owner search
History tracking function
Ownership change function
Stop the ownership change procedure function – Token issue function
Wallet
External API communication device

■ About Securities management

・Examination of specifications for securities management

Securities management in the ALX network is operated by the management organization.

The specifications that are envisioned, focusing on how each function will be performed in the ALX network that copied Stellar.

Securities management

ALX manages securities as assets. The name of the securities to be stored in the blockchain should not exceed 12 alphanumeric characters in accordance with Stellar asset specifications.

https://www.stellar.org/developers/guides/concepts/assets.html#alphanumeric-12-character-maximum

At present, asset management is effective, but as an alternative, a method of managing the securities identification number in the extended field of the transaction is also conceivable, but it is excluded from consideration from the viewpoint of traceability.

Stellar has a smart contract function, which is used to manage securities. However, Ethereum smart contracts are deployed on the blockchain, whereas Stellar is implemented by including it in the transaction.

・Securities registration function

Securities registration transfers assets to a multi-sig account.

As a precondition for this function, since the securities management organization wants to control securities in a proper manner even after transferring securities from operation to a third party, smart contracts are kept in mind.

At present, a system for lending a multi-sig account with securities is assigned to the transfer destination in exchange for sending a future securities return transaction to the operating organization.

Securities registration is done in transactions, and anyone can execute smart contracts, so if it is necessary to prove that the security is correct, the operation will register and transfer the security to the holding broker for confirmation.

It is necessary to discuss how to handle securities registered by a third party without permission.

・Owner search

Identify the current owner from the amount of assets stored in the blockchain.

Since it is different from Ethereum, there is no concept of accessing smart contracts and it is necessary to follow the transaction. Securities managed by the system are handled by building a separate database.

If it is crucial to manage securities registered by a third party, it is necessary to search all records or check all transactions and manage them in the database.

・History tracking function

Since the account of the operating organization is always routed when the securities are transferred, the transaction history of that account can be interpreted as the securities transfer history.

Since it is different from Ethereum, there is no concept of accessing smart contracts and it is necessary to follow the transaction, which is supported by building a DB separately from the ALLEX blockchain. History etc. can be published by creating an Explorer site.

・Ownership change function

In order to change the ownership, the management organization executes the “future securities return transaction” held by the management, and changes the ownership in exchange for the “future securities return transaction” with the future securities holder.

In case where the grant of securities is deprived with the authority of the operating organization, a “future securities return transaction” is executed.

Ownership can be changed by sending a transaction like a normal remittance. Since the owner is tied to the address, only the person who has the secret key of the address can change it.

In order to transfer ownership, the owner must sign the transaction, and without the private key, the procedure cannot be conducted.

For this reason, important securities and securities certified by ALLEX management can be handled by the management side by holding part of the private key.

If ALLEX administration passes a security to an address that does not have a private key, it stops each security by suspending the address.

・Stop the ownership change procedure function

Since the operating organization has a “future securities return transaction” for the securities after the transfer, if the securities are returned to the operating organization, the change can be suspended by executing the transaction.

If the transaction is lost, use the asset function of Stellar to invalidate the asset of the new account.

・The asset deactivation process for accounts at the new location

https://www.stellar.org/developers/guides/issuing-assets.html#requiring-or-revoking-authorization

※Since the asset holding amount remains in the invalidated account, we do not consider active use of it.

In order to transfer ownership, the owner must sign the transaction, and without the private key, the change cannot be performed. For this reason, for important securities and securities certified by ALLEX management, the management side can handle even a part of the private key.

If ALLEX administration passes a security to an address that does not have a private key, it stops each security by suspending the address.

However, since blockchain cannot delete data, it is necessary to be careful that it is not a complete deletion but only suspending.

・Token issue

Stellar has an asset issuance function which is similar to tokens, so tokens can be issued using this function.

However, the asset function is used for securities management, and if a currency token is issued separately from ALLEX, it is needed to decide the regulation for isolation.

・Wallet

The wallet is developed by using the following external API communication device. In the wallet application, address generation and transaction signatures that operate the secret key are not uploaded to the server as much as possible, and the application side does not put the secret key in communication.

・External API communication device

ALLEX consists of a node called Core and an API server called Horizon, and provides external API communication functions by allowing access to Horizon.

【Outline of Standard Capital】

Developed STO (Security Token Offering) business to improve liquidity in the funding market. Security token exchange “ALLEX” is scheduled to be opened in January 2020 at real estate retail trading platform “J-FTA” and Philippine special economic zone CEZA (Cagayan Economic Zone Authority).

URL : https://standardcapital.co.jp/

Name of representative: Taisei Yamaguchi
Location: Shibuya Ibis Building 203, 2-17-3 Shibuya, Shibuya-ku, Tokyo 150-0002
Established: November 2018
Capital: 343.9 million yen

■ Inquiries about this matter (news release) ■

Public Relations Department, Standard Capital Co., Ltd.
Phone: 03-6805-1517 E-mail address: info@standardcapital.co.jp

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