►
Description
Introduction: @juanjuan
Presentation 1 (0:00:55): Blocksquare
Agenda and Discussion:
https://forum.makerdao.com/t/collateral-onboarding-call-17-blocksquare-io-wednesday-november-25-18-00-utc/5234
Governance Forum:
https://forum.makerdao.com/
Disclaimer: These calls and the summaries are produced and hosted by MakerDAO community members. Content produced by the community are not the statements or views of the Maker Foundation.
A
A
B
So
you
see
the
screen
sure
so
at
blaster
how
we
kind
of
position
the
company
is
an
infrastructure
provider
and
basically
it's
nicely
oriented
to
real
estate
and
the
tokenization
of
real
estate.
So
the
problem
on
the
on
the
real
estate
market
is
that
there's
a
lot
of
illiquidity
there
and
that's
because
real
estate
has
certain
specif
specific
challenges.
I
would
say
so.
Besides
being
you
know
it's
it's
it's
an
asset
that
is
is
has
is
a
big
lump
sum,
so
it's
capital
intensive.
B
So
when
you
go
to
talk
to
real
estate
brokers
in
san
francisco
or
in
london,
you
see
that
they
don't
have
really.
This
pain
point
of
illiquidity,
because
the
real
estate
there
is
you
know,
is
very
attractive.
So
all
the
big
investors
just
going
into
these
markets,
but
what's
outside
of
those
markets,
is
basically
neglected
from
from
the
main
sources
of
capital,
and
so
we
see
that
tokenization
will
kind
of
change
this,
and
it's
already
doing
this,
but
not
very
on
a
very,
very
kind
of
small
in
a
very
small
manner.
B
But
things
are
moving
ahead
and
I
think
that
we
will
see
a
world
where,
where
properties
are
tokenized
and
where
those
tokens
have
a
lot
of
liquidity
where,
where
those
tokens
are
actually
traded
on
an
hourly
basis,
instead
of
you
know
a
property
being
bought
and
sold
in
a
10-year
time
frame,
and
that's
just
because
the
the
benefits
of
this
tokenization
are
so
immense.
So
and
I
I
don't
want
to
bore
you
here,
because
I
guess
you
guys
being
in
the
real
your
you
know
real
world
assets
working
group.
B
You
fully
know
this
these
benefits,
and
you
also
know
that
the
amount
the
potential
is
is
really
big.
So
there's
a
lot
of
real
estate
assets
around
the
world
and
if
we
would
just
tokenize
to
0.1
percent,
that's
already
a
lot
and
maker
is
obviously
seeking
grouts
to
get
this
as
collateral
to
onboard
this.
B
But
I
think
that
the
challenge
here
of
this
collateral
onboarding
is
not
onboarding
assets
directly.
But
how
do
you
onboard
protocols
that
will
enable
platforms
or
or
portals,
let's
say
to
to
build
up
upon
this
and
then
kind
of
you
know
crowdsource
or
outsource
this
collateral
onboarding
so
to
say
now
what
we
learned
in
this
couple
of
years
is
that,
even
though
there's
this
big
potential
there's
nothing
really
happening
in
terms
of
real
estate,
tokenization,
there's
a
couple
of
of
projects
or
test
cases.
B
B
B
They
know
how
much
it
will
cost
them
to
get
money
from
them
from
a
bank.
They
know
how
much
it
will
cost
them
to
get
equity
partners
into
a
deal
and
they
know
that
they
can
get
there.
They
know
what
will
happen
well
when,
when
they
go
to
think
about
tokenization
the
more
they
research,
the
more
uncertain
it
becomes.
B
In
a
way,
the
tokenization
process,
basically
to
bring
the
cost
of
doing
it
down
by
by
offering
two
things.
One
is
a
tokenization
protocol
and
the
second
one
is
a
platform,
a
portal:
that's
white
labeled,
why
white
labeled
I'll
touch
on
that
point
later
on,
and
why
this
tokenization
protocol
is
a
way
to
standardize
the
issuance
process
and
to
kind
of
make
it
compliant
by
limiting
the
transferability.
B
B
B
B
Now
in
commercial,
real
estate
terms,
how
much
your
property
can
generate
is
also
reflects
the
its
valuation,
and
essentially
here
what
we're
doing
is
we're.
You
know
the
issuer
of
the
token
basically
says:
look,
I'm
giving
you
a
portion,
a
percentage
of
all
the
revenues
after
taxes
that
I
will
generate
with
this
property
for
each
token
that
you
hold
and
where
a
hundred
thousand
tokens
is
basically
represents
all
the
revenues
that
are
generated
through
this
real
estate
property.
So
if
I'm
issuing
10
000
tokens,
I'm
giving
out
10
of
those.
B
And
why
why
here
we're
being
kind
of
focusing
on
this
top
top
line
revenues
instead
of
bottom
line?
Let's
say:
revenues
for
bottom
line,
even
profits,
which
usually
equity,
gives
you
a
stake
in
the
profits
is
because
the
real
estate,
you
know
you
know
the
the
real
estate
business-
has
a
lot
of
costs
and
these
costs
can
be
manipulated.
B
So
if
you're
going
to
distribute
profits,
why
don't
do
it
on
something
that
investors
recognized
easily?
You
know
and
you
as
a
property
owner
as
the
main
stakeholder
in
the
property.
You
know
the
business
you're
doing
so.
You
know
how
much
of
those
pro
of
those
revenues
you
can
share
with
token
holders
instead
of
offering
a
stake
in
in
let's
say
in
bottom
line
profits.
B
B
The
transactability
of
those
tokens
is
managed
to
a
smart
contract
system
and
the
second
part
is
a
legal
document
which
is
uploaded
to
ipfs
and
I'll.
Just
show
you
how
this
is
done.
In
practice,
so
we
use
the
system
to
issue
a
smart
contract.
Now
this
smart
contract
has
obviously
an
a
public
address
and
what
we
do
is
we
then
generate
a
corporate
resolution,
which
is
basically
a
decision
by
the
company
that
owns
the
real
estate
asset
and
we
input
information
on
the
property
here
now.
B
B
So
in
terms
when
you
are
creating
a
loan,
usually
there's
there's
two
signatures
or
when
you're,
when
you're
selling
equity
there's
also
multiple
signatures.
Two
parties
here,
just
one
party,
is
making
a
statement
of
of
the
company's
position
and
now
then
the
third
part
is
actually
uploading.
This
legal
document
to
ipfs
and
then
putting
the
ipfs
hash,
registering
it
with
the
smart
contract,
and
now
this
works
together.
B
Now
the
second,
the
second
portion
of
of
what
we've
built
is
a
is
a
portal.
So
we
started
the
real
estate
companies
and
people
that
we
talked
to
they
they're
not
tax
heavy.
So
we
wanted
to
make
them
a
an
offering
where
they
can
basically
launch
an
investment
portal
without
any
coding
involved,
and
we
needed
to
add
certain
certain
functionalities
to
it
so
that
they
can
verify
and
kyc
investors
they
we
base
this
around
die
as
a
stable
coin
through
which
the
investments
can
be
made.
B
Now.
The
the
platform,
as
I
mentioned,
has
a
couple
of
functionalities,
but
what
we
built
alongside
with
it
is
also
an
api.
So
if
there's
a
company,
that's
more
tech
savvy,
they
can
build
their
own,
their
own
interface,
using
the
api
and,
as
I
mentioned,
there's
also
an
exchange,
that's
built
on
xerox,
the
tokens
the
protocol
is
also
compatible
with
uniswap,
so
a
pool
can
be
also
created
for
each
tokenized
property.
B
There's
also
information
such
as
such
as
the
projected
the
information
of
obviously
the
token
holders
and
and
all
of
this
and
then
there's
this
part
which
we
store
on
our
servers
and
we
calculate
there,
which
is
kind
of
projected
yields
based
on
the
current
tokens
available
on
the
secondary
market
and
because
revenues
are
distributed
through
a
smart
contract.
There's
a
history
that
can
be
recorded,
there's
also
a
capital
stack
that
can
be
recorded
at
each
issuance
and
updated
at
the
issuance
time.
B
So,
for
each
prop
token,
you
know
how
much
debt
there
is
and
how
much
equity
there
is,
because
you
cannot
basically
issue
30
000
tokens.
If
your
equity
and
debt
are
more
than
are,
are
80
80,
let's
say
so
that
kind
of
limits.
How
many
tokens
you
can
actually
issue,
based
on
on
the
equity,
a
portion
and
the
and
the
and
the
portion?
B
How
we
kind
of
see
this
working
together
with
maker
is
to
because
maker
in
essence
could
be
could
could
be,
I
mean
block
square,
could
benefit
from
from
maker
being
a
financing
provider
both
for
issuers
and
prop
token
holders.
So,
in
the
forum
discussion,
we
had
this
conversation
where
it
was
really
well
putted
by
sebastian.
I
think,
where
he
kind
of
said,
there's
this
b
to
c
and
b,
to
b
notion
for
maker
and
right
now
maker
is
mainly
doing
this
b2c
collateralization.
B
B
So
that
would
be
an
extended
function
for
whoever
invested
in
those
tokens
in
those
property
tokens
now.
A
second
approach
would
be
a
more
b2b
kind
of
route
where
basically
maker
would
finance
directly
the
issuers
and
there
there
is
a
lot
of
due
diligence
that
needs
to
be
done
and
what
and
obviously
much
more
risk
on
the
other
side,
what
block
square
can
provide
to
maker
is
a
real
estate
protocol
that
creates
collateral
with
a
lot
of
unchained
data.
B
Then
those
companies
do
due
diligence
on
the
assets
that
they
want
to
list
on
their
portals
and
the
same
because
they
they
need
to
attract
an
investment
community,
and
this,
in
essence,
creates
a
multi-layered
process
where
kind
of
fraud
is
tried
to
be
mitigated
by
by
kind
of
crowd
sourcing.
The
process.
B
And
in
the
end
for
maker,
it's
a
it
could
be
a
good
way
to
to
diversify
risk
because
you
don't
have.
Although
you
have
a
protocol
through
which
you
can
accept
this
collaterals
because
it
standardizes
the
process,
you
can
still
operate.
How
much
of
certain
you
know
tokens
can
be
collateralized,
depending
on
the
portal
itself,
the
quality
scoring
of
portals
quality
scoring
for
of
issuers
and
of
the
assets
that
those
issuers
kind
of
bring
on
the
on
on
chain.
B
B
C
B
B
So
there's
this
limitations
that
there's
this
kyc
we
do.
We
obviously
identify
each
user
and
each
user
is
then
kind
of
has
certain
properties
and
and
the
portal
operator
kind
of
chooses
to
to
onboard
to
whitelist.
Basically,
users,
based
on
on
the
information
they
receive
from
in
their
admin
admin
panel,
got.
C
It
yeah,
so
I
guess
what
I'm
more
getting
at
is
in
some
of
the
other
real
world
asset
applications
we've
had
the
liquidations
so
to
speak,
are
handled
off
chain.
So
in
let's
using
success
capital
as
an
example,
a
trustee
is
going
to
liquidate
those
assets
if
they
ever
need
to.
How
would
you
liquidate
these
assets
on
chain,
given
the
transfer
restrictions
and
demonstrate
that
there
will
actually
be
liquidity
in
the
event
that
the
the
asset
is
liquidated.
B
B
Yeah,
so
the
liquidation
of
of
tokens
is
how
we
see
it.
It
could
be.
The
implementation
itself
could
be
done
so
that
there's
we
create
a
smart
contract
that
doesn't
require
kyc,
where,
basically,
maybe
maybe
we
would
not
essentially
do
a
direct
collateralization
with
the
pro
tokens
themselves
because
they
are
kind
of
they
need
to
be.
B
Yeah
exactly
so
the
one
one
way
of
doing
it
is
to
work
on
that
so
to
have
a
community
of
keepers
that
goes
through
kyc
and
is
compliant
right.
There's
another
way
of
doing
it,
where
you
can
add
another
layer
of
let's
say:
complexity
to
it,
where,
where
there's
a
broker
dealer
that
actually
holds
the
property
tokens
and
issues
another
token
that
is
not,
it
has
no
restrictions,
let's
say
in
terms
of
transferability,.
B
C
B
I'm
I'm
just
saying
that
there's
work
and
there's
there's
a
way,
always
a
way
of
working
around
stuff,
and
I'm
not
saying
this
is
the
route
that
how
this
should
be
down
done.
I'm
just
saying
that
there
could
be
this
possibility,
but
I
think
that
in
if
you
want
to
just
you
know,
keep
online,
I
think,
having
working
on
on
a
let's
say
on
keepers
that
are
compliant
that
should
be
kind
of
the
way
of
of
forward.
I
would
say.
C
B
I
think
it
also
needs
to
be
kind
of
trusted,
and-
and
if
you
have
this
participation
of
kind
of
registered
keepers
or
or
keepers
with
that
are
identified-
and
I
don't
really
see
why
not,
because
the
requirements
are
not
that
that
that
hi,
if
this
is
companies
that
deal
with
this,
it's
a
simple
kyb
kind
of
process.
Right.
C
Yeah
tell
it
thank
you.
I
I
have
a
quick
question
related
to
the
revenue
when
you
were
mentioning
that
the
company
signs
a
corporate
resolution,
in
effect,
you're,
basically
tokenizing
a
revenue,
participation
agreement,
which
I
think
is
quite
novel.
The
question
I
have,
though,
is:
how
is
that,
like
actually
implemented
in
the
context
of
well
hey,
whoever
is
paying
that
revenue?
Where
is
that
where's?
The
crossover
point
where
you're
going
from
fiat
into
a
token?
B
So
that's
that's
one
way
of
of
doing
it.
The
other
way
of
doing
it
is
to
have
the
issuers
themselves
do
that
directly,
which
I
think
it's
it's
more
far-fetched,
because
these
are
essentially
the
tools
that
they're
not
used
to
the
real
estate
asset
owners.
Don't
don't
know
crypto
more
or
less,
so
I
think
it's
a
service
that
this
portals
will
kind
of
offer
or
another
way
of
doing
it
is
integrating
a
service
provider
from
you
know,
on
and
off
ramp
between
fiat
and
and.
A
C
A
My
question
was
kind
of
similar,
like
maybe
I
I
got
it
all
wrong
and
please
correct
me
if
I'm
wrong,
but
it
feels
that
this
is
more
like
equity
and
the
promise
to
to
earn
something
which
is
potentially
variable
compared
to
that.
So
if
the
project
for
any
given
reason
starts
making
profit,
it
seems
that
this
would
just
not
yield
any
returns.
B
B
B
Now
this
is
in
terms
of
default
when
there's
no
default,
but
actually
there's
just
the
liquidation
or
the
the
sale
of
the
asset
to
a
third
party.
The
resolution
actually
states
that
the
token
holders
are
entitled
to
a
proportion
of
the
revenues
generated
from
that
sale
in
so
for
inst
instance.
If,
in
this
case,
20
000
tokens
were
issued,
then
twenty
percent
of
the
resale
price
should
go
to
the
issuer
is
obligated
to
make
this
payment.
B
Another
way
of
of
securing
this-
let's
say:
there's-
maybe
a
mortgage,
a
second
mortgage
on
the
title
that
the
portal
owner
actually
exercised
because
that's
how
they
do
business
with
the
issuers,
then
the
portal
owner
will
kind
of
be.
The
portal
operator
would
kind
of
act
as
this
trusted
party
to
recapitalize
on
the
tokens
that
his
investors
or
that
his
community
of
investors
has
invested
through.
So
they
will
be
kind
of
this,
this
off-chain
litigator
in
a
way
or
off-chain
representative.
B
To
yeah
yeah,
okay,
I
understand
that.
Well,
these
tokens
are
attached
to
revenues.
There's
this
public
promise
of
the
issuer
to
share
revenues
in
a
certain
proportion
to
the
token
holders.
So
that's
that's
one
thing
now
the
revenues
are
split
into
two
fields.
One
is
those
recurring
revenues.
Let's
say
that
come
from
these
contracts
and
then
there's
revenues
that
come
from
a
resale.
B
So,
legally
speaking,
they
are
kind
of
bound
to
do
that.
Now
a
fraudulent
issuer
could
always
say
I
don't
care
and
not
do
it
obviously,
and
that's
why
I
think
that
this
track
record
or
the
history
that
is
kind
of
proven
on
chain
can
be
leveraged
by
maker.
So
if
you
engage
in
maker
to
onboard
collateral
directly,
you
won't
have
the
all.
B
B
I
really
trust
this
project,
or
I
really
trust
this
this
issue
and
in
a
way
it's
similar
to
crypto
collateral,
where
you
know
tokens
of
of
more
let's
say,
more
solid
projects
are
being
onboarded,
where
I
think
tokens
that
don't
have
enough
liquidity
on
markets
that
there's
a
lot
of
parameters
that
maker
never
accept
would
never
accept.
Maybe
they
would
think
of
it,
but
consider
it,
but
they
would
never
accept
it
until
certain
criteria
is
met
right.
A
D
So,
on
the
other
side,
the
borrower
we'll
have
the
rent
or
the
royalties
from
the
property
which
might
be
above
or
below
the
interest
rate
depending
if
the
property
is
rented
or
not.
And
so
most
of
the
time
the
interest
rate
should
be
lower
than
the
rent
or
the
royalties,
because
it
doesn't
make
sense.
If
not,
but
in
any
case
we
still
have
some
kind
of
buffer
between
the
value
of
the
loan
and
the
value
of
the
royalty
token.
D
B
Yeah,
I
mean
definitely,
if
you're
any
token
that's
being
issued
and
if
it
creates
it
offers
some
kind
of
some
kind
of
revenue
from
it
revenue
sharing
on
the
on
the
best
kind
of
management
of
others.
It's
basically
a
security,
and
that
gets
you
into
into
regulated
quarters,
which
means
you
need
to
restrict
all
the
transferability
and
actually
identify
any
token
holder,
etc.
B
B
So
there's
a
white
list,
I
guess
yeah,
so
that's
that's
basically
yeah
and
that's
basically
the
same
the
the
same
way
of
doing
it
except
we.
We
have
this
whitelisting
registry
or
whitelisting
contract
and
there's
some
other
functionalities
on
top
of
it,
so
that
different
portal
owners
can
kind
of
manage
different
whitelisted
lists
in
a
way.
A
D
D
So
there's
this
will
be
three
assets
done
from
the
from
a
risk
perspective.
We
still
have
some
work
to
be
done
from
the
smart
contract
team,
but
I
think
for
success.
It
will
be
done.
A
meep
21,
if
I
remember
correctly,
it
will
be
done,
maybe
in
december
and
mid-22
so
for
console
fight
will
be
done
a
bit
after
so
let's
I
wouldn't
say
that
we
will
make
our
first
loan
in
the
world
assets
this
year,
but
it
should
be
quick,
I
hope
so
at
least.
D
C
No,
I
was
gonna
say
he's
exactly
right
on
that.
We
have
to
finalize
the
compliance
requirements
for
both
the
trustee
and
from
the
broker-dealer
and
form
all
the
legal
entities
that
are
required,
or
at
least
cause
them
to
be
formed
and
get
all
of.
The
documents
executed,
put
everything
together
and
then
put
everything
in
the
form
so
that
people
can
review
it
answer
questions
and
then
be
able
to
have
an
implementation
vote.