Blockchain Smart Contract Based Solutions for Governance and Trading in Federated Data Markets

May 30, 2024

In the FAME project, Trailblu (TRB) is responsible for creating and managing blockchain-based smart contract solutions for Governance Operations and Data Asset Trading. Tokens are used to represent data assets and currency coins.  Both Governance and Bourse smart contracts are designed to support the most widely used token standards ERC20, ERC721 and ERC1155.

  • ERC20 is a fungible token standard that models a single type of token with multiple quantities. It is good for representing currency that can be used for payments.
  • ERC721 is a non-fungible token standard that can be used to represent multiple type tokens each with single quantity. The multiple type tokens are identified by an index.
  • ERC1155, on the other hand, is a multi-token standard that combines features of ERC20 and ERC721. It provides multiple token types, each with multiple quantity.

The Fame Governance contract and the corresponding server APIs currently implement the following functionalities:

  1. Registering fiat currency tokens (coins).
  2. Checking trader balance using token symbols.
  3. Minting (creating) and burning (destroying) currency coins.
  4. Querying currency token symbols and addresses.
  5. Supporting multiple currency tokens (coins).

In the future, functions related to regulatory compliance and enforcements as well as federated decision-making mechanisms such as voting can potentially be added.

The Bourse contract provides a general ERC20, ERC721 and ERC1155 token trading service and recording of trade transactions. It works like this:

token_amount X price ⇒ currency_token_amount

where both the data token as well as currency token are represented generically as a (token address, index) pair. The tuple (token address, index) allows all three token standards to be handled.

The main functions of Bourse are as follows:

  1. Provide swapping functionality of payment and data access tokens.
  2. Perform actual execution and recording of payments in trades in various forms such as direct sales and pay as you go, pay as you use.
  3. Provide historical records of user purchases and data provider sales, as well as token pairs traded.

Currently a single digital Euro token is used as currency in the trades. However, general token interface also makes it ready to support potential future use of multiple digital currencies and even utility tokens as mentioned in the MiCA regulation. Currently used with direct sale mechanisms, the Bourse contract is also developed in such a way that bidding mechanisms can be supported.

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