Real Maritime Assets (RMA)

Inspiration

The maritime industry has been a major sector for over 100 years and continues to grow today. This industry encompasses various categories such as shipbuilding, shipping, and port operations. Our focus is on shipbuilding and ship finance.

When engaging in shipbuilding, all companies rely on funding from institutions such as banks and governments. Access to private investors is limited, and there are no policies in place to support this.

This is where we come in. Our goal is to tokenize expensive ships as Real World Assets (RWA), breaking them into smaller units to allow for investment with smaller amounts. Beyond receiving dividends from future profits generated by these ships, we have implemented various tokens on Dual Layer Token (DLT), such as memberships, free boarding tickets, and more.

Moreover, RWA transactions are conducted using our proprietary stablecoin. This stablecoin is linked to a governance token, contributing to a transparent and decentralized ecosystem.

What it does

RMA is a platform that intermediates between private investors and shipping companies, building an ecosystem that integrates the following three core processes.

1. Stablecoin

The stablecoin for RMA is a crypto-collateralized type. Users can deposit Ether as collateral and receive stablecoins in return. For every 100 stablecoins issued, users receive one governance token. Additionally, Chainlink's Data Feed is used to calculate the collateral's price and the liquidation price. Chainlink's Automation, which runs at regular intervals, checks users' liquidation prices and liquidates if the current price is higher. In the event of liquidation, the user's collateral is sold, and the user receives the value minus the issued stablecoins and fees.

2. RWA

Each shipping company deploys a single RWA contract. To raise funds for the construction of new ships, RWA tokens are minted. These RWA tokens are implemented on DLT, and at least three different types of tokens are minted. For example, one ship RWA can mint tokens that provide securities, memberships, and free tickets. Through the securities, investors receive dividends from the future profits of the ship, while memberships and free tickets can be used as NFTs. The metadata of each ship can be updated using Chainlink's Functions, incorporating data from API calls, such as weather data.

3. Governance

Governance tokens can be obtained through the issuance of stablecoins. If a user holds a certain amount of governance tokens, they can propose and vote on changes through the governance contract. This allows for adjustments to metrics such as the stablecoin's fees and liquidation ratios.

How we built it

- Smart Contract :Foundry toolkit, Remix.

- Chainlink Products : Data Feed, Automation, Functions.

- Chain :Ethereum Sepolia Testnet.

- Front-End :Next.js, Tailwind, ethers.js

- Back-End :Mysql, Node.js

Challenges we ran into

(I can do this all day lol)

1. Maritime Industry

The maritime industry was an unfamiliar concept to us, which made it quite confusing. We were all initially ignorant about this sector and had to dedicate a substantial amount of time to research. Although we are all technologists, studying this kind of subject matter was truly arduous. However, in the end, we succeeded, and we are delighted to present such an excellent idea.

2. Stablecoin

Researching stablecoins was extremely challenging, it was similar to the study of economics and mathematics. First, we had to study various types of stablecoins to find the one most suitable for us. We had to familiarize ourselves with concepts like liquidation ratio and debt payment, and then *implement these concepts in code. * This required extensive mathematical calculations, which proved to be quite laborious.

3. RWA

We also put a lot of thought into how to implement RWAs. We felt that simply using standard ERC-20 or 721 tokens was too conventional and uninteresting for the market. During our research, we discovered ERC-6960, which we found to be highly intriguing. It was a refreshing concept, not just tokenizing ships but also issuing multiple types of tokens that offer various benefits, all under one parent token. This multi-faceted approach provided a novel and exciting way to structure our offerings.

Accomplishments that we're proud of

We have created a small yet powerful RMA ecosystem!!!

By connecting stablecoins, governance tokens, governance mechanisms, and RWA contracts, we have built a transparent and decentralized platform. The implementation of the stablecoin is particularly meaningful, as it is entirely our creation, not derived from the code of an existing coin.

As for the RMA contracts, we did not simply use ERC-6960; instead, we expanded it by adding the functionalities we needed. We plan to propose our improvements back to the EIP.

Contract

I beg you to look at the 'RMAStablecoin.sol' code. I tried my best to write codes sooooo carefully, like carrying babies. I am really proud of my code.

What we learned

Chainlink

Before starting development, we thought we had plenty of time, so we researched Chainlink's technology. During this process, we studied the whitepaper and learned about the architecture of DON and its products, and now we have a better understanding of it.

We also noticed that Chainlink has significantly advanced compared to a year ago. For example, it is no longer necessary to register specific functions for Automation, haha.

Front-End

I wanted to learn Next.js before, and this hackathon was perfect chance to make it. I felt that time was tight, and I learned in a somewhat scattered way, but I also think this is part of the learning process. Additionally, I have acquired a lot of knowledge about blockchain.

Contract

We were able to deeply study Solidity, which was our goal for participating in the hackathon. Now, we can handle interfaces easily, and we have also learned about unfamiliar areas such as assembly. Contracts are no longer intimidating to us. We truly feel that we have made significant progress.

What's next for Real Maritime Assets (RMA)

Deploy We really want to deploy this service, and make you enjoy RMA, you must love it. We promise to develop and deploy asap!

Contract code refactoring We need to fix some features, and clean-up the code.(except 'RMAStablecoin.sol')

CCIP You are my everest. We learned how to move ERC-20,721 but we couldn't on DLT. We were sooo upset, we will find a way.

Front-End

Compared to the contracts, our frontend work was lacking. There were more pages than we anticipated, so we had to record the demo using Remix, which was a bit disappointing. We are committed to building the pages and connecting them to the contracts.