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Quick Pitch: How AlphaWallet Plans To Leverage Tokens To Revolutionize Stakeholdership, Web 3.0

April 1, 2020 7:18 am
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Quick Pitch: How AlphaWallet Plans To Leverage Tokens To Revolutionize Stakeholdership, Web 3.0

AlphaWallet, a blockchain technology company, is building a new economic infrastructure in which businesses and consumers can interact, CEO Victor Zhang told Benzinga. 

About AlphaWallet

Founded in 2017, AlphaWallet is a peer-to-peer distributed ledger technology.

At a high level, the firm provides two solutions: 

  • TokenScript: Framework to tokenize rights or make blockchain applications.
  • User-Agent: Programmable interface for token right accessibility and transferability.

TokenScript, alongside a programmable interface, increases liquidity and utility, improving the value of basic rights, Zhang said. 

“For example, if you tokenized car ownership and put this token inside of AlphaWallet, then instantly, you can turn your AlphaWallet into a car key, [alongside] normal token related functions like transferring and selling.”

Now, among other projects, the firm aims to convert Airbnb bookings to tokens. With the new approach, travelers would use blockchain tokens to unlock smart-lock homes.

“It will become like a room key,” Zhang said.

AlphaWallet's Solution To High Costs, Low Accessibility

Ride- and home-sharing have successfully leveraged the Web 2.0 infrastructure to reduce costs, and they must now adopt blockchain technology, according to AlphaWallet's white paper on the digitization of information. 

AlphaWallet’s solution combines two concepts: a frictionless tokenization process and seamless stakeholder management capabilities.

A primary use case involves object ownership. With blockchain, tokenized assets can be bought, sold, transferred, collateralized and insured.

“A car’s ownership token can convert a blockchain wallet into a car key, with additional functions like graphically representing the car’s current location, authorizing someone to access your car, or renting it for profit would be seamlessly done by signing blockchain transactions or attestations, without passing car keys around,” according to the company's white paper. 

Next Steps For AlphaWallet 

“We’ve been in the market for two-and-a-half years and we did much proof of concept. There are several projects already running live [and] several customers tokenizing events,” Zhang said. 

AlphaWallet tokenized tickets to the FIFA World Cup.

“We did the first experiment with FIFA, tokenizing the summer FIFA World Cup tickets back in 2018. There was a real consumer using those tickets, past the gate, watching the FIFA World Cup game,” the CEO said. 

The next steps for the company include an extension of its home-share and automobile tokenization programs.

“We did an experiment with some automobile industry people, tokenizing car owners’ wallets into car keys, so they can control and authorize other people to use their car,” Zhang said. 

"In the next five years, of course, we want TokenScript to become an internet standard," he said.

For users completing tokenization, AlphaWallet hopes they'll be using the TokenScript framework to do so, the company's CEO said. 

"It’s like you are writing a website. You will use HTML and JavaScript to make a website. We want to make this transcript as HTML. On the other side, we want this AlphaWallet to become the most popular user agent for people to access all the blockchain-related services."

To learn more about AlphaWallet, visit alphawallet.com.

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