There’s this running joke that replays in my head whenever I go shopping. Imagine you’re an extraterrestrial creature observing buyers and sellers trading, unnoticed. What are they exchanging? Ever since the 2023 elections in Nigeria, where we experienced an accursed cash crunch (thanks to the then incumbent president’s same failed policy repeated for the second time in 40 years), commerce in Nigeria is now largely based on digital payments, or data. elections then same for the second time What leaves my phone and goes into the recipient’s to convince them to let me go with their produce isn’t anything tangible; rather, a string of ones and zeroes we both trust thanks to the socio-financial infrastructure supporting it. Compared to where human trade began as direct asset-to-asset transactions, transactions today are executed using countless tokens of satisfaction directly. directly It took a while, but money is data now. And not just in the binary form of updates about our current financial status, but even down to the physical infrastructure that supports digital mediums of exchange. money is data now Today, banks no longer consider the primary value of a transaction to be its inherent worth; rather, the facts that it stands on to exist (such as credit conditions & repayment time/amount), and their potential to help them decide how valuable a customer is to them. A description by the Bank of England categorises transactional data as an infinite resource that, when meshed with other forms of data, provides them a ‘richer and truer picture of the borrower’s ability to repay’. description So the burning question for the crypto finance technologist hoping to live in a world where money and data are equivalent in both concept and liquidity is, how do we make financial data (credit history, asset ownership, loan performance) portable and verifiable across different systems and jurisdictions worldwide? As we dive deeper, you’ll find that the very sovereignty of ecosystems is still the largest fault line on the tectronic plates that keep Pangea’s web fragmented: data infrastructure. tectronic Let My People Print For digital money to exist, humans need tools that can encode & decode that monetary data into their lives. Gluwa understands this and invests in easing access to both the money and the data infrastructure to connect fragmented markets scattered throughout the globe. Using blockchain to provide financial technology to such markets catalyses their access to resources through the leverage the internet provides. The high-level play here is to provide the decentralised physical infrastructure for global internet access to those without it. Through the satellite network they named Spacecoin, their goal is to connect the ends of the earth at a fraction of the cost ($1-2 a month). Let’s call this the data stream, road traffic or the purpose of the bridge to Pangea’s web. (~32% of the planet is offline) Spacecoin 32% And carrying it is Gluwa’s root-level digital infrastructure for global access to credit & assets to all beyond reach today: the structural design for transporting the data flow. This means, of course, a public, secure ledger or blockchain. They built one and named it Creditcoin, powering their credit network and the Spacecoin service. credit assets Creditcoin This blockchain serves as the unstoppable & accessible force of network gravity, enabling interfaces for both lender and borrower to access their services; today, as credit scores & loan performance data (through their Credal platform) and, pretty soon, their cross-chain asset gateway (through their EVM-compatible, testnet-ready Universal Smart Contracts feature). credit Credal asset testnet-ready feature Think of Creditcoin as the cement & aggregates that bind the bridge as one unit. To show their mettle, Creditcoin has successfully processed ₦100 billion in credit for over 2 million Nigerians, according to their website. Unlimited gbosa. But that’s not why we’re gathered here today, dearly beloved. ₦100 **cues in Nigerian Metal 🎸** **cues in Nigerian Metal 🎸 Nigerian Metal Real World Asset (RWA) tokenisation represents the most important step in connecting crypto and traditional (and largely digital) finance. Crypto may be volatile, but banks have been dealing with assets since before your grandparents were born. Once assets in the real world become globalised collateral, what happens to their real-world economies? Real World Asset most important step Consider assets as the steel reinforcement bars that stress-proof the bridge to Pangea’s web. What happens when a decentralised satellite network synchronises digital & physical assets on blockchain for countries like Nigeria? World Engine A middle-aged Igbo woman smiled and encouraged us as we squeezed ourselves into Abuja along. "We just need to get through this period, and we'll finally have rest", she smiled at us hopefully. This was during the “strategic” cash crunch in preparation for the last elections. Unfortunately, others made plans for much, much, much, much, much further squeezing. plans We all had to do our best to ensure our economy still worked. We survived on credit. I spent a few weeks in Lagos before the elections; the air was heavy with the sighs of the people there. I wasn’t surprised by their results, regardless of the intimidation attempts. At that time, the cash scarcity clogged the NIBSS protocols, and almost no bank transfers were completed as quickly as we’re used to. No money, no deal? The socioeconomic resource (money) we use to trade material resources was scarce, and POS (cash-for-sale) commissions were at a criminal high. Markets that were typically open felt tense and unpredictable, and trust became the most valuable resource in the form of speed (fast transfers thanks to banks like OPay & GoMoney), credibility (history with the vendor traded for some patience with the transaction & lower risk of retrieving your payment if the transaction failed) and even initially, vanity collateral (profiling you based on how likely you seemed to be to pay) which quickly disappeared by election week after proving unreliable to helpless business managers who watched debts gain mass quicker than their clocking speeds. Credit systems suddenly shifted to protected records of names, amounts & phone numbers, and sales assistants hysterically doubled as enforcers to protect their income source. Places of business were tense, and passing conversations were always one wrong breath away from tearing at everyone’s throats. Still, we kept the peace. speed credibility some profiling records Such credit is a form of data as crucial as money itself. Credit is data on your credibility, or at least it should be, but that's often not the reality in nations whose citizens are crippled through generations of debt cycles. Because the incorruptible system has the power to corrupt all, it must be built on the trust of all in the system (decentralised access to the internet data stream), where credit is an electronic measure of trustworthiness globally, and national currency is the economic measure of the “trust of citizens in their government”. It should’ve been portable assets like gold or polycurrencies (in Africa) as the economic measure of citizens who don’t need to trust their government, but for the 1971 Nixon shock. the incorruptible system credit in their government assets polycurrencies who don’t need Nixon shock How do you respond to a world you never asked for? Print more: from bits to Bitcoins to RWA tokens and beyond. Gluwa’s mission of opportunity distribution/globalisation through digital financial infrastructure comes with its own challenges, especially at the final barrier between decentralised finance & traditional banking infrastructure today: Real World Asset tokenisation. Field Conditions: Money & Data How we build this stage of web3 is more real than it’s ever been. Digitally tokenising physical assets is full of opportunity, for pain and joy, to varying degrees. As more national governments accept blockchain technology, it’ll rarely be to redistribute power to their citizens, but rather, for fear of losing sovereignty or in pursuit of their own benefit. In some ways, this is an acceptable evil, as long as the acceptance policies are incapable of restricting the inevitability of our publicly immutable systems. Gluwa’s first target economy, Nigeria, among other African nations they’re building bonds with, is under the resource curse. Since contemporary credit infrastructure is used in ways that break citizens, Gluwa has a unique opportunity in economies like ours to use their purpose-driven blockchain and its resulting tools for this good: to build citizens and credit systems that don’t repeat the mistakes of others and can’t be used to put us in a net worse position. resource curse. don’t can’t With our current digital potential, we don’t just want an immutable record of our credit history, but also to be particularly protected from debt cycles and debt traps. Governments running from their debts aren’t new, but there are much better systems we can use to run economies. If they are weakened by greed, citizens shouldn’t have to bear the consequences when we have access to the level of data we do today. But we all need a little chaos, and you’ll see what I mean. Data has taken over the tangible world, but not completely. RWA tokenisation is a necessary step to unify both financial worlds by minting digital tokens of their stablecoin value on blockchains. Here’s what the market looks like today (link): $32 billion in total value appraised and digitised through 222 tokenisation platforms and asset owners like these. link like these When blockchains with cross-chain functionality, like Creditcoin, take on these projects, they further increase the liquidity of RWA tokens through their Universal Smart Contracts (USC) feature. Holding RWA tokens means you own a token of its digital value, which is tradeable for other digital tokens, held as collateral for loans and potentially exchanged for the RWA itself, depending on its portability & domicility. This means that the main hurdle to asset globalisation is the sovereignty and nature of national governmental structures, including: Legal fragmentation: Each region’s (measure of) sovereignty means they have different asset laws. How do we make all those laws accept a digital token of a physical asset as currency? How do we categorise RWA tokens? (Security? Commodity? New Category?) Is the governing smart contract legally binding to token holders? How do we handle their flow between borders? (for portable & domicile assets) Custody problems: The physical asset may never change physical position. Does owning the token mean owning aspects or all of the asset? Can we trust the data from RWA tokenisation platforms? Enforcement mechanisms: How assets are transferred when loans are defaulted. How is ownership transferred in reality? How is conflict resolved? What does the government stand to gain from enabling RWA tokens? Legal fragmentation: Each region’s (measure of) sovereignty means they have different asset laws. How do we make all those laws accept a digital token of a physical asset as currency? How do we categorise RWA tokens? (Security? Commodity? New Category?) Is the governing smart contract legally binding to token holders? How do we handle their flow between borders? (for portable & domicile assets) Legal fragmentation: How do we make all those laws accept a digital token of a physical asset as currency? How do we categorise RWA tokens? (Security? Commodity? New Category?) Is the governing smart contract legally binding to token holders? How do we handle their flow between borders? (for portable & domicile assets) How do we make all those laws accept a digital token of a physical asset as currency? How do we categorise RWA tokens? (Security? Commodity? New Category?) Is the governing smart contract legally binding to token holders? How do we handle their flow between borders? (for portable & domicile assets) Custody problems: The physical asset may never change physical position. Does owning the token mean owning aspects or all of the asset? Can we trust the data from RWA tokenisation platforms? Custody problems: Does owning the token mean owning aspects or all of the asset? Can we trust the data from RWA tokenisation platforms? Does owning the token mean owning aspects or all of the asset? Can we trust the data from RWA tokenisation platforms? Enforcement mechanisms: How assets are transferred when loans are defaulted. How is ownership transferred in reality? How is conflict resolved? What does the government stand to gain from enabling RWA tokens? Enforcement mechanisms: How is ownership transferred in reality? How is conflict resolved? What does the government stand to gain from enabling RWA tokens? How is ownership transferred in reality? How is conflict resolved? What does the government stand to gain from enabling RWA tokens? According to Creditcoin's 2024 RWA tokenisation article, it's a work in progress, and their “Real-World EVM Testnet” is a status report on Gluwa’s mission. However, if policymakers in countries like Nigeria refuse RWA tokens into law, that can prove a considerable roadblock. If they accept, it’ll be because we lowered the barrier to entry created by the hurdles we outlined. article Real-World EVM Testnet So here, we will take Gluwa’s bridge to Pangea’s web. Digital assets give us a level of control we can only dream of in the real world. But physical assets exist in the tangible world, governed by human & physical laws. Increasing liquidity without increasing or changing the physical mass. I’m proposing a model solution to improve global legal acceptance & confidence in RWA tokens, by stitching existing banking systems and smart contracts together without compromise. Free-Range Credit Assuming my model is feasible for Nigerian policy & Gluwa’s mission, and we build and ship with some mental labour (plus a weave of the best AI-generated code hehehe), would that mean free-range credit and happily ever after for the Nigerian, African and global economies and stakeholders? Unfortunately, financial illiteracy will handicap people into generational debt. If we went this route, Gluwa’s brand image is at stake without ensuring basic financial education for users interacting with their blockchain, in addition to their partners like Aella doing their due diligence. “You wanna know what's more important than throwin' away money at a strip club?" https://youtu.be/RM7lw0Ovzq0?si=yFkHyHyvNj24icVB&t=153&embedable=true https://youtu.be/RM7lw0Ovzq0?si=yFkHyHyvNj24icVB&t=153&embedable=true Credit in the West is no joke. And investors may verify down to the smallest upturned quark, but businesses still fail due to unforeseen circumstances. People with new access (Spacecoin’s satellite internet) to long-existing asset pools (Creditcoin’s credit link) can still find themselves in debt traps from systemic ignorance. Who should educate Africans new to Western credit systems on the risks & expectations? Or are we giving a child our new car and warning them not to crash it? Access without guidance brings ruin to the people, crushing Gluwa’s hopes for widespread prosperity. And in the pain of those affected, blaming the brand for selling them dreams regardless of the company’s limited liability. Daily, millions of Nigerians hope that their small, quietly accumulating bets on soccer matches may one day yield news good enough to offset their decades of losses, and daily, millions curse those same platforms for existing. When I hear them speak, they sound just like people stuck on cigarettes and similar vices. This same Nigeria, whose unemployment rate in 2020 was the highest in the world at 33%, and after statistical manipulation, 4.1% in 2023, following the new government’s conformity to International Labour Organisation (ILO) standards. 33% 4.1% International Labour Organisation The Nigerian Bureau of Statistics (NBS) reported in 2020 a decline to 22.8% for the underemployed, whose salaries don’t cover their basic living expenses. Compared to the quality of data now reported to ILO standards, ours was not hallucinating. Underemployment in 2023 was reported at 21.2%, suggesting improvement based on the numbers I’ve highlighted to you. reported Data marks points, but humans tell the stories. Earlier, the underemployment rate was reported at 13.7% in Q4 2022, but all these numbers represent limited studies. It’s not true that only 1 in 5 Nigerians today don’t earn enough from one job to cover their living expenses. I live here. The ILO estimated poverty in Nigeria at 58.4%; however, the Nigerian Financial Services Market Report showed that only 10% of Nigerians were earning above the new minimum wage by 2023, with almost 50% spending their total income on food. only Nigerian Financial Services Market Report new 50% The NBS models from 2020 and before more accurately represented our real situation: expanding underemployment and an overwhelming minority of formal, full-time employment under a company. So even before we rest in the beauty of Gluwa’s vision, we must breathe real air. What happens when you give Nigerians facing these daily troubles easy access to credit? Who should ensure timely repayments in such a chaotic economy? Western Paradice 🎲 “Today’s financial system is broken.”, says Gluwa. Their name is a modification of Gloire (French for “Glory”), the earliest ironclad ocean-going warship in the world, according to this community wiki. Speculative, but if true, points to their goal to upend the status quo by webbing Pangea through the world's first truly borderless financial network on blockchain. says Gloire wiki truly If you didn’t know of Pangea, it’s some Greek word for a geography theory that all 7 world continents were once physically connected. 🤝🏾 If you didn’t know of Pangea, it’s some Greek word for a geography theory that all 7 world continents were once physically connected. 🤝🏾 Leading models for credit infrastructure influence how this will come to fruition, leading us to ask the important questions early. Do we want a credit system like in Western societies, where institutions prefer Bad Credit to Zero Debt, and citizens can’t access most modern infrastructure without credit data? One where families and networks that don’t understand/can’t leverage credit are locked in debt traps for generations? One where those same networks and families with bad credit are lured into free-range Buy-Here-Pay-Here (BHPH) financing & payday loans, where interest can exceed 100% APR? American states will look away if you’re charging 600%, but for a comfortable 4000% and touching God at 16,734,509.4% APR, Britain is creditor heaven. Sixteen million per cent. American states will look away if you’re charging 600%, but for a comfortable 4000% and touching God at 16,734,509.4% APR, Britain is creditor heaven. Sixteen million per cent. 16,734,509.4% One where no matter how early or quickly debtors repay, their credit score barely moves and almost decides their fate? One where more debt is the trick to raising your score? A creditor may be more excited to hold African collateral than to clarify that the debtor understands what repossession or foreclosure means. Language and culture differences create real gaps, especially with software. Do countries with weak infrastructure deserve credit systems that incentivise debt over industry & resourcefulness? Or is credit the way to African enterprise? In Creditcoin’s whitepaper, they introduce their plan to connect lenders and borrowers worldwide. As a cost for the familiarity of traditional banking securities, creditors may charge more interest, taking advantage of desperate situations to extort those in need for life. And just like that, Gluwa’s bright and beautiful mission ends up sullied by human nature. So far, we’ve been designing for failure and working backwards to take Gluwa’s bridge to Pangea’s web. Building our economy on debts we hope to never repay is the Western dream. Africans don’t typically think in such double negatives, and may not be well-prepared to submit pounds in flesh in the worst-case scenario to someone abroad. in We may not have a strong fiat, but we do have resources and assets we could lose access to for many generations to foreign creditors taking advantage of Gluwa’s systems. Once assets are securely tokenised on blockchain, cryptocurrencies will gain more trust and adoption by people who may not care for Gluwa’s values or mission, waiting to prey on the inexperience of people new to the game. In 1899, Henry Labouchère, the MP for Middlesex, described the process by which territory was acquired during a parliamentary meeting. “Someone belonging to one company or another meets a black man. Of course, he has an interpreter with him. He asks the black man if he is proprietor of certain land, and if he will sign a paper he shall have a bottle of gin.The black man at once accepts; a paper is put before him, and he is told to make his mark on it, which he does. And then we say that we have made a treaty by which all the rights in that country of the emperor, king, or chief, or whatever you call him, have been given over to us.That is the origin of all these treaties.”—Stealing Africa, Al Jazeera In 1899, Henry Labouchère, the MP for Middlesex, described the process by which territory was acquired during a parliamentary meeting. “Someone belonging to one company or another meets a black man. Of course, he has an interpreter with him. He asks the black man if he is proprietor of certain land, and if he will sign a paper he shall have a bottle of gin. The black man at once accepts; a paper is put before him, and he is told to make his mark on it, which he does. And then we say that we have made a treaty by which all the rights in that country of the emperor, king, or chief, or whatever you call him, have been given over to us. That is the origin of all these treaties.” That is the origin of all these treaties. —Stealing Africa, Al Jazeera Stealing Africa The Trans-African Highway network is a $300bn undertaking to connect the world’s largest (unseparated) continent by road. Africans are looking forward to a closer continent. Yet, you may have observed that this 60,000km road network is primarily designed to extract resources from inland assets (like mines and rails) to coastal ports for export. https://youtu.be/Sx_PDR5AgN4?embedable=true https://youtu.be/Sx_PDR5AgN4?embedable=true If our continent’s leaders claimed they mapped out and funded the project internally, we’d call them puppets. But the TAH project is funded by China, the European Union, America, and finally the African Development Bank. How many times have we been presented with a seemingly good thing, but underneath is a deep treachery? In one instance, RNC (Royal Niger Company) was supposed to pay the Sokoto empire in northern Nigeria £300 to £400 annually in mining rights and for the empire to recognise Britain as “the paramount power”. Officers knew the true value was £1,000 a year, about £132,000 in today’s figures. But nothing was paid, and Sokoto was later violently conquered. —Stealing Africa, Al Jazeera In one instance, RNC (Royal Niger Company) was supposed to pay the Sokoto empire in northern Nigeria £300 to £400 annually in mining rights and for the empire to recognise Britain as “the paramount power”. Officers knew the true value was £1,000 a year, about £132,000 in today’s figures. But nothing was paid, and Sokoto was later violently conquered. nothing was paid —Stealing Africa, Al Jazeera Stealing Africa If Gluwa’s technology ever allows global lenders to reach & grasp African assets remotely, we’re back right where our ancestors cried from. Before deeply penetrating our society, decentralised systems like this must go beyond being an immutable record of credit data. They must protect us and our sovereignty from debt cycles and traps to call their mission successful at this stage. I’m very debt-averse, and I accept (and hope to propagate through Gluwa) my ignorance of the kind of desperation that makes such traps the only option in sight. What I mean is, the same way my family and network’s labour protects me from debt and its repercussions, the blockchain credit systems Africans need must have some limited reach from certain real-world assets to find legality. some So I dug into our pre-colonial history for forgotten systems to leverage on since they were most likely heterarchical and/or decentralised. Ancient African Credit Data What was credit like in ancient Africa? As early as the 1st century, most infrastructure was shared, so ownership couldn't be transferred to repay debts. For example, a creditor couldn't take a ship or property, but they could take the produce. Credit reputations were also rebuilt by good behaviour, not more debt. Debt erasures were common, as there were more important things in their societies than debt, and they were willing to wait if they trusted you could make the payments. They meted out harsh and instant punishments for stealing, but credit was tied to reputation. So the onus was on the debtor themselves to return to good standing with the creditor. Credit was for commodities and/or money. They were happy to give credit to build a relationship and gave you chances to redeem yourself. They essentially placed the self-sustenance of the individual, family, social group, and larger community as paramount in decision-making, instead of seeing the recovery of the debt as absolute. Such debts were also not held absolutely over the borrower's ability to continue to contribute to society. And they did all this without making creditors suffer, as every business, including credit, must face continuous risk. So, repayment faults due to carelessness resulted in subjective, case-by-case terms such as partial commodity transfer until the terms were met, preserving the infrastructure. Validated credit disputes were rare and quickly de-escalated. Because social norms around credit were clear, it was also difficult to pursue crueller repayment methods. While institutions like pawnship existed, the abuse of the protections they guaranteed was made more common by foreign pressures during the slave trading periods, as their 1st century societal norms would've earned the creditor a bad reputation, and there were many credit options. Eventually, consequences for repayment defaults became harsher over centuries, probably from international credit practices learned by the 8th century and beyond. You would think that a system like this would mean poor financial education, but there’s a crucial difference between money then and money now: the rulers did not own it. They also relied on their resourcefulness to make more money when needed. There were no banks. People stored money in "money huts" for security against theft or fire. You could store yours in a wealthier person's for better chances. Cowries were found in the ocean and were only used as direct symbols or tokens of exchange of resources, and other currencies were in circulation. On one account, a female warrior in the Dahomey (Benin) kingdom reported being in debt from supplies from the last war, and needing to go again to battle to make more money. They also lent to and loaned from Europeans by the 19th century, with a reputation for paying back slowly, partially or not at all. Meanwhile, a king may not let Europeans set sail till they have fixed their outstanding credit. Perhaps the idea of never seeing them again was worth it. In summary, credit in ancient Africa was a social currency. And their government could bear the most risk given their reputation & position, but unpaid local debts could be transferred to the next government because their people & systems considered certain cases necessary to hold them accountable. Their culture of willingness to put their reputations on the line to further their ventures, leaving the creditor with the responsibility to only grant debts they were willing to risk losing, in hopes of gaining the relationship and access to the network that comes with it. Ancient African credit systems are the very spirit of web3 today. However, no one is as close to the digital mark as Gluwa is today, after decades of toil. Their technology is just about ready to enable trustworthy individuals to leverage the concept of their reputation for credit from anywhere in the world as verifiable tokens. By the 14th century, several African kingdoms had accumulated such immense wealth and prosperity that they are still being referenced in university lectures worldwide as symbols of the peaks of human prosperity in history. Through these very credit systems, even while they degraded. So much for a resource curse. RWA Tokenisation on Pangea’s Web In ancient African society, you didn’t get credit just because you asked; you needed some form of social backing. Perhaps here lies the core issue with global tokenisation: critical assets were owned by communities, not individuals. critical assets were owned by communities, not individuals. The 2025 World Happiness Report ranked Nigeria as the 105th-happiest of 195 countries, locked in the bottom rankings alongside many other African countries. Among all the questions, the World Gallup Poll (WGP) asks respondents, “If you were in trouble, do you have relatives or friends you can count on to help you whenever you need them, or not?” to measure social support worldwide, and many couldn’t say yes. 105th asks For Gluwa, Pangea's web connects a world where money is data: readily available credit & assets on blockchain and affordable, reliable, decentralised internet access, creating a social safety net for those who haven't yet experienced today's financial technology through the internet. Pangea's web connects a world where money is data Considering our history, fears and limitations, how could Gluwa bridge RWAs successfully to traditional finance, starting in Nigeria? https://x.com/i/status/1964868975743180964?embedable=true https://x.com/i/status/1964868975743180964?embedable=true Could this path keep anyone out of debt? Or should debt erasures become more common since money is just data we can agree to forget? Could this path keep anyone out of debt? Or should debt erasures become more common since money is just data we can agree to forget? New Field Conditions: Money is Data Remember these hurdles to globally-acceptable RWA tokenisation. Legal fragmentation: Each region’s (measure of) sovereignty means they have different asset laws. How do we make all those laws accept a digital token of a physical asset as currency? How do we categorise RWA tokens? (Security? Commodity? New Category?) Is the governing smart contract legally binding to token holders? How do we handle their flow between borders? (for portable & domicile assets) Custody problems: The physical asset may never change physical position. Does owning the token mean owning aspects or all of the asset? Can we trust the data from RWA tokenisation platforms? Enforcement mechanisms: How assets are transferred when loans are defaulted. How is ownership transferred in reality? How is conflict resolved? What does the government stand to gain from enabling RWA tokens? Legal fragmentation: Each region’s (measure of) sovereignty means they have different asset laws. How do we make all those laws accept a digital token of a physical asset as currency? How do we categorise RWA tokens? (Security? Commodity? New Category?) Is the governing smart contract legally binding to token holders? How do we handle their flow between borders? (for portable & domicile assets) Custody problems: The physical asset may never change physical position. Does owning the token mean owning aspects or all of the asset? Can we trust the data from RWA tokenisation platforms? Enforcement mechanisms: How assets are transferred when loans are defaulted. How is ownership transferred in reality? How is conflict resolved? What does the government stand to gain from enabling RWA tokens? Legal fragmentation: Each region’s (measure of) sovereignty means they have different asset laws. How do we make all those laws accept a digital token of a physical asset as currency? How do we categorise RWA tokens? (Security? Commodity? New Category?) Is the governing smart contract legally binding to token holders? How do we handle their flow between borders? (for portable & domicile assets) Legal fragmentation: How do we make all those laws accept a digital token of a physical asset as currency? How do we categorise RWA tokens? (Security? Commodity? New Category?) Is the governing smart contract legally binding to token holders? How do we handle their flow between borders? (for portable & domicile assets) How do we make all those laws accept a digital token of a physical asset as currency? How do we categorise RWA tokens? (Security? Commodity? New Category?) Is the governing smart contract legally binding to token holders? How do we handle their flow between borders? (for portable & domicile assets) Custody problems: The physical asset may never change physical position. Does owning the token mean owning aspects or all of the asset? Can we trust the data from RWA tokenisation platforms? Custody problems: Does owning the token mean owning aspects or all of the asset? Can we trust the data from RWA tokenisation platforms? Does owning the token mean owning aspects or all of the asset? Can we trust the data from RWA tokenisation platforms? Enforcement mechanisms: How assets are transferred when loans are defaulted. How is ownership transferred in reality? How is conflict resolved? What does the government stand to gain from enabling RWA tokens? Enforcement mechanisms: How is ownership transferred in reality? How is conflict resolved? What does the government stand to gain from enabling RWA tokens? How is ownership transferred in reality? How is conflict resolved? What does the government stand to gain from enabling RWA tokens? Gluwa’s best practice for scaling these hurdles will include: Stage 1: Local Tokenisation Platforms & Smart Contracts Stage 1: Local Tokenisation Platforms & Smart Contracts Tokenisation firms currently create a legal entity called Special Purpose Vehicles (SPVs) to represent physical assets as digital tokens. If Gluwa’s partners are local tokenisation platforms to feed its decentralised oracles purer data, the degree of uncertainty is reduced. In cases where there are no local platforms, the tokenisation firm must contract out contactable local experts to verify asset data and appraisals. Nigeria is not a place you find on the internet. If you want real-world data, get real-world input. assets contactable And with that data, feed a smart contract to hold a presigned (by the debtor to receive the loan) GSI (Global Standing Instruction) to the Central Bank of Nigeria (CBN) in a smart contract escrow on the Creditcoin blockchain, triggered on loan maturity to automate credit retrieval upon default as the escrow condition. This GSI automatically refunds from the debtor’s accounts nationwide and may require a bank account domiciled in Nigeria to process. Global Standing Instruction smart contract escrow Stage 2: Divide Asset Categories Stage 2: Divide Asset Categories Currently, RWA tokenisation is disconnected from traditional infrastructure because it considers all assets as the same. Separating assets into Commodities (Portable, Exportable) & Domicile allows for different categories for each one and respective laws for their protection. Commodities Domicile Portable assets like gold are already trading with ease on PAXG, and exportable assets like, say, a shea butter harvest from Q3 allow people to use presigned conditional transfer documents instead of GSIs in the escrow to ensure domiciled assets like land and infrastructure are out of any creditor’s reach. In addition, encourage policy to ensure that category Domicile assets cannot be physically transferred to non-locals even if their tokens are bought and sold. If you want a domicile asset, come and live here. Asset tokens of commodities provide transferable collateral for anyone to leverage, even if they don’t own physical assets, and Domicile assets producing Commodities can provide transferable ownership without losing their production capacity. Stage 3: Risk Profiles on Credal Stage 3: Risk Profiles on Credal Credit data on Creditcoin provides flexibility to enable both borrowers and lenders find each other based on risk filters like tolerance, worst-case repayment wait time and credit scores upfront before lending or borrowing, just like dating apps. Creditcoin Users should also be able to set flexible repayment terms based on metrics like the production capacity of their assets, not just the value of the collateral itself. So if a lender only wants borrowers with a high likelihood to repay in 1 year, only borrowers with liquid collateral worth that much OR assets capable of generating that much in that year, should be considered. But where does that leave the up & comers who have no assets? Stage 2. They can buy & use asset tokens as collateral based on their portability. **Stage 4: Credal-CBN deals \ In return for government-supported RWA tokenisation, Credal API connects to CBN to broadcast centralised credit data to Nigerian banks for better loan decisions, or even welcome them to Credal to expand their reach. Such deals will allow Credal to get info like the “worst-case repayment time” from a borrower’s BVN to develop their risk profile and give creditors more protection in addition to in-house advantages such as data security through their decentralised satellite network Spacecoin, or the freedom to move those assets across different blockchains in their upcoming Universal Smart Contracts either by burning tokens on one blockchain and minting them on another, or mirroring old ones. Spacecoin There’s potential for decentralised music distribution through RWA tokenisation by mirroring the asset tokens using a cross-chain smart contract like Creditcoin’s USC once it’s available. Currently, you have to upload them to each decentralised music streaming platform yourself. In 2025. There’s potential for decentralised music distribution through RWA tokenisation by mirroring the asset tokens using a cross-chain smart contract like Creditcoin’s USC once it’s available. Currently, you have to upload them to each decentralised music streaming platform yourself. In 2025. Every creditor has to accept a certain level of risk and decide what they are willing to bear. Unlike global contemporary credit infrastructure, web, blockchain and decentralised infrastructure represent working solutions that integrate with existing systems without conforming or bowing to pressure, providing capacity for our social evolution. This company believes in the genius of this technology, whose algorithms are as capable as malice without intention, and hopes to use it to create a global, digital, social institution where, “if I no get money, I get place to borrow. (nyehayhayy)” is a reality for everyone, not just financially, but to digitise different forms of trust humans share, bringing out their latent potential and existing as their preferred option. and existing as their preferred option https://www.youtube.com/watch?v=tUvF7yj531A&embedable=true https://www.youtube.com/watch?v=tUvF7yj531A&embedable=true When we ask, "What do we want from web3?", on the other side of all our fears, Gluwa promises credibility and direct connectivity for anyone within reach of mobile & digital technology. The new question is how much we want to risk.
