Introducing Aconomy's Open Testnet: Democratizing On-chain Ownership and Asset Tokenization.

Explore Aconomy's Open Testnet and transform your real-world assets into liquid, tradable NFTs. Learn how to create, manage, and trade asset NFTs seamlessly.

6 min read

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July 30, 2024

Table of Contents

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Introduction

We are thrilled to announce that following a highly successful early access period, Aconomy, a real-world asset-backed DEX, is now opening its doors to the public with the launch of our Open Testnet. This milestone marks a significant step forward in our mission to seamlessly democratize on-chain asset ownership with the dematerialization of physical assets. It provides users with a robust asset tokenization platform to explore, trade, and utilize their physical assets and manage them on-chain.

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Seize the opportunity, redefine asset management on-chain, and thrive in the era of the Asset Economy!

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Embracing the Future of Asset Management with Aconomy, Asset Tokenization Platform

Aconomy is transforming the on-chain asset management space, propelled by its innovative approach to asset tokenization and decentralized trading. By tokenizing the traditional handling of physical assets, the platform introduces a new level of precision, autonomy, and offers an array of opportunities for managing and leveraging assets on-chain.

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1:1 Tokenization: Aconomy's core feature is its 1:1 tokenization model, which enables anyone to bring their own physical assets on-chain as asset NFTs. Whether it's vintage DC comics, ancient Vedas scriptures, or grandma’s oldest open-face pocket watch, Aconomy is your ultimate asset tokenization platform for creating asset-backed NFTs and trading them on-chain once converted into Pi-NFT. This asset tokenization process opens up new avenues for income generation, portfolio diversification, and exposure to the new world of decentralized asset management.

Parallel Business Opportunities: The Aconomy model opens up parallel business opportunities for a broad range of participants - an asset validator, asset certification provider, or traditional institution (like Art galleries, auction houses, collectible retailers, & more). Aconomy enables asset validators to expand their business in the asset tokenization space, establish direct links with asset owners, gain exclusive access to an extensive array of unique and antique assets, and more, all without any third-party involvement. Simultaneously, as an investor and buyers, they can effortlessly access and incorporate a wide array of high-value validated assets into their portfolios. In short, Aconomy is redefining asset investment by making it more inclusive, liquid, and efficient.

Decentralization and Autonomy: Aconomy revolutionizes asset management by offering a decentralized asset tokenization platform, granting asset owners and validators full control and autonomy. This innovative system empowers users to effectively manage their assets on-chain, while asset validators can approve or reject validation requests leveraging their expertise and judgment, providing both an unprecedented level of control. This bottom-up approach enhances the integrity and efficacy of the asset tokenization process.

Diverse Trading Opportunities: The platform facilitates a multitude of trading options, reflecting the dynamic nature of the on-chain asset economy. With the transformation of your asset NFT into a Pi-NFT, asset owners gain the ability to sell, auction, lend, borrow, or swap them on Aconomy Marketplace, offering a spectrum of liquidity options. Not only this but they can even utilize the tokenized asset NFT m multiple times in the Aconomy’s ecosystem until they are eventually redeemed.

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Therefore, Aconomy is revolutionizing asset management, blending asset tokenization with expansive trading opportunities and user autonomy, thereby reshaping the future of on-chain asset investment and ownership.

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Explore, Engage, and Create on Aconomy, an Asset Tokenization Platform

The Aconomy Testnet is now open for everyone, offering an exciting opportunity to test and create your own asset NFTs. Based on feedback from our early access users, it's clear that the Aconomy asset tokenization platform is greatly needed by both asset owners and validators. This underscores its potential as a cornerstone in the future of the on-chain asset economy. We invite you to explore the platform and contribute to its enhancement by sharing your valuable feedback.

Here’s a guide to help you navigate the Aconomy, an asset tokenization platform with ease, from setting up your account to engaging in various transactions with Pi-NFTs.

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Getting Started with Aconomy

‍Accessing the Platform:

Visit: To start, visit https://www.aconomy.io/. Once there, you can click on the “Open marketplace” option, which will redirect you to the Aconomy marketplace.
Explore: Upon arriving at the Aconomy landing page, you'll be presented with the marketplace and Pi-NFTs on sale
Connect Wallet: Now to link your digital wallet, simply click on “connect wallet.” If you don't possess a digital wallet, you have the option to connect using your Gmail account.

Starting your journey on Aconomy isn’t that complicated like finding a pawn shop in the traditional market!

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Account Creation and Profile Setup

Setting Up YourAccount:

Registration: Proceed to create your account by providing a Display name and Username of your choice.

Profile Overview: Your profile has been successfully set up. Here, you can view all the Pi-NFTs and asset NFTs that you have created under your account.

Voila! You finally become the part of Asset Economy. Now engage, explore, and experience the power of 1:1 tokenization.

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Access Test Tokens

Obtain Test Tokens: To engage in on-chain asset transactions on Aconomy, ensure you have test tokens from Matic Mumbai or Arbitrum Goerli Testnet. Remember, if not using lazy minting, you must cover the gas fees for minting and other transactions using these test tokens.

Asset Trading: To participate in asset trading, access test tokens from the “Mint "aUSDTC" section and add them to your wallet.

You can access a sufficient amount of "aUSDTC” tokens for engaging in various on-chain transactions like buying, lending, borrowing, and bidding on Pi-NFT. You can access this token freely without needing to pay any charges.

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NOTE: If you are getting an error “insufficient balance” (while engaging in any trading process) then you are required to mint test tokens i.e., "aUSDTC" again from the same faucet to proceed with the transactions.

Note: After claiming the test tokens, you’re required to refresh the platform to confirm whether you’ve received the test tokens or not. You can check the Test Token balance in the Profile Card.

Now, you’ve got everything you want. So don’t delay, capture the shot of being a part of the Asset Economy.

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Minting and Managing Asset NFTs

Minting Process:

Create & Mint Asset NFT: Create your asset NFT, simply click the “Create asset NFT” button at the top, fill in the details of the asset NFT, and then click on “Create”.

Create Collection: Create a personal collection by selecting “create collection” under your profile.

Note: Lazy Minting feature i.e., minting your asset NFT involves no gas fee. However, you are required to pay a certain gas fee for all other transactions using a test token which you can easily claim as mentioned above in the “Access Test Tokens” section.

With just a few simple steps, you can create your first Asset NFT on Aconomy for more to come!

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‍Utilizing the Aconomy Platform

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Validating and Managing NFTs:

Send for Validation: After minting, select verified validators from the onboarded list, click on “all” under the “select country” section, choose the specific asset type corresponding to your minted asset NFT, and then send your asset NFT validation request to a selected validator.

On-Chain Placement: Once validated, you can easily list your Pi-NFT on Aconomy Marketplace.

Note: A validator will examine the documentation and authenticate the asset NFT, transforming it into a tradable Pi-NFT.

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Selling and Auctioning

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Engaging in the Aconomy, RWA-backed Marketplace:

Selling: To sell your Pi-NFT, hit the sell button, input your desired price, and list it.

Auctioning: For auctions, select the auction option, set a starting price, and the auction's duration.

Bidding: You can track all the bids in the “Bids” section and accept bids before the auction ends.

Swapping: Activate the “Available for swap” feature to list your Pi-NFT for potential asset exchanges. You can view the swap requests and accept one that you find compelling for easy exchange.

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Who thought trading physical assets on-chain could be that seamless? Well, we thought that for you!

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Financial Transactions

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Managing Your Physical Assets

Withdrawal: To withdraw funds from the Pi-NFT, click on the withdraw button and enter the desired amount for withdrawal. Following this, you will be presented with an option to repay the withdrawn amount.

Borrowing: Borrow funds using your Pi-NFT as collateral. Customize your borrowing terms by setting the Price, APY, Duration, and Expiration. Browse through a variety of lender offers and choose the one that best suits your needs.

Well, you can’t complain that we won’t consider your financial requirements!

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Aconomy Marketplace Engagement

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Interacting with Other Users

Buying Pi-NFTs: Purchase Pi-NFTs by navigating to the “on sale Assets” section and proceeding to checkout.

Auction Bids: Place bids on auctioned Pi-NFTs via the “Auction Assets” section.

Provide Loans: Offer loans by exploring the “Lending and borrow” section, where you can evaluate and extend offers to borrowers.

Engage in numerous on-chain activities with no intermediary or third party!

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Redemption and Removal

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Finalizing Your Experience

Redeem asset NFT: Redeem your asset NFT by sending a request to the validators.

Transfer Ownership: To Transfer ownership of your Pi-NFT or asset NFT use the “transfer” option on your Pi-NFT.

NFT Removal: If necessary, “burn” your Pi-NFT to remove it from circulation or delete an unvalidated Pi-NFT using the ‘Delete’ button.

We have unfolded every aspect of Aconomy with you, now, it’s your turn to access Aconomy and leverage all it has to offer to realize your physical assets potential. Don’t forget to share your insights and feedback with us!

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Creating a New Age of Capital Optimization

Aconomy is revolutionizing asset tokenization space, providing an asset economy ecosystem that enables capital optimization like never before. By making our asset tokenization platform accessible to a broader audience, we are fostering an environment where liquidity is no longer a privilege but a standard. We are committed to creating a seamless, user-friendly experience, ensuring that everyone, regardless of their background or expertise, can participate and thrive in the evolving asset tokenization ecosystem.

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In our pursuit to broaden participation and enhance the user experience, we are gamifying the Open Testnet experience. Partnering with Zealy, we will be soon launching a campaign designed to reward participants who explore our open testnet and complete specific tasks. This adds an element of fun and competition and incentivizes users to deeply engage with our asset tokenization platform, providing valuable feedback that will play a vital role in refining our offerings.

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So now, who says the traditional market is the only way to capitalize assets worth? When Aconomy, an asset tokenization platform is here to revolutionize the pathway - providing a platform for everyone to bring their unappreciated, hidden treasures on-chain and lead a journey where the future isn’t uncertain.

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Key Takeaways

Aconomy's Open Testnet: Aconomy has launched its Open Testnet, marking a significant step in democratizing on-chain asset ownership and asset tokenization.

1:1 Tokenization: Aconomy allows users to tokenize physical assets like vintage comics or watches as asset NFTs, offering new avenues for income generation and portfolio diversification.

Parallel Business Opportunities: It opens business opportunities for asset validators, certification providers, and traditional institutions without third-party involvement. Simultaneously, investors and buyers can effortlessly access and incorporate a wide array of high-value validated assets into their portfolios.

Decentralized Platform: Aconomy offers a decentralized platform for asset management, giving users and validators control and autonomy.

Trading Opportunities: The platform supports various trading options, including selling, auctioning, lending, borrowing, and swapping of Pi-NFTs.

Easy Access and Use: The platform is user-friendly, allowing easy account setup, asset NFT creation, and engagement in transactions.

Comprehensive Financial Transactions: Aconomy supports a range of financial transactions including withdrawals, borrowing, and swapping.

Marketplace Engagement: Users can engage in buying, bidding, swapping, and lending on the Aconomy marketplace.

Asset Management and Capital Optimization: The platform aims to make liquidity accessible to everyone, optimizing capital and revolutionizing asset tokenization.

Future Prospects: Aconomy plans to gamify the Open Testnet experience, enhancing user engagement while gaining valuable feedback on Aconomy offerings.

 
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FAQs

Answers delivered. Can't find a solution you're looking for? send us a mail over Support@aconomy.io

What is Aconomy and its Open Testnet?

Aconomy is a real-world asset-backed decentralized exchange (DEX) that focuses on democratizing on-chain asset ownership and facilitating asset tokenization. Its Open Testnet is a public platform where users can test and interact with Aconomy, create their asset NFTs, utilize on-chain trading features, and share their insights & feedback with us.

What are the opportunities Aconomy offers for businesses and investors?

Aconomy provides opportunities for businesses like art galleries or auction houses to expand into the asset tokenization space. It also allows investors to access a variety of high-value, validated assets for their portfolios, enhancing investment diversity and efficiency.

How does Aconomy ensure decentralization and autonomy in asset management?

Aconomy offers a decentralized platform where both users and asset validators have full control & autonomy. Users can effectively manage their assets on-chain, while asset validators can approve or reject validation requests leveraging your expertise and judgment.

How can users mint and trade assets on Aconomy?

Users can mint asset NFTs using the test token from Matic Mumbai or Arbitrum Testnet. Once minted, these assets can be traded in various ways, including selling, auctioning, lending, borrowing, or swapping on the Aconomy Marketplace.

How can I engage in on-chain asset trading on Aconomy?

To engage in on-chain trading on Aconomy, obtain "aUSDTC" test tokens, mint these tokens by clicking on the “Mint aUSDTC” button on the platform, and use them for various transactions like buying, lending, or bidding on Pi-NFTs. If faced with an "insufficient balance" error, remint "aUSDTC" tokens from the same source. These tokens are freely accessible and incur no charges.

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