Sequence Flows
Last updated
Last updated
An Emblem Vault NFT can hold a balance of multiple fungible UTXO-chain assets at the same time which would make the issuance and redemption process complicated. Thus to simplify, the protocol limits users to nominate only one UTXO-chain asset to mint/burn per NFT.
A user that holds an Emblem Vault ERC-1155 token with a fungible asset balance (between 1 and 10,000), initiates the issuance sequence by creating an Attestation which is a digital signature that includes the vault's token ID, the asset ID, and the coin balance.
The user sends the Attestion as part of a request for an Appraisal to the Televault Appraiser via the Televault dApp.
Appraisers use the Attestation in conjuction with the Emblem Vault SDK to verify that the Bellscoin balance is correct for the given Emblem Vault token ID and that it is currently owned by the requester's address.
If successful, the Appraiser returns a digital signature together that also includes the token ID, asset ID and coin balance.
The user then constructs a transaction that includes both the Attestation and Appraisal invoking the Televault function of the Broker.
The Broker contract first validates that the Attestation was signed by the submitter and that the Appraisal is signed by the designated appraiser wallet address.
If successful, the Broker contract then compares the data included in the Attestation and Appraisal. If they match, the Broker then escrows the Emblem Vault ERC-1155 token to itself which is subsequently listed on the Televault Exchange.
The Broker contract then instructs the corresponding vToken contract to issue the appropriate token balance to the submitter's address.
To redeem a vToken for its underlying UTXO asset, the user visits the Televault Exchange where all escrowed Emblem Vault NFTs are listed for sale.
Once the user finds a vault with a suitable balance, they can purchase it by paying the same amount using the corresponding vToken.
The exchange contract transfers the purchased Emblem Vault NFT to the User then also transfers the received vToken balance to the Broker contract.
The Broker contract instructs the corresponding vToken contract to burn the balance to reduce the circulating supply by the amount represented in the Emblem Vault NFT redeemed by the user.
Finally, the user can visit emblem.finance to Unlock the vault and gain access to the underlying private key which allows the user to move the UTXO asset that was held in the vault.
