Digital Twin Token

Introduction

The Digital Twin Token (DTT®) is the cornerstone of Magma's platform, representing a unique digital asset for each building. It serves as a unified reference point and a single source of truth for all stakeholders involved in the building’s lifecycle. By leveraging blockchain technology, the DTT® ensures that every piece of information attached to it is secure, traceable, and immutable. The DTT® is designed to address the challenges of property assessment, information asymmetry, sustainability, and illiquidity that plague the real estate industry.

Characterisitcs

The DTT® is a non-fungible token (NFT) minted on the blockchain, ensuring that each building has a unique digital identity. The NFT nature of the DTT® means it is a singular, non-replicable token that stores valuable metadata about the building. The token includes key architectural, structural, contractual, and financial data. Moreover, the DTT® can store continuously updated information about the building, such as maintenance logs, insurance documents, and other relevant materials. By using EVM blockchains, the DTT® benefits from a robust and scalable infrastructure, that is efficient in energy use.

Token Standard

The Digital Twin Token (DTT®) is built using the ERC-1155 token standard, a multi-token standard that enables both fungible and non-fungible tokens to coexist within a single smart contract. This choice of standard allows for a flexible and efficient approach to managing the unique digital identity of each building and theirs components.

Data Immutability and Security

A key advantage of the DTT® is the immutability of the data it stores. By recording the hash of each validated document on the blockchain, Magma ensures that the data cannot be altered or tampered with. The decentralized nature of the blockchain also ensures that all transactions and records are transparent and traceable

Data Privacy and Permissions

The Magma platform ensures that data privacy and access control are maintained through a role-based permissions system. Each stakeholder involved with a building has specific rights based on their role within the ecosystem.

These role-based permissions extend to:

• Uploading: Only authorized stakeholders can upload relevant documents to the DTT® depending on their role.

• Viewing: Access to sensitive information is restricted according to role, ensuring privacy for stakeholders who do not need to see certain documents.

• Validating: Specific stakeholders are responsible for validating documents before they are hashed and recorded on the blockchain, ensuring that only accurate, verified data is permanently stored.

This granular level of access control ensures that while the DTT® maintains transparency and security, sensitive documents remain accessible only to authorized individuals.

Updating and Maintaining the DTT®

The DTT® is a dynamic NFT, meaning it can be continuously updated throughout the lifecycle of a building. As new documents are created or as existing information changes, stakeholders can upload new versions to the platform. These documents go through the same validation and hashing process before being added to the DTT®. This ensures that the DTT® always reflects the current state of the building, from structural changes to financial performance.

Maintaining the DTT® is a shared responsibility?/mission? among stakeholders, ensuring that all relevant information is kept up to date and accessible.

Rewards via stablecoins and Magma Reputation Tokens ($MRT)

TBC

Regulatory compliance?