Transforming Trade Finance: Memento Blockchain & Deutsche Bank Successfully Conclude Project DAMA

  • Project DAMA Launches
  • BLS Wallet and Nuvo’s Integration for Gasless Transactions in the Metis Ecosystem
  • What are Gasless Transactions?

Project DAMA Launches

Project DAMA (Digital Assets Management Access) obtained the FSTI (Financial Sector Technology Innovation) POC (Proof of Concept) funding from the MAS (Monetary Authority of Singapore) on August 5th, last year.

The initiative’s primary goal, a joint effort involving Memento Blockchain and Deutsche Bank, is to increase digital asset investment and management operations’ effectiveness, safety, and versatility.

Operation DAMA’s specific goal is to deal with high expenses and drawn-out procedures for starting and using digital funds. Asset managers, transfer agents, fund administrators, and custodians can gain from a more streamlined and straightforward process for launching and managing digital funds by providing a one-stop investment servicing platform.

According to an official at Deutsche Bank, digitized funds and crypto governance are the next natural step after asset tokenization.

Through DAMA, they have successfully shown that it is possible to shift to the era of digital banking by leveraging a variety of cutting-edge asset investment and portfolio management service capabilities, including vast personalization, online footprint, and decentralized apps (dApps).

Project DAMA has considered creating a unique and non-transferable token based on the Soulbound Token (SBT) as one of its initiatives. Moreover, Project DAMA can serve as an architecture system that lets investors access assets from various investment firms.

This coin would represent the owner of the wallet’s digital footprint and identity. The token can help asset managers comply with applicable laws by ensuring that legal investors and organizations can invest in digital assets and funds.

Officials from Memento Blockchain have reportedly given more details on their partnership with Deutsche Bank as they emphasized that although Deutsche Bank offered their functional needs, Memento Blockchain gave its engineering and execution skills.

The two firms collaborated to create a functional framework for a digitized investment ecosystem that integrates investment management, safekeeping, transaction bureau, and payout operations. They also tried to make an intuitive architecture that facilitates asset safekeeping possible.

BLS Wallet & Nuvo’s Integration for Gasless Transactions in the Metis Ecosystem

Boneh Lynn Shacham (BLS) Wallet, a cryptographic certification system, has announced its integration with Metis’ EcoNode, Nuvo. Metis is dedicated to creating a trustworthy, decentralized Layer 2 (L2) technology. Via Nuvo’s middleware wallet for developers, this integration enables gasless transfers for decentralized applications (dApps) within the network.

Users can efficiently complete gasless transactions without changing code by utilizing BLS Wallet’s open-source compact transactions, Nuvo’s reputation-powered network, and straightforward recuperation between multiple accounts.

By merging with BLS Wallet using Nuvo technology, Metis allows users to transfer cryptocurrency without incurring gas costs. Builders and developers must integrate NuvoWallet with their dApp and enable the BLS option to use this feature.

The CEO of Metis, Elena Sinelnikova, stated her enthusiasm for supporting Nuvo’s interoperability with BLS Wallet. She said enabling developers to eliminate consumers’ gas expenses through subsidies is a crucial milestone for web2 users moving to the Web3 ecosystem.

She continued by saying that Metis is driving the widespread acceptance of digitized assets while lowering access barriers, working with Nuvo and integrations like BLS Wallet.

What are Gasless Transactions?

A transaction is called “gasless” if the sender pays no transaction charge or “gas” to the network. Transaction fees are necessary for several blockchains, including Bitcoin, to reward miners for processing transactions and to maintain the network.

The computational effort necessary to complete a transaction is measured in gas. Therefore, the transaction’s sender must pay a fee in gas to reimburse miners for their labor.