Frequently Asked Questions about Our Tokenization Platform

Frequently Asked Questions - General

What is blockchain?

A blockchain is simply a network of computer systems that duplicates and distributes a digital record of transactions throughout the entire network. Each block on the chain comprises a number of transactions, and each participant's ledger receives a copy of each new transaction that takes place on the blockchain.

What is Distributed Ledger Technology?

The term "distributed ledger" refers to a record of consensus with a cryptographic audit trail that is up-to-date and verified by nodes. It can be decentralised or centralised. While distributed ledgers can be implemented in a variety of ways, not all of them require the use of a blockchain.

What is asset tokenization? Is it any different from securitization or fractional ownership?

The simplest answer to what is asset tokenization on blockchain is that it is a process through which a blockchain token is issued to digitally represent any real tradable asset in a way that you can trade with a single fraction of the asset as well. The process sounds much like Securitization and Fractional Ownership, but it holds some key differences.

Tokenization vs Securitization: When talking about how tokenization is different from securitization, the former turns all the real world assets into high-liquidity digital token, whereas the latter converts low-liquidity assets into higher-liquidity security instruments that could be traded in markets and over-the counter.
Tokenization vs Fractional Ownership: Fractional ownership, unlike Tokenization, provides an opportunity to bring unrelated parties together to enjoy trading in a digital world.

What sorts of assets can be tokenized on the Rooba Tokenization Engine?

Tangible Assets – The term represents a set of assets that holds some monetary value and is available usually in a physical form. Eg. Gold, Property, Inventory, Art, shares, contract, etc.
Fungible Assets – These digital assets are created such that every token is equivalent to the next. Meaning, one bitcoin is equal to one bitcoin and is interchangeable with one bitcoin only.
Non-Fungible Assets – They are designed as unique and can’t be interchangeable. At Rooba we help create your bespoke digital asset depending on what you give us to work with.

What do tokens mean?

A token represents a set of rules encoded in a smart contract. Each token belongs to a blockchain address. It’s essentially a digital asset that is stored securely on the blockchain.
Tokens are often divided into utility tokens and security tokens. The former can be used to buy access to a company's product or service, while the latter can be used to buy you a stake in the company itself.

What is custody?

Custody is the process of securely storing digital assets to protect them from loss or theft. A custodian is a third party that provides a secure storage facility in exchange for a fee.

What are smart contracts?

Smart Contracts are lines of code in blockchain that are executed automatically. They define the rules of how a transaction has to be processed between the parties under specific conditions. It is basically a digital contract for a blockchain network.

Are blockchain and cryptocurrency identical?

No. Blockchain is the technology that allows for cryptocurrencies to work. It is a decentralized and digital ledger of transactions used for cryptocurrencies and other assets/functions. It is important to separate the technology behind cryptocurrencies from the actual cryptocurrencies.

Frequently Asked Questions - Beta Program

Why is Rooba conducting a Beta Program?

A Beta program is an opportunity for real users to use a product in a production environment to uncover any bugs or issues before a general release. Beta testing is the final round of testing before releasing a product to a wide audience. We at Rooba want you to take a sneak peak at what’s more to come!

Can a VPN be used to access a beta program?

As a rule, VPNs would not prohibit using the platform. However, if the website isn’t loading properly, we advise you to stop using your VPN and attempt logging in.

Why can't I log in after getting the email stating that my account has been verified?

Please contact hello@rooba.finance and we’ll be happy to help you.

What is a Metamask? How to connect to a wallet?

Metamask is a cryptographic wallet and a gateway to decentralised blockchain applications.

I can’t connect to MetaMask on my browser? I have downloaded Metamask, but I don’t know where it is?

Metamask wallets are only compatible with the following browsers: Chrome, Brave, Opera, Edge. Check the plugins/extensions on your browser if it is one of the aforementioned web browsers.

Can I use my faucet tokens or Rooba tokens in my Metamask wallet on another blockchain trading platform?

Faucet Test Tokens can be used on any platform supported by Polygon’s Testnet. Rooba Synthetic Tokens are native to Rooba’s Platform.

How are you choosing the initial beta program participant? What are the documents needed for the verification?

We have no bar in terms of our initial participation in the Rooba Beta Program. While you will undergo an initial KYC and KYB as a part of the sign up process. While, in the mainnet we will be taking all the documentation mentioned below, during the Beta Program we will require only one from each field, depending upon the nature of your organisation.
Documents:

KYC:
1. Passport
2. Voter's Identity Card
3. Driving License
4. Aadhaar Letter/Card
5. NREGA Card
6. PAN Card
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KYB - Company /Partnership Firm/ Trust:
1. Certificate of incorporation / Certificate of Registration
2. Memorandum and Articles of Association / Partnership Deed/Declaration of Trust
3. Permanent Account Number of the company/partnership firm/trust
4. Resolution of the Board of Directors to open an account and list of officials authorized to operate the account/Resolution of the managing body of the foundation
5. Power of Attorney granted to a partner of an employee of the firm to transact business on its behalf.
6. Identification of authorized signatories should be based on photographs and signature cards duly attested by the company.
7. Copies of proof of identity and proof of address along with PAN of managers, officers of employees holding Power of Attorney to transact business on its behalf.
8. List of directors along with DIN and copy of Form 32 (if directors are different from AOA).
9. Certified true copy of Certificate of commencement of business (Public Limited Company).
10. Copy of Proof of the name of the company/partnership firm/trust, Principal place of business, mailing address, Telephone/Fax number apart from the above. (Telephone bill not older than two months)

As per the RBI's guidelines, these documents may change time to time.

What is KYC? What is KYB? Where will my documents be stored?

KYC stands for Know Your Customer. KYB stands for Know Your Business. KYC and KYB Guidelines are issued by the RBI as regulatory compliances that any company providing and facilitating financial services. Our KYC & KYB compliance partner SumSub verifies the authenticity of the user and validates their wallet on the Rooba Platform. We will store all data of KYC, KYB, all transaction data, meta data, etc. in our servers in India.

What if I am an individual? Do I still need to submit documents for KYB?

You can register on our KYB as an unregistered entity using your documents used for KYC processes.

What email ID should be used to sign up?

Please use your work-email ID to facilitate KYB authorisation.

Why does my KYC status say that it is pending or rejected?

We at Rooba pride ourselves for maintaining stringent KYC/KYB compliance standards. Till such time as your documents are verified by SumSub, it will remain pending. If the documents you have submitted are not valid or do not match the identity your wishing to register then your KYC will be rejected. In Beta environment, we are using Sandbox environment of Sumsub for KYC/KYB Sumsub Sandbox environment approves all the KYC however their production environment might reject certain KYC’s that do not meet their compliance requirements.

What is a fund? How do I create a fund?

Fund is a Multisig Smart Contract wallet created by an Organisation on Rooba Platform to create, hold and trade Rooba Synthetic Tokens. Once you have completed your KYC successfully and added your organisation and completed its KYB successfully, you can create a fund. A fund will allow you to trade on the Rooba Platform and mint tokens.

Why is a transaction policy necessary?

This policy controls all asset transfers and swaps. In MultiSig Wallets having more than one approver it is necessary to set the transaction policy in order to execute the smart contract. The minimum threshold of approvers set are required to authorise action under transaction policy.

Who is an administrator and who is an approver?

Currently whosoever creates the organisation is assigned as the administrator and holds the authority to add members to the organisation and create Funds An approver is a person in your organisation, who you have added and authorised to approve transactions with respect to a specific fund (i.e. wallet). You have to authorise a person within your organisation, each time you wish to make them an approver for every fund you create. Employees within your organisation do not automatically become approvers.

How many approvers can I add?

You can add a maximum of 3 approvers on any fund. After this, you must complete setting up the transaction policy in order to successfully execute trades.

How do I approve a transaction ?

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You can add a maximum of 3 approvers on any fund. After this, you must complete setting up the transaction policy in order to successfully execute trades.

How many funds can I create?

Unlimited! You can create separate funds to demarcate separate investment strategies, jurisdictions, asset classes and more.

Why can I not see funds on which I have been added as an approver?

There can be multiple reasons for you not able to see the funds.

You have not been invited to the Organisation
You have not been invited to the fund
You have not approved the invitation request

If none of the above reasons apply to you, please contact us at hello@rooba.finance

Who makes the decision as to the proper approval threshold and how?

The administrator makes the decision on the approval threshold.

What is an ether?

Ether is the transactional token that facilitates operations on the Ethereum network. We do not use Ether tokens as a transactable token.

How do I get Matic Test tokens? (LINK USER GUIDE - wallet)

Go to faucet.polygon.technology
Once the site has loaded, select the Mumbai network under the “Get Test Tokens” heading. Select Matic Token as the token option. Input your wallet address (Metamask or WalletConnect).

What are Matic Test Tokens used for?

Test Tokens are used as gas fees. Gas fees are the cost to process a transaction on Polygon’s Testnet blockchain. We don’t show the Matic Test Tokens on your wallet balance because it is not transactable on the Rooba Platform, it is merely used as a lubricant to facilitate your transactions.

What trade functionalities can I access on the Rooba’s Beta Program ?

Users can access following trade functionalities:

Organisations can mint and trade their tokens at Primary Market place
Investors of Primary Market place can engage themselves in Secondary Market place for trading of Forward Contracts

We’re currently piloting these two features with many more to showcase in the mainnet.

How do I create a smart contract?

Rooba.Finance Platform is a no-code smart contract platform.. All you have to do is decide what sort of transaction you want to execute by selecting one of our template contracts or requesting us for a bespoke contract.

What makes a smart contract different from a traditional contract?

Smart contracts are, in essence, computer programs that automate the enforcement of predetermined terms on a blockchain. Rooba.Finance Smart Contracts are deployed on Polygon Blockchain. Traditional Contracts, on the other hand, are sets of agreed-upon terms which are enforceable by law and are described in a natural, human language.

How is the token price determined?

Currently, prices will be determined based on user input. In the mainnet however, reliable and trusted third-party oracles shall perform the function of price-fetching and valuers will authenticate the price of the underlying product.

Will Rooba be able to predict the price of digital assets in the future?

We at Rooba are not financial advisors and nothing within our website, materials or testimonials should be construed as financial advice. Financial markets are prone to risk and volatility.

Does the platform support Token swaps?

Yes, you can swap tokens of different asset classes as long as the oracle can fetch the price of the underlying asset and therefore the token price.

Who is eligible to mint tokens on the Rooba Beta program?

Users who have completed their KYB and the required internal documentation on stage.rooba.finance are eligible to mint tokens on Rooba Beta program. Our internal documentation requirement includes deal structuring, asset audits (including valuation), contract execution and custody of the assets prior to minting. In the Beta Program, we’ll merely be discussing the various assets you’re seeking to self-custody and trade, and assigning you a corresponding token.

Why does Rooba use Polygon’s blockchain?

Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. Rooba is using Polygon’s blockchain technology for scalability solutions because of its ability to perform fast transactions at a much lower cost.

Will there be a bug bounty program?

Yes, there will be a bug bounty program after the launch of the mainnet platform. Stay tuned on our website for more information!

Will Rooba be able to access my location at any time?

No, Rooba does not track your location. Please check metamask.io and wallet connect for their relevant privacy policies with respect to geolocation services.

Frequently Asked Questions - General

Frequently Asked Questions - Beta Program

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