Frequently Asked Questions
Web3 is positioned as the future of the internet. The vision for this new, blockchain-based web includes digital assets, digital asset securities, decentralized finance, and more.
"Digital asset" refers to an asset that is issued and transferred using blockchain technology, including, so-called "cryptocurrencies", "tokens", and "coins".
"Digital asset security" means a digital asset that meets the definition of a "security" under the federal securities laws.
Ohanae leverages Web3 to revolutionize the future of equity crowdfunding and trading with 3 distinctive capabilities compared to the industry's current standards:
- Real-time payments & settlement
- 24x7 primary offering and secondary trading
- Custody and digital transfer agent
Equity Tokens are digital representations of traditional securities such as common or preferred stock that are issued and traded using blockchain technology in which, among other things, a blockchain is used as a ledger for recording the transactions in, and ownership of, such securities. An Equity Tokens are akin to a traditional paper stock certificate, except that the Equity Tokens are maintained on Ohanae Blockchain by Ohanae, Inc., a SEC registered transfer agent.
List of countries currently prohibited from using Tokens:
- Central African Republic
- Congo Brazzaville
- Congo Kinshasa
- Iran (Islamic Republic of Iran)
- Macao (SAR of China)
- North Korea (Democratic People's Republic of Korea)
- Russia (Russian Federation)
- Syrian (Arab Republic Syria)
- Venezuela Bolivarian Republic
Two letter country code: ISO 3166-1 alpha-2
Ohanae Platform is a Web3 equity crowdfunding and trading platform with appropriate level of security.
Ohanae has created an internal digital currency (the "Ohanae Coin") that is used as a common currency and sole means of payment for all transactions consummated on the Ohanae Platform. The Ohanae Coin is structured as a digital asset backed on a one-to-one basis by Signet, a tokenized representation of U.S. dollars created by Signature Bank. Each Signet is representative of one (1) U.S. dollar held in a Signature Bank deposit account. Because our Ohanae Coin is backed on a one-to-one basis by Signet, we must always have at least an equivalent number of Signet in our account at Signature Bank as the number of Ohanae Coin issued.
Equity Tokens are digital representations of traditional securities such as common or preferred stock that are issued and traded using blockchain technology in which, among other things, a blockchain is used as a ledger for recording the transactions in, and ownership of, such securities. An Equity Tokens are akin to a traditional paper stock certificate, except that the Equity Tokens are maintained on Ohanae Blockchain.
First, you should see the User contracts diagram. All funds that user deposits to Ohanae Platform are actually being sent to user's Proxy Contract. For better understanding why it's called Proxy and why we don't use simple Ohanae Blockchain address, let's see into a matter.
There are three actors:
- User Address is a simple Ohanae Blockchain address. It is assigned to a user after registration. The private key for this address is generated from Ohanae app (Android, iOS, and Windows) and is encrypted by a master key derived from a strong password generated by the Ohanae app. The encrypted private key is stored on the server in a special encrypted container. It is decrypted on the client-side by Ohanae app. After registration, the user receives a backup container with the private key of this address.
- User Contract is a smart contract in the Ohanae Blockchain that contains a set of operations that user can do with their funds. User Contracts are deployed by Ohanae Platform and assigned to users by giving contract ownership to User Address. Every time user wants to perform an operation with their tokens, User Contract requires two signatures: User Address' signature and Ohanae Platform's signature. This is done for security reasons: Ohanae Platform only signs transactions initiated by the user during an open client session. Therefore, if only the private key is stolen, funds can't be transferred.
- Proxy Contract is a smart contract of a very simple architecture. It stores funds and can do any operation written in User Contract. Proxy Contract is owned by User Contract. It means that only User Contract can do any operations with user's funds. Proxy Contract can hold OHA (gas similar to ether on Ethereum) and any ERC-20 tokens. As one may notice, deposit address for every token is the same – that is the address of Proxy Contract.
It may seem unnecessarily complicated, but it has reasons to be so. First of all, users often forget their passphrase which makes decryption of their private keys impossible. This leads to inevitable loss of all tokens stored at those addresses. But with Passphrase recovery and User Contract recovery, users digital asset securities and Ohanae Coins are always recoverable.
Passphrase recovery is enabled by default for each user registered on Ohanae Platform. In terms of smart contract, this adds one more cosigning oracle to the user contract.
In the event passphrase is not recoverable due to exception such as users choose to appoint their own trustees in lieu of the system default (firstname.lastname@example.org, email@example.com) or something went wrong at the point of recovery (e.g., appointed trustee is not contactable).
- Ohanae receives an email from a KYC-verified user to recover his Digital Asset Securities Account as he cannot recover his Passphrase using Passphrase Recovery.
- Compliance to verify user identity and send email to user to delete his old Digital Asset Securities Account.
- User register a new Digital Asset Securities Account using the email address associated with the original account. (Username maybe different)
- User login to the Ohanae Platform using his new account (Scan QR code).
- Redirect user to a new page once the Ohanae Platform detects user login with an existing email address but the private key has changed.
- Ohanae Platform performs email and mobile number verification.
- Ohanae Platform updates usercontract with the new address as owner.
- Ohanae Platform updates database with new user container and new external username.
This way user can get a new passphrase and, hence, a new address. Therefore, in case User Address' private key is lost, the user can create a new one and have his funds operational.
Smart contracts already deployed into Ohanae Blockchain cannot be modified. To add a new functionality to User Contract, Ohanae Platform would need to redeploy all User Contracts. That could lead to tokens loss in case tokens had been stored on user contracts. That's why Proxy Contract is needed. Its only function is to store user funds, this contract is never redeployed and is permanently linked to the user.