Tokenization Wizard is a tool designed to create blockchain-based replicas of physical goods and safely handle stablecoins and various Web3 apps. It was released by GK8, the cryptocurrency custody company that Galaxy Digital purchased a little more than a year ago.
Tokenization is becoming more and more popular, and many traditional banking organisations are adopting this strategy. Among them is the massive asset management company BlackRock, which just debuted its BUIDL platform in collaboration with Securitize and other partners.
The tokenization engine of GK8, according to co-founder and CEO Lior Lamesh, adheres to the same self-custody principles. This is in contrast to the managed custody that Coinbase and numerous other significant cryptocurrency custody services provide.
Furthermore, GK8 provides a unique and exclusive version of cold storage—a method that creates, signs, and sends messages to the blockchain exclusively as outputs—while eliminating an internet connection. Multiparty computation (MPC), a well-liked technique for dividing up cryptographic keys, is combined with this.
Lamesh stated in an interview that “Blockchain is an interactive protocol and at some point, according to the transaction structure, there are some mandatory data that you should receive from the internet.” We have seven pending patents related to cryptographic advances that allow us to send and sign transactions using just outward, unidirectional communication, obviating the need for us to receive input from the internet. We are never vulnerable to any cybersecurity attack vectors since there are never any inputs.
A joint venture between asset manager DWS, Flow Traders, and Galaxy to oversee a fully collateralized stablecoin priced in euros will be the first customer to utilise the Tokenization Wizard, according to GK8.