The world’s debt markets are due for a makeover. Traditional debt markets are opaque, proprietary, and inefficient. Dharma is building a suite of unopinionated tools, protocols, and standards for building transparent online debt marketplaces. Dharma is a protocol that enables decentralized origination, underwriting, issuance, and administration of tokenized debt assets in a highly generic and unopinionated construction.
The former are trusted originators and assessors of debtor default risk, and the latter facilitate the funding and issuance of debts in a trustless manner. Both can be empirically evaluated on historical asset performance, and, as such, markets have lucid signals with which to evaluate the default risk of tokenized debts attested to by any given underwriter or relayer. The Dharma debt issuance process only requires one on-chain transaction to execute, and is heavily inspired by the mechanics of the 0x Protocol.
The protocol aims to build a common informational interface by which exchanges, brokerages, and traders can reasonably price a tokenized debt’s default risk without having to rely on a singular centralized data broker. The Dharma debt issuance scheme leverages two classes of utility players that compete in distinct marketplaces for compensatory fees — underwriters and relayers.
Dharma Key Information
|ICO start||25th Sep 2017|
|ICO end||10th Oct 2017|
|Distributed in ICO||60%|
|Average price||0.35 USD|
|Price in ICO||0.3700 USD|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
The Game Change Team Behind Dharma
To use Dharma on external data, one need only store a Merkle root of the massive data set on the blockchain and add non-deterministic steps in the verification game in which the Solver can “guess” the original data set represented by the Merkle root. While Solvers and Verifiers must have access to the full data, Judges and Referees do not.
Indeed, if modify the verification game so as to permit tasks for nondeterministic Turing machines, then the Solver can non deterministically guess the certificate data as a step in the Dharma contract. Only in cases of disputes would the Solver have to reveal external certificate data to the Judges via the blockchain. In some applications, the Solver might even even be able to reveal to the Judges a privacy-preserving zkSNARK rather than the data itself.
Premature disclosure of random bits
A Solver can-dissuade Dharma participation by publicly broadcasting his private random bits prior to the designated reveal time. Verifiers then know immediately whether or not a forced error is in effect. Since Verifiers expect to gain little from checking solutions without forced errors, they may decide not to verify, thereby offering opportunity to get bogus solutions onto the blockchain. 1protocol’s  random number generator protocol, Arbit, solves this problem by instituting penalties for Solvers who prematurely reveal private random bits and rewarding users who report them. When a user correctly reports a premature reveal to Dharma, the following occurs.
Incorrect secondary solution
Suppose that a forced error is in effect and that the Solver submits two incorrect solutions. When the Solver reveals his “correct” secondary solution in Step 4(b)ii of the protocol (Section 4.6), Verifiers ignore it because there’s no chance of a jackpot payout. Indeed, the only “reward” for correctly challenging this secondary solution is to play a verification game. Hence one of the Solver’s bogus solutions ends up on the blockchain. Dharma eliminate the incorrect secondary solution vulnerability as follows. Denote the Solver’s two solutions by A and B. In the beginning of Step 4, rather than signaling for a challenge with the hash of an even integer, the Verifier hashes an integer whose value mod 3 the protocol interprets.