The WiV platform offers three key benefits over existing transaction and trading processes:
It allows users to execute, clear and settle trades in fine wine quickly and securely, without the need for bureaucratic paperwork, and for a fraction of the current transaction cost
Each wine asset is allocated a corresponding digital token that securely collects and stores information about the wine’s provenance and transaction history
All wine assets are held and insured in professionally managed centralised storage facilities, ensuring the condition of the wine is preserved and its physical movement reduced following trades
Winevault was awarded the “Seal of Excellence” from the EU’s Horizon 2020 programme for the WiV platform.
The WiV platform acts as a digital transaction network connecting participants in the fine wine value chain, from chateaux through to investors. The platform allows participants to execute trades in fine wine, then automatically clears and settles the trades ensuring wine assets and funds are correctly allocated, and a secure record is maintained on the WiV blockchain.
In order to trade wine on WiV both wine and currency need to be placed onto the platform. The process for this is two-fold: Bottles of wine are tokenised to create unique digital assets called WiV Tokens; fiat currency (USD, EUR, GBP etc.) is exchanged for WiV Stable Coin, a secure cryptocurrency that is the medium of exchange on WiV.
When bottles of wine are tokenised they are placed into storage at one of Winevault’s approved bonded warehouses. The bonded warehouses store the physical bottles of wine in temperature and humidity controlled conditions, and ensures it is fully insured and treated correctly for tax purposes. Because all wine on the WiV platform is stored centrally it does not need to physically move following a trade – the WiV Token representing ownership moves between participants, but the physical bottle of wine stays in the same warehouse.
Winevault plans to offer WiV as a white-label solution to existing wine dealers and wholesalers, allowing these businesses and their clients to benefit from the fast, secure and low cost trading provided by the platform. WiV will also target producers to tokenise entire vintages of investment grade wine, greatly increasing and volume of wine assets on the platform and ensuring this wine has a digital record of its provenance from creation.
WiV-721 Token – Non-Fungible Asset/Unique Token / ERC-721: ERC-721 is a free, open standard that describes how to build non-fungible (i.e. unique) tokens on the Ethereum blockchain. While most tokens are fungible (every token is the same as every other token) WiV tokens are all unique, just like each bottle of fine wine.
This standard allows a smart contract to track token-ownership. Each token has a unique identifier and unique properties stored as metadata, such as information about that specific bottle
This interface allows wine merchants and wholesale partners to connect their existing wine trading systems with the WiV Platform, providing a seamless trading experience for these businesses and their clients. The API has been designed to facilitate quick and straightforward set-up for new clients, and low maintenance for existing clients. Clients will be able to use the WiV API to query information on transactions from the WiV ledger history, submit transactions (including payments, orders, settings changes, and other types) and sign transactions securely.
WiV Wallet is an application for the secure storage of digital assets (WiV Tokens and WiV Coins) and for enabling payments, tailored to the WiV community and fine wine investors. Users access their WiV Wallet in the same fashion as they access their familiar, traditional financial solutions e.g. online banking. This is done by utilizing local, standardized ID solutions, allowing for fast, automated and ultra-secure on-boarding procedures.
WiV Wallet also allows users to pay quickly and securely for wines and track and manage WiV Token ownership.