Introducing E Money Network – Leading the Way with Modular RWA Protocol
Scallop is streamlining its focus and mission towards leveraging blockchain technology, and we are excited to introduce E Money Network.
In 2020, Scallop started with a vision to establish an ecosystem in which cryptocurrency users can use their digital assets freely without any of the obstacles that currently hinder their adoption and usage.
Today marks a significant milestone in our journey, one that we believe is pivotal for the future of the regulated Web3 space. With immense pride and excitement, we unveil our transformation into the E Money Network.
What is the E Money Network?
The E Money Network is a pioneering Modular RWA Chain with Compliance Blocks. It is compliant with MiCA regulations, making it ready for the future in the digital asset landscape. E Money Network will enable tokenisation of Real World Assets (RWAs). We aim to build the foundational blockchain that will bring liquidity of billions of dollars of RWAs on the E Money Network. This will help bridge the liquidity gap between the Web2 and Web3 worlds and viceversa. The Real World Asset (RWAs) market is projected to exceed $10 trillion by 2030, and the E Money Network is the purpose-built blockchain ecosystem that will facilitate the tokenisation of RWAs.
The primary goal of the E Money Network is to meet the growing demand for RWAs and facilitate building sustainable projects that will enable creation of RWAs, build RWAs-enabled businesses, and more. This initiative could be a game changer for the intersection of digital assets and traditional markets.
The E Money Network sets itself apart by focusing on:
Proof of Identity: Secure on-chain identity verification through on-chain ID for users and KYB processes for businesses.
Proof of Compliance: Integrated on-chain Know Your Transaction (KYT) and Anti-Money Laundering (AML) modules.
Proof of Ownership: Transparency through on-chain Know Your Ownership (KYO). These are complemented by Zero-Knowledge Proofs (Zk Proof) for added security.
Proof of Custody: On-chain custody solutions, including IBAN on-chain and Fiat-pegged E-Fiat.
Use Cases of E Money Network
E Money Network is best positioned to build the next generation of tokenised virtual assets. Some potential use cases could be:
RWA Launchpad: A resilient platform designed to launch tokenised RWA projects. The E Money Network will support, facilitate launching of RWA projects on its ecosystem.
Commodities Tokenisation: The process of converting asset representations of commodities into tokens.
Intellectual Property (IP): Facilitating secure and transparent trading of digital assets linked to intellectual property.
Equities: Tokenisation and trading of digital equivalents of shares of publicly traded companies.
Real Estate Investment Trusts (REITs): Transparent trading of digital tokens representing stakes in real estate assets.
Loans: A platform dedicated to the tokenisation and secure trading of digital assets that signify loan agreements.
Additional Features:
Lending and Borrowing: Seamless access to capital through tokenised lending and borrowing activities.
On-Chain Credit Score: A Transparent and decentralised system to assess creditworthiness.
How is Scallop related to the E Money Network?
Scallop will be the parent company holding all the licenses. E Money Network becoming one of it’s primary products.
$EMYC: The $SCLP token in a new avatar
$EMYC will be the native token for the E Money Network and will maintain its crucial role in ensuring and governing the Network's security.
The existing $SCLP token will transition from $SCLP to $EMYC. As part of the transition process, all $SCLP tokens will be transitioned and converted with a 1:1 ratio with $EMYC. The transition process (for all $SCLP token holders on exchanges and private wallets) will be communicated well in advance from all our official channels.
In addition, users who have staked $SCLP must convert them into $EMYC upon the conclusion of the staking period. We will update the steps for the conversion soon on our social media. It is important to note that any rewards earned during the staking period will be distributed in $EMYC after the TGE.
Therefore, we encourage those holding $SCLP at the end of the staking period. It is essential to manually initiate the conversion process. This ensures a seamless transition to $EMYC tokens.
Why the name E Money Network?
The decision to change our project's name from Scallop to E Money Network wasn't just about finding a new title. It was a recognition that our platform had grown beyond its original purpose. It had become a complex network, connecting different parts of the digital world.
Our CEO Raj Bagadi puts it this way - "Our journey to renaming our product was not just about choosing a new name; it was about encapsulating the essence of our vision and the evolution of our project. We wanted a name that reflected the expansive nature of our network and resonated with our commitment to creating a thriving digital economy. After much deliberation and introspection, we found inspiration in the concept of E Money."
Got more questions? Head to our
Website: https://emoney.io/
Whitepaper: https://whitepaper.emoney.network/
Technical documentation: https://docs.emoney.network/
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