E Money Network: Driving the Next Wave of Crypto Apps

The crypto space is on the cusp of a major transformation propelled by new developments on regulatory and technological fronts. The upcoming MiCA regulations are a push towards legitimising crypto, and this much-anticipated validation is catalysing new developments in blockchain technology and its use cases. E Money Network, with its cutting-edge, MiCA-compliant technology, is unlocking endless possibilities for new-generation applications, thereby positioning itself as a frontrunner in the transition to Web3.

E Money Network’s In-built MiCA Compliance

E Money Network is the world’s first blockchain with in-built MiCA compliance. Every user in the E Money Network must undergo identity verification. This feature is in line with MiCA directives that mandate crypto-asset service providers to conduct KYC checks on all their clients and additional due diligence on customers from EU High-Risk Third Countries. Furthermore, E Money Network also has requisite Know Your Business (KYO), Know Your Ownership (KYO) and Know Your Transaction (KYT) measures in place to safeguard users, mitigate the risk of fraud, money laundering and terrorism financing, and maintain the integrity of the network.

Blockchain Tech, but a Cut Above the Rest

E Money Network is essentially a blockchain platform, however, its unique features open a world of new possibilities for developers. For starters, it is making interoperability in the blockchain space a reality by integrating Inter-Blockchain Communication (IBC) in its infrastructure. With Chainbridge contracts, E Money Network creates trustless bridges between different blockchain networks like Polygon, Solana, Avalanche, etc. for seamless transfer of assets. By inducing interoperability in the blockchain space, E Money Network is aggregating liquidity, which, at present, exists in fragmented silos across different networks.

E Money Network’s EVM-compatibility also gives developers a compelling reason to choose it for porting their existing applications or developing one from scratch. To make their work easier, E Money Network offers them a comprehensive, modular and intuitive SDK based on the Cosmos SDK, and support for WASM. Furthermore, there are ready-made modules such as bank, staking and KYC that developers can integrate directly into their apps. Or they can create their own modules according to their needs. To know more about E Money Network’s tech tools and functionalities, read our blog.

Another distinguishing feature of the E Money Network is its IBAN on-chain functionality, which allows users to use their E Money wallet like a regular bank account. This functionality is a work-in-progress, and in the near future, users will be able to send, receive and spend fiat currency using their IBAN-linked crypto wallets seamlessly. This functionality, when integrated into groundbreaking apps, will change the way users interact with crypto. To know more about how E Money Network’s IBAN on-chain functionality works, read our whitepaper.

So, What is the Scope of Development on E Money Network?

E Money Network brings together a host of crucial technological, regulatory and financial features to create a holistic environment conducive to the development of next-generation applications. There are endless possibilities as to the type of applications developers can build on the E Money Network, and we have listed a few of them here -

• Cross-chain marketplaces

E Money Network’s interoperable infrastructure can enable the development of cross-chain marketplaces where users can seamlessly trade assets across different blockchain ecosystems without needing to convert them first.

For example - An NFT marketplaces on E Money Network can support the exchange of various types of blockchain-based digital collectibles, and NFTs regardless of the underlying blockchain protocols, thus powering a more unified, user-friendly, and efficient trading experience. With interoperability, users will be able to lock their NFTs on Ethereum and use them in the E Money Network, thus, ensuring optimum utilisation of digital assets.

• DeFi Applications with cross-chain Liquidity:

E Money Network’s EVM compatibility and interoperability can enable DeFi applications to access liquidity pools from various blockchains. Developers can build better lending and borrowing applications that allow users to lock their assets on one blockchain and borrow from another. Apart from being a lucrative proposition for users, enhanced liquidity within DeFi protocols leads to competitive rates, efficient capital allocation, better risk management, and a more robust financial ecosystem.

For example - A crypto asset such as eTesla can be locked on Ethereum blockchain and used as collateral for borrowing funds from an RWA-centric DeFi application on E Money blockchain.

• Interoperable Gaming application:

E Money Network can be a trailblazing force in the gaming industry. It can power a gaming economy in which in-game assets are transferable and can be used across different blockchain-based games. A more interconnected gaming experience can open doors for innovative play-to-earn models and facilitate the creation of chain-agnostic, gaming-specific marketplaces where players can buy, sell, or trade gaming assets.

For example - E Money Network can power the creation of a unified identity/avatar for players which allows them to maintain a consistent gaming profile, achievements, and virtual assets across multiple games or virtual worlds and track their progress regardless of the platform or game they are playing.

• Real World Asset (RWA) Applications:

E Money Network, with interoperability as a core feature of its architecture, EVM compatibility, and robust developer toolkit, presents a compelling platform for building innovative Real-World Asset (RWA) applications. Tokenised RWAs can enable more users to participate in the RWA economy by allowing secure and transparent virtual fractional ownership of RWAs.

For example - An RWA application can enhance liquidity for traditionally illiquid assets such as real estate by enabling fractional ownership. By powering secure fragmentation and tokenisation of capital-intensive real estate projects, the RWA application enables more people to invest in the project. With their RWA tokens, users can either choose to get returns on the investment, collateralize them for availing loans, or trade them on crypto asset marketplaces.

• Payment application:

E-money tokens will be natively supported on the E Money Network, as the platform’s MiCA-compliance ensures seamless issuance and redemption of e-money tokens in the ecosystem. E-money tokens will power transactions within and beyond E Money Network.

For example - eEUR can be used as a medium of exchange where you can purchase products on any e-commerce website or book flight tickets using your E Money wallet.

• Intellectual Property(IP) marketplace application:

E Money Network has the potential to induce efficiency in the management of intellectual properties (IPs) and optimise their monetization. The platform serves as a launchpad for Real World Asset (RWA) tokens linked to intellectual property and enables secure and transparent trading of digital assets tied to unique ideas and patents. The platform’s Smart Contracts functionalities can automate payment of licensing fees and royalties according to predefined rules, thereby ensuring peace of mind for creators.

For example - E Money Network can foster IP marketplaces which enable music creators to monetise their music. These marketplaces can connect music creators directly with users, who can purchase tokenised rights to the music. Furthermore, these marketplaces can also support innovative forms of monetization for creators such as enabling them to launch limited edition music copies/albums in the form of NFTs.

• Decentralised Physical Infrastructure Networks (DePIN) application:

The E Money Network lays the groundwork for DePIN, thus contributing to the development of community-led physical infrastructure models. With E Money Network, DePIN projects can leverage the features of blockchain such as tokenisation, transparency and traceability of transactions, and secure ownership of assets to foster trust among communities and incentivize their members to contribute to building DePIN infrastructure.

For example - Interconnected mobile network of thousands of mobiles with data package in which every user with unused data can resell it on the DePIN application built on top of the E money network, thereby optimising data utilisation.

E Money Network recently rolled out its testnet for users and developers and the development of mainnet is in full swing. If you are a developer with a revolutionary idea, then E Money Network will extend its full support to help you actualise your vision. You can avail a grant for building your next-gen application. Click here to know more - https://blog.emoney.io/faqs/grant-program

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