Security-First - A Deep Dive into E Money Network’s Robust Features

E Money Network is a modular RWA blockchain. This means that E Money Network is poised to be the infrastructure layer for a wide spectrum of RWA applications.

At present, E Money Network has a testnet and a Web3 wallet. Upon the launch of mainnet, the network will be ready to support applications capable of facilitating the generation, storage and exchange of millions – or billions – of dollars worth of value in tokenised assets. This makes it imperative for E Money Network to be the strong and secure foundation that can manage and safeguard value, and earn the confidence of developers and users.

E Money Network has integrated a wide range of security features to ensure asset and data protection and foster ecosystem integrity. These features are also designed to mitigate the risk of potential threats. Following is an overview of the security features of E Money Network -

1. Instant transaction finality with no challenge period - This feature ensures that once a transaction is confirmed, it is recorded instantaneously and immutably on blockchain. This eliminates the risk of double-spending, where a malicious entity can exploit the delay in finality to spend the same asset twice. Furthermore, this feature enables improved user experience. Users are able to interact with the network with peace of mind knowing that their transactions will get immediate confirmation and will be non-reversible, eliminating the need for waiting or rechecking.

2. Cross-chain communication with IBC protocol - The Inter-blockchain Communication (IBC) protocol is a mechanism for facilitating interoperability between different blockchain networks. The IBC protocol lends greater security to cross-chain transfers than other systems as it does not rely on a centralised intermediary for facilitating these transfers, thus preventing the risk of hacks and single points of failure.

3. Trustless decentralisation Without a Centralised Sequencer - E Money Network doesn’t have a centralised sequencer responsible for ordering transactions. It utilises decentralised sequencers for distributing transactions across different nodes. This feature facilitates trustless decentralisation in the network and makes it more secure by eliminating the risk of single points of failure.

4. EVM Compatibility - E Money Network achieves EVM compatibility through the use of integrated EVM-modules. These modules replicate the Ethereum Virtual Machine (EVM) environment, allowing developers to deploy and execute Ethereum Smart Contracts. The EVM module interprets EVM bytecode, manages EVM state, handles EVM transactions and messages, and interacts with the underlying Cosmos-SDK for consensus, storage and other functionalities. The Ethereum address mapping feature helps in maintaining compatibility by employing a mapping mechanism to translate Ethereum addresses into Cosmos addresses ensuring seamless interaction between Ethereum accounts and Cosmos accounts. Furthermore, a JSON-RPC Server provides an Ethereum-compatible JSON-RPC interface to facilitate interaction with the EVM using Ethereum development tools. It manages processes like handling method calls, parameter encoding and response formatting.

5. WASM Compatibility - WebAssembly (WASM) is a well-established and dependable portable binary code format that enables developers to create complex smart contracts with more efficient code execution. Since developers are already familiar with WASM, developing applications efficiently and testing them for security becomes easier.

6. Byzantine Fault Tolerance (BFT) Consensus Algorithm - E Money Network is a Proof-of-Stake (PoS) blockchain with Byzantine Fault Tolerance (BFT) consensus algorithm. The use of the BFT consensus algorithm ensures that the network can tolerate validator failures or malicious actors up to a certain threshold, and continue to function with integrity and consistency.

7. Regulatory Authority Module (RAM) - In the E Money Network, ensuring regulatory compliance is of paramount importance. Therefore, E Money Network has integrated a robust Regulatory Authority Module (RAM) that acts as a secure gatekeeper for user onboarding and ongoing activity monitoring. Only verified entities can access the functionalities of the E Money Network. Thus, this module plays a crucial role in safeguarding the integrity of the E Money Network system and mitigating potential financial crimes.

Last but not the least, E Money Network undergoes periodic security audits by reputable firms. These audits are conducted on-chain, potentially enabling continuous monitoring and fostering transparency. Any weak links in the technology are fixed and tested thoroughly before the product or feature is launched for the public. The most recent audit was conducted by Blaize Security, and E Money Network scored 9.3/10 for its blockchain security. The entire report can be found here. Furthermore, the developers at E Money Network are constantly monitoring new threats and vulnerabilities, and proactively developing solutions to secure the network against them. All these features make E Money Network one of the most robust and trusted networks in the emerging RWAs sector.

Presently, we are running the E Money Network testnet to battle test its features thoroughly. We invite developers, users and blockchain enthusiasts to engage with our testnet, explore its features and contribute to its ongoing enhancement. Check out this blog to find out more about E Money Network testnet.

We also invite users to download E Money Wallet and explore the world of cryptocurrencies and dApps. Download now by clicking here. If you are a developer with a great idea for an RWA dApp and interested in building on the E Money Network, then you can apply to our grant program here.