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What Is EML Protocol (EML)

What Is EML Protocol (EML)

Are you ready to dive into EML Protocol, the new platform that streamlines payments by leveraging the power of blockchain? In this article, we will take you through an introduction to EML Protocol, how it works and its features.

Imagine having a direct connection between users and merchants, implementing services swiftly and economically using blockchain technology. This is the vision realized by EML Protocol. Launched to offer a comprehensive solution to users seeking an efficient, secure, and cost-effective payment platform, EML Protocol bypasses trust issues associated with traditional platforms.

A Primer on EML Protocol

EML Protocol is an all-encompassing payment platform that utilizes a permissioned private blockchain framework, the Hyperledger Fabric. This technology only allows approved users to participate. EML Protocol establishes a direct line of connection between users and merchants, rolling out services through blockchain-based smart contracts and coin circulation structures. This configuration simplifies the consensus algorithm, leading to a fast and cost-effective payment solution.

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EML Protocol Network

Source: EML Protocol

EML, the developer of EML Protocol, has its own platform ecosystem and provides services integrating various payment methods such as mobile phones, QR codes, barcodes, gift vouchers, and online points at online and offline affiliated stores. EML Protocol aims to provide a payment platform that allows various cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDT, to be used as payment methods within EML Protocol ecosystem, in addition to the EML token issued by EML.

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In a recent development, EML Protocol has signed an agreement with Qingdao Zhengyi Material Technology, a reputable software developer and investment company based in Qingdao, China. This partnership is set to streamline and expand blockchain-based services, ushering in a new era of digital integration.

How Does EML Protocol Work?

EML Protocol operates within the Hyperledger Fabric Network, which consists of clients, peers, and an orderer service. Clients include all specific applications and portal platforms catering to specific business activities. Peers, belonging to member organizations, receive transaction invocation requests from their respective organization's clients. Peers maintain copies of the network state and ledger. The orderer service accepts approved transactions, orders them into blocks, and delivers these blocks to the committing peers.

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HyperLedger Fabric Architecture

Source: EML Protocol

EML Protocol blockchain handles the verification and processing of payments and transactions, ensuring interoperability within EML Protocol ecosystem. By incorporating Hyperledger Fabric, only authorized nodes and peers can generate blocks and process payments between users and affiliate merchants. Given the characteristics of such permissioned blockchains, transactions can be safely and stably executed, ensuring high scalability.

Features of EML Protocol

EML Protocol comes with several key features:

Online and Offline Payment Platform: EML Protocol offers APIs and SDKs for online payment integration within the platform ecosystem, along with developer-friendly documentation.

Multi-cryptocurrency Support: EML Protocol supports various cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Stellar (XLM), OmiseGO (OMG), and stablecoins like USDT, within its ecosystem.

Platform and Affiliate Management System: Merchants can access their transaction history, revenue, profits, reservations, and matching data in real-time through an integrated management system.

Point Swap: If entities within EML Protocol issue their own reward points, they can expand the usage of these points through EML Protocol integration.

User Benefits: EML Protocol offers various discounts and promotional benefits for payments made using EML Tokens.

Merchant Benefits: EML Protocol aims to offer merchants a faster settlement service compared to existing payment services.

Value Creation: EML Protocol is designed to redistribute economic gains and value that had been concentrated among middle network operators, returning them to the participants who compose and activate the ecosystem.

What is EML Protocol Roadmap?

As the blockchain industry continues to gain momentum, EML Protocol has formulated an exciting roadmap for the future, outlining key developments and milestones to be achieved in the coming months.

Q3 2023

Building the Foundation: EML Protocol will focus on building a robust architecture, testing the blockchain payment system, and integrating the platform for a seamless user experience.

Q4 2023

EML Protocol's Release: EML Protocol will release their blockchain payment system, B2B/B2C platform, and test credit card payment integration. They also test their DeFi-based platform, DEX exchange, and D-NFT platform.

Operating at Full Potential: EML Protocol will enter the operational phase, testing and optimizing their DeFi platform, DEX exchange, and D-NFT platform.

EML Protocol's Technical Expansion: EML Protocol will expand technically with the release of their DeFi platform and D-Spider NFT platform.

Q1 2024

EML Protocol's Mainnet and Platform Expansion: EML Protocol will switch to the mainnet, conduct EML token swap, and expand their services through platform expansion.

It is important to note that the roadmap presented is subject to change, and EML Protocol may add additional developments or modify their plans in response to changing circumstances.

What are EML Protocol tokenomics?

EML token (EML) is the governance token of EML Protocol. With a total supply of 2,000,000,000, EML tokens can be used for payment and discount applications within the EML Commerce Platform, as collateral within the DeFi Platform, and as a recognized payment method within the D-Spider NFT Platform.

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EML Token Distribution

In conclusion, the EML Protocol is geared towards revolutionizing the platform economy through innovative applications of blockchain technology.

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Disclaimer: All products and projects listed in this article are not endorsements and are provided for informational purposes only.