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EML Protocol

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Discover EML Protocol's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is EML Protocol?

EML Protocol (EML) is a cryptocurrency that operates on a permissioned private blockchain framework called Hyperledger Fabric. It aims to provide a fast, secure, and cost-effective payment platform by directly connecting users and merchants through blockchain-based smart contracts and coin circulation structures. The platform supports various cryptocurrencies and offers features such as online and offline payment integration, multi-cryptocurrency support, and a management system for merchants. The EML token is the governance token of the platform, with a total supply of 2 billion tokens.

How is EML Protocol used?

The EML Protocol (EML) is a cryptocurrency used within an end-to-end payment platform that integrates the permissioned private blockchain form of Hyperledger Fabric. This platform allows only approved users to participate, ensuring secure and reliable transactions. The EML Protocol connects users and merchants directly, utilizing blockchain-based smart contracts and coin circulation structures to simplify the consensus algorithm, providing a fast and cost-effective payment platform.

How do I store EML Protocol?

To store EML Protocol (EML) tokens, you need to use a reliable cryptocurrency wallet. Here are the steps to follow:

  1. Choose a Crypto Wallet: Select a wallet that supports EML Protocol and is compatible with your location. Popular options include Metamask Wallet, which supports millions of assets and blockchains.

  2. Create a Wallet Account: Set up your chosen wallet by following the registration process. This typically involves providing necessary information and setting a secure password.

  3. Get Your Receiving Address: Once your wallet is set up, navigate to the wallet homepage and select EML Protocol. Copy your receiving address, which will be used to receive your EML tokens.

  1. Transfer EML to Your Wallet: After purchasing EML Protocol on an exchange, transfer the tokens to your personal wallet for safekeeping. This ensures you have full control over your assets and can use them for trading or other purposes.

By following these steps, you can securely store your EML Protocol tokens in a wallet of your choice.

How to buy EML Protocol?

To buy EML Protocol (EML) tokens, follow these steps:

  1. Create an account: Sign up on a reliable cryptocurrency exchange like Bitget, Bitrue, or Binance.
  2. Complete verification: Finish the identity verification process on your chosen exchange.
  3. Deposit funds: Add funds to your exchange account using various payment methods such as credit/debit cards, Google Pay, Apple Pay, bank transfers, or other fiat payment gateways.
  4. Place an order: Use your deposited funds to place a buy order for EML Protocol tokens. You can do this through the exchange's trading platform or by converting other cryptocurrencies to EML Protocol.

Additionally, you can also use peer-to-peer (P2P) trading platforms, which allow you to buy EML Protocol with over 100 payment methods, including bank transfers, cash, and e-wallets.

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History of EML Protocol

The EML Protocol (EML) is a cryptocurrency that powers an end-to-end payment platform. Founded in 2023, it leverages the permissioned private blockchain form of Hyperledger Fabric, allowing only approved users to participate. This platform aims to provide a secure, efficient, and cost-effective payment solution by directly connecting users and merchants through blockchain-based smart contracts and coin circulation structures.

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How EML Protocol works

The EML Protocol is a cryptocurrency designed to facilitate fast and cost-effective payments through its end-to-end payment platform. This platform integrates the permissioned private blockchain form of Hyperledger Fabric, which allows only approved users to participate. This means that the blockchain is not open to the general public but rather restricted to authorized users, ensuring a higher level of security and control.

The EML Protocol uses blockchain-based smart contracts and coin circulation structures to simplify the consensus algorithm. This results in a more efficient and cost-effective payment system. The platform directly connects users and merchants, allowing them to choose the currency used for payment and settlement. This flexibility is a key feature of the EML Protocol, as it grants users and merchants more control over their transactions.

A crucial component of the EML Protocol is the Membership Services Provider (MSP). The MSP is responsible for managing approvals and is involved in the processing of transactions within the Fabric framework. This ensures that all transactions are secure and legitimate, as only approved users can participate in the network.

The EML Protocol aims to drive global adoption by providing an ecosystem of services that are secure, transparent, and decentralized. This ecosystem is designed to simplify the payment process, making it more accessible and efficient for users and merchants alike.

In summary, the EML Protocol works by integrating a permissioned private blockchain with smart contracts and coin circulation structures to create a fast, cost-effective, and secure payment platform. The platform's restricted access and the role of the MSP ensure the integrity and legitimacy of transactions, making it an attractive option for those seeking a reliable and efficient payment system.

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EML Protocol's strengths

The EML Protocol token (EML) has several strengths that make it a promising investment opportunity. Here are some of the key advantages:

  1. Security and Escrow: EML Protocol utilizes TrustbridgeX, which employs smart contracts and an escrow system to ensure safe and reliable transactions. This reduces the risk of not receiving tokens after payment and provides a secure environment for buyers and sellers.

  2. Diverse Trading Options: The platform offers various trading options, including cryptocurrency to fiat, dual-tokenization, and more. This flexibility allows users to engage in different types of transactions, enhancing the overall trading experience.

  3. Ease of Use: The automated token transfer from sellers to buyers and the ease of registering sell orders on the platform make it user-friendly and efficient.

  1. Blockchain-Driven Transparency: EML Protocol's blockchain technology ensures transparency and trustworthiness in transactions, which is particularly important for travel reviews and other applications.

  2. Governance and Utility: As the governance token of EML Protocol, EML tokens can be used for payment, discounts, and collateral within the EML Commerce Platform and DeFi Platform, making them a versatile and valuable asset.

  3. Scalability and Interoperability: By leveraging Hyperledger Fabric, EML Protocol ensures high scalability and secure transactions within its ecosystem, allowing for seamless interactions between users and merchants.

These strengths contribute to the overall value and potential of the EML Protocol token, making it an attractive option for investors seeking a secure and versatile cryptocurrency.

EML Protocol's risks

EML Protocol (EML) is a blockchain-based payment platform that integrates the permissioned private blockchain form of Hyperledger Fabric. This technology allows only approved users to participate, ensuring a secure and transparent transaction environment. Here are some key points about EML Protocol:

  • End-to-End Payment Platform: EML Protocol is designed to provide seamless and transparent transactions, eliminating the need for intermediaries.
  • Permissioned Private Blockchain: The platform utilizes Hyperledger Fabric, which restricts participation to approved users, ensuring high scalability and secure transactions.
  • Multi-Cryptocurrency Support: EML Protocol supports various cryptocurrencies, such as Bitcoin, Ethereum, and stablecoins like USDT, within its ecosystem.
  • Platform and Affiliate Management System: Merchants can access real-time transaction data and manage their operations efficiently through the integrated management system.
  • User and Merchant Benefits: EML Protocol offers discounts and promotional benefits for users and faster settlement services for merchants.

Regarding financial risks, EML Protocol has implemented measures to mitigate them:

  • Safeguarding Funds: EML Payments, the developer of EML Protocol, is required by law to safeguard customer funds, holding them separately from their own money in a safeguarding account with a bank.
  • Regulatory Compliance: EML Payments is regulated by the Financial Conduct Authority (FCA) in the UK, ensuring adherence to strict financial standards.
  • Independent Expert Oversight: An independent expert checks EML's safeguarding obligations annually, and the report is available to the FCA on request.
  • Insolvency Protection: In the unlikely event of EML going out of business, an insolvency practitioner would be appointed to return safeguarded funds to customers, minus administrative costs.

These measures help minimize financial risks associated with EML Protocol, ensuring a secure and reliable payment platform for users and merchants.

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EML Protocol's ecosystem

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EML Protocol’s team

  • Benn Song: CEO - Head of Project Operation.
  • Ralph Lee: COO - Head of Project Operation.
  • Evan Kim: CTO - Head of Blockchain Development.
  • Ely: Team member, role not specified.

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