What is EML? All You Need to Know About The EML Protocol

What is the EML Protocol?

The EML Protocol is a secure, transparent, decentralized blockchain that aims to drive global adoption by providing an ecosystem of services that users need daily. While the project is decentralized, with all the complications attached, its design focuses on providing its users with an easy and convenient life.

The EML Protocol uses an advanced Hyperledger Fabric protocol to enhance its transparency, security, and efficiency. It allows it to be utilized for various use cases in various industries, such as supply chain management, finance, healthcare, and more. The EML blockchain offers flexible, scalable interactions while eliminating the need for centralized entities capable of up to 10,000 TPS.

History of EML Protocol

The EML team was established in 2023 with the release of its whitepaper and the first payment system on the EML protocol blockchain.

After the concept design, the EML team focused on expanding the community and ecosystem globally through global partnerships and listing on crypto exchanges like the LBank Exchange. The EML Protocol was tested, and the EML platform was designed and integrated into the blockchain.

In the first quarter of 2024, the project focuses on releasing the blockchain and platform for TrustTravelX, ensuring it operates smoothly. Afterward, the project would release and launch the blockchain and platform for the TrustMarketX service.

Core Components of the EML Protocol

Hyperledger Fabric

The Hyperledger fabric is the foundation of the EML protocol that allows approved users to participate in end-to-end payment transactions on the private permission-ed EML blockchain. While the EML protocol is a payment and social-focused blockchain, introducing the Hyperledger Fabric 1.3, which supports Ethereum Virtual Machine (EVM) bytecode smart contracts, allows developers to write applications in languages such as Solidity or Vyper. This permitted the EML blockchain to attain EVM compatibility.

The Hyperledger Fabric is used to develop applications with a modular architecture that allows developers to swap out components that suit their design, such as the consensus mechanism, environment, and services.

The Hyperledger framework uses the smart contracts of EML’s protocol to connect merchants with users without needing centralized entities. To provide fast and cost-effective services, the project uses a separate service provider called the Membership Services Provider (MSP), responsible for approving and processing transactions.

The framework is built to improve scalability while supporting privacy, ensuring that private or sensitive data is collected to be shared with authorized parties only. The natural flexibility of the framework allows the EML protocol to implement a channel-based architecture. This enables private communication between specific users in a social network.

EML Protocol Architecture

The EML architecture comprises three main components: the clients, peers, and orderers.

The clients are the applications that utilize the EML protocol, interacting with it to invoke transactions, query the ledger state, and monitor network events. The Peers components are nodes that belong to different organizations within the EML ecosystem.

These nodes, or peers, receive and execute smart contract calls and transactions their respective organizations conduct. The nodes are also responsible for maintaining copies of validated transactions in the ledger for transparency purposes.

Orderers receive the data from the nodes or peers that have been approved and organize them onto the blockchain. They are a layer of security that ensures the consistency of the blockchain ledger.

Features of The EML Ecosystem: TrustBridgeX, TrustTravelX and TrustMarketX

TrustBridgeX

Source: ELM Protocol Doc

The TrustBridgeX platform is a person-to-person cryptocurrency transaction platform that supports escrow features and automated trades. The platform allows users to register and sell tokens, which will be automatically deposited to TrustbridgeX escrow pending when the buyer makes payments.

The escrow feature gives buyers a measure of safety while making payments for assets, and sellers feel the convenience of automated transactions that don’t require user inputs.

The platform prioritizes safe, fast, and reliable transactions that users can indulge in without limits, such as trading cryptocurrencies for fiat currencies, dual tokenization, and others operating similarly to existing financial exchanges.

To achieve its goal of making web3 accessible to all, the platform’s user interface is designed to be intuitive and easy to use, supporting digital tools and trading options.

TrustTravelX

Source: ELM Protocol Doc

The TrustTravelX is a communication platform similar to social media platforms, allowing travelers to communicate and plan their trips.

The platform is a GPS-based social media service built with an authentication system to ensure the communications occurring on the platform are genuine with approved users. This allows members of the EML community to explore new experiences, meet new people, and share personal travel experiences.

TrustMarketX

Source: ELM Protocol Doc

The TrustMarketX platform in the EML ecosystem allows users to buy and sell digital assets or services such as NFTs, utilities, tokens, and services.

As a platform that allows users to list and trade, TrustMarketX prioritizes providing a safe and stable environment for users to transact anything their imagination can conjure.

Sellers can use the EML tokens to list or advertise their items, among other activities and opportunities.

What is the EML Token?

Source: ELM Protocol Doc

The EML token is the native token of the EML protocol’s Blockchain and a utility token based on Ethereum. The EML mainnet is scheduled to launch in the first quarter of 2024. As an end-to-end payment blockchain, the EML protocol uses the EML token to conduct transactions on its multiple platforms in the ecosystem, such as the TrustMarketX and TrustTravelX platforms, to name a few. The token can also be used to make payments for services and enjoy discounted rates on the EML Commerce Platform, DeFi Platform, and NFT D-Spider Platform in the ecosystem

The EML token will have a total supply of 2 billion tokens, with only 39.7 million (about 2%) currently in circulation. 30% of the total supply is allocated to the ecosystem, operating expenses, partnerships, and the advisory team. On the other hand, 10% of its supply has been reserved for marketing efforts, 5% for protocol development, and 25% is reserved in the EML treasury.

The EML Token is also vital for incentivizing and achieving the goal of global adoption for the EML Blockchain Protocol while providing a seamless and efficient means of value exchange.

Risk analysis

Advantages

The EML protocol utilizes blockchain technology to deliver seamless, transparent transactions while eliminating the need to rely on intermediaries and gatekeepers, which is prevalent in traditional financial transactions.

Aside from its flexible, scalable design using the Hyperledger Fabric framework, it provides a variety of use cases for daily activities and travel adventures for users at a 30% discount, rewarding token holders for their significant participation.

It also encourages users to purchase and hold tokens for future benefits as the ecosystem develops.

Disadvantages

Source: CoinMarketCap Website

The EML protocol is a new project with its conceptual framework dating back to the beginning of 2023. This brings to question its capacity against security attacks by bad players in the industry.

It’s also a complicated system, which would pose some difficulties for users with little knowledge of blockchain technology or interaction with decentralized protocols. The protocol is also limited by the general volatility in the crypto space, and the contract owner can modify the token smart contract.

Challenges

The main goal behind the EML protocol is to provide services and interactions that users require in their daily lives, which would facilitate global adoption. Yet, malicious players’ volatility, complexity, and possibility would challenge web2 users. This would make the EML less appealing when onboarding users.

As a new project, it would have difficulty competing with more established blockchain platforms, and things would be made difficult by the regulatory uncertainty surrounding the crypto space.

Competitive Analysis

The EML Protocol is unique in its combination of a private blockchain network, a payment system, and a machine learning engine. But as a payment infrastructure, the Stellar Blockchain is a potential competitor.

While the EML protocol uses the Hyperledger Fabric, which focuses on security by creating a private network with only authorized participants, the Stellar Blockchain uses the Stellar Consensus Protocol, which is focused on speed and secure execution.

This means the EML Protocol is designed to be the foundation for enterprise-grade applications built for agility and secure internal solutions for daily utilization. The Stellar blockchain primarily focuses on applications made for speedy cross-border executions and swift global transactions.

Is the EML Token a Good Investment?

The main value proposition for the EML Protocol is the discounted rates and ease of use based on the number of native EML tokens held and the services provided by the specific platform on the EML blockchain.

Holders of the EML token are allowed to purchase products or enjoy services at 30% of the cost on the platform, and continuous spending of the EML token would require purchasing the tokens or earning EML rewards if the user aims to continue enjoying the discount. This builds a circular ecosystem that would allow the price of the EML token to stabilize or rise, giving value to the early adopters and investors of the token.

The road map of the EML project shows future developments that would bring more use cases to the platform. This would ultimately lead to the creation of a global ecosystem comprised of users and entities that share the same values, building a solid community for the long term.

How Can You Own EML?

To own EML tokens and become a part of the EML ecosystem, users can follow a simple process:

Setup a Wallet

One way to own EML tokens is to purchase them through an exchange. For this, the user must create a Gate.io account, complete the KYC process, and add funds to the account to buy the token.

Utilize the EML Tokens

Once users have acquired EML tokens, they can explore the EML Protocol ecosystem by partaking in payment settlements, asset trading, and escrow services to earn passive rewards.

Take Action on EML Protocol

Users can trade the EML token here.