E3T -The Engine Behind E3 Digital Economy Platform

Over the past few years, many ICO projects have cropped up and managed to raise billions of dollars. However, only a few projects have been successful and managed to gain mass adoption – Ethereum, EOS, Tron, and NEM, to name a few. Most projects remained at the POC stage and failed to deploy after raising funds. Worse still, many were scams where the tokens created were just empty digital currency with zero value, aka air coins. Besides that, many were ponzi or money games.

E3T is different. We have designed E3T to be an engine that will power the world’s largest Digital Economy Platform for entrepreneurs. We believe that E3T will help build a vibrant token economy for our closed-loop ecosystem. Although ours is a closed-loop system, we will have a sizable community that spans multiple countries. As all of them are entrepreneurs, they can create huge economic value that might constitute a portion of the national GDP of many countries. The introduction of E3T will accelerate the digital transformation of business processes such as financial services, HR management, product development, marketing, e-commerce, and more.

With respect to financial services, E3T can be used as an internal currency that drives all economic activities within the E3 Digital Economy Platform. These economic activities include E2E transactions, payment for training classes and workshops, payment in the E3 digital decentralized marketplace, payment for mentoring and incubation services, and more. In addition, E3T can also be used to conduct cross-border transactions among members from different countries. To ensure ease of payment, we are developing a mobile digital wallet that has multiple functions and a mobile POS that can allow merchants to accept payments in E3T and other cryptocurrencies.

Another area of finance that can utilize E3T is P2P lending. What blockchain can bring to the table for the peer-to-peer lending platform is building more trust and transparency into the system. Companies like SALT Lending, Lendoit, and Jibrel Network have already launched a peer-to-peer lending platform using blockchain and smart contracts. Similarly, the E3 tech team will develop a blockchain-powered P2P lending platform where entrepreneurs in E3hubs can have easy access to funding via debt financing. The P2P lending platform shall enable the creditors to lend E3T to the borrowers, and borrowers can use E3T to fund their projects, thus increasing the utilization of E3T.

Crowdfunding has become an extremely useful alternative to venture capital. However, traditional crowdfunding platforms charge a high fee for services provided. For example, Kickstarter charges a 5% fee on all funds raised, and their card processing partner also charges a 3% cut and tacks on an additional 20 cents per pledge. On the other hand, blockchain-powered crowdfunding platforms can leverage smart contracts to lower their own costs and pass those savings along to the recipients of crowdfunding by decreasing transactional fees. As the E3 vision is entrepreneurs empowering entrepreneurs, we will develop a blockchain-powered equity crowdfunding platform so that entrepreneurs in the E3 Digital Economy platform can raise funds from entrepreneurs at a lower cost than traditional ECF platforms. To encourage the utilization of E3T, entrepreneurs can invest using E3T and recipients of the funds can use E3T to kickstart their projects.

The good news is that Fundedbyme, a licensed equity crowdfunding and p2p lending company in Malaysia, has agreed to collaborate with E3 Digital Economy Platform to enable E3T to be accepted on their platform. By leveraging Fundedbyme’s expertise and experience, we will be able to build robust blockchain-powered P2P and ECF platforms to serve entrepreneurs in the E3 Digital Economy Platform. This synergy will greatly boost the value of E3T.

Human resource management has undergone tremendous changes in recent years, particularly with regards to the digitalization of human resources.  The emergence of blockchain technology could further transform the world of HR. We will design a payroll and HR services platform on top of our E3 Digital Economy Platform powered by E3T. It will be a global outsourcing platform that serves the freelancers and employers within the E3 community. On this payroll and HR services platform, employers can hire remote freelancers from other countries and use E3T to pay them.

The supply chain is a highly complex and broad ecosystem involving manufacturers, suppliers, sellers, and retailers. Current supply chains face many issues including difficulty in product tracking, theft, counterfeiting, data fraud, and more. Maintaining a level of consistency and error-proofing, to ensure that the right products get to the right location in time, is a huge challenge for any supplier.  On the other hand, blockchain-powered SCM can improve traceability and trackability that will greatly reduce the pain points of SCM. Therefore, we will develop a Supply Chain Management system based on blockchain technology specifically for the entrepreneurs in our closed-loop ecosystem. Channel members can be incentivized with E3T to host nodes on the supply chain networks and use E3T to pay for the transaction and transportation fees.

One of the most ambitious projects of E3hubs is to build a decentralized e-commerce marketplace where members can set up shops to buy and sell goods and services. All transactions can be paid with E3T using our desktop app or from our mobile wallet. This will greatly increase the value and utilization of E3T.

In a nutshell, E3T is designed to be the engine behind the world’s largest digital economy platform for entrepreneurs. It will be the main driver that will power all business activities in the E3 closed-loop digital ecosystem. In this way, E3T will attain mass adoption and could challenge the mainstream cryptocurrencies in the future.

References

E3 Blockchain E-Commerce Marketplace

With the upcoming launch of our long-awaited E3T token, we are in the process of developing various applications to ensure mass adoption of our tokens on our global digital economy platform. One of the most important applications we are developing is the blockchain-powered e-commerce marketplace.

Giant e-commerce platforms such as Alibaba, Amazonl, JD.com, and eBay have been ruling the e-commerce marketplace for the past decades and out-performed the brick and mortar businesses. All these platforms have one thing in common – they run on centralized platforms. There is one centralized system that matches buyers and sellers. However, these platforms have two key weaknesses, namely a lack of transparency and trust. It is difficult to identify who is the user as well as the associated transactions. This results in growing amounts of online marketplace fraud.

Comparatively, all the transactions on the blockchain marketplace are verifiable, traceable, and tamper-proof. Therefore, it can completely eliminate online frauds which are rampant on traditional e-commerce marketplaces. In fact, every transaction can be traced using a unique digital ID. This speeds up order fulfillment and provides better customer service. Any defective product can be recalled and replaced rapidly and automatically based on the smart contract.

Blockchain marketplace is also a better platform for complaint redressal as data are transparent and immutable. Feedback recorded on the blockchain from the community also provides more accurate information pertaining to products and services sold on the marketplace. This will greatly improve customer satisfaction.

In addition, payment is made easy and instantaneous as it is paid directly to the vendor or supplier without going through intermediaries, saving cost and time. Besides that, merchants will benefit a great deal by adopting the blockchain marketplace as it is easy for supply chain management, payment settlements, auditing, and more.

To enable our entrepreneurs to trade using E3T, we will develop the E3 Blockchain-powered marketplace where all entrepreneurs can set up online stores on the marketplace. We shall develop various applications like shopping carts, web, and mobile apps design, and crypto payment gateways to facilitate online transactions. In addition, we will also add online stores to our wallet for users to purchase goods and services from our merchants with E3T. On top of that, we will also implement O2O e-commerce where users make purchases on our blockchain-powered marketplace and settle payments offline upon delivery using our mobile POS terminal. 

References

One-Touch Connect to the world’s Largest Digital Economy platform for Entrepreneurs-E3T Wallet

Without an encrypted digital currency wallet, digital currency is just another inanimate idea. Therefore, E3hubs will develop iOS and Android versions of the multi-functional mobile encryption wallet, which will give E3T more vitality.

With E3T wallet, you can connect to the world’s largest digital economy platform for entrepreneurs and conduct transactions with one touch on your mobile phone. By installing E3T wallet you are literally having a bank vault on your mobile phone! It allows you to buy products and services just by scanning the QR code. Besides that, you can pay for training courses, events and mentoring services with your mobile wallet, seamlessly and without any hassle.

For startups who seek funding, just click the P2P lending or ECF buttons on the E3T wallet to initiate fundraising process on P2P and ECF platforms of E3hubs. Those who are keen to trade E3T can always look up for the latest trend by touching the market watch button and then swap to exchange for other cryptocurrencies. With the airdrop button, entrepreneurs may incentivize their customers by airdropping free tokens to their wallets for purchasing their products or services.

E3T wallet also rewards members with E3T by recommending friends to join the E3 platform. For members who wish to promote their products and services, they can implement push advertising on E3T wallet. Most excitingly, members from different countries can use E3T wallet to perform cross border payment seamlessly using a one-touch button on your mobile phone.

Latest news, we will reveal E3T wallet UI soon, stay tuned!

Introducing E3T

E3hubs, the largest incubation hub in South East Asia, is embarking on a grand blockchain project by creating a global digital economy platform that is powered by its native token, E3T. The platform will enable E3hubs entrepreneurs to perform all forms of economic activities that will create economic value that might rival the GDP of some countries.

E3T can be used in the following areas, and the list is not exhaustive.

E3T as an Internal Cryptocurrency of the E3 Platform

E3T will be used as an internal cryptocurrency to pay for events, mentoring services, and training courses. It is borderless because all the aforementioned transactions can happen on a global scale. For example, a coach can create an online mentoring service or a webinar on the E3 platform, and members from any part of the world can pay for the service using E3T.

Besides that, E3T can be used for E2C transactions and E2E transactions, where members buy goods and services from physical outlets owned by members.

E3T as Payment for O2O Marketplace

E3T can be used as payment for the O2O marketplace. Members can buy things on the e-commerce marketplace and pay by COD mode via the E3 mobile POS terminal.

E3 Global Marketplace

The E3 blockchain platform is not only minting tokens but also includes a global E3 marketplace that allows members to trade digital and non-digital products and services, and pay by E3T via E3 payment gateway. Transfer of asset ownership will be done based on smart contracts and it can be tracked and traced using E3T block explorer to avoid dispute.

Cross-border Money Transfer and Payment

E3 digital platform will facilitate cross-border money transfer and payment. Cross border money transfer can be conducted using E3T by reducing many intermediaries, thereby saving cost and time. We will make the cross-border money transfer seamless using E3 mobile POS app, just need to scan the QR code and pay. This will further enhance E2E trading among members of different countries。

E3 Dapps

By leveraging on the E3T PoA network, members can create all kinds of dApps using smart contracts and trade them on the E3T platform and transact using E3T. Besides, the E3T tech team will develop a dApps builder in the future so that members can create any dApp without having to learn how to code smart contracts. Therefore, the usage of E3T can be further enhanced through dApps creation and trading.

Sharing Economy Powered by E3T

Sharing business models such as Airbnb-style office space sharing, ride-sharing, carpooling, etc all can be done using E3T.

E3T Tokenized Asset Trading Platform

Expensive assets like property can be tokenized and sold on E3 tokenized platform using E3T as a medium of exchange.

Using E3T for P2P lending

A member can request a microloan in the form of E3T from another member on the E3 P2P lending platform. Approval of the loan can be executed based on the smart contract.

Using E3T for Equity Crowdfunding

E3hubs will set up an ECF platform by partnering with some ECF players like FundedbyMe and CrowdPlus.Asia for members to raise funds via the platform using E3T. Matching is done automatically using the smart contract based on certain terms and conditions.

E3T Multifunctional Wallet

E3hubs will develop a multifunctional mobile wallet that comes in iOS and Android versions. It can perform the following functions:

  • Create an account (keys+address) and store it securely, transfer funds and make payment (can accept different types of cryptocurrency or tokens)
  • Token swap function
  • Market watch function
  • Get a reward for recommending a friend
  • Airdrop
  • Advertisement
  • Announcement

E3hubs is committed to making E3T one of the top utility tokens in the world and will strive to build E3 into the world’s largest digital economy platform for entrepreneurs.

References

https://medium.com/@robin8/why-is-trading-digital-assets-via-blockchain-the-best-solution-6897db75faff

https://hackernoon.com/bitmark-how-to-use-the-blockchain-for-property-rights-ecf9f5e67e77

https://dappbuilder.io/builder

https://dgaming.com/media/what-is-poa-and-how-is-it-unique/

Storing Data on Blockchain

Though we are experiencing crypto winter at the moment, with major coins devalued more than 80% in 2018, the underlying blockchain technology is still exciting. The blockchain provides a democratized trust, distributed and validation protocol that has already disrupted banking and financial services and is on the verge of overhauling other industries like healthcare, supply chain, HR and more.

Despite the hype and its promising future, blockchain still has its shortcomings, the issue of data storage is one of them. The transactions based on the POW consensus for bitcoin, Ethereum, and other cryptocurrencies are extremely slow and therefore not suitable for storage of large data. For example, the deployment of dApp Cryptokitties nearly crippled the Ethereum network

The main problem of storing data on a blockchain is the limitation of the amount of data we can store because of its protocol and the high transaction costs. As a matter of fact, a block in blockchain can store data from a few kilobytes to maybe a few megabytes. For example, the block size of the Bitcoin is only 1Mb. The block size limitation has a serious impact on the scalability of most cryptocurrencies and the bitcoin community is debating whether to increase the block size.

Another issue is the high cost of the transactions. Why is storing data on the blockchain so expensive? It is because the data has to be stored by every full node on the blockchain network. When storing data on the blockchain, we do pay the base price for the transaction itself plus an amount per byte we want to store. If smart contracts are involved, we also pay for the execution time of the smart contract. This is why even storing kilobytes of data on the blockchain can cost you a fortune.

Therefore, it is not viable to store large data files like images and videos on the blockchain. Is there a possible solution to solve the storage issue? Yes, there are quite a few solutions but the most promising one is IPFS.

What is IPFS?

IPFS or Interplanetary File System is an innovative open-source project created by the developers at Protocol Labs. It is a peer-to-peer filesharing system that aims to change the way information is distributed across a wide area network. IPFS has innovated some communication protocols and distributed systems and combine them to produce a unique file-sharing system.

The current HTTP client-server protocol is location-based addressing which faces some serious drawbacks. First of all, location-based addressing consumes a huge amount of bandwidth, and thus costs us a lot of money and time. On top of that, HTTP downloads a file from a single server at a time, which can be slow if the file is big. In addition, it faces single-point of failure. If the webserver is down or being hacked, you will encounter 404 Not Found error. Besides that, it also allows for powerful entities like the governments to block access to certain locations.

On the other hand, IPFS is a content-based addressing system. It is a decentralized way of storing files, similar to BitTorrent. In the IPFS network, every node stores a collection of hashed files. The user can refer to the files by their hashes. The process of storing a file on IPFS is by uploading the file to IPFS, store the file in the working directory, generate a hash for the file and his file will be available on the IPFS network. A user who wants to retrieve any of those files simply needs to call the hash of the file he or she wants. IPFS then search all the nodes in the network and deliver the file to the user when it is found.

IPFS will overcome the aforementioned HTTP weaknesses. As files are stored on the decentralized IPFS network, if a node is down, the files are still available on other nodes, therefore there is no single point of failure. Data transfer will be cheaper and faster as you can get the files from the nearest node. On top of that, it is almost impossible for the powerful entities to block access to the files as the network is decentralized.

The following figure shows the difference between the centralized client-server protocol(HTTP) and the peer-to-peer IPFS protocol.


 [Source: https://www.maxcdn.com/one/visual-glossary/interplanetary-file-system/]

Blockchain and IPFS

IPFS is the perfect match for the blockchain. As I have mentioned, the blockchain is inefficient in storing large amounts of data in a block because all the hashes need to be calculated and verified to preserve the integrity of the blockchain. Therefore, instead of storing data on the blockchain, we simply store the hash of the IPFS file. In this way, we only need to store a small amount of data that is required on the blockchain but get to enjoy the file storage and decentralized peer-to-peer properties of IPFS.

One of the real-world use cases of blockchain and IPFS is Nebulis. It is a new project exploring the concept of a distributed DNS that supposedly never fails under an overwhelming access request. Nebulis uses the Ethereum blockchain and the Interplanetary Filesystem (IPFS), a distributed alternative to HTTP, to register and resolve domain names. We shall see more integration of Blockchain and IPFS in the future.

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