E3 Event Management and Ticketing Platform

The event management and ticketing industry is a huge market, particularly the event management software market. Markets Insider reported that the Event Management Software Market is projected to grow from USD 5.7 billion in 2019 to USD 11.4 billion by 2024, at a CAGR of 15% from 2019 to 2024.

However, despite the great potential of the event and ticketing industry, there are numerous problems and issues plaguing the current centralized event ticketing industry. The main issues include ticket counterfeiting, ticket scalpers, instant sell-outs and overpriced resale tickets on secondary markets (EventChain, 2017).

The good news is that the blockchain could fix the aforementioned issues.  A blockchain is a distributed digital ledger that can be used to record transactions and other data across a decentralized peer-to-peer network made up of a cluster of computing devices.

Using blockchain technology, every ticket sales can be publicly verified, and thus the authenticity of the ticket can be guaranteed. It is also able to prevent fraudulent sales and counterfeiting. It sets rules (using smart contracts) preventing secondary ticket websites from hoarding tickets and charging inflated prices for premium events. If the rules are broken, the fraudulent accounts are frozen and the tickets are made invalid.

In a nutshell, blockchain-based event and ticketing system has the following benefits:

  • Elimination of ticket duplication and counterfeit tickets
  • Elimination of scalpers
  • Elimination of ticket touts and purchasing bots
  • Fully transparent ticketing aftermarket
  • Automatic refund at the time of cancelation

Use Cases

BitTicket

The Edinburgh-based Citizen Ticket is an event ticketing platform backed by blockchain technology that uses the cryptocurrency Ethereum Classic. In May 2017, they deployed the blockchain-based ticketing system BitTicket and delivered the first live event using blockchain technology.

BitTicket is a ticket delivery service that event organisers, venues, and artists can use to secure their tickets with blockchain technology. BitTicket provides users with one wallet QR code that holds all their BitTickets securely, no matter which ticketing provider they bought them from. They simply present it along with proof of ID to gain entry. Due to the security of BitTicket identity, ticket transfer to friends and family can be done easily and with assurance. BitTickets are immutable, transferable, and verifiable.

BitTicket guarantees the following:

  • Your purchased ticket is genuine
  • Inherent protection against industrial-scale ticket touts and ticket purchasing bots
  • Transfer your tickets securely and with ease between friends & family
  • Provides one wallet for all your tickets – no more individual tickets

GUTS

GUTS uses blockchain technology to create a transparent ticketing ecosystem where inflated secondary market prices and ticket fraud are eliminated. Their motto is simple, transparent and secure.

GUTS brings numerous benefits for different stakeholders:

  • Artist and Managers
    • A fair chance for all the fans to attend the show
    • Expand the fan base with exact data
    • Direct communication with your fans. Send them a message right before the show starts.
  • The venue, Festival and Theatre Operators
    • No ticket fraud: fewer complaints and a stronger image
    • You know exactly who is present, anytime (and who isn’t)
    • Automatic refund procedure at the time of cancelation or resale
    • Identification via mobile phones means a shorter queue
  • Ticket Providers
    • Complete control on the tickets at both the primary and secondary market
    • Easy to integrate with existing ticketing solutions

LAVA

LAVA is a blockchain-based ticketing system that guarantees fair and secure smart tickets for music lovers. The system could prevent ticket touting and fraud ruining festivals for music lovers.

The LAVA ecosystem has the following features:

  • 100% Safe
    • Using latest blockchain technology to eliminate ticket fraud
  • Smart Tickets
    • Smart tickets to stop the exploitation of festival tickets using a unique digital footprint
  • Lava Wallet-Eliminate printing completely by generating the ticket digitally and sending the digital ticket to the Lava wallet directly.
  • No booking fee

PouchNATION

PouchNATION is an event management software system that uses the blockchain technology to good effect. PouchNATION is the first platform to implement blockchain and new digital currency across all verticals in event management. Its components comprise guest registration, cashless payment, access control, activity tracking, social engagement and detailed analytics reporting.

This innovative platform could overcome issues that the ticket industry is currently facing with managing events, attendance tracking apps, eliminating duplicate tickets, and validating registration at the door.

They have executed over 100 events including cashless events in Indonesia events in Indonesia, Philippines, Vietnam, Malaysia, Thailand, and Myanmar.

EventChain

EventChain is a global Smart Ticketing blockchain project that will allow events worldwide to sell SmartTickets through a peer-to-peer network, solving the issues of the centralized event ticketing industry.

It implements the EventChain token network for event management presents to ensure faster transactions, indisputable ticket vouchers, transparency from event hosts and fully flexible and programmable SmartTickets. With the use of the EVC token, smart contract code, and the Ethereum blockchain, EventChain’s transaction network brings increased accountability, transparency, and security to event ticketing.

To fix the excessive ticket fees, EventChain is distributing EVC tokens, a digital ERC20 token created for buying, selling, and programming SmartTickets on the Ethereum distributed network. EventChain claims that their transaction fees are much lower and the transaction confirmation speed is near seconds.

E3 Event Management and Ticketing Platform

After examining the above use cases, I propose that we can use a similar concept to develop blockchain-based event management and ticketing system for E3 Net. Below is a simple conceptual model of E3 Event Management and Ticketing platform:

The platform allows an event organizer to create an event and broadcast it to the E3 website as well as the E3T wallet. The event should comprise details such as event title, date, time, venue, and a ticketing ordering button. The participant can then order tickets by paying E3T. Once the organizer receives E3T, the e-ticket shall be automatically delivered to the participant’s mobile wallet. To enter the event venue, the organizer just needs to scan the e-ticket of the participant.

To build the platform, we need to build a smart contract layer on top of E3 Net to automate the buying and selling of event tickets. We shall use Solidity to write the contracts. There shall be at least two smart contracts – the event contract, and the ticket contract. The event contract will need to link to the ticket contract as it needs to use the data in the ticket contract. The keyword to access the data in another contract is import. For example, we can create an event contract event.sol that imports the ticket contract ticket.sol, using the syntax as follows:

Pragma Solidity ^0.5.0
import "./ticket.sol";

The event.sol file shall create an event contract that specifies event details such as total tickets, collected funds, start time, etc. The code could be as follows:

Contract Event { 
struct EventDetails { 
uint256 ticketAmount;
uint256 SoldticketAmount;
uint256 CollectedFunds;
uint256 StartTime;
 }

The event contract shall also include a create event function, as follows:

function CreateEvent{
uint256 _ticketAmount;
uint256 _Startime
}

There are many more functions to be included in the smart contracts but I will not dwell further as this is not a technical paper.

References

E3T Vs Libra

When I first conceptualized the blockchain network for E3T, the digital money that will power our E3hubs closed-loop digital economic platform, Libra was not born yet. As E3hubs is a closed ecosystem, my team and I have designed the E3T blockchain network as a private permissioned blockchain that allows only members to transact.

To build a blockchain network, we need to adopt a consensus protocol. After conducting some extensive research, I found that the Ethereum Proof of Authority (PoA) is the most suitable consensus protocol for E3T. Two months later, Facebook announced the Libra whitepaper and amazingly it is very much similar to E3T. E3T is as good if not better than Libra.

What is PoA?

Proof of Authority (PoA) is a reputation-based consensus algorithm that introduces a practical and efficient solution for blockchain networks.

Proof-of-Authority (PoA) is a new consensus algorithm family that provides high performance and fault tolerance. In PoA, rights to generate new blocks are awarded to nodes that have proven their authority to do so. To gain this authority and a right to generate new blocks, a node must pass a preliminary authentication.

The Proof of Authority model relies on a limited number of block validators and this is what makes it a highly scalable system. Blocks and transactions are verified by pre-approved participants, who act as moderators of the system.

Why E3T Adopts PoA Consensus Protocol?

My team and I decided to adopt PoA as the E3T consensus protocol for the following reasons:

  • High-performance hardware is not required. Compared to PoW consensus, PoA consensus does not require nodes to spend computational resources for solving complex mathematical tasks.
  • The interval of time at which new blocks are generated is predictable. For PoW and PoS consensus, this time varies.
  • High transaction rate. Blocks are generated in a sequence at an appointed time interval by authorized network nodes. This increases the speed at which transactions are validated.
  • Tolerance to compromised and malicious nodes, as long as 51% of nodes are not compromised. E3T implements a ban mechanism for nodes and means of revoking block generation rights.

E3T Network Infrastructure

The E3T network comprises a data layer (blockchain), a consensus layer (PoA), an application layer, a smart contract layer (solidity), and a network layer (validator nodes). The network is maintained by the P2P validator nodes. Validators will initially be selected from founder members who are trustworthy and have high reputations. The validators will be re-elected periodically to avoid concentration of power. Besides that, malicious nodes will be eliminated based on consensus and new nodes can be added in the same manner.

The E3T blockchain network will be hosted by the AWS private cloud as it can ensure the highest security, high throughput, low latency, and high scalability. Therefore, you can be assured that your digital currency E3T and other digital assets will be secure. I will talk more about AWS in a future article.

How is Libra similar to E3T?

The Libra blockchain is a decentralized programmable database designed to support a low volatility cryptocurrency that will serve as an efficient medium of exchange for billions of people around the world.

Similarly, the E3T blockchain is a decentralized programmable database designed to support a low volatility token, E3T, that will serve as an efficient medium of exchange for all the entrepreneurs and E3hubs members around the world.

Both the Libra protocol and the E3T PoA protocol allow a set of validators to jointly maintain a database of programmable resources. These resources are owned by different user accounts authenticated by public key cryptography and adhere to custom rules specified by the developers of these resources. Validators process transactions and interact with each other to reach consensus on the state of the database. For Libra, these transactions are based on smart contracts using Move, while E3T transactions use Solidity.

Libra uses Move to define the core mechanism of the blockchain, such as the cryptocurrency Libra and the validator membership. In comparison, E3T uses Parity Ethereum to build the core mechanism of the E3T blockchain, such as the minting of E3T tokens and the validator membership. Parity Ethereum is the fastest and most advanced Ethereum client and provides the core infrastructure essential for speedy and reliable services. It was developed using the sophisticated and cutting-edge Rust programming language. Parity Ethereum is licensed under GPLv3 and can be used for all your Ethereum needs.

Reference

Blockchain-Based P2P Lending – A Conceptual Model

Traditional P2P lending models are facing many issues. For example, the cost of onboarding customers remains high, so investors are wary of this kind of investment model. Besides that, this area is heavily regulated by the securities commission in most countries. While a handful of P2P companies have been approved to operate their businesses, many more P2P operators who failed to obtain a license are facing the nightmare of shutting down

Traditional P2P lending cannot allow borrowers and investors to directly match financing but rather needs to be handled as a credit intermediary through the P2P lending platform. The financing cost is increased because of the need to pay the agency fee. Other issues include the limited scalability of P2P lending services on an international scale. This is due to the aforementioned problems of loan repayment guarantees, as well as to regulatory issues (rules and regulations vary from country to country). There is also work to be done on accelerating the process of granting loans and so on.

Although P2P lending platforms are supposed to be operating in a decentralized manner, they are still largely operating in a centralized model. Data is usually stored and maintained on a central database, which might lead to human errors and manipulation of data. 

On the contrary, data stored on a blockchain are stored on the decentralised and distributed network, where every stakeholder has access to a copy of the same ledger. Furthermore, data on the blockchain is immutable, so no party can alter and manipulate the stored data. These characteristics of the blockchain will greatly enhance data security, increase transparency and instill trust amongst stakeholders. Therefore, blockchain is the perfect solution to solve the woes of current P2P lending models. Indeed, a dozen companies have started to deploy blockchain-based P2P lending platforms.

Blockchain-based P2P businesses are broadly divided into two models, the hybrid model and the pure cryptocurrency model. The hybrid model involves using cryptocurrency and fiat money while the pure cryptocurrency model uses only cryptocurrencies.

The Hybrid P2P Lending Model

This model uses a combination of fiat currency and cryptocurrency to provide P2P lending services. Let us examine a few companies that implement this model.

1. SALT

SALT (Secure Automated Lending Technology) is a leader in the blockchain-based P2P lending industry. SALT’s model allows borrowers to use their crypto assets as collateral to secure loans from an extensive network of lenders on the platform. It means SALT does not bother to check the credit score of borrowers but grant eligibility based on the amount of crypto assets they are willing to put up as collateral. The main advantage for SALT borrowers is the ability to borrow fiat money against the security of their crypto assets, which is considered more practical to ordinary people than the pure cryptocurrency lending model. 

To sign up as a member of SALT, a borrower needs to purchase SALT tokens, the cryptocurrency of the SALT platform. SALT is minted using an ERC20 smart contract. After signing up, borrowers have to deposit a certain amount of crypto assets (cryptocurrency) as collateral into the platform’s unique, multi-signature wallet address created by SALT’s Secure Automated Lending Technology. After the terms of the loan are agreed and approved, the lender will make a deposit in fiat money into the borrower’s bank account. The borrower will be obligated to make repayments in fiat money or stable coins (currently accepting USDC, TUSD, and PAX) on a regular basis before the 15th of the month. In the event of a default, his or her crypto assets will be transferred to the lender. 

In order for an asset to be qualified as collateral on the SALT Platform, it must meet certain eligibility requirements. First and foremost, it must be a blockchain asset. This means that the ownership of the asset must be recorded on a public or permission blockchain. Digital assets will be onboarded based off community demand.

Examples of the current eligible collateral include Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTE), Dogecoin (DOGE), Dash (DASH), TruUSD (TUSD), USD Coin (USDC), Paxos Standard Token (PAX), and PAX Gold (PXG).

2. Nexo

The Nexo P2P model is somewhat similar to the SALT model. It also possesses a cryptocurrency known as the Nexo. According to the Neo website, the NEXO Token is the world’s first US SEC-compliant asset-backed token and is backed by the underlying assets of Nexo’s loan portfolio. It can be used for discounted interest rates and loan repayments, as well as collateral. One incentive for holding the NEXO token is that it pays dividends to holders. Thirty percent of the profits generated from Nexo loans go to a dividend pool that is then distributed to NEXO holders. Currently, dividend payments are being made in Ethereum (ETH), but there’s a good chance that this will expand to other cryptocurrencies in the future.

The loan approval process is fully automated. A credit line becomes instantly available to the borrower once the application is approved and there is no credit check. The borrower can spend money instantly with a card or withdraw money to a bank account. Spending on the credit line will incur an APR from 5.9% of what the borrower uses. Some advantages of NEO compared to SALT is there is no minimum repayment, no hidden fees, and the interest is debited from the available limit. Besides that, the borrower can make repayments at any time. On top of that, the Nexo website states that it is the only insured account that lets you borrow instantly in 45+ fiat currencies and earn daily interest on your idle assets. Furthermore, NEO makes its loans available worldwide. Anyone who holds cryptocurrency can take advantage of a Nexo loan. And since the loans are fully collateralized there’s no need for borrowers to worry about credit history or approvals.

Though the use cases for Nexo loans will be somewhat limited since they’re collateral-backed, the use of cryptocurrencies as collateral makes for an attractive alternative for those who hold cryptocurrencies and don’t want to sell yet and give up future gains, but still need fiat currency for immediate use.

At the moment, more than twenty cryptocurrencies including BTC, ETH, NEXO, XRP, TRON and more can be accepted as the collateral. Any loans taken can be repaid using cryptocurrency, fiat currency, or the Nexo token. They have made it as easy as possible to repay any loans. In contrast, SALT only accepts loan repayment in fiat currency, which is an inconvenience for the borrowers.

Pure Cryptocurrency P2P Lending Model

1. ETHlend

ETHlend is a decentralized cryptocurrency credit platform and the world’s first crypto lending marketplace. Unlike SALT and Nexo, it operates exclusively through Ethereum smart contracts. ETHlend also has a token known as the LEND token. It is the native ERC20 token of the ETHLend platform. Its token can be stored in any Ethereum wallet in a similar way as other ERC20 tokens.

The lending process at ETHlend is quite simple. When creating a smart contract, ETHLend requires borrowers to send ERC-20 tokens as collateral for ETH loans in the event of a borrower’s default. Currently ETH, BTC, LEND and more than 150 ERC20 tokens are accepted as collateral. There is no limit in the loan value, as the amount you can borrow depends on the value of your collateral. Borrowers can borrow up to 50% of their collateral value and up to 55% if LEND is used as collateral. This means the borrower needs to send to the smart contract 200% of the value of the loan in crypto assets. To become a lender, you will need to register on the platform and send to your in-app wallet some Ether and any of the currencies accepted in order to fund a loan or create a loan offer. The accepted currencies are ETH, LEND, DAI and TUSD. This also means borrowers will receive the aforementioned cryptocurrencies as loans.

The borrower needs to repay the loan in accordance with the contract, plus interest on the loan, and send them to a smart contract. The lender receives their ETH and interest from the smart contract, and the pledged tokens are unlocked and sent back to the borrower. In the event that the borrower cannot repay the loan, the lender will get the payments plus a liquidation fee from the collateral.

2. Elix

Elix is an Ethereum-based platform for lending, crowdfunding, and payments. The Elix team primarily focused on mobile platforms and usability in order to attract as large a user base as possible from the start. I will not discuss the payment and crowdfunding component of this platform, but rather concentrate only on its P2P lending component.

The uniqueness of this system lies in the fact that Elix offers a peer-to-peer lending program based on mutual incentives for the lender and the borrower. In Elix, both the lender and the borrower are incentivized by the system to meet the terms of the loan. When applying for a loan, participants can choose a mining period in order to receive system rewards in the form of a new token, “Token P”.

If the borrower pays the loan on time, the reward is divided between the lender receiving 65% and the borrower who receives 35%. If the borrower has late payments, the lender receives 100% of this fee. Token P will have a fixed maximum supply that the team expects to achieve in only a few decades.

The P2P Lending Conceptual Model

After reviewing the aforementioned P2P lending models, I think the best model that suits a blockchain-based P2P lending conceptual model is the Nexo model. As it is a hybrid of the fiat and cryptocurrency model, this platform needs to work with a licensed P2P operator. I propose the following model:

Using a combination of BTC, ETH, USDT, and Token X as collateral

The proposed P2P lending platform will accept BTC, ETH , USDT and Token X (the hypothetical cryptocurrency) as collateral. Any loans taken can be repaid using fiat currency, BTC, ETH , USDT and Token X with a certain interest. Loans given to borrowers should be fiat currency. The crypto assets should be stored in a secure wallet. In the event of default, the crypto assets (USDT, ETH, BTC, and Token X) will be transferred to the lender.

The loan approval process should be fully automated with no credit checks. The credit line should become instantly available to the borrower once the application is approved. Repayment should be flexible too. I propose that we use a wallet for borrowers to access the credit line offered by the P2P Lending platform and receive the funds once the loan is approved. Besides that, the borrower can repay the loan using the same wallet. Lenders can also access potential borrowers’ information using the wallet and deposit fiat money to be used as loans. It means we need to integrate the wallet to the P2P lending platform via an API.

I propose that 30% of the profit generated from P2P lending to be deposited into a dividend pool and distributed to Token X holders. This way it incentivises people to buy and hold Token X.

References

Masternodes-the Backbone of E3T Blockchain Platform

What is E3T?

E3Hubs, the largest incubation hub in Southeast Asia, is embarking on a grand blockchain project by creating a global digital economy platform that is powered by its native token, E3T. We believe that E3T will help build a vibrant token economy for our closed-loop ecosystem comprising startups and entrepreneurs.

In order to achieve our dream, we plan to build a robust blockchain network comprising validator nodes and masternodes. Together they will help maintain the functionality and the integrity of the E3T blockchain.

What is a Masternode?

A Masternode is a cryptocurrency full node wallet that supports the network by hosting an entire copy of the blockchain in real time. In return, the Masternode will receive cryptocurrencies or tokens as a reward. It applies only to networks that run on Proof of Stake or Proof of Authority networks.

Masternodes can be hosted on a series of virtual private servers, forming a cluster of validator nodes within a blockchain network. Alternatively, all of the masternodes can be hosted on a single virtual private cloud like AWS.

A Masternode has a few important roles in a blockchain network:

  • Validating transactions
  • The right to vote for proposals to improve the coin/token
  • Enabling a treasury and budgeting system in the cryptocurrency

Hosting a masternode enables you to earn passive income from participating in network maintenance functions which include receiving gas fees by validating transactions. Besides that, you can also earn from the appreciation of the value of the coin you are holding.

Benefits of Hosting a Masternode on E3T Network

At E3T, there are two types of Validators – Master Validators and Secondary Validators. 

All Validators are important to the E3T Blockchain as we are built on Proof of Authority protocol and validators play an important role in validating the transactions of our members. 

Master Validators are holders of Masternodes. They are the industry leaders of any of the seven stakeholders with which E3T Blockchain is engaging – Government Agencies, Entrepreneurs, Corporates/Businesses, NGOs, Investors, Academia and Developers. Entry as Master Validators is by invitation only. 

Secondary Validators are validators who have influence in any of the seven stakeholders communities. They are voted by the community on a yearly basis to act as a Secondary Validator. 

CRITERIA OF MASTER VALIDATORS OF E3T BLOCKCHAIN:

  1. Must be a registered company/NGO/academic institution/government agency/entrepreneur influencer/investor group/developer group
  2. Must agree to host a Masternode for at least two years
  3. Must support the vision of E3T
  4. Must hold at least 4000 USDT of E3T for at least 1 year
  5. Note: Hosting a Validator Node will require server hosting. Master Validators can arrange their own server at their own cost. Alternatively, Validators can request for E3 to arrange hosting with AWS. Hosting a node in AWS is estimated to be US$420 a month.

BENEFITS OF BEING A MASTER VALIDATOR:

  1. Validator Rewards
  2. Access to a network of worldwide entrepreneurs under the Global Entrepreneurs Accelerator Network (GEAN)
  3. Potential earnings from appreciation of the value of E3T
  4. Earnings from validator notes:
    1. 10 E3G/5s block
    2. 1 E3G = 0.06 E3T
  5. A reserved seat in the GEAN Council (as long as you are a Masternode)
    1. Council will have the right to vote to recommend projects for funding by the GEAN community.
    2. Council will also vote to include new Master Validators. Masternode Council members will have the right to veto the inclusion of new Master Validators.

SECONDARY VALIDATORS:

Secondary Validators are voted by members of GEAN to represent their communities. The communities are the 7 stakeholders communities – Govt Agencies, Entrepreneurs, Corporates/Businesses, NGOs, Investors, Academia and Developers. Entry as Secondary Validators are by voting in their respective communities.

CRITERIA OF SECONDARY VALIDATORS OF E3T BLOCKCHAIN:

  1. Must be a registered company/NGO/academic institution/government agency/entrepreneur influencer/investor group/developer group
  2. Must agree to host a node for one year
  3. Must support the vision of E3T
  4. Must hold at least 50,000 E3T for a period of 1 year during the duration of the appointment as a Secondary Validator.
  5. To be eligible for nomination as Secondary Validator, the nominee must hold at least 50,000 E3T to be considered for nomination as Secondary Validator in the nominee’s community.
  6. Note: Hosting a Validator Node will require server hosting. Master Validators can arrange their own server at their own cost. Alternatively, Validators can request for E3 to arrange hosting with AWS. Hosting a node in AWS is estimated to be US$420 a month.

Benefits of being a Secondary Validator:

  1. Validator Reward
  2. Access to a network of worldwide entrepreneurs under the Global Entrepreneurs Accelerator Network
  3. Potential Earning from appreciation of the value of E3T
  4. Earnings from validator notes:
    • 10 E3G/5s block
    • 1 E3G = 0.06 E3T
  5. An elected seat in the GEAN Council
    • As a member of the Council, council member will have the right to vote to recommend projects for funding by the GEAN community.

You will need a VPS, Virtual Private Server, with almost zero downtime. Your server needs to run 24 x 7 x 365. That means that you will have to hire the best virtual server hosting service in your location.

Along with a dedicated server, you will need a dedicated IP. Your IP will be your technical identity in the network where you invest.

References

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