EML Protocol is an end-to-end payment platform utilizing Hyperledger Fabric's permissioned private blockchain, allowing only authorized users. It aims to enable secure, efficient, and transparent financial transactions within a controlled, trusted network.^[1][2][3]

Overview

Founded in 2023, EML Protocol is an end-to-end payment platform that aims to leverage Hyperledger Fabric's permissioned private blockchain for approved users. It seeks to connect users and merchants through blockchain-based smart contracts, facilitating fast and cost-effective transactions.

The Membership Services Provider (MSP) is responsible for managing user approvals and transaction processing. The platform offers services supported by the EML Token, including TrustBridgeX, which facilitates secure person-to-person cryptocurrency transactions, TrustTravelX, which enables travel communication and planning, and TrustMarketX, which supports the trading of goods and services, including NFTs.^{[1][2][3][4][5][6]}

History

2023

In 2023, the EML Protocol journey began with the establishment of the team and the release of White Paper 1.0, focusing on conceptualizing the blockchain payment system. Efforts in the second quarter aimed at expanding global communities and partnerships. By the third quarter, focus shifted to architecture, testing the payment system, and integrating the platform. The year concluded with continued expansion efforts and the milestone of listing on a global exchange.^[15]

2024

In 2024, the EML Protocol entered its operational phase with the release of its first blockchain service, "TrustBridgeX," and its subsequent operation. Preparation for the launch of "TrustTravelX" began concurrently.

Looking ahead, the protocol aims to release and operate "TrustTravelX" in the second and third quarters, along with listing on a global exchange. Preparations are also underway for the introduction of "TrustMarketX," demonstrating the protocol's commitment to expanding its services.^[15]

Architecture

Hyperledger Fabric

Hyperledger Fabric serves as the backbone of the EML Protocol, aiming to enable approved users to conduct payment transactions on a private permissioned blockchain. It supports Ethereum Virtual Machine (EVM) bytecode smart contracts, allowing developers to utilize languages like Solidity or Vyper.

With a modular architecture, the framework aims to offer developers the flexibility to customize components such as the consensus mechanism. Smart contracts facilitate direct connections between merchants and users, overseen by the Membership Services Provider (MSP) for operational efficiency.

Hyperledger Fabric prioritizes scalability and privacy, aiming to ensure that sensitive data is shared exclusively among authorized parties. Its adaptable framework supports private communication channels between specific users within the network.^[5][1]

Products

TrustBridgeX

TrustBridgeX aims to facilitate secure peer-to-peer transactions, including cryptocurrency trades and dual-tokenization, through smart contracts. Sellers can register sell orders, with automatic depositing to TrustBridgeX Escrow for buyer protection and seller convenience.

It prioritizes transaction safety with blockchain technology and an escrow system, offering an intuitive interface for users of all levels. Supporting various digital assets, TrustBridgeX provides efficient trade execution and transparent transaction records.

Users are incentivized with EML Tokens for trading and platform engagement, which sellers can utilize for promotion. More details on token rewards are anticipated between 4Q 2023 and 1Q 2024, aligning with TrustBridgeX's official launch.^[7][8]

TrustTravelX

TrustTravelX, integrated into the EML platform, aims to facilitate user connections through GPS-based social networking, enhancing travel experiences. It seeks to ensure genuine interactions via a secure authentication system, allowing users to engage with nearby individuals.

By enabling connections based on location, TrustTravelX aims to promote encounters with nearby individuals. Various authentication measures are implemented to prevent fake accounts, fostering authentic interactions among users.

Users can benefit from meeting new people during travels or in local areas, enriching their experience. TrustTravelX also provides features for exploring diverse activities at travel destinations.

EML Tokens are rewarded for leaving reviews and participating in social interactions during travels. Users have the opportunity to earn tokens through missions and partnership campaigns within TrustTravelX.^[9][10]

TrustMarketX

Scheduled for launch in 2024, TrustMarketX aims to provide a platform for diverse trading activities, including Tokens, NFTs, services, and merchandise. It prioritizes the establishment of a secure and stable trading environment, drawing insights from the launch of TrustBridgeX.

EML Tokens hold a central role within TrustMarketX, functioning as currency for trades and rewards. Users can acquire tokens through various activities such as writing reviews and engaging in social interactions. Additionally, both buyers and sellers have the option to utilize tokens for promoting items within the platform.^[11][12]

Tokenomics

EML Protocol Token ($EML)

The EML Token, an Ethereum-based utility token, plays a vital role in the EML Commerce, DeFi, and NFT D-Spider Platforms. With a total issuance of two billion tokens, users can obtain EML Tokens through exchanges or within the EML Network.

EML Tokens function as currency for payments and discounts, collateral for DeFi, and payment method for NFTs. Stable coins aim to stabilize prices using EML Tokens or other collateral.

Discount rates are tied to EML Token holdings, offering potential discounts of up to 30% off service fees. Users maintain discounts by acquiring any shortage of EML Tokens through exchanges or rewards.^[13]

Allocation

The token allocation for the EML Protocol is distributed as follows:

• Ecosystem: 30% (600,000,000 tokens) for ecosystem development, with 20% unlocked at TGE and the rest vesting linearly over 12 months.
• Operation: 10% (200,000,000 tokens) for operational purposes, with 15% unlocked at TGE and the remainder vesting linearly over 36 months.
• Marketing: 10% (200,000,000 tokens) for marketing efforts, with 15% unlocked at TGE and the rest vesting linearly over 24 months.
• Reserve: 25% (500,000,000 tokens) reserved for liquidity and stability, with a 12-month cliff and linear vesting over 36 months.
• Strategic Partnership: 10% (200,000,000 tokens) for strategic partnerships, with 5% unlocked at TGE, a 6-month cliff, and linear vesting over 36 months.
• Team & Advisor: 5% (100,000,000 tokens) for team and advisors, with 5% unlocked at TGE, a 6-month cliff, and linear vesting over 48 months.
• R&D: 10% (200,000,000 tokens) for research and development, with 15% unlocked at TGE and the remainder vesting linearly over 24 months.^[14]

Team

• CEO: Benn Song
• COO: Ralph Lee
• CTO: Evan Kim
• CSO: David Jung
• CMO: Aiden Chung^[16][17]