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      "body": "<p class=\"has-drop-cap\">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<br></p>\n<p>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.<br></p>\n<p>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.&nbsp;<br></p>\n<p>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.<br></p>\n<p>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.</p>\n<h1>The Hybrid P2P Lending Model</h1>\n<p>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.</p>\n<h3><strong>1. SALT</strong></h3>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;<br></p>\n<p>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.</p>\n<p>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).</p>\n<h3><strong>2. Nexo</strong></h3>\n<p>The Nexo P2P model is somewhat similar to the SALT model. It also possesses a cryptocurrency known as the Nexo. According to the Nexo 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 <a href=\"https://www.coinbureau.com/education/what-is-ethereum/\">Ethereum (ETH)</a>, but there’s a good chance that this will expand to other cryptocurrencies in the future.</p>\n<p>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 NEXO 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, NEXO 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.</p>\n<p>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.</p>\n<p>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.</p>\n<p></p>\n<h1>Pure Cryptocurrency P2P Lending Model</h1>\n<h3><strong>1. ETHlend</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>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&nbsp;get the payments plus a liquidation fee from the collateral.</p>\n<h3>2. <strong>Elix</strong></h3>\n<p>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.</p>\n<p>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”.</p>\n<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.</p>\n<h1>The P2P Lending Conceptual Model</h1>\n<p>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:</p>\n<h4>Using a combination of BTC,  ETH, USDT, and Token X as collateral</h4>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<h3>References</h3>\n<ul><li><a href=\"https://www.leewayhertz.com/blockchain-p2p-lending-platform\">https://www.leewayhertz.com/blockchain-p2p-lending-platform</a></li><li><a href=\"https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d\">https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d</a></li><li><a href=\"https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain\">https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain</a></li><li> <a href=\"https://moonwhale.io/crypto-collateral-p2p-lending/\">Crypto Collateral: Blockchain Peer to Peer (P2P) Lending</a> </li><li><a href=\"https://www.saltlending.com\">https://www.saltlending.com</a></li><li><a href=\"https://nexo.io\">https://nexo.io</a></li><li><a href=\"https://ethlend.io/\">https://ethlend.io/</a></li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li><li> <a href=\"https://medium.com/nexo/nexo-dividends-explained-6636804db3a\">https://medium.com/nexo/nexo-dividends-explained-6636804db3a</a> </li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li><li> <a href=\"https://github.com/bhaumik-choksi/Loan/blob/master/Contract/P2PLending.sol\">https://github.com/bhaumik-choksi/Loan/blob/master/Contract/P2PLending.sol</a> </li><li> <a href=\"https://credithydra.com/blog/proof-concept-example-lending-platform-part-3/\">https://credithydra.com/blog/proof-concept-example-lending-platform-part-3/</a> </li></ul>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-p2p-lending-solution/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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.</p>\n<p> 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). </p>\n<p>The good news is that the blockchain could fix the aforementioned issues.&nbsp; 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. </p>\n<p> 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. </p>\n<p>In a nutshell, blockchain-based event and  ticketing system has the following benefits:</p>\n<ul><li> Elimination of ticket duplication and counterfeit tickets </li><li> Elimination of scalpers </li><li> Elimination  of ticket touts and purchasing bots </li><li> Fully transparent ticketing aftermarket </li><li> Automatic&nbsp;refund at the time of cancelation </li></ul>\n<h2>Use Cases</h2>\n<h3> BitTicket </h3>\n<p>The Edinburgh-based&nbsp;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 <strong><a href=\"https://www.bitticket.io/\">BitTicket</a></strong> and delivered the first live event using blockchain technology. </p>\n<p> 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.<br></p>\n<p>BitTicket guarantees the following:</p>\n<ul><li>Your purchased ticket is genuine</li><li>Inherent protection against industrial-scale ticket touts and ticket purchasing bots</li><li>Transfer your tickets securely and with ease between friends &amp; family</li><li>Provides one wallet for all your tickets - no more individual tickets </li></ul>\n<h3>GUTS</h3>\n<p><a href=\"https://guts.tickets/\">GUTS</a> uses blockchain technology to create a transparent ticketing ecosystem where inflated secondary market prices and ticket fraud are eliminated. Their motto is <strong>simple,&nbsp;transparent&nbsp;</strong>and <strong>secure</strong>.</p>\n<p>GUTS brings numerous benefits for different stakeholders:</p>\n<ul><li>Artist and Managers<ul><li> A fair chance&nbsp;for all the fans to attend the show </li><li> Expand the fan base with&nbsp;exact data </li><li> Direct communication&nbsp;with your fans. Send them a message right before the show starts. </li></ul></li><li>The venue, Festival and Theatre Operators<ul><li> No ticket fraud:&nbsp;fewer complaints&nbsp;and a&nbsp;stronger image </li><li> You know exactly&nbsp;who is present, anytime&nbsp;(and who isn't) </li><li> Automatic&nbsp;refund procedure&nbsp;at the time of cancelation or resale </li><li> Identification via mobile phones means&nbsp;a shorter queue</li></ul></li><li>Ticket Providers <ul><li> Complete control&nbsp;on the tickets at both the primary and secondary market</li><li>Easy to integrate&nbsp;with existing ticketing solutions </li></ul></li></ul>\n<h3>LAVA</h3>\n<p>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.</p>\n<p>The LAVA ecosystem has the following features:</p>\n<ul><li>100% Safe<ul><li>Using latest blockchain technology to eliminate ticket fraud </li></ul></li><li>Smart Tickets<ul><li>Smart tickets to stop the exploitation of festival tickets using a unique digital footprint </li></ul></li><li>Lava Wallet-Eliminate printing completely by generating the ticket digitally and sending the digital ticket to the Lava wallet directly.</li><li>No booking fee</li></ul>\n<h3>PouchNATION</h3>\n<p>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.</p>\n<p>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.</p>\n<p>They have executed over 100 events including cashless events in Indonesia events in Indonesia, Philippines,  Vietnam, Malaysia, Thailand, and Myanmar.</p>\n<h3><strong>EventChain</strong></h3>\n<p><a href=\"https://eventchain.io/home\">EventChain</a> is a global Smart Ticketing blockchain project that will allow events worldwide to sell&nbsp;<strong>SmartTickets&nbsp;</strong>through a peer-to-peer network, solving the issues of the centralized event ticketing industry<strong>.</strong></p>\n<p>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. </p>\n<p>To fix the excessive ticket fees,&nbsp;<strong>EventChain&nbsp;</strong>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. </p>\n<h3>A Conceptualised Event Management and Ticketing Platform</h3>\n<p>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 a decentralized platform. Below is a simple conceptual model of Event Management and Ticketing platform:</p>\n<img src=\"https://www.blockchainguide.biz/wp-content/uploads/2020/02/ticketing-platform.png\" alt=\"\" class=\"wp-image-1620\"/>\n<p>The platform allows an event organizer to create an event and broadcast it to the website as well as the Token X 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 Token X. Once the organizer receives Token X, 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.</p>\n<p>To build the platform, we need to build a smart contract layer on top of the platform 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 <strong>import</strong>. For example, we can create an event contract <strong>event.sol</strong> that imports the ticket contract <strong>ticket.sol</strong>, using the syntax as follows:</p>\n<pre class=\"wp-block-preformatted\">Pragma Solidity ^0.5.0\nimport \"./ticket.sol\";</pre>\n<p>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:</p>\n<pre class=\"wp-block-preformatted\">Contract Event { \nstruct EventDetails { \nuint256 ticketAmount;\nuint256 SoldticketAmount;\nuint256 CollectedFunds;\nuint256 StartTime;\n }</pre>\n<p> The event contract shall also include a create event function, as follows:</p>\n<pre class=\"wp-block-preformatted\">function CreateEvent{\nuint256 _ticketAmount;\nuint256 _Startime\n}</pre>\n<p>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. </p>\n<h3> References </h3>\n<ul><li><a href=\"https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry\">https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry</a></li><li> <a href=\"https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events\">https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events</a> </li><li> <a href=\"https://blocktix.io/\">https://blocktix.io/</a> </li><li> <a href=\"https://www.citizenticket.co.uk/bitticket/\">https://www.citizenticket.co.uk/bitticket/</a> </li><li> <a href=\"https://www.bitticket.io/\">https://www.bitticket.io/</a> </li><li> <a href=\"https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab\">https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab</a> </li><li> <a href=\"https://guts.tickets/\">https://guts.tickets/</a> </li><li> <a href=\"http://www.lavamovement.com/\">http://www.lavamovement.com/</a> </li><li> <a href=\"https://aventus.io/\">https://aventus.io/</a> </li><li> <a href=\"https://github.com/thekscar/Ticket-Sales\">https://github.com/thek</a></li><li><a href=\"https://github.com/thekscar/Ticket-Sales\">scar/Ticket-Sales</a> </li><li> <a href=\"https://github.com/qvissak/Ticket-Booth-Smart-Contract\">https://github.com/qvissak/Ticket-Booth-Smart-Contract</a> </li><li> <a href=\"https://www.cryptoninjas.net/2018/08/28/event-management-dapp-blockparty-joins-status-blockchain-incubator/\">https://www.cryptoninjas.net/2018/08/28/event-management-dapp-blockparty-joins-status-blockchain-incubator/</a> </li><li> <a href=\"https://github.com/theNvN/event_management_dapp\">https://github.com/theNvN/event_management_dapp</a> </li><li> <a href=\"https://medium.com/evedo/blockchain-the-event-industry-e2c9e67c866e\">https://medium.com/evedo/blockchain-the-event-industry-e2c9e67c866e</a> </li><li> <a href=\"https://www.youtube.com/watch?v=D9jO4kl9rTg&amp;feature=youtu.be\">https://www.youtube.com/watch?v=D9jO4kl9rTg&amp;feature=youtu.be</a> </li><li> <a href=\"https://www.mci-group.com/news-and-insights/news/global/blockchain-top-uses-for-event-security-and-ticketing\">https://www.mci-group.com/news-and-insights/news/global/blockchain-top-uses-for-event-security-and-ticketing</a> </li><li> <a href=\"https://www.leadingedgeonly.com/blogs/how-blockchain-technology-is-changing-the-future-of-event-planning\">https://www.leadingedgeonly.com/blogs/how-blockchain-technology-is-changing-the-future-of-event-planning</a> </li><li> <a href=\"https://www.eventmanagerblog.com/blockchain-silver-bullet-attendee-experience\">https://www.eventmanagerblog.com/blockchain-silver-bullet-attendee-experience</a> </li><li> <a href=\"https://www.slideshare.net/pouchnation/shaping-the-future-of-event-management-and-ticketing\">https://www.slideshare.net/pouchnation/shaping-the-future-of-event-management-and-ticketing</a> </li><li> <a href=\"https://dex.openledger.io/what-benefits-can-blockchain-bring-to-the-event-management-business/\">https://dex.openledger.io/what-benefits-can-blockchain-bring-to-the-event-management-business/</a> </li><li> <a href=\"https://blog.eventchain.io/eventchain-fixing-the-issues-of-the-event-ticketing-industry-d2f90f44d438\">https://blog.eventchain.io/eventchain-fixing-the-issues-of-the-event-ticketing-industry-d2f90f44d438</a> </li><li> <a href=\"https://medium.com/@andreazanda/blockchain-ticketing-a-disruptive-0-commission-ecosystem-e7cf45f38ec7\">https://medium.com/@andreazanda/blockchain-ticketing-a-disruptive-0-commission-ecosystem-e7cf45f38ec7</a> </li></ul>\n<p></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3-event-management-and-ticketing-platform/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">With the successful launch of E3T on Dcoin Exchange on 21 Oct 2019, E3 team shall now focus on developing DApps on E3 Net, the world’s first Digital Economy Platform for entrepreneurs. The development of DApps will not only create a huge and vibrant token economy for the E3&nbsp; closed-loop ecosystem, but it will also greatly increase the usage and value of E3T, thus ensuring an attractive ROI for investors.</p>\n<p>This article describes how to build a simple DApp, an online pet shop.</p>\n<h2>What is DApp?</h2>\n<p>DApp is an abbreviation for <em>decentralized application</em>.</p>\n<p>A DApp has its backend code running on a decentralized peer-to-peer network. Contrast this with an app where the backend code is running on centralized servers.</p>\n<p>A DApp can have frontend code and user interfaces written in any language that can make calls to its backend. Furthermore, its frontend can be hosted on decentralized storage such as <a href=\"https://ethereum.stackexchange.com/q/375/42\">Swarm</a> or <a href=\"https://ipfs.io/\">IPFS</a>.</p>\n<h2>The Project Description</h2>\n<p>In this project, we shall use Ganache (<a href=\"https://truffleframework.com/ganache\">https://truffleframework.com/ganache</a>) to develop the KittyChain Shop DApp.</p>\n<p><a href=\"https://truffleframework.com/ganache\">Ganache</a> is a personal blockchain for Ethereum development you can use to deploy contracts, develop your applications, and run tests. It is available as both a desktop application as well as a command-line tool (formerly known as the TestRPC). Ganache is available for Windows, Mac, and Linux.<br></p>\n<p>Truffle is a world-class development environment, testing framework and asset pipeline for blockchains using the Ethereum Virtual Machine (EVM), aiming to make life as a developer easier.</p>\n<p>The KittyChain DApp is an adoption tracking system for a pet shop</p>\n<h2>Steps to build the Dapp</h2>\n<ol><li>Setting up the development environment</li><li>Creating a Truffle project using a Truffle Box</li><li>Writing the smart contract</li><li>Compiling and migrating the smart contract</li><li>Testing the smart contract</li><li>Creating a user interface to interact with the smart contract</li><li>Interacting with the dApp in a browser</li></ol>\n<h3>Step 1&nbsp; Setting up the development environment</h3>\n<p>Install the following:</p>\n<ol><li><a href=\"https://nodejs.org/en/\">Node.</a>js</li><li><a href=\"https://git-scm.com/\">Git</a></li><li>Truffle&nbsp;</li></ol>\n<p>Having installed the aforementioned packages, we shall proceed to install <a href=\"https://truffleframework.com/ganache\">Ganache</a>. You can download Ganache by navigating to<strong> <a href=\"http://truffleframework.com/ganache\">http://truffleframework.com/ganache</a> </strong>and clicking the \"Download\" button.</p>\n<h3>Step 2&nbsp; Creating a Truffle project using a Truffle Box</h3>\n<p>Truffle initializes in the current directory, so first create a directory in your development folder of choice and then move inside it.<br></p>\n<pre class=\"wp-block-preformatted\">mkdir pet-shop-tutorial<br><br>cd pet-shop-tutorial<br></pre>\n<p>Now you have created a <a href=\"https://truffleframework.com/boxes\">Truffle Box</a> called <strong>pet-shop</strong>, which includes the basic project structure as well as code for the user interface.</p>\n<p>Next, use the truffle unbox command to unpack this Truffle Box.<br></p>\n<pre class=\"wp-block-preformatted\">truffle unbox pet-shop<br></pre>\n<h4><strong>The Output</strong><br></h4>\n<img src=\"https://lh6.googleusercontent.com/LbgR6TdR89AgjbJhMtxhqK7bIhbINPLJW0BkFolOc1RQ-aRXQiqYfTaaHyRzKir4qIjqgUDq9SoZ0xABzyU8WrivqNSay8XNz_76gRlExNEsE-Uhd-6AdaCehoyGmpm9rdawEWDo\" alt=\"\"/>\n<h4>Directory structure</h4>\n<p>The default Truffle directory structure contains the following folders and files:</p>\n<ul><li>contracts/: Contains the <a href=\"https://solidity.readthedocs.io/\">Solidity</a> source files for our smart contracts. There is an important contract in here called Migrations.sol, which we'll discuss later.</li><li>migrations/: Truffle uses a migration system to handle smart contract deployments. <strong>Migration</strong> is an additional special smart contract that keeps track of changes.</li><li>test/: Contains both JavaScript and Solidity tests for our smart contracts.</li><li>truffle.js: Truffle configuration file.</li></ul>\n<h3>Step 3&nbsp; Writing the smart contract</h3>\n<p>We'll shall write the smart contract that will act as the back-end logic and storage.</p>\n<p>Create a new file named <strong>Adoption.sol </strong>in the contracts/ directory. To save time, please download the file from:<br></p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/contracts/Adoption.sol\">http://javascript-tutor.net/blockchain/download/contracts/Adoption.sol</a></p>\n<p><strong>Adoption.sol</strong><br></p>\n<pre class=\"wp-block-preformatted\">pragma solidity ^0.4.24;\n contract Adoption { \n &nbsp;&nbsp;&nbsp;//array of 16 addresses, 20 bytes \n &nbsp;&nbsp;&nbsp;address[16] public adopters; \n // Adopting a pet \n &nbsp;&nbsp;&nbsp;function adopt(uint petId) public returns (uint) { \n &nbsp;&nbsp;&nbsp;require(petId &gt;= 0 &amp;&amp; petId &lt;= 15); \n adopters[petId] = msg.sender; \n &nbsp;&nbsp;return petId; \n &nbsp;&nbsp;&nbsp;}\n // Retrieving the adopters \n &nbsp;&nbsp;&nbsp;function getAdopters() public view returns (address[16]) { \n &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;return adopters; \n &nbsp;&nbsp;&nbsp;} \n } </pre>\n<p></p>\n<h3>Step 4 Compiling and migrating the smart contract</h3>\n<p>Now that we have the smart contract, we shall proceed to compile and migrate it.</p>\n<p>Truffle has a built-in developer console known as Truffle Develop, which generates a development blockchain that we can use to test and deploy the smart contract. It also has the ability to run Truffle commands directly from the console.&nbsp;</p>\n<p>We need to compile the smart contract written in Solidity to bytecode for the Ethereum Virtual Machine (EVM) to execute. Think of it as translating our human-readable Solidity into something the EVM understands. In a terminal, make sure you are in the root of the directory that contains the DApp and type:</p>\n<pre class=\"wp-block-preformatted\">truffle compile<br></pre>\n<p><strong>The output</strong></p>\n<pre class=\"wp-block-preformatted\"><br>Compiling ./contracts/Migrations.sol...<br>Compiling ./contracts/Adoption.sol...<br>Writing artifacts to ./build/contracts<br></pre>\n<p>Now that we've successfully compiled our contracts, it's time to migrate them to the blockchain! <strong>Migration </strong>is the deployment script meant to alter the state of the application's contracts, moving it from one state to the next. For the first migration, you might just be deploying new code, but over time, other migrations might move data around or replace a contract with a new one.</p>\n<p>By the way, there is one JavaScript file already in the migrations/ directory: <strong>1_initial_migration.js</strong>. This file handles deploying the <strong>Migrations.sol </strong>contract to observe subsequent smart contract migrations, and ensures we don't double-migrate unchanged contracts in the future. Now let’s create our own migration script.</p>\n<p>Create a new file named 2_deploy_contracts.js in the migrations/directory.</p>\n<p>To save time, download the file from the following link:</p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/contracts/2_deploy_contracts.js\">http://javascript-tutor.net/blockchain/download/contracts/2_deploy_contracts.js</a></p>\n<p>Before we can migrate our contract to the blockchain, we need to have a blockchain running. For this tutorial, we're going to use <a href=\"https://truffleframework.com/ganache\">Ganache</a>, a personal blockchain for Ethereum development you can use to deploy contracts, develop applications, and run tests. If you haven't already, <a href=\"https://truffleframework.com/ganache\">download Ganache</a> and double click the icon to launch the application. This will generate a blockchain running locally on port 7545.</p>\n<p>Launch Ganache and you get the following output:<br></p>\n<img src=\"https://lh5.googleusercontent.com/Lc36d0pTxd8XBbZrJfON7XfLptvIWXgF05_rUgdlNVBo2xGgVkOm2fgSjoaMRi4f2lT9i80SsaF7GYCadggzZcPFQUDL91QcYyvCC12xUV4quxI4DSsoADGG5aUjp6L3FuVPqMFr\" alt=\"\"/>\n<p>Now back in your VS Code terminal, enter the following command:<br></p>\n<pre class=\"wp-block-preformatted\">truffle migrate<br></pre>\n<img src=\"https://lh3.googleusercontent.com/Ukbo67juFWwfqdvAMK9UdjYEl1lHDJmE2w3Wnngb5T04BViMMG4gBlGkjcExRv5ILpmz8zHw8AZhxbizCWMJyonfIH2JgTLCET6Oc7B5vwp6JwcsYy_UKzYhrfyw7UmtxmrckFSu\" alt=\"\"/>\n<p>You can see the migrations being executed in order, followed by the blockchain address of each deployed contract. <br></p>\n<p>In Ganache, note that the state of the blockchain has changed. The blockchain now shows that the current block, previously 0, is now 4. In addition, while the first account originally had 100 ether, it is now lower at 99.94, due to the transaction costs of migration.&nbsp;</p>\n<img src=\"https://lh5.googleusercontent.com/em3duj_TP9El2NQRoRRU5nY32c6flI3MjSRVKKld-3ZAHBxt7UAV9ht8o8ghycC3aNJUkXBTUKpRIBW5DJ3OV5oFQt__cJ6ki8UvpfRyiCOJKtV8zHkEPCKRCU1Ci5xmPangqsHK\" alt=\"\"/>\n<p></p>\n<h2>Step 5 Testing the smart contract</h2>\n<p>Truffle is very flexible when it comes to smart contract testing, in that tests can be written either in JavaScript or Solidity. In this tutorial, we'll be writing our tests in Solidity.<br></p>\n<p>Create a new file named TestAdoption.sol in the test/ directory. To save time, download a copy of the file from the following link:<br></p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/test/TestAdoption.sol\">http://javascript-tutor.net/blockchain/download/test/TestAdoption.sol</a></p>\n<p>We start the contract off with 3 imports:</p>\n<ul><li>Assert.sol: Gives us various assertions to use in our tests. In testing, an assertion checks for things like equality, inequality or emptiness to return a pass/fail from our test. <a href=\"https://github.com/trufflesuite/truffle-core/blob/master/lib/testing/Assert.sol\">Here's a full list of the assertions included with Truffle</a>.</li><li>DeployedAddresses.sol: When running tests, Truffle will deploy a fresh instance of the contract being tested to the blockchain. This smart contract gets the address of the deployed contract.</li><li>Adoption.sol: The smart contract we want to test.</li></ul>\n<p>To run the test, enter the following command<br></p>\n<pre class=\"wp-block-preformatted\">Truffle test</pre>\n<p>The output is as follows:<br></p>\n<img src=\"https://lh3.googleusercontent.com/Fj62ue4i7Fol8mgZhsPBVMMy8ZD6FXftym36uamtbZuOiWfjKXok9OA-gR9e7kL44fk4QYNSPM_ZkvQDSgt3ZP617NT1jqCBOQXcaOqWYnMdkxQ0gCeMgwCErcyCE_MJsZFQ7yUh\" alt=\"\"/>\n<h3>Step 6 Creating a user interface to interact with the smart contract</h3>\n<p>Now that we've created the smart contract, deployed it to our local test blockchain and confirmed we can interact with it via the console, it's time to create a UI so that the user can interact with the&nbsp; pet shop!</p>\n<p>Included with the pet-shop Truffle Box is the code for the app's frontend. It is the JavaScript file app.js within the <strong>src/</strong> directory. You can download the <strong>app.js</strong> file from the following link:<br></p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/src/js/app.js\">http://javascript-tutor.net/blockchain/download/src/js/app.js</a></p>\n<p>We need to instantiate web3 to create the UI. The global <strong>App</strong> object is to manage our application, load in the pets data in <strong>init()</strong> and then call the function <strong>initWeb3()</strong>. The <a href=\"https://github.com/ethereum/web3.js/\"><strong>web3 JavaScript library</strong></a><strong> </strong>interacts with the Ethereum blockchain. It can retrieve user accounts, send transactions, interact with smart contracts, and more.<br></p>\n<p>First, we check if there's a web3 instance already active. (Ethereum browsers like <a href=\"https://github.com/ethereum/mist\">Mist</a> or Chrome with the <a href=\"https://metamask.io/\">MetaMask</a> extension will inject their own web3 instances.) If an injected web3 instance is present, we get its provider and use it to create our web3 object.</p>\n<p>If no injected web3 instance is present, we create our web3 object based on our local provider. (Here we fallback on <a href=\"http://localhost:7545\">http://localhost:7545</a> that points to Ganache.)</p>\n<h3>Instantiating the contract</h3>\n<p>We need to instantiate our smart contract so web3 knows where to find it and how it works. Truffle has a library to help with this called <strong>truffle-contract</strong>. It keeps information about the contract in sync with migrations, so you don't need to change the contract's deployed address manually.<br></p>\n<p>First, we retrieve the artifact file for our smart contract. Artifacts are information about our contract such as its deployed address and Application Binary Interface (ABI). The ABI is a JavaScript object defining how to interact with the contract including its variables, functions and parameters.<br></p>\n<p>Once we have the artifacts in our callback, we pass them to <strong>TruffleContract()</strong>. This creates an instance of the contract we can interact with. With our contract instantiated, we set its web3 provider using the <strong>App.web3Provider</strong> value we stored earlier when setting up web3.<br></p>\n<p>We then call the app's <strong>markAdopted() function</strong> in case any pets are already adopted from a previous visit. We've encapsulated this in a separate function since we'll need to update the UI any time we make a change to the smart contract data.<br></p>\n<h3>Getting The Adopted Pets and Updating The UI</h3>\n<p>We shall access the deployed Adoption contract, then call <strong>getAdopters() </strong>on that instance.</p>\n<p>We first declare the variable <strong>adoptionInstance</strong> outside of the smart contract calls so we can access the instance after initially retrieving it.<br></p>\n<p>Using <strong>call()</strong> allows us to read data from the blockchain without having to send a full transaction, meaning we won't have to spend any ether.<br></p>\n<p>After calling <strong>getAdopters()</strong>, we then loop through all of them, checking to see if an address is stored for each pet. Since the array contains address types, Ethereum initializes the array with 16 empty addresses. This is why we check for an empty address string rather than null or other false value.<br></p>\n<p>Once a <strong>petId</strong> with a corresponding address is found, we disable its <strong>adopt</strong> button and change the button text to \"<strong>Success</strong>\", so the user gets some feedback. Any errors are logged to the console.<br></p>\n<h3>Handling the adopt() Function</h3>\n<p>We use web3 to get the user's accounts. In the callback after an error check, we select the first account.<br></p>\n<p>From there, we get the deployed contract as we did above and store the instance in <strong>adoptionInstance</strong>. This time though, we're going to send a transaction instead of a call. Transactions require a \"from\" address and have an associated cost. This cost, paid in ether, is called gas. The gas cost is the fee for performing computation and/or storing data in a smart contract. We send the transaction by executing the adopt() function with both the pet's ID and an object containing the account address, which we stored earlier in account.<br></p>\n<p>The result of sending a transaction is the transaction object. If there are no errors, we proceed to call our markAdopted() function to sync the UI with our newly stored data.</p>\n<h3>Step 7 Interacting with the DApp in a browser</h3>\n<p>The easiest way to interact with our DApp in a browser is through <a href=\"https://metamask.io/\">MetaMask</a>, a browser extension for both Chrome and Firefox.<br></p>\n<p>Install MetaMask in your browser.<br></p>\n<p>Once installed, you'll see the MetaMask fox icon next to your address bar. Click the icon and you'll see this screen appear:</p>\n<p>At the initial MetaMask screen, click <strong>Import Existing DEN</strong>.<br></p>\n<p>In the box marked Wallet Seed, enter the mnemonic that is displayed in Ganache.<br></p>\n<img src=\"https://lh3.googleusercontent.com/fAjR1C4iFhTRv8Fbq9aUMr4LgMD_gWep013YY2rLKgSkbG6hjoTG8sawTJScYn-gKy-ERtHa-oNhVdEBuFkKuCoPrSsts-SntxAX7gPpjWgqb7wXFnyzJEtiNwj_2A_hxO0YQi_N\" alt=\"\"/>\n<p>Enter a password below that and click OK.<br></p>\n<p>Now we need to connect MetaMask to the blockchain created by Ganache. Click the menu that shows \"Main Network\" and select <strong>Custom RPC</strong>.</p>\n<img src=\"https://lh5.googleusercontent.com/HNfLihR0YJ5DS8xIENTtePWRTQf9TfrfHr2p4iWjUTNT8Urz-0qgo_XyetF5UjZ1Ak1JOA2IRRYoLK09dmhGr0O7ak8ocdwnmvYQI-DWX6frMavCOmCuQpbmYrrWleoVpRHgoXxh\" alt=\"\"/>\n<p>In the box titled \"New RPC URL\" enter http://127.0.0.1:7545 and click <strong>Save</strong>.<br></p>\n<p>The network name at the top will switch to say \"Private Network\".<br></p>\n<p>Each account created by Ganache is given 100 ether. You'll notice it's slightly less on the first account because some gas was used when the contract itself was deployed and when the tests were run. (Make sure you are running Ganache as well.)<br></p>\n<img src=\"https://lh6.googleusercontent.com/10_9KbWHD7B1Aq5EuJyEyvH8ugZ8IB2WvpZJg0YmtQgQ_yv0pLNMib_fkVm4qoZIURhkhCphC4u5GBnOqytpsmK3eH6uRxl9WAMDksg_X9ET7FqOP9FGrOwselFSPUbKuGlLyBFU\" alt=\"\"/>\n<h3>Installing and configuring lite-server</h3>\n<p>We can now start a local web server and use the DApp. We're using the<strong> </strong><strong>lite-server</strong> library to serve our static files. This shipped with the <strong>pet-shop</strong> Truffle Box, but let's take a look at how it works.</p>\n<p>Let’s examine <strong>&nbsp;bs-config.json&nbsp;</strong><br></p>\n<pre class=\"wp-block-preformatted\">{\n \"port\": 3000, \n &nbsp;\"server\": { \n \"baseDir\": [\"./src\", \"./build/contracts\"], \n \"open\": false \n &nbsp;}, \n \"browser\": [\"chrome\"] \n } </pre>\n<p>This tells lite-server which files to include in our base directory. We add the ./src directory for our website files and ./build/contracts directory for the contract artifacts.</p>\n<p>I added \"browser\": [\"chrome\"]</p>\n<p>So that the UI opens in the Chrome browser.</p>\n<p>We've also added a dev command to the scripts object in the package.json file in the project's root directory. The scripts object allows us to alias console commands to a single npm command.&nbsp;</p>\n<p>To launch the app, enter the command in the VS Code Console.</p>\n<p><strong>npm run dev</strong></p>\n<p></p>\n<img src=\"https://lh3.googleusercontent.com/bhZxVYyMf1KfG7V_s35Ohr_j5DXtyuhi_bIATGde1mRrJi64ZSqNdkvf0BLc90qIANMKzqeOe6TtIjpqGesXSteTVRCorYYXHvRyWXZcvbiRkFCZ1N5K-CATiTiQmjozgQ966NXw\" alt=\"\"/><br/><i>Kittychain Shop</i>\n<p>Pet Shop UI</p>\n<img src=\"https://lh5.googleusercontent.com/kYZymAoIxBmwErWfsG4M45-SsFL0oy1xv7knIP3hRqO0nrv3sP2UQRxusmaEvZUD96kgLT_2F0V7qPxJKIj_tQHNIrnTxABrKkeLrz9Da9zYAVwx_UpXcePnkdRb-_9LSzIUgBIU\" alt=\"\"/>\n<p>Metamask appears after clicking adopt.<br></p>\n<img src=\"https://lh3.googleusercontent.com/YWBoMQ4ZADVoqBvyDEDMNwi1_4KPHwPyI7DaXbaxqmDOR1zHsW81SggX85ydl2QMgJumHQAgQvI3xhY0SZa3rt0notuNEJPilG-_dolObr6kE4j004R6B319r-RCITJzP5IpuN2H\" alt=\"\"/>\n<p>Transactions are shown on Metamask.<br></p>\n<p>And also on Ganache.<br></p>\n<img src=\"https://lh3.googleusercontent.com/-JVsRQbmEBYYUxamFS0zTziO4E9gGoMJN1-attw0vKsi3Rb3iz4sIqeHGq3rCRiwpfZbbIKyzdZgwiWOOpKqd0jUa4TAEncuUDYyPir8yBA8VXhhx-sxI8ltI1Yw3wsVCfO7Ecyu\" alt=\"\"/>\n<p>References<br></p>\n<ul><li><a href=\"https://youtu.be/XGa-8txQo6E\">Introduction to Dapp -Youtube</a></li><li><a href=\"https://truffleframework.com\">https://truffleframework.com</a></li></ul>\n<p></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/developing-a-dapp-on-e3-net-kittychain-shop/ </em><hr/></center>            ",
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      "parent_permlink": "blockchain",
      "permlink": "developingadappone3net-kittychainshop-o4mm4xl977",
      "title": "Developing a DAPP on E3 Net - KittyChain Shop"
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  "timestamp": "2020-01-01T02:50:33",
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      "author": "blockguider",
      "body": "<p class=\"has-drop-cap\">With the successful launch of E3T on Dcoin Exchange on 21 Oct 2019, E3 team shall now focus on developing DApps on E3 Net, the world’s first Digital Economy Platform for entrepreneurs. The development of DApps will not only create a huge and vibrant token economy for the E3&nbsp; closed-loop ecosystem, but it will also greatly increase the usage and value of E3T, thus ensuring an attractive ROI for investors.</p>\n<p>This article describes how to build a simple DApp, an online pet shop.</p>\n<h2>What is DApp?</h2>\n<p>DApp is an abbreviation for <em>decentralized application</em>.</p>\n<p>A DApp has its backend code running on a decentralized peer-to-peer network. Contrast this with an app where the backend code is running on centralized servers.</p>\n<p>A DApp can have frontend code and user interfaces written in any language that can make calls to its backend. Furthermore, its frontend can be hosted on decentralized storage such as <a href=\"https://ethereum.stackexchange.com/q/375/42\">Swarm</a> or <a href=\"https://ipfs.io/\">IPFS</a>.</p>\n<h2>The Project Description</h2>\n<p>In this project, we shall use Ganache (<a href=\"https://truffleframework.com/ganache\">https://truffleframework.com/ganache</a>) to develop the KittyChain Shop DApp.</p>\n<p><a href=\"https://truffleframework.com/ganache\">Ganache</a> is a personal blockchain for Ethereum development you can use to deploy contracts, develop your applications, and run tests. It is available as both a desktop application as well as a command-line tool (formerly known as the TestRPC). Ganache is available for Windows, Mac, and Linux.<br></p>\n<p>Truffle is a world-class development environment, testing framework and asset pipeline for blockchains using the Ethereum Virtual Machine (EVM), aiming to make life as a developer easier.</p>\n<p>The KittyChain DApp is an adoption tracking system for a pet shop</p>\n<h2>Steps to build the Dapp</h2>\n<ol><li>Setting up the development environment</li><li>Creating a Truffle project using a Truffle Box</li><li>Writing the smart contract</li><li>Compiling and migrating the smart contract</li><li>Testing the smart contract</li><li>Creating a user interface to interact with the smart contract</li><li>Interacting with the dApp in a browser</li></ol>\n<h3>Step 1&nbsp; Setting up the development environment</h3>\n<p>Install the following:</p>\n<ol><li><a href=\"https://nodejs.org/en/\">Node.</a>js</li><li><a href=\"https://git-scm.com/\">Git</a></li><li>Truffle&nbsp;</li></ol>\n<p>Having installed the aforementioned packages, we shall proceed to install <a href=\"https://truffleframework.com/ganache\">Ganache</a>. You can download Ganache by navigating to<strong> <a href=\"http://truffleframework.com/ganache\">http://truffleframework.com/ganache</a> </strong>and clicking the \"Download\" button.</p>\n<h3>Step 2&nbsp; Creating a Truffle project using a Truffle Box</h3>\n<p>Truffle initializes in the current directory, so first create a directory in your development folder of choice and then move inside it.<br></p>\n<pre class=\"wp-block-preformatted\">mkdir pet-shop-tutorial<br><br>cd pet-shop-tutorial<br></pre>\n<p>Now you have created a <a href=\"https://truffleframework.com/boxes\">Truffle Box</a> called <strong>pet-shop</strong>, which includes the basic project structure as well as code for the user interface.</p>\n<p>Next, use the truffle unbox command to unpack this Truffle Box.<br></p>\n<pre class=\"wp-block-preformatted\">truffle unbox pet-shop<br></pre>\n<h4><strong>The Output</strong><br></h4>\n<img src=\"https://lh6.googleusercontent.com/LbgR6TdR89AgjbJhMtxhqK7bIhbINPLJW0BkFolOc1RQ-aRXQiqYfTaaHyRzKir4qIjqgUDq9SoZ0xABzyU8WrivqNSay8XNz_76gRlExNEsE-Uhd-6AdaCehoyGmpm9rdawEWDo\" alt=\"\"/>\n<h4>Directory structure</h4>\n<p>The default Truffle directory structure contains the following folders and files:</p>\n<ul><li>contracts/: Contains the <a href=\"https://solidity.readthedocs.io/\">Solidity</a> source files for our smart contracts. There is an important contract in here called Migrations.sol, which we'll discuss later.</li><li>migrations/: Truffle uses a migration system to handle smart contract deployments. <strong>Migration</strong> is an additional special smart contract that keeps track of changes.</li><li>test/: Contains both JavaScript and Solidity tests for our smart contracts.</li><li>truffle.js: Truffle configuration file.</li></ul>\n<h3>Step 3&nbsp; Writing the smart contract</h3>\n<p>We'll shall write the smart contract that will act as the back-end logic and storage.</p>\n<p>Create a new file named <strong>Adoption.sol </strong>in the contracts/ directory. To save time, please download the file from:<br></p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/contracts/Adoption.sol\">http://javascript-tutor.net/blockchain/download/contracts/Adoption.sol</a></p>\n<p><strong>Adoption.sol</strong><br></p>\n<pre class=\"wp-block-preformatted\">pragma solidity ^0.4.24;\n contract Adoption { \n &nbsp;&nbsp;&nbsp;//array of 16 addresses, 20 bytes \n &nbsp;&nbsp;&nbsp;address[16] public adopters; \n // Adopting a pet \n &nbsp;&nbsp;&nbsp;function adopt(uint petId) public returns (uint) { \n &nbsp;&nbsp;&nbsp;require(petId &gt;= 0 &amp;&amp; petId &lt;= 15); \n adopters[petId] = msg.sender; \n &nbsp;&nbsp;return petId; \n &nbsp;&nbsp;&nbsp;}\n // Retrieving the adopters \n &nbsp;&nbsp;&nbsp;function getAdopters() public view returns (address[16]) { \n &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;return adopters; \n &nbsp;&nbsp;&nbsp;} \n } </pre>\n<p></p>\n<h3>Step 4 Compiling and migrating the smart contract</h3>\n<p>Now that we have the smart contract, we shall proceed to compile and migrate it.</p>\n<p>Truffle has a built-in developer console known as Truffle Develop, which generates a development blockchain that we can use to test and deploy the smart contract. It also has the ability to run Truffle commands directly from the console.&nbsp;</p>\n<p>We need to compile the smart contract written in Solidity to bytecode for the Ethereum Virtual Machine (EVM) to execute. Think of it as translating our human-readable Solidity into something the EVM understands. In a terminal, make sure you are in the root of the directory that contains the DApp and type:</p>\n<pre class=\"wp-block-preformatted\">truffle compile<br></pre>\n<p><strong>The output</strong></p>\n<pre class=\"wp-block-preformatted\"><br>Compiling ./contracts/Migrations.sol...<br>Compiling ./contracts/Adoption.sol...<br>Writing artifacts to ./build/contracts<br></pre>\n<p>Now that we've successfully compiled our contracts, it's time to migrate them to the blockchain! <strong>Migration </strong>is the deployment script meant to alter the state of the application's contracts, moving it from one state to the next. For the first migration, you might just be deploying new code, but over time, other migrations might move data around or replace a contract with a new one.</p>\n<p>By the way, there is one JavaScript file already in the migrations/ directory: <strong>1_initial_migration.js</strong>. This file handles deploying the <strong>Migrations.sol </strong>contract to observe subsequent smart contract migrations, and ensures we don't double-migrate unchanged contracts in the future. Now let’s create our own migration script.</p>\n<p>Create a new file named 2_deploy_contracts.js in the migrations/directory.</p>\n<br>\n<p>To save time, download the file from the following link:</p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/contracts/2_deploy_contracts.js\">http://javascript-tutor.net/blockchain/download/contracts/2_deploy_contracts.js</a></p>\n<p>Before we can migrate our contract to the blockchain, we need to have a blockchain running. For this tutorial, we're going to use <a href=\"https://truffleframework.com/ganache\">Ganache</a>, a personal blockchain for Ethereum development you can use to deploy contracts, develop applications, and run tests. If you haven't already, <a href=\"https://truffleframework.com/ganache\">download Ganache</a> and double click the icon to launch the application. This will generate a blockchain running locally on port 7545.</p>\n<p>Launch Ganache and you get the following output:<br></p>\n<img src=\"https://lh5.googleusercontent.com/Lc36d0pTxd8XBbZrJfON7XfLptvIWXgF05_rUgdlNVBo2xGgVkOm2fgSjoaMRi4f2lT9i80SsaF7GYCadggzZcPFQUDL91QcYyvCC12xUV4quxI4DSsoADGG5aUjp6L3FuVPqMFr\" alt=\"\"/>\n<p>Now back in your VS Code terminal, enter the following command:<br></p>\n<pre class=\"wp-block-preformatted\">truffle migrate<br></pre>\n<img src=\"https://lh3.googleusercontent.com/Ukbo67juFWwfqdvAMK9UdjYEl1lHDJmE2w3Wnngb5T04BViMMG4gBlGkjcExRv5ILpmz8zHw8AZhxbizCWMJyonfIH2JgTLCET6Oc7B5vwp6JwcsYy_UKzYhrfyw7UmtxmrckFSu\" alt=\"\"/>\n<p>You can see the migrations being executed in order, followed by the blockchain address of each deployed contract. <br></p>\n<p>In Ganache, note that the state of the blockchain has changed. The blockchain now shows that the current block, previously 0, is now 4. In addition, while the first account originally had 100 ether, it is now lower at 99.94, due to the transaction costs of migration.&nbsp;</p>\n<img src=\"https://lh5.googleusercontent.com/em3duj_TP9El2NQRoRRU5nY32c6flI3MjSRVKKld-3ZAHBxt7UAV9ht8o8ghycC3aNJUkXBTUKpRIBW5DJ3OV5oFQt__cJ6ki8UvpfRyiCOJKtV8zHkEPCKRCU1Ci5xmPangqsHK\" alt=\"\"/>\n<p></p>\n<h2>Step 5 Testing the smart contract</h2>\n<p>Truffle is very flexible when it comes to smart contract testing, in that tests can be written either in JavaScript or Solidity. In this tutorial, we'll be writing our tests in Solidity.<br></p>\n<p>Create a new file named TestAdoption.sol in the test/ directory. To save time, download a copy of the file from the following link:<br></p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/test/TestAdoption.sol\">http://javascript-tutor.net/blockchain/download/test/TestAdoption.sol</a></p>\n<p>We start the contract off with 3 imports:</p>\n<ul><li>Assert.sol: Gives us various assertions to use in our tests. In testing, an assertion checks for things like equality, inequality or emptiness to return a pass/fail from our test. <a href=\"https://github.com/trufflesuite/truffle-core/blob/master/lib/testing/Assert.sol\">Here's a full list of the assertions included with Truffle</a>.</li><li>DeployedAddresses.sol: When running tests, Truffle will deploy a fresh instance of the contract being tested to the blockchain. This smart contract gets the address of the deployed contract.</li><li>Adoption.sol: The smart contract we want to test.</li></ul>\n<p>To run the test, enter the following command<br></p>\n<pre class=\"wp-block-preformatted\">Truffle test</pre>\n<p>The output is as follows:<br></p>\n<img src=\"https://lh3.googleusercontent.com/Fj62ue4i7Fol8mgZhsPBVMMy8ZD6FXftym36uamtbZuOiWfjKXok9OA-gR9e7kL44fk4QYNSPM_ZkvQDSgt3ZP617NT1jqCBOQXcaOqWYnMdkxQ0gCeMgwCErcyCE_MJsZFQ7yUh\" alt=\"\"/>\n<h3>Step 6 Creating a user interface to interact with the smart contract</h3>\n<p>Now that we've created the smart contract, deployed it to our local test blockchain and confirmed we can interact with it via the console, it's time to create a UI so that the user can interact with the&nbsp; pet shop!</p>\n<p>Included with the pet-shop Truffle Box is the code for the app's frontend. It is the JavaScript file app.js within the <strong>src/</strong> directory. You can download the <strong>app.js</strong> file from the following link:<br></p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/src/js/app.js\">http://javascript-tutor.net/blockchain/download/src/js/app.js</a></p>\n<p>We need to instantiate web3 to create the UI. The global <strong>App</strong> object is to manage our application, load in the pets data in <strong>init()</strong> and then call the function <strong>initWeb3()</strong>. The <a href=\"https://github.com/ethereum/web3.js/\"><strong>web3 JavaScript library</strong></a><strong> </strong>interacts with the Ethereum blockchain. It can retrieve user accounts, send transactions, interact with smart contracts, and more.<br></p>\n<p>First, we check if there's a web3 instance already active. (Ethereum browsers like <a href=\"https://github.com/ethereum/mist\">Mist</a> or Chrome with the <a href=\"https://metamask.io/\">MetaMask</a> extension will inject their own web3 instances.) If an injected web3 instance is present, we get its provider and use it to create our web3 object.</p>\n<p>If no injected web3 instance is present, we create our web3 object based on our local provider. (Here we fallback on <a href=\"http://localhost:7545\">http://localhost:7545</a> that points to Ganache.)</p>\n<h3>Instantiating the contract</h3>\n<p>We need to instantiate our smart contract so web3 knows where to find it and how it works. Truffle has a library to help with this called <strong>truffle-contract</strong>. It keeps information about the contract in sync with migrations, so you don't need to change the contract's deployed address manually.<br></p>\n<p>First, we retrieve the artifact file for our smart contract. Artifacts are information about our contract such as its deployed address and Application Binary Interface (ABI). The ABI is a JavaScript object defining how to interact with the contract including its variables, functions and parameters.<br></p>\n<p>Once we have the artifacts in our callback, we pass them to <strong>TruffleContract()</strong>. This creates an instance of the contract we can interact with. With our contract instantiated, we set its web3 provider using the <strong>App.web3Provider</strong> value we stored earlier when setting up web3.<br></p>\n<p>We then call the app's <strong>markAdopted() function</strong> in case any pets are already adopted from a previous visit. We've encapsulated this in a separate function since we'll need to update the UI any time we make a change to the smart contract data.<br></p>\n<h3>Getting The Adopted Pets and Updating The UI</h3>\n<p>We shall access the deployed Adoption contract, then call <strong>getAdopters() </strong>on that instance.</p>\n<p>We first declare the variable <strong>adoptionInstance</strong> outside of the smart contract calls so we can access the instance after initially retrieving it.<br></p>\n<p>Using <strong>call()</strong> allows us to read data from the blockchain without having to send a full transaction, meaning we won't have to spend any ether.<br></p>\n<p>After calling <strong>getAdopters()</strong>, we then loop through all of them, checking to see if an address is stored for each pet. Since the array contains address types, Ethereum initializes the array with 16 empty addresses. This is why we check for an empty address string rather than null or other false value.<br></p>\n<p>Once a <strong>petId</strong> with a corresponding address is found, we disable its <strong>adopt</strong> button and change the button text to \"<strong>Success</strong>\", so the user gets some feedback. Any errors are logged to the console.<br></p>\n<h3>Handling the adopt() Function</h3>\n<p>We use web3 to get the user's accounts. In the callback after an error check, we select the first account.<br></p>\n<p>From there, we get the deployed contract as we did above and store the instance in <strong>adoptionInstance</strong>. This time though, we're going to send a transaction instead of a call. Transactions require a \"from\" address and have an associated cost. This cost, paid in ether, is called gas. The gas cost is the fee for performing computation and/or storing data in a smart contract. We send the transaction by executing the adopt() function with both the pet's ID and an object containing the account address, which we stored earlier in account.<br></p>\n<p>The result of sending a transaction is the transaction object. If there are no errors, we proceed to call our markAdopted() function to sync the UI with our newly stored data.</p>\n<h3>Step 7 Interacting with the DApp in a browser</h3>\n<p>The easiest way to interact with our DApp in a browser is through <a href=\"https://metamask.io/\">MetaMask</a>, a browser extension for both Chrome and Firefox.<br></p>\n<p>Install MetaMask in your browser.<br></p>\n<p>Once installed, you'll see the MetaMask fox icon next to your address bar. Click the icon and you'll see this screen appear:</p>\n<p>At the initial MetaMask screen, click <strong>Import Existing DEN</strong>.<br></p>\n<p>In the box marked Wallet Seed, enter the mnemonic that is displayed in Ganache.<br></p>\n<img src=\"https://lh3.googleusercontent.com/fAjR1C4iFhTRv8Fbq9aUMr4LgMD_gWep013YY2rLKgSkbG6hjoTG8sawTJScYn-gKy-ERtHa-oNhVdEBuFkKuCoPrSsts-SntxAX7gPpjWgqb7wXFnyzJEtiNwj_2A_hxO0YQi_N\" alt=\"\"/>\n<p>Enter a password below that and click OK.<br></p>\n<p>Now we need to connect MetaMask to the blockchain created by Ganache. Click the menu that shows \"Main Network\" and select <strong>Custom RPC</strong>.</p>\n<img src=\"https://lh5.googleusercontent.com/HNfLihR0YJ5DS8xIENTtePWRTQf9TfrfHr2p4iWjUTNT8Urz-0qgo_XyetF5UjZ1Ak1JOA2IRRYoLK09dmhGr0O7ak8ocdwnmvYQI-DWX6frMavCOmCuQpbmYrrWleoVpRHgoXxh\" alt=\"\"/>\n<p>In the box titled \"New RPC URL\" enter http://127.0.0.1:7545 and click <strong>Save</strong>.<br></p>\n<p>The network name at the top will switch to say \"Private Network\".<br></p>\n<p>Each account created by Ganache is given 100 ether. You'll notice it's slightly less on the first account because some gas was used when the contract itself was deployed and when the tests were run. (Make sure you are running Ganache as well.)<br></p>\n<img src=\"https://lh6.googleusercontent.com/10_9KbWHD7B1Aq5EuJyEyvH8ugZ8IB2WvpZJg0YmtQgQ_yv0pLNMib_fkVm4qoZIURhkhCphC4u5GBnOqytpsmK3eH6uRxl9WAMDksg_X9ET7FqOP9FGrOwselFSPUbKuGlLyBFU\" alt=\"\"/>\n<h3>Installing and configuring lite-server</h3>\n<p>We can now start a local web server and use the DApp. We're using the<strong> </strong><strong>lite-server</strong> library to serve our static files. This shipped with the <strong>pet-shop</strong> Truffle Box, but let's take a look at how it works.</p>\n<p>Let’s examine <strong>&nbsp;bs-config.json&nbsp;</strong><br></p>\n<pre class=\"wp-block-preformatted\">{\n \"port\": 3000, \n &nbsp;\"server\": { \n \"baseDir\": [\"./src\", \"./build/contracts\"], \n \"open\": false \n &nbsp;}, \n \"browser\": [\"chrome\"] \n } </pre>\n<p>This tells lite-server which files to include in our base directory. We add the ./src directory for our website files and ./build/contracts directory for the contract artifacts.</p>\n<p>I added \"browser\": [\"chrome\"]</p>\n<p>So that the UI opens in the Chrome browser.</p>\n<p>We've also added a dev command to the scripts object in the package.json file in the project's root directory. The scripts object allows us to alias console commands to a single npm command.&nbsp;</p>\n<p>To launch the app, enter the command in the VS Code Console.</p>\n<p><strong>npm run dev</strong></p>\n<p></p>\n<img src=\"https://lh3.googleusercontent.com/bhZxVYyMf1KfG7V_s35Ohr_j5DXtyuhi_bIATGde1mRrJi64ZSqNdkvf0BLc90qIANMKzqeOe6TtIjpqGesXSteTVRCorYYXHvRyWXZcvbiRkFCZ1N5K-CATiTiQmjozgQ966NXw\" alt=\"\"/><br/><i>Kittychain Shop</i>\n<p>Pet Shop UI</p>\n<img src=\"https://lh5.googleusercontent.com/kYZymAoIxBmwErWfsG4M45-SsFL0oy1xv7knIP3hRqO0nrv3sP2UQRxusmaEvZUD96kgLT_2F0V7qPxJKIj_tQHNIrnTxABrKkeLrz9Da9zYAVwx_UpXcePnkdRb-_9LSzIUgBIU\" alt=\"\"/>\n<p>Metamask appears after clicking adopt.<br></p>\n<img src=\"https://lh3.googleusercontent.com/YWBoMQ4ZADVoqBvyDEDMNwi1_4KPHwPyI7DaXbaxqmDOR1zHsW81SggX85ydl2QMgJumHQAgQvI3xhY0SZa3rt0notuNEJPilG-_dolObr6kE4j004R6B319r-RCITJzP5IpuN2H\" alt=\"\"/>\n<p>Transactions are shown on Metamask.<br></p>\n<p>And also on Ganache.<br></p>\n<img src=\"https://lh3.googleusercontent.com/-JVsRQbmEBYYUxamFS0zTziO4E9gGoMJN1-attw0vKsi3Rb3iz4sIqeHGq3rCRiwpfZbbIKyzdZgwiWOOpKqd0jUa4TAEncuUDYyPir8yBA8VXhhx-sxI8ltI1Yw3wsVCfO7Ecyu\" alt=\"\"/>\n<p>References<br></p>\n<ul><li><a href=\"https://youtu.be/XGa-8txQo6E\">Introduction to Dapp -Youtube</a></li><li><a href=\"https://truffleframework.com\">https://truffleframework.com</a></li></ul>\n<p></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/developing-a-dapp-on-e3-net-kittychain-shop/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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.</p>\n<p>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).</p>\n<p>The good news is that the blockchain could fix the aforementioned issues.&nbsp; 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.</p>\n<p>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.</p>\n<p>In a nutshell, a blockchain-based event and ticketing system has the following benefits:</p>\n<ul><li>Elimination of ticket duplication and counterfeit tickets</li><li>Elimination of scalpers</li><li>Elimination of ticket touts and purchasing bots</li><li>Fully transparent ticketing aftermarket</li><li>Automatic refund at the time of cancelation</li></ul>\n<h2><strong>Use Cases</strong></h2>\n<h3><strong>BitTicket</strong></h3>\n<p>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 <a href=\"https://www.bitticket.io/\"><strong>BitTicket</strong></a> and delivered the first live event using blockchain technology.</p>\n<p>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.</p>\n<p>BitTicket guarantees the following:</p>\n<ul><li>Your purchased ticket is genuine</li><li>Inherent protection against industrial-scale ticket touts and ticket purchasing bots</li><li>Transfer your tickets securely and with ease between friends &amp; family</li><li>Provides one wallet for all your tickets – no more individual tickets</li></ul>\n<h3><strong>GUTS</strong></h3>\n<p><a href=\"https://guts.tickets/\">GUTS</a> uses blockchain technology to create a transparent ticketing ecosystem where inflated secondary market prices and ticket fraud are eliminated. Their motto is <strong>simple, transparent </strong>and <strong>secure</strong>.</p>\n<p>GUTS brings numerous benefits for different stakeholders:</p>\n<ul><li>Artist and Managers<ul><li>A fair chance for all the fans to attend the show</li><li>Expand the fan base with exact data</li><li>Direct communication with your fans. Send them a message right before the show starts.</li></ul></li><li>The Venue, Festival and Theatre Operators<ul><li>No ticket fraud: fewer complaints and a stronger image</li><li>You know exactly who is present at any time (and who isn’t)</li><li>Automatic refund procedure at the time of cancelation or resale</li><li>Identification via mobile phones means shorter queues</li></ul></li><li>Ticket Providers<ul><li>Complete control of the tickets in both the primary and secondary market</li><li>Easy to integrate with existing ticketing solutions</li></ul></li></ul>\n<h3><strong>LAVA</strong></h3>\n<p>LAVA is a blockchain-based ticketing system that guarantees fair and secure smart tickets for music lovers. The system prevents ticket touting and fraud ruining festivals for music lovers.</p>\n<p>The LAVA ecosystem has the following features:</p>\n<ul><li>100% Safe<ul><li>Using latest blockchain technology to eliminate ticket fraud</li></ul></li><li>Smart Tickets<ul><li>Smart tickets to stop the exploitation of festival tickets using a unique digital footprint</li></ul></li><li>Lava Wallet - Eliminate printing completely by generating the ticket digitally and sending the digital ticket to the Lava wallet directly</li><li>No booking fee</li></ul>\n<h3><strong>PouchNATION</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>They have executed over 100 events including cashless events in Indonesia, Philippines, Vietnam, Malaysia, Thailand, and Myanmar.</p>\n<h3><strong>EventChain</strong></h3>\n<p><a href=\"https://eventchain.io/home\">EventChain</a> is a global Smart Ticketing blockchain project that will allow events worldwide to sell <strong>SmartTickets </strong>through a peer-to-peer network, solving the issues of the centralized event ticketing industry<strong>.</strong></p>\n<p>It implements the EventChain token network for event management 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.</p>\n<p>To fix the excessive ticket fees, <strong>EventChain </strong>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.</p>\n<h3><strong>Event Management and Ticketing Platform-A Conceptual Model</strong></h3>\n<p>After examining the above use cases, I propose a conceptual model that utilises a similar concept to develop a blockchain-based event management and ticketing platform. Below is a simple conceptual model of the Event Management and Ticketing Platform:</p>\n<img src=\"https://lh4.googleusercontent.com/ZPw4moMBZbhywjlyMrVp6cSu4DnwS2AxfEa8K2_FX-vpg1wxx1t62RM0A_4PDrRONHaPJLFJWidUV9Bykj0inzBKgtSBqC42oR-XQfC_fsytbAg8X5_1JXcmi7_OzFqFt7QPC4Hw\" alt=\"\"/>\n<p>The platform allows an event organizer to create an event and broadcast it to the website as well as a mobile 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&nbsp; Token X. Once the organizer receives Token X, 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.</p>\n<p>To build the platform, we need to build a smart contract layer on top of blockchain network to automate the buying and selling of event tickets. We shall use Solidity to write the contracts. There shall be at least three smart contracts -the ERC20 token contract(to generate Token X),&nbsp; the event contract, and the ERC721 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 <strong>import</strong>. For example, we can create an event contract <strong>event.sol</strong> that imports the ticket contract <strong>ticket.sol</strong>, using the syntax as follows:</p>\n<pre class=\"wp-block-preformatted\">Pragma Solidity ^0.5.0\nimport \"./ticket.sol\"; </pre>\n<p>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:</p>\n<pre class=\"wp-block-preformatted\">Contract Event { \n struct EventDetails {  \n uint256 ticketAmount; \n uint256 SoldticketAmount; \n uint256 CollectedFunds; \n uint256 StartTime; \n  } </pre>\n<p>The event contract shall also include a create event function, as follows:</p>\n<pre class=\"wp-block-preformatted\">function CreateEvent{\n uint256 _ticketAmount; \n uint256 _Startime \n}</pre>\n<p>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.</p>\n<h3>References</h3>\n<ul><li><a href=\"https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry\">https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry</a></li><li><a href=\"https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events\">https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events</a></li><li><a href=\"https://blocktix.io/\">https://blocktix.io/</a></li><li><a href=\"https://www.citizenticket.co.uk/bitticket/\">https://www.citizenticket.co.uk/bitticket/</a></li><li><a href=\"https://www.bitticket.io/\">https://www.bitticket.io/</a></li><li><a href=\"https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab\">https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab</a></li><li><a href=\"https://guts.tickets/\">https://guts.tickets/</a></li></ul>\n<p><br></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-event-management-and-ticketing-platform/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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.</p>\n<p> 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). </p>\n<p>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. </p>\n<p> 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. </p>\n<p>In a nutshell, blockchain-based event and  ticketing system has the following benefits:</p>\n<ul><li> Elimination of ticket duplication and counterfeit tickets </li><li> Elimination of scalpers </li><li> Elimination  of ticket touts and purchasing bots </li><li> Fully transparent ticketing aftermarket </li><li> Automatic&nbsp;refund at the time of cancelation </li></ul>\n<h2>Use Cases</h2>\n<h3> BitTicket </h3>\n<p>The Edinburgh-based&nbsp;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 <strong><a href=\"https://www.bitticket.io/\">BitTicket</a></strong> and delivered the first live event using blockchain technology. </p>\n<p> 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.<br></p>\n<p>BitTicket guarantees the following:</p>\n<ul><li>Your purchased ticket is genuine</li><li>Inherent protection against industrial-scale ticket touts and ticket purchasing bots</li><li>Transfer your tickets securely and with ease between friends &amp; family</li><li>Provides one wallet for all your tickets - no more individual tickets </li></ul>\n<h3>GUTS</h3>\n<p><a href=\"https://guts.tickets/\">GUTS</a> uses blockchain technology to create a transparent ticketing ecosystem where inflated secondary market prices and ticket fraud are eliminated. Their motto is <strong>simple,&nbsp;transparent&nbsp;</strong>and <strong>secure</strong>.</p>\n<p>GUTS brings numerous benefits for different stakeholders:</p>\n<ul><li>Artist and Managers<ul><li> A fair chance&nbsp;for all the fans to attend the show </li><li> Expand the fan base with&nbsp;exact data </li><li> Direct communication&nbsp;with your fans. Send them a message right before the show starts. </li></ul></li><li>The venue, Festival and Theatre Operators<ul><li> No ticket fraud:&nbsp;fewer complaints&nbsp;and a&nbsp;stronger image </li><li> You know exactly&nbsp;who is present, anytime&nbsp;(and who isn't) </li><li> Automatic&nbsp;refund procedure&nbsp;at the time of cancelation or resale </li><li> Identification via mobile phones means&nbsp;a shorter queue</li></ul></li><li>Ticket Providers <ul><li> Complete control&nbsp;on the tickets at both the primary and secondary market</li><li>Easy to integrate&nbsp;with existing ticketing solutions </li></ul></li></ul>\n<h3>LAVA</h3>\n<p>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.</p>\n<p>The LAVA ecosystem has the following features:</p>\n<ul><li>100% Safe<ul><li>Using latest blockchain technology to eliminate ticket fraud </li></ul></li><li>Smart Tickets<ul><li>Smart tickets to stop the exploitation of festival tickets using a unique digital footprint </li></ul></li><li>Lava Wallet-Eliminate printing completely by generating the ticket digitally and sending the digital ticket to the Lava wallet directly.</li><li>No booking fee</li></ul>\n<h3>PouchNATION</h3>\n<p>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.</p>\n<p>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.</p>\n<p>They have executed over 100 events including cashless events in Indonesia events in Indonesia, Philippines,  Vietnam, Malaysia, Thailand, and Myanmar.</p>\n<h3><strong>EventChain</strong></h3>\n<p><a href=\"https://eventchain.io/home\">EventChain</a> is a global Smart Ticketing blockchain project that will allow events worldwide to sell&nbsp;<strong>SmartTickets&nbsp;</strong>through a peer-to-peer network, solving the issues of the centralized event ticketing industry<strong>.</strong></p>\n<p>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. </p>\n<p>To fix the excessive ticket fees,&nbsp;<strong>EventChain&nbsp;</strong>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. </p>\n<h3>E3 Event Management and Ticketing Platform</h3>\n<p>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:</p>\n<img src=\"https://www.blockchainguide.biz/wp-content/uploads/2019/11/e3ticketing-1.png\" alt=\"\" class=\"wp-image-1531\"/>\n<p>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.</p>\n<p>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 <strong>import</strong>. For example, we can create an event contract <strong>event.sol</strong> that imports the ticket contract <strong>ticket.sol</strong>, using the syntax as follows:</p>\n<pre class=\"wp-block-preformatted\">Pragma Solidity ^0.5.0\nimport \"./ticket.sol\";</pre>\n<p>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:</p>\n<pre class=\"wp-block-preformatted\">Contract Event { \nstruct EventDetails { \nuint256 ticketAmount;\nuint256 SoldticketAmount;\nuint256 CollectedFunds;\nuint256 StartTime;\n }</pre>\n<p> The event contract shall also include a create event function, as follows:</p>\n<pre class=\"wp-block-preformatted\">function CreateEvent{\nuint256 _ticketAmount;\nuint256 _Startime\n}</pre>\n<p>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. </p>\n<h3> References </h3>\n<ul><li><a href=\"https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry\">https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry</a></li><li> <a href=\"https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events\">https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events</a> </li><li> <a href=\"https://blocktix.io/\">https://blocktix.io/</a> </li><li> <a href=\"https://www.citizenticket.co.uk/bitticket/\">https://www.citizenticket.co.uk/bitticket/</a> </li><li> <a href=\"https://www.bitticket.io/\">https://www.bitticket.io/</a> </li><li> <a href=\"https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab\">https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab</a> </li><li> <a href=\"https://guts.tickets/\">https://guts.tickets/</a> </li><li> <a href=\"http://www.lavamovement.com/\">http://www.lavamovement.com/</a> </li><li> <a href=\"https://aventus.io/\">https://aventus.io/</a> </li><li> <a href=\"https://github.com/thekscar/Ticket-Sales\">https://github.com/thek</a></li><li><a href=\"https://github.com/thekscar/Ticket-Sales\">scar/Ticket-Sales</a> </li><li> <a href=\"https://github.com/qvissak/Ticket-Booth-Smart-Contract\">https://github.com/qvissak/Ticket-Booth-Smart-Contract</a> </li><li> <a href=\"https://www.cryptoninjas.net/2018/08/28/event-management-dapp-blockparty-joins-status-blockchain-incubator/\">https://www.cryptoninjas.net/2018/08/28/event-management-dapp-blockparty-joins-status-blockchain-incubator/</a> </li><li> <a href=\"https://github.com/theNvN/event_management_dapp\">https://github.com/theNvN/event_management_dapp</a> </li><li> <a href=\"https://medium.com/evedo/blockchain-the-event-industry-e2c9e67c866e\">https://medium.com/evedo/blockchain-the-event-industry-e2c9e67c866e</a> </li><li> <a href=\"https://www.youtube.com/watch?v=D9jO4kl9rTg&amp;feature=youtu.be\">https://www.youtube.com/watch?v=D9jO4kl9rTg&amp;feature=youtu.be</a> </li><li> <a href=\"https://www.mci-group.com/news-and-insights/news/global/blockchain-top-uses-for-event-security-and-ticketing\">https://www.mci-group.com/news-and-insights/news/global/blockchain-top-uses-for-event-security-and-ticketing</a> </li><li> <a href=\"https://www.leadingedgeonly.com/blogs/how-blockchain-technology-is-changing-the-future-of-event-planning\">https://www.leadingedgeonly.com/blogs/how-blockchain-technology-is-changing-the-future-of-event-planning</a> </li><li> <a href=\"https://www.eventmanagerblog.com/blockchain-silver-bullet-attendee-experience\">https://www.eventmanagerblog.com/blockchain-silver-bullet-attendee-experience</a> </li><li> <a href=\"https://www.slideshare.net/pouchnation/shaping-the-future-of-event-management-and-ticketing\">https://www.slideshare.net/pouchnation/shaping-the-future-of-event-management-and-ticketing</a> </li><li> <a href=\"https://dex.openledger.io/what-benefits-can-blockchain-bring-to-the-event-management-business/\">https://dex.openledger.io/what-benefits-can-blockchain-bring-to-the-event-management-business/</a> </li><li> <a href=\"https://blog.eventchain.io/eventchain-fixing-the-issues-of-the-event-ticketing-industry-d2f90f44d438\">https://blog.eventchain.io/eventchain-fixing-the-issues-of-the-event-ticketing-industry-d2f90f44d438</a> </li><li> <a href=\"https://medium.com/@andreazanda/blockchain-ticketing-a-disruptive-0-commission-ecosystem-e7cf45f38ec7\">https://medium.com/@andreazanda/blockchain-ticketing-a-disruptive-0-commission-ecosystem-e7cf45f38ec7</a> </li></ul>\n<p></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3-event-management-and-ticketing-platform/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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.</p>\n<p> 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). </p>\n<p> The good news is that the blockchain could fix the aforementioned issues.&nbsp; 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. </p>\n<p> 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. </p>\n<p>In a nutshell, blockchain-based event and  ticketing system has the following benefits:</p>\n<ul><li> Elimination of ticket duplication and counterfeit tickets </li><li> Elimination of scalpers </li><li> Elimination  of ticket touts and purchasing bots </li><li> Fully transparent ticketing aftermarket </li><li> Automatic&nbsp;refund at the time of cancelation </li></ul>\n<h2>Use Cases</h2>\n<h3> BitTicket </h3>\n<p>The Edinburgh-based&nbsp;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 <strong><a href=\"https://www.bitticket.io/\">BitTicket</a></strong> and delivered the first live event using blockchain technology. </p>\n<p> 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.<br></p>\n<p>BitTicket guarantees the following:</p>\n<ul><li>Your purchased ticket is genuine</li><li>Inherent protection against industrial-scale ticket touts and ticket purchasing bots</li><li>Transfer your tickets securely and with ease between friends &amp; family</li><li>Provides one wallet for all your tickets - no more individual tickets </li></ul>\n<h3>GUTS</h3>\n<p><a href=\"https://guts.tickets/\">GUTS</a> uses blockchain technology to create a transparent ticketing ecosystem where inflated secondary market prices and ticket fraud are eliminated. Their motto is <strong>simple,&nbsp;transparent&nbsp;</strong>and <strong>secure</strong>.</p>\n<p>GUTS brings numerous benefits for different stakeholders:</p>\n<ul><li>Artist and Managers<ul><li> A fair chance&nbsp;for all the fans to attend the show </li><li> Expand the fan base with&nbsp;exact data </li><li> Direct communication&nbsp;with your fans. Send them a message right before the show starts. </li></ul></li><li>The venue, Festival and Theatre Operators<ul><li> No ticket fraud:&nbsp;fewer complaints&nbsp;and a&nbsp;stronger image </li><li> You know exactly&nbsp;who is present, anytime&nbsp;(and who isn't) </li><li> Automatic&nbsp;refund procedure&nbsp;at the time of cancelation or resale </li><li> Identification via mobile phones means&nbsp;a shorter queue</li></ul></li><li>Ticket Providers <ul><li> Complete control&nbsp;on the tickets at both the primary and secondary market</li><li>Easy to integrate&nbsp;with existing ticketing solutions </li></ul></li></ul>\n<h3>LAVA</h3>\n<p>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.</p>\n<p>The LAVA ecosystem has the following features:</p>\n<ul><li>100% Safe<ul><li>Using latest blockchain technology to eliminate ticket fraud </li></ul></li><li>Smart Tickets<ul><li>Smart tickets to stop the exploitation of festival tickets using a unique digital footprint </li></ul></li><li>Lava Wallet-Eliminate printing completely by generating the ticket digitally and sending the digital ticket to the Lava wallet directly.</li><li>No booking fee</li></ul>\n<h3>PouchNATION</h3>\n<p>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.</p>\n<p>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.</p>\n<p>They have executed over 100 events including cashless events in Indonesia events in Indonesia, Philippines,  Vietnam, Malaysia, Thailand, and Myanmar.</p>\n<h3><strong>EventChain</strong></h3>\n<p><a href=\"https://eventchain.io/home\">EventChain</a> is a global Smart Ticketing blockchain project that will allow events worldwide to sell&nbsp;<strong>SmartTickets&nbsp;</strong>through a peer-to-peer network, solving the issues of the centralized event ticketing industry<strong>.</strong></p>\n<p>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. </p>\n<p>To fix the excessive ticket fees,&nbsp;<strong>EventChain&nbsp;</strong>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. </p>\n<h3>E3 Event Management and Ticketing Platform</h3>\n<p>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:</p>\n<img src=\"https://www.blockchainguide.biz/wp-content/uploads/2019/11/e3ticketing-1.png\" alt=\"\" class=\"wp-image-1531\"/>\n<p>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.</p>\n<p>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 <strong>import</strong>. For example, we can create an event contract <strong>event.sol</strong> that imports the ticket contract <strong>ticket.sol</strong>, using the syntax as follows:</p>\n<pre class=\"wp-block-preformatted\">Pragma Solidity ^0.5.0\nimport \"./ticket.sol\";</pre>\n<p>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:</p>\n<pre class=\"wp-block-preformatted\">Contract Event { \nstruct EventDetails { \nuint256 ticketAmount;\nuint256 SoldticketAmount;\nuint256 CollectedFunds;\nuint256 StartTime;\n }</pre>\n<p> The event contract shall also include a create event function, as follows:</p>\n<pre class=\"wp-block-preformatted\">function CreateEvent{\nuint256 _ticketAmount;\nuint256 _Startime\n}</pre>\n<p>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. </p>\n<p>As a final note, I would like to assure E3 stakeholders that the E3 Tech team is working around the clock to develop the E3 Event Management and Ticketing Platform and the project is expected to be completed by January 2020. </p>\n<h3> References </h3>\n<ul><li><a href=\"https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry\">https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry</a></li><li> <a href=\"https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events\">https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events</a> </li><li> <a href=\"https://blocktix.io/\">https://blocktix.io/</a> </li><li> <a href=\"https://www.citizenticket.co.uk/bitticket/\">https://www.citizenticket.co.uk/bitticket/</a> </li><li> <a href=\"https://www.bitticket.io/\">https://www.bitticket.io/</a> </li><li> <a href=\"https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab\">https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab</a> </li><li> <a href=\"https://guts.tickets/\">https://guts.tickets/</a> </li><li> <a href=\"http://www.lavamovement.com/\">http://www.lavamovement.com/</a> </li><li> <a href=\"https://aventus.io/\">https://aventus.io/</a> </li><li> <a href=\"https://github.com/thekscar/Ticket-Sales\">https://github.com/thek</a></li><li><a href=\"https://github.com/thekscar/Ticket-Sales\">scar/Ticket-Sales</a> </li><li> <a href=\"https://github.com/qvissak/Ticket-Booth-Smart-Contract\">https://github.com/qvissak/Ticket-Booth-Smart-Contract</a> </li><li> <a href=\"https://www.cryptoninjas.net/2018/08/28/event-management-dapp-blockparty-joins-status-blockchain-incubator/\">https://www.cryptoninjas.net/2018/08/28/event-management-dapp-blockparty-joins-status-blockchain-incubator/</a> </li><li> <a href=\"https://github.com/theNvN/event_management_dapp\">https://github.com/theNvN/event_management_dapp</a> </li><li> <a href=\"https://medium.com/evedo/blockchain-the-event-industry-e2c9e67c866e\">https://medium.com/evedo/blockchain-the-event-industry-e2c9e67c866e</a> </li><li> <a href=\"https://www.youtube.com/watch?v=D9jO4kl9rTg&amp;feature=youtu.be\">https://www.youtube.com/watch?v=D9jO4kl9rTg&amp;feature=youtu.be</a> </li><li> <a href=\"https://www.mci-group.com/news-and-insights/news/global/blockchain-top-uses-for-event-security-and-ticketing\">https://www.mci-group.com/news-and-insights/news/global/blockchain-top-uses-for-event-security-and-ticketing</a> </li><li> <a href=\"https://www.leadingedgeonly.com/blogs/how-blockchain-technology-is-changing-the-future-of-event-planning\">https://www.leadingedgeonly.com/blogs/how-blockchain-technology-is-changing-the-future-of-event-planning</a> </li><li> <a href=\"https://www.eventmanagerblog.com/blockchain-silver-bullet-attendee-experience\">https://www.eventmanagerblog.com/blockchain-silver-bullet-attendee-experience</a> </li><li> <a href=\"https://www.slideshare.net/pouchnation/shaping-the-future-of-event-management-and-ticketing\">https://www.slideshare.net/pouchnation/shaping-the-future-of-event-management-and-ticketing</a> </li><li> <a href=\"https://dex.openledger.io/what-benefits-can-blockchain-bring-to-the-event-management-business/\">https://dex.openledger.io/what-benefits-can-blockchain-bring-to-the-event-management-business/</a> </li><li> <a href=\"https://blog.eventchain.io/eventchain-fixing-the-issues-of-the-event-ticketing-industry-d2f90f44d438\">https://blog.eventchain.io/eventchain-fixing-the-issues-of-the-event-ticketing-industry-d2f90f44d438</a> </li><li> <a href=\"https://medium.com/@andreazanda/blockchain-ticketing-a-disruptive-0-commission-ecosystem-e7cf45f38ec7\">https://medium.com/@andreazanda/blockchain-ticketing-a-disruptive-0-commission-ecosystem-e7cf45f38ec7</a> </li></ul>\n<p></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3-event-management-and-ticketing-platform/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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.</p>\n<p class=\"has-drop-cap\"> 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). </p>\n<p> 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. </p>\n<p> 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. </p>\n<p>In a nutshell, blockchain-based event and  ticketing system has the following benefits:</p>\n<ul><li> Elimination of ticket duplication and counterfeit tickets </li><li> Elimination of scalpers </li><li> Elimination  of ticket touts and purchasing bots </li><li> Fully transparent ticketing aftermarket </li><li> Automatic&nbsp;refund at the time of cancelation </li></ul>\n<h2>Use Cases</h2>\n<h3> BitTicket </h3>\n<p>The Edinburgh-based&nbsp;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 <strong><a href=\"https://www.bitticket.io/\">BitTicket</a></strong> and delivered the first live event using blockchain technology. </p>\n<p> 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.<br></p>\n<p>BitTicket guarantees the following:</p>\n<ul><li>Your purchased ticket is genuine</li><li>Inherent protection against industrial-scale ticket touts and ticket purchasing bots</li><li>Transfer your tickets securely and with ease between friends &amp; family</li><li>Provides one wallet for all your tickets - no more individual tickets </li></ul>\n<h3>GUTS</h3>\n<p><a href=\"https://guts.tickets/\">GUTS</a> uses blockchain technology to create a transparent ticketing ecosystem where inflated secondary market prices and ticket fraud are eliminated. Their motto is <strong>simple,&nbsp;transparent&nbsp;</strong>and <strong>secure</strong>.</p>\n<p>GUTS brings numerous benefits for different stakeholders:</p>\n<ul><li>Artist and Managers<ul><li> A fair chance&nbsp;for all the fans to attend the show </li><li> Expand the fan base with&nbsp;exact data </li><li> Direct communication&nbsp;with your fans. Send them a message right before the show starts. </li></ul></li><li>The venue, Festival and Theatre Operators<ul><li> No ticket fraud:&nbsp;fewer complaints&nbsp;and a&nbsp;stronger image </li><li> You know exactly&nbsp;who is present, anytime&nbsp;(and who isn't) </li><li> Automatic&nbsp;refund procedure&nbsp;at the time of cancelation or resale </li><li> Identification via mobile phones means&nbsp;a shorter queue</li></ul></li><li>Ticket Providers <ul><li> Complete control&nbsp;on the tickets at both the primary and secondary market</li><li>Easy to integrate&nbsp;with existing ticketing solutions </li></ul></li></ul>\n<h3>LAVA</h3>\n<p>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.</p>\n<p>The LAVA ecosystem has the following features:</p>\n<ul><li>100% Safe<ul><li>Using latest blockchain technology to eliminate ticket fraud </li></ul></li><li>Smart Tickets<ul><li>Smart tickets to stop the exploitation of festival tickets using a unique digital footprint </li></ul></li><li>Lava Wallet-Eliminate printing completely by generating the ticket digitally and sending the digital ticket to the Lava wallet directly.</li><li>No booking fee</li></ul>\n<h3>PouchNATION</h3>\n<p>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.</p>\n<p>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.</p>\n<p>They have executed over 100 events including cashless events in Indonesia events in Indonesia, Philippines,  Vietnam, Malaysia, Thailand, and Myanmar.</p>\n<h3><strong>EventChain</strong></h3>\n<p><a href=\"https://eventchain.io/home\">EventChain</a> is a global Smart Ticketing blockchain project that will allow events worldwide to sell&nbsp;<strong>SmartTickets&nbsp;</strong>through a peer-to-peer network, solving the issues of the centralized event ticketing industry<strong>.</strong></p>\n<p>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. </p>\n<p>To fix the excessive ticket fees,&nbsp;<strong>EventChain&nbsp;</strong>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. </p>\n<h3>E3 Event Management and Ticketing Platform</h3>\n<p>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:</p>\n<img src=\"https://www.blockchainguide.biz/wp-content/uploads/2019/11/e3ticketing-1.png\" alt=\"\" class=\"wp-image-1531\"/>\n<p>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.</p>\n<p>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 <strong>import</strong>. For example, we can create an event contract <strong>event.sol</strong> that imports the ticket contract <strong>ticket.sol</strong>, using the syntax as follows:</p>\n<pre class=\"wp-block-preformatted\">Pragma Solidity ^0.5.0\nimport \"./ticket.sol\";</pre>\n<p>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:</p>\n<pre class=\"wp-block-preformatted\">Contract Event { \nstruct EventDetails { \nuint256 ticketAmount;\nuint256 SoldticketAmount;\nuint256 CollectedFunds;\nuint256 StartTime;\n }</pre>\n<p> The event contract shall also include a create event function, as follows:</p>\n<pre class=\"wp-block-preformatted\">function CreateEvent{\nuint256 _ticketAmount;\nuint256 _Startime\n}</pre>\n<p>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. </p>\n<p>As a final note, I would like to assure E3 stakeholders that the E3 Tech team is working around the clock to develop the E3 Event Management and Ticketing Platform and the project is expected to be completed by January 2020. </p>\n<h3> References </h3>\n<ul><li><a href=\"https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry\">https://applicature.com/blog/blockchain-technology/smart-contracts-in-the-ticketing-industry</a></li><li> <a href=\"https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events\">https://www.corbinball.com/article/42-technology-how-to-use-it-better/224-blockchain-and-ethereum-how-can-they-be-used-for-events</a> </li><li> <a href=\"https://blocktix.io/\">https://blocktix.io/</a> </li><li> <a href=\"https://www.citizenticket.co.uk/bitticket/\">https://www.citizenticket.co.uk/bitticket/</a> </li><li> <a href=\"https://www.bitticket.io/\">https://www.bitticket.io/</a> </li><li> <a href=\"https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab\">https://medium.com/coinmonks/how-blockchain-can-boost-the-ticket-booking-industry-79ea56fbfab</a> </li><li> <a href=\"https://guts.tickets/\">https://guts.tickets/</a> </li><li> <a href=\"http://www.lavamovement.com/\">http://www.lavamovement.com/</a> </li><li> <a href=\"https://aventus.io/\">https://aventus.io/</a> </li><li> <a href=\"https://github.com/thekscar/Ticket-Sales\">https://github.com/thek</a></li><li><a href=\"https://github.com/thekscar/Ticket-Sales\">scar/Ticket-Sales</a> </li><li> <a href=\"https://github.com/qvissak/Ticket-Booth-Smart-Contract\">https://github.com/qvissak/Ticket-Booth-Smart-Contract</a> </li><li> <a href=\"https://www.cryptoninjas.net/2018/08/28/event-management-dapp-blockparty-joins-status-blockchain-incubator/\">https://www.cryptoninjas.net/2018/08/28/event-management-dapp-blockparty-joins-status-blockchain-incubator/</a> </li><li> <a href=\"https://github.com/theNvN/event_management_dapp\">https://github.com/theNvN/event_management_dapp</a> </li><li> <a href=\"https://medium.com/evedo/blockchain-the-event-industry-e2c9e67c866e\">https://medium.com/evedo/blockchain-the-event-industry-e2c9e67c866e</a> </li><li> <a href=\"https://www.youtube.com/watch?v=D9jO4kl9rTg&amp;feature=youtu.be\">https://www.youtube.com/watch?v=D9jO4kl9rTg&amp;feature=youtu.be</a> </li><li> <a href=\"https://www.mci-group.com/news-and-insights/news/global/blockchain-top-uses-for-event-security-and-ticketing\">https://www.mci-group.com/news-and-insights/news/global/blockchain-top-uses-for-event-security-and-ticketing</a> </li><li> <a href=\"https://www.leadingedgeonly.com/blogs/how-blockchain-technology-is-changing-the-future-of-event-planning\">https://www.leadingedgeonly.com/blogs/how-blockchain-technology-is-changing-the-future-of-event-planning</a> </li><li> <a href=\"https://www.eventmanagerblog.com/blockchain-silver-bullet-attendee-experience\">https://www.eventmanagerblog.com/blockchain-silver-bullet-attendee-experience</a> </li><li> <a href=\"https://www.slideshare.net/pouchnation/shaping-the-future-of-event-management-and-ticketing\">https://www.slideshare.net/pouchnation/shaping-the-future-of-event-management-and-ticketing</a> </li><li> <a href=\"https://dex.openledger.io/what-benefits-can-blockchain-bring-to-the-event-management-business/\">https://dex.openledger.io/what-benefits-can-blockchain-bring-to-the-event-management-business/</a> </li><li> <a href=\"https://blog.eventchain.io/eventchain-fixing-the-issues-of-the-event-ticketing-industry-d2f90f44d438\">https://blog.eventchain.io/eventchain-fixing-the-issues-of-the-event-ticketing-industry-d2f90f44d438</a> </li><li> <a href=\"https://medium.com/@andreazanda/blockchain-ticketing-a-disruptive-0-commission-ecosystem-e7cf45f38ec7\">https://medium.com/@andreazanda/blockchain-ticketing-a-disruptive-0-commission-ecosystem-e7cf45f38ec7</a> </li></ul>\n<p></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3-event-management-and-ticketing-platform/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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<br></p>\n<p>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.<br></p>\n<p>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.&nbsp;<br></p>\n<p>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.<br></p>\n<p>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.</p>\n<h1>The Hybrid P2P Lending Model</h1>\n<p>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.</p>\n<h3><strong>1. SALT</strong></h3>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;<br></p>\n<p>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.</p>\n<p>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).</p>\n<h3><strong>2. Nexo</strong></h3>\n<p>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 <a href=\"https://www.coinbureau.com/education/what-is-ethereum/\">Ethereum (ETH)</a>, but there’s a good chance that this will expand to other cryptocurrencies in the future.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p></p>\n<h1>Pure Cryptocurrency P2P Lending Model</h1>\n<h3><strong>1. ETHlend</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>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&nbsp;get the payments plus a liquidation fee from the collateral.</p>\n<h3>2. <strong>Elix</strong></h3>\n<p>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.</p>\n<p>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”.</p>\n<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.</p>\n<h1>The P2P Lending Conceptual Model</h1>\n<p>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:</p>\n<h4>Using a combination of BTC,  ETH, USDT, and Token X as collateral</h4>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<h3>References</h3>\n<ul><li><a href=\"https://www.leewayhertz.com/blockchain-p2p-lending-platform\">https://www.leewayhertz.com/blockchain-p2p-lending-platform</a></li><li><a href=\"https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d\">https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d</a></li><li><a href=\"https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain\">https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain</a></li><li> <a href=\"https://moonwhale.io/crypto-collateral-p2p-lending/\">Crypto Collateral: Blockchain Peer to Peer (P2P) Lending</a> </li><li><a href=\"https://www.saltlending.com\">https://www.saltlending.com</a></li><li><a href=\"https://nexo.io\">https://nexo.io</a></li><li><a href=\"https://ethlend.io/\">https://ethlend.io/</a></li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li><li> <a href=\"https://medium.com/nexo/nexo-dividends-explained-6636804db3a\">https://medium.com/nexo/nexo-dividends-explained-6636804db3a</a> </li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li><li> <a href=\"https://github.com/bhaumik-choksi/Loan/blob/master/Contract/P2PLending.sol\">https://github.com/bhaumik-choksi/Loan/blob/master/Contract/P2PLending.sol</a> </li><li> <a href=\"https://credithydra.com/blog/proof-concept-example-lending-platform-part-3/\">https://credithydra.com/blog/proof-concept-example-lending-platform-part-3/</a> </li></ul>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-p2p-lending-solution/ </em><hr/></center>            ",
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      "author": "blockguider",
      "body": "<p class=\"has-drop-cap\">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<br></p>\n<p>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.<br></p>\n<p>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.&nbsp;<br></p>\n<p>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.<br></p>\n<p>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.</p>\n<h1>The Hybrid P2P Lending Model</h1>\n<p>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.</p>\n<h3><strong>1. SALT</strong></h3>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;<br></p>\n<p>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.</p>\n<p>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).</p>\n<h3><strong>2. Nexo</strong></h3>\n<p>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 <a href=\"https://www.coinbureau.com/education/what-is-ethereum/\">Ethereum (ETH)</a>, but there’s a good chance that this will expand to other cryptocurrencies in the future.</p>\n<p>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, Neo 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.</p>\n<p>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.</p>\n<p>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.</p>\n<p></p>\n<h1>Pure Cryptocurrency P2P Lending Model</h1>\n<h3><strong>1. ETHlend</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>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&nbsp;get the payments plus a liquidation fee from the collateral.</p>\n<h3>2. <strong>Elix</strong></h3>\n<p>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.</p>\n<p>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”.</p>\n<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.</p>\n<h1>The Proposed E3 P2P Lending Model</h1>\n<p>After reviewing the aforementioned P2P lending models, I think the best model that suits the E3T P2P lending platform is the Nexo model. As it is a hybrid of the fiat and cryptocurrency models, we need to work with Alixco, a licensed P2P operator. I propose two models:<br></p>\n<h4>1.&nbsp; Using a combination of E3T, ETH, USDT and BTC as collateral<br></h4>\n<p>The E3T P2P lending platform will accept BTC, USDT, ETH or E3T as collateral, which has to be agreed to by Alixco. We can also work out the collateral as a combination of USDT+E3T, ETH+E3T or BTC+E3T. For example, 50% USDT and 50% E3T or 60%USDT+40% E3T. We have to work out a formula. Any loans taken can be repaid using fiat currency, ETH, BTC or E3T 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, E3T) will be transferred to the lender.<br></p>\n<h4>2.&nbsp; Using E3T as collateral<br></h4>\n<p>The E3T P2P lending platform will accept E3T as collateral, which Alixco also has to agree to. Any loan taken can be repaid using fiat currency or E3T with a certain interest. Loans given to borrowers should be fiat currency. E3T should be stored in a secure wallet. In the event of a default, the crypto assets (E3T) will be transferred to the lender.</p>\n<p>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 our E3T wallet for borrowers to access the credit line offered by the E3T 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 E3T wallet and deposit fiat money to be used as loans. It means we need to integrate the E3T wallet to the P2P lending platform via an API.</p>\n<p>I propose that 30% of the profit generated from P2P lending to be deposited into a dividend pool and distributed to E3T holders. This way it incentivises people to buy and hold E3T.</p>\n<h3>References</h3>\n<ul><li><a href=\"https://www.leewayhertz.com/blockchain-p2p-lending-platform\">https://www.leewayhertz.com/blockchain-p2p-lending-platform</a></li><li><a href=\"https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d\">https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d</a></li><li><a href=\"https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain\">https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain</a></li><li> <a href=\"https://moonwhale.io/crypto-collateral-p2p-lending/\">Crypto Collateral: Blockchain Peer to Peer (P2P) Lending</a> </li><li><a href=\"https://www.saltlending.com\">https://www.saltlending.com</a></li><li><a href=\"https://nexo.io\">https://nexo.io</a></li><li><a href=\"https://ethlend.io/\">https://ethlend.io/</a></li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li><li> <a href=\"https://medium.com/nexo/nexo-dividends-explained-6636804db3a\">https://medium.com/nexo/nexo-dividends-explained-6636804db3a</a> </li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li></ul>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-p2p-lending-the-e3t-solution/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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<br></p>\n<p>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.<br></p>\n<p>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.&nbsp;<br></p>\n<p>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.<br></p>\n<p>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.</p>\n<h1>The Hybrid P2P Lending Model</h1>\n<p>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.</p>\n<h3><strong>1. SALT</strong></h3>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;<br></p>\n<p>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.</p>\n<p>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).</p>\n<h3><strong>2. Nexo</strong></h3>\n<p>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 <a href=\"https://www.coinbureau.com/education/what-is-ethereum/\">Ethereum (ETH)</a>, but there’s a good chance that this will expand to other cryptocurrencies in the future.</p>\n<p>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, Neo 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.</p>\n<p>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.</p>\n<p>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.</p>\n<p></p>\n<h1>Pure Cryptocurrency P2P Lending Model</h1>\n<h3><strong>1. ETHlend</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>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&nbsp;get the payments plus a liquidation fee from the collateral.</p>\n<h3>2. <strong>Elix</strong></h3>\n<p>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.</p>\n<p>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”.</p>\n<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.</p>\n<h1>The Proposed E3 P2P Lending Model</h1>\n<p>After reviewing the aforementioned P2P lending models, I think the best model that suits the E3 P2P lending platform is the Nexo model. As it is a hybrid of the fiat and cryptocurrency models, we need to work with Alixco, a licensed P2P operator. I propose two models:<br></p>\n<h4>1.&nbsp; Using a combination of E3T, ETH, USDT and BTC as collateral<br></h4>\n<p>The E3 P2P lending platform will accept BTC, USDT, ETH or E3T as collateral, which has to be agreed to by Alixco. We can also work out the collateral as a combination of USDT+E3T, ETH+E3T or BTC+E3T. For example, 50% USDT and 50% E3T or 60%USDT+40% E3T. We have to work out a formula. Any loans taken can be repaid using fiat currency, ETH, BTC or E3T 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, E3T) will be transferred to the lender.<br></p>\n<h4>2.&nbsp; Using E3T as collateral<br></h4>\n<p>The E3 P2P lending platform will accept E3T as collateral, which Alixco also has to agree to. Any loan taken can be repaid using fiat currency or E3T with a certain interest. Loans given to borrowers should be fiat currency. E3T should be stored in a secure wallet. In the event of a default, the crypto assets (E3T) will be transferred to the lender.</p>\n<p>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 our E3T wallet for borrowers to access the credit line offered by the E3 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 E3T wallet and deposit fiat money to be used as loans. It means we need to integrate the E3T wallet to the P2P lending platform via an API.</p>\n<p>I propose that 30% of the profit generated from P2P lending to be deposited into a dividend pool and distributed to E3T holders. This way it incentivises people to buy and hold E3T.</p>\n<h3>References</h3>\n<ul><li><a href=\"https://www.leewayhertz.com/blockchain-p2p-lending-platform\">https://www.leewayhertz.com/blockchain-p2p-lending-platform</a></li><li><a href=\"https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d\">https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d</a></li><li><a href=\"https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain\">https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain</a></li><li> <a href=\"https://moonwhale.io/crypto-collateral-p2p-lending/\">Crypto Collateral: Blockchain Peer to Peer (P2P) Lending</a> </li><li><a href=\"https://www.saltlending.com\">https://www.saltlending.com</a></li><li><a href=\"https://nexo.io\">https://nexo.io</a></li><li><a href=\"https://ethlend.io/\">https://ethlend.io/</a></li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li><li> <a href=\"https://medium.com/nexo/nexo-dividends-explained-6636804db3a\">https://medium.com/nexo/nexo-dividends-explained-6636804db3a</a> </li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li></ul>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-p2p-lending-the-e3t-solution/ </em><hr/></center>            ",
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      "author": "blockguider",
      "body": "<p class=\"has-drop-cap\">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<br></p>\n<p>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.<br></p>\n<p>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.&nbsp;<br></p>\n<p>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.<br></p>\n<p>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.</p>\n<h1>The Hybrid P2P Lending Model</h1>\n<p>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.</p>\n<h3><strong>1. SALT</strong></h3>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;<br></p>\n<p>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.</p>\n<p>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).</p>\n<h3><strong>2. Nexo</strong></h3>\n<p>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 <a href=\"https://www.coinbureau.com/education/what-is-ethereum/\">Ethereum (ETH)</a>, but there’s a good chance that this will expand to other cryptocurrencies in the future.</p>\n<p>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, Neo 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.</p>\n<p>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.</p>\n<p>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.</p>\n<p></p>\n<h1>Pure Cryptocurrency P2P Lending Model</h1>\n<h3><strong>1. ETHlend</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>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&nbsp;get the payments plus a liquidation fee from the collateral.</p>\n<h3>2. <strong>Elix</strong></h3>\n<p>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.</p>\n<p>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”.</p>\n<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.</p>\n<h1>The Proposed E3T P2P Lending Model</h1>\n<p>After reviewing the aforementioned P2P lending models, I think the best model that suits the E3T P2P lending platform is the Nexo model. As it is a hybrid of the fiat and cryptocurrency models, we need to work with Alixco, a licensed P2P operator. I propose two models:<br></p>\n<h4>1.&nbsp; Using a combination of E3T, ETH, USDT and BTC as collateral<br></h4>\n<p>The E3T P2P lending platform will accept BTC, USDT, ETH or E3T as collateral, which has to be agreed to by Alixco. We can also work out the collateral as a combination of USDT+E3T, ETH+E3T or BTC+E3T. For example, 50% USDT and 50% E3T or 60%USDT+40% E3T. We have to work out a formula. Any loans taken can be repaid using fiat currency, ETH, BTC or E3T 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, E3T) will be transferred to the lender.<br></p>\n<h4>2.&nbsp; Using E3T as collateral<br></h4>\n<p>The E3T P2P lending platform will accept E3T as collateral, which Alixco also has to agree to. Any loan taken can be repaid using fiat currency or E3T with a certain interest. Loans given to borrowers should be fiat currency. E3T should be stored in a secure wallet. In the event of a default, the crypto assets (E3T) will be transferred to the lender.</p>\n<p>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 our E3T wallet for borrowers to access the credit line offered by the E3T 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 E3T wallet and deposit fiat money to be used as loans. It means we need to integrate the E3T wallet to the P2P lending platform via an API.</p>\n<p>I propose that 30% of the profit generated from P2P lending to be deposited into a dividend pool and distributed to E3T holders. This way it incentivises people to buy and hold E3T.</p>\n<h3>References</h3>\n<ul><li><a href=\"https://www.leewayhertz.com/blockchain-p2p-lending-platform\">https://www.leewayhertz.com/blockchain-p2p-lending-platform</a></li><li><a href=\"https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d\">https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d</a></li><li><a href=\"https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain\">https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain</a></li><li> <a href=\"https://moonwhale.io/crypto-collateral-p2p-lending/\">Crypto Collateral: Blockchain Peer to Peer (P2P) Lending</a> </li><li><a href=\"https://www.saltlending.com\">https://www.saltlending.com</a></li><li><a href=\"https://nexo.io\">https://nexo.io</a></li><li><a href=\"https://ethlend.io/\">https://ethlend.io/</a></li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li><li> <a href=\"https://medium.com/nexo/nexo-dividends-explained-6636804db3a\">https://medium.com/nexo/nexo-dividends-explained-6636804db3a</a> </li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li></ul>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-p2p-lending-the-e3t-solution/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">With the successful launch of E3T on Dcoin Exchange on 21 Oct 2019, E3 team shall now focus on developing DApps on E3 Net, the world’s first Digital Economy Platform for entrepreneurs. The development of DApps will not only create a huge and vibrant token economy for the E3&nbsp; closed-loop ecosystem, but it will also greatly increase the usage and value of E3T, thus ensuring an attractive ROI for investors.</p>\n<p>This article describes how to build a simple DApp, an online pet shop.</p>\n<h2>What is DApp?</h2>\n<p>DApp is an abbreviation for <em>decentralized application</em>.</p>\n<p>A DApp has its backend code running on a decentralized peer-to-peer network. Contrast this with an app where the backend code is running on centralized servers.</p>\n<p>A DApp can have frontend code and user interfaces written in any language that can make calls to its backend. Furthermore, its frontend can be hosted on decentralized storage such as <a href=\"https://ethereum.stackexchange.com/q/375/42\">Swarm</a> or <a href=\"https://ipfs.io/\">IPFS</a>.</p>\n<h2>The Project Description</h2>\n<p>In this project, we shall use Ganache (<a href=\"https://truffleframework.com/ganache\">https://truffleframework.com/ganache</a>) to develop the KittyChain Shop DApp.</p>\n<p><a href=\"https://truffleframework.com/ganache\">Ganache</a> is a personal blockchain for Ethereum development you can use to deploy contracts, develop your applications, and run tests. It is available as both a desktop application as well as a command-line tool (formerly known as the TestRPC). Ganache is available for Windows, Mac, and Linux.<br></p>\n<p>Truffle is a world-class development environment, testing framework and asset pipeline for blockchains using the Ethereum Virtual Machine (EVM), aiming to make life as a developer easier.</p>\n<p>The KittyChain DApp is an adoption tracking system for a pet shop</p>\n<h2>Steps to build the Dapp</h2>\n<ol><li>Setting up the development environment</li><li>Creating a Truffle project using a Truffle Box</li><li>Writing the smart contract</li><li>Compiling and migrating the smart contract</li><li>Testing the smart contract</li><li>Creating a user interface to interact with the smart contract</li><li>Interacting with the dApp in a browser</li></ol>\n<h3>Step 1  Setting up the development environment</h3>\n<p>Install the following:</p>\n<ol><li>1<a href=\"https://nodejs.org/en/\">Node.</a>js</li><li><a href=\"https://git-scm.com/\">Git</a></li><li>Truffle&nbsp;</li></ol>\n<p>Having installed the aforementioned packages, we shall proceed to install <a href=\"https://truffleframework.com/ganache\">Ganache</a>. You can download Ganache by navigating to<strong> http://truffleframework.com/ganache </strong>and clicking the \"Download\" button.</p>\n<h3>Step 2&nbsp; Creating a Truffle project using a Truffle Box</h3>\n<p>Truffle initializes in the current directory, so first create a directory in your development folder of choice and then move inside it.<br></p>\n<pre class=\"wp-block-preformatted\">mkdir pet-shop-tutorial<br><br>cd pet-shop-tutorial<br></pre>\n<p>Now you have created a <a href=\"https://truffleframework.com/boxes\">Truffle Box</a> called <strong>pet-shop</strong>, which includes the basic project structure as well as code for the user interface.</p>\n<p>Next, use the truffle unbox command to unpack this Truffle Box.<br></p>\n<pre class=\"wp-block-preformatted\">truffle unbox pet-shop<br></pre>\n<h4><strong>The Output</strong><br></h4>\n<img src=\"https://lh6.googleusercontent.com/LbgR6TdR89AgjbJhMtxhqK7bIhbINPLJW0BkFolOc1RQ-aRXQiqYfTaaHyRzKir4qIjqgUDq9SoZ0xABzyU8WrivqNSay8XNz_76gRlExNEsE-Uhd-6AdaCehoyGmpm9rdawEWDo\" alt=\"\"/>\n<h4>Directory structure</h4>\n<p>The default Truffle directory structure contains the following folders and files:</p>\n<ul><li>contracts/: Contains the <a href=\"https://solidity.readthedocs.io/\">Solidity</a> source files for our smart contracts. There is an important contract in here called Migrations.sol, which we'll discuss later.</li><li>migrations/: Truffle uses a migration system to handle smart contract deployments. <strong>Migration</strong> is an additional special smart contract that keeps track of changes.</li><li>test/: Contains both JavaScript and Solidity tests for our smart contracts.</li><li>truffle.js: Truffle configuration file.</li></ul>\n<h3>Step 3&nbsp; Writing the smart contract</h3>\n<p>We'll shall write the smart contract that will act as the back-end logic and storage.</p>\n<p>Create a new file named <strong>Adoption.sol </strong>in the contracts/ directory. To save time, please download the file from:<br></p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/contracts/Adoption.sol\">http://javascript-tutor.net/blockchain/download/contracts/Adoption.sol</a></p>\n<p><strong>Adoption.sol</strong><br></p>\n<pre class=\"wp-block-preformatted\">pragma solidity ^0.4.24;\n contract Adoption { \n    //array of 16 addresses, 20 bytes \n    address[16] public adopters; \n // Adopting a pet \n    function adopt(uint petId) public returns (uint) { \n    require(petId >= 0 &amp;&amp; petId &lt;= 15); \n adopters[petId] = msg.sender; \n   return petId; \n    }\n // Retrieving the adopters \n    function getAdopters() public view returns (address[16]) { \n       return adopters; \n    } \n } </pre>\n<p></p>\n<h3>Step 4 Compiling and migrating the smart contract</h3>\n<p>Now that we have the smart contract, we shall proceed to compile and migrate it.</p>\n<p>Truffle has a built-in developer console known as Truffle Develop, which generates a development blockchain that we can use to test and deploy the smart contract. It also has the ability to run Truffle commands directly from the console.&nbsp;</p>\n<p>We need to compile the smart contract written in Solidity to bytecode for the Ethereum Virtual Machine (EVM) to execute. Think of it as translating our human-readable Solidity into something the EVM understands. In a terminal, make sure you are in the root of the directory that contains the DApp and type:</p>\n<pre class=\"wp-block-preformatted\">truffle compile<br></pre>\n<p><strong>The output</strong></p>\n<p><br>Compiling ./contracts/Migrations.sol...<br>Compiling ./contracts/Adoption.sol...<br>Writing artifacts to ./build/contracts<br></p>\n<p>Now that we've successfully compiled our contracts, it's time to migrate them to the blockchain! <strong>Migration </strong>is the deployment script meant to alter the state of the application's contracts, moving it from one state to the next. For the first migration, you might just be deploying new code, but over time, other migrations might move data around or replace a contract with a new one.</p>\n<p>By the way, there is one JavaScript file already in the migrations/ directory: <strong>1_initial_migration.js</strong>. This file handles deploying the <strong>Migrations.sol </strong>contract to observe subsequent smart contract migrations, and ensures we don't double-migrate unchanged contracts in the future. Now let’s create our own migration script.</p>\n<p>Create a new file named 2_deploy_contracts.js in the migrations/directory.</p>\n<p>To save time, download the file from the following link:</p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/contracts/2_deploy_contracts.js\">http://javascript-tutor.net/blockchain/download/contracts/2_deploy_contracts.js</a></p>\n<p>Before we can migrate our contract to the blockchain, we need to have a blockchain running. For this tutorial, we're going to use <a href=\"https://truffleframework.com/ganache\">Ganache</a>, a personal blockchain for Ethereum development you can use to deploy contracts, develop applications, and run tests. If you haven't already, <a href=\"https://truffleframework.com/ganache\">download Ganache</a> and double click the icon to launch the application. This will generate a blockchain running locally on port 7545.</p>\n<p>Launch Ganache and you get the following output:<br></p>\n<img src=\"https://lh5.googleusercontent.com/Lc36d0pTxd8XBbZrJfON7XfLptvIWXgF05_rUgdlNVBo2xGgVkOm2fgSjoaMRi4f2lT9i80SsaF7GYCadggzZcPFQUDL91QcYyvCC12xUV4quxI4DSsoADGG5aUjp6L3FuVPqMFr\" alt=\"\"/>\n<p>Now back in your VS Code terminal, enter the following command:<br></p>\n<pre class=\"wp-block-preformatted\">truffle migrate<br></pre>\n<img src=\"https://lh3.googleusercontent.com/Ukbo67juFWwfqdvAMK9UdjYEl1lHDJmE2w3Wnngb5T04BViMMG4gBlGkjcExRv5ILpmz8zHw8AZhxbizCWMJyonfIH2JgTLCET6Oc7B5vwp6JwcsYy_UKzYhrfyw7UmtxmrckFSu\" alt=\"\"/>\n<p>You can see the migrations being executed in order, followed by the blockchain address of each deployed contract. <br></p>\n<p>In Ganache, note that the state of the blockchain has changed. The blockchain now shows that the current block, previously 0, is now 4. In addition, while the first account originally had 100 ether, it is now lower at 99.94, due to the transaction costs of migration. </p>\n<img src=\"https://lh5.googleusercontent.com/em3duj_TP9El2NQRoRRU5nY32c6flI3MjSRVKKld-3ZAHBxt7UAV9ht8o8ghycC3aNJUkXBTUKpRIBW5DJ3OV5oFQt__cJ6ki8UvpfRyiCOJKtV8zHkEPCKRCU1Ci5xmPangqsHK\" alt=\"\"/>\n<p></p>\n<h2>Step 5 Testing the smart contract</h2>\n<p>Truffle is very flexible when it comes to smart contract testing, in that tests can be written either in JavaScript or Solidity. In this tutorial, we'll be writing our tests in Solidity.<br></p>\n<p>Create a new file named TestAdoption.sol in the test/ directory. To save time, download a copy of the file from the following link:<br></p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/test/TestAdoption.sol\">http://javascript-tutor.net/blockchain/download/test/TestAdoption.sol</a></p>\n<p>We start the contract off with 3 imports:</p>\n<ul><li>Assert.sol: Gives us various assertions to use in our tests. In testing, an assertion checks for things like equality, inequality or emptiness to return a pass/fail from our test. <a href=\"https://github.com/trufflesuite/truffle-core/blob/master/lib/testing/Assert.sol\">Here's a full list of the assertions included with Truffle</a>.</li><li>DeployedAddresses.sol: When running tests, Truffle will deploy a fresh instance of the contract being tested to the blockchain. This smart contract gets the address of the deployed contract.</li><li>Adoption.sol: The smart contract we want to test.</li></ul>\n<p>To run the test, enter the following command<br></p>\n<pre class=\"wp-block-preformatted\">Truffle test</pre>\n<p>The output is as follows:<br></p>\n<img src=\"https://lh3.googleusercontent.com/Fj62ue4i7Fol8mgZhsPBVMMy8ZD6FXftym36uamtbZuOiWfjKXok9OA-gR9e7kL44fk4QYNSPM_ZkvQDSgt3ZP617NT1jqCBOQXcaOqWYnMdkxQ0gCeMgwCErcyCE_MJsZFQ7yUh\" alt=\"\"/>\n<h3>Step 6 Creating a user interface to interact with the smart contract</h3>\n<p>Now that we've created the smart contract, deployed it to our local test blockchain and confirmed we can interact with it via the console, it's time to create a UI so that the user can interact with the&nbsp; pet shop!</p>\n<p>Included with the pet-shop Truffle Box is the code for the app's frontend. It is the JavaScript file app.js within the <strong>src/</strong> directory. You can download the <strong>app.js</strong> file from the following link:<br></p>\n<p><a href=\"http://javascript-tutor.net/blockchain/download/src/js/app.js\">http://javascript-tutor.net/blockchain/download/src/js/app.js</a></p>\n<p>We need to instantiate web3 to create the UI. The global <strong>App</strong> object is to manage our application, load in the pets data in <strong>init()</strong> and then call the function <strong>initWeb3()</strong>. The <a href=\"https://github.com/ethereum/web3.js/\"><strong>web3 JavaScript library</strong></a><strong> </strong>interacts with the Ethereum blockchain. It can retrieve user accounts, send transactions, interact with smart contracts, and more.<br></p>\n<p>First, we check if there's a web3 instance already active. (Ethereum browsers like <a href=\"https://github.com/ethereum/mist\">Mist</a> or Chrome with the <a href=\"https://metamask.io/\">MetaMask</a> extension will inject their own web3 instances.) If an injected web3 instance is present, we get its provider and use it to create our web3 object.</p>\n<p>If no injected web3 instance is present, we create our web3 object based on our local provider. (Here we fallback on <a href=\"http://localhost:7545\">http://localhost:7545</a> that points to Ganache.)</p>\n<h3>Instantiating the contract</h3>\n<p>We need to instantiate our smart contract so web3 knows where to find it and how it works. Truffle has a library to help with this called <strong>truffle-contract</strong>. It keeps information about the contract in sync with migrations, so you don't need to change the contract's deployed address manually.<br></p>\n<p>First, we retrieve the artifact file for our smart contract. Artifacts are information about our contract such as its deployed address and Application Binary Interface (ABI). The ABI is a JavaScript object defining how to interact with the contract including its variables, functions and parameters.<br></p>\n<p>Once we have the artifacts in our callback, we pass them to <strong>TruffleContract()</strong>. This creates an instance of the contract we can interact with. With our contract instantiated, we set its web3 provider using the <strong>App.web3Provider</strong> value we stored earlier when setting up web3.<br></p>\n<p>We then call the app's <strong>markAdopted() function</strong> in case any pets are already adopted from a previous visit. We've encapsulated this in a separate function since we'll need to update the UI any time we make a change to the smart contract data.<br></p>\n<h3>Getting The Adopted Pets and Updating The UI</h3>\n<p>We shall access the deployed Adoption contract, then call <strong>getAdopters() </strong>on that instance.</p>\n<p>We first declare the variable <strong>adoptionInstance</strong> outside of the smart contract calls so we can access the instance after initially retrieving it.<br></p>\n<p>Using <strong>call()</strong> allows us to read data from the blockchain without having to send a full transaction, meaning we won't have to spend any ether.<br></p>\n<p>After calling <strong>getAdopters()</strong>, we then loop through all of them, checking to see if an address is stored for each pet. Since the array contains address types, Ethereum initializes the array with 16 empty addresses. This is why we check for an empty address string rather than null or other false value.<br></p>\n<p>Once a <strong>petId</strong> with a corresponding address is found, we disable its <strong>adopt</strong> button and change the button text to \"<strong>Success</strong>\", so the user gets some feedback. Any errors are logged to the console.<br></p>\n<h3>Handling the adopt() Function</h3>\n<p>We use web3 to get the user's accounts. In the callback after an error check, we select the first account.<br></p>\n<p>From there, we get the deployed contract as we did above and store the instance in <strong>adoptionInstance</strong>. This time though, we're going to send a transaction instead of a call. Transactions require a \"from\" address and have an associated cost. This cost, paid in ether, is called gas. The gas cost is the fee for performing computation and/or storing data in a smart contract. We send the transaction by executing the adopt() function with both the pet's ID and an object containing the account address, which we stored earlier in account.<br></p>\n<p>The result of sending a transaction is the transaction object. If there are no errors, we proceed to call our markAdopted() function to sync the UI with our newly stored data.</p>\n<h3>Step 7 Interacting with the DApp in a browser</h3>\n<p>The easiest way to interact with our DApp in a browser is through <a href=\"https://metamask.io/\">MetaMask</a>, a browser extension for both Chrome and Firefox.<br></p>\n<p>Install MetaMask in your browser.<br></p>\n<p>Once installed, you'll see the MetaMask fox icon next to your address bar. Click the icon and you'll see this screen appear:</p>\n<p>At the initial MetaMask screen, click <strong>Import Existing DEN</strong>.<br></p>\n<p>In the box marked Wallet Seed, enter the mnemonic that is displayed in Ganache.<br></p>\n<img src=\"https://lh3.googleusercontent.com/fAjR1C4iFhTRv8Fbq9aUMr4LgMD_gWep013YY2rLKgSkbG6hjoTG8sawTJScYn-gKy-ERtHa-oNhVdEBuFkKuCoPrSsts-SntxAX7gPpjWgqb7wXFnyzJEtiNwj_2A_hxO0YQi_N\" alt=\"\"/>\n<p>Enter a password below that and click OK.<br></p>\n<p>Now we need to connect MetaMask to the blockchain created by Ganache. Click the menu that shows \"Main Network\" and select <strong>Custom RPC</strong>.</p>\n<img src=\"https://lh5.googleusercontent.com/HNfLihR0YJ5DS8xIENTtePWRTQf9TfrfHr2p4iWjUTNT8Urz-0qgo_XyetF5UjZ1Ak1JOA2IRRYoLK09dmhGr0O7ak8ocdwnmvYQI-DWX6frMavCOmCuQpbmYrrWleoVpRHgoXxh\" alt=\"\"/>\n<p>In the box titled \"New RPC URL\" enter http://127.0.0.1:7545 and click <strong>Save</strong>.<br></p>\n<p>The network name at the top will switch to say \"Private Network\".<br></p>\n<p>Each account created by Ganache is given 100 ether. You'll notice it's slightly less on the first account because some gas was used when the contract itself was deployed and when the tests were run. (Make sure you are running Ganache as well.)<br></p>\n<img src=\"https://lh6.googleusercontent.com/10_9KbWHD7B1Aq5EuJyEyvH8ugZ8IB2WvpZJg0YmtQgQ_yv0pLNMib_fkVm4qoZIURhkhCphC4u5GBnOqytpsmK3eH6uRxl9WAMDksg_X9ET7FqOP9FGrOwselFSPUbKuGlLyBFU\" alt=\"\"/>\n<h3>Installing and configuring lite-server</h3>\n<p>We can now start a local web server and use the DApp. We're using the<strong> </strong><strong>lite-server</strong> library to serve our static files. This shipped with the <strong>pet-shop</strong> Truffle Box, but let's take a look at how it works.</p>\n<p>Let’s examine <strong>&nbsp;bs-config.json&nbsp;</strong><br></p>\n<pre class=\"wp-block-preformatted\">{\n \"port\": 3000, \n  \"server\": { \n \"baseDir\": [\"./src\", \"./build/contracts\"], \n \"open\": false \n  }, \n \"browser\": [\"chrome\"] \n } </pre>\n<p>This tells lite-server which files to include in our base directory. We add the ./src directory for our website files and ./build/contracts directory for the contract artifacts.</p>\n<p>I added \"browser\": [\"chrome\"]</p>\n<p>So that the UI opens in the Chrome browser.</p>\n<p>We've also added a dev command to the scripts object in the package.json file in the project's root directory. The scripts object allows us to alias console commands to a single npm command.&nbsp;</p>\n<p>To launch the app, enter the command in the VS Code Console.</p>\n<p><strong>npm run dev</strong></p>\n<p></p>\n<img src=\"https://lh3.googleusercontent.com/bhZxVYyMf1KfG7V_s35Ohr_j5DXtyuhi_bIATGde1mRrJi64ZSqNdkvf0BLc90qIANMKzqeOe6TtIjpqGesXSteTVRCorYYXHvRyWXZcvbiRkFCZ1N5K-CATiTiQmjozgQ966NXw\" alt=\"\"/><br/><i>Kittychain Shop</i>\n<p>Pet Shop UI</p>\n<img src=\"https://lh5.googleusercontent.com/kYZymAoIxBmwErWfsG4M45-SsFL0oy1xv7knIP3hRqO0nrv3sP2UQRxusmaEvZUD96kgLT_2F0V7qPxJKIj_tQHNIrnTxABrKkeLrz9Da9zYAVwx_UpXcePnkdRb-_9LSzIUgBIU\" alt=\"\"/>\n<p>Metamask appears after clicking adopt.<br></p>\n<img src=\"https://lh3.googleusercontent.com/YWBoMQ4ZADVoqBvyDEDMNwi1_4KPHwPyI7DaXbaxqmDOR1zHsW81SggX85ydl2QMgJumHQAgQvI3xhY0SZa3rt0notuNEJPilG-_dolObr6kE4j004R6B319r-RCITJzP5IpuN2H\" alt=\"\"/>\n<p>Transactions are shown on Metamask.<br></p>\n<p>And also on Ganache.<br></p>\n<img src=\"https://lh3.googleusercontent.com/-JVsRQbmEBYYUxamFS0zTziO4E9gGoMJN1-attw0vKsi3Rb3iz4sIqeHGq3rCRiwpfZbbIKyzdZgwiWOOpKqd0jUa4TAEncuUDYyPir8yBA8VXhhx-sxI8ltI1Yw3wsVCfO7Ecyu\" alt=\"\"/>\n<p>References<br></p>\n<ul><li><a href=\"https://youtu.be/XGa-8txQo6E\">Introduction to Dapp -Youtube</a></li><li><a href=\"https://truffleframework.com\">https://truffleframework.com</a></li></ul>\n<p></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/developing-a-dapp-on-e3-net-kittychain-shop/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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.</p>\n<p>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.</p>\n<h3><strong>What is PoA?</strong></h3>\n<p>Proof of Authority (PoA) is a reputation-based consensus algorithm that introduces a practical and efficient solution for blockchain networks.</p>\n<p>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.</p>\n<p>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.</p>\n<h3><strong>Why E3T Adopts PoA Consensus Protocol</strong></h3>\n<p>My team and I decided to adopt PoA as the E3T consensus protocol for the following reasons:</p>\n<ul><li>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.</li><li>The interval of time at which new blocks are generated is predictable. For PoW and PoS consensus, this time varies.</li><li>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.</li><li>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.</li></ul>\n<h3><strong>E3T Network Infrastructure</strong></h3>\n<img src=\"https://lh5.googleusercontent.com/3ic6Ei_773xFI6PVInHc2ofXDWBGheVzZnAAEk0xzHiVPI5cLaP4-AnrmDZCQcI_6T10vrzEtVduOY36V5in4C5pVh49CzpIPsvmsAu6zXA0GRev7dHNt-Q4rQ0XEjOtBc81CDPb\" alt=\"\"/>\n<p>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.</p>\n<p>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.</p>\n<h3><strong>How is Libra similar to E3T?</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p class=\"has-drop-cap\">Libra uses Move to define the core mechanism of the blockchain, such as the cryptocurrency Libra and the validator membership. In comparison, E3T uses <strong>Parity Ethereum</strong> to build the core mechanism of the E3T blockchain, such as the minting of E3T tokens and the validator membership. <strong>Parity Ethereum</strong> is the fastest and most advanced <strong>Ethereum</strong> client and provides the core infrastructure essential for speedy and reliable services. It was developed using the sophisticated and cutting-edge <strong>Rust programming language</strong>. Parity Ethereum is licensed under GPLv3 and can be used for all your Ethereum needs.  </p>\n<h3>Reference</h3>\n<ul><li><a href=\"https://wiki.parity.io/Parity-Ethereum\">https://wiki.parity.io/Parity-Ethereum</a></li><li> <a href=\"https://libra.org/en-US/wp-content/uploads/sites/23/2019/06/LibraWhitePaper_en_US.pdf\">https://libra.org/en-US/wp-content/uploads/sites/23/2019/06/LibraWhitePaper_en_US.pdf</a> </li></ul>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3t-vs-libra/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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<br></p>\n<p>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.<br></p>\n<p>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.&nbsp;<br></p>\n<p>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.<br></p>\n<p>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.</p>\n<h1>The Hybrid P2P Lending Model</h1>\n<p>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.</p>\n<h3><strong>1. SALT</strong></h3>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;<br></p>\n<p>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.</p>\n<p>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).</p>\n<h3><strong>2. Nexo</strong></h3>\n<p>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 <a href=\"https://www.coinbureau.com/education/what-is-ethereum/\">Ethereum (ETH)</a>, but there’s a good chance that this will expand to other cryptocurrencies in the future.</p>\n<p>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, Neo 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.</p>\n<p>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.</p>\n<p>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.</p>\n<p></p>\n<h1>Pure Cryptocurrency P2P Lending Model</h1>\n<h3><strong>1. ETHlend</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>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&nbsp;get the payments plus a liquidation fee from the collateral.</p>\n<h3>2. <strong>Elix</strong></h3>\n<p>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.</p>\n<p>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”.</p>\n<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.</p>\n<h1>The Proposed E3T P2P Lending Model</h1>\n<p>After reviewing the aforementioned P2P lending models, I think the best model that suits the E3T P2P lending platform is the Nexo model. As it is a hybrid of the fiat and cryptocurrency models, we need to work with Alixco, a licensed P2P operator. I propose two models:<br></p>\n<h4>1.&nbsp; Using a combination of E3T, ETH, USDT and BTC as collateral<br></h4>\n<p>The E3T P2P lending platform will accept BTC, USDT, ETH or E3T as collateral, which has to be agreed to by Alixco. We can also work out the collateral as a combination of USDT+E3T, ETH+E3T or BTC+E3T. For example, 50% USDT and 50% E3T or 60%USDT+40% E3T. We have to work out a formula. Any loans taken can be repaid using fiat currency, ETH, BTC or E3T 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, E3T) will be transferred to the lender.<br></p>\n<h4>2.&nbsp; Using E3T as collateral<br></h4>\n<p>The E3T P2P lending platform will accept E3T as collateral, which Alixco also has to agree to. Any loan taken can be repaid using fiat currency or E3T with a certain interest. Loans given to borrowers should be fiat currency. E3T should be stored in a secure wallet. In the event of a default, the crypto assets (E3T) will be transferred to the lender.</p>\n<p>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 our E3T wallet for borrowers to access the credit line offered by the E3T 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 E3T wallet and deposit fiat money to be used as loans. It means we need to integrate the E3T wallet to the P2P lending platform via an API.</p>\n<p>I propose that 30% of the profit generated from P2P lending to be deposited into a dividend pool and distributed to E3T holders. This way it incentivises people to buy and hold E3T.</p>\n<h3>References</h3>\n<ul><li><a href=\"https://www.leewayhertz.com/blockchain-p2p-lending-platform\">https://www.leewayhertz.com/blockchain-p2p-lending-platform</a></li><li><a href=\"https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d\">https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d</a></li><li><a href=\"https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain\">https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain</a></li><li> <a href=\"https://moonwhale.io/crypto-collateral-p2p-lending/\">Crypto Collateral: Blockchain Peer to Peer (P2P) Lending</a> </li><li><a href=\"https://www.saltlending.com\">https://www.saltlending.com</a></li><li><a href=\"https://nexo.io\">https://nexo.io</a></li><li><a href=\"https://ethlend.io/\">https://ethlend.io/</a></li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li><li> <a href=\"https://medium.com/nexo/nexo-dividends-explained-6636804db3a\">https://medium.com/nexo/nexo-dividends-explained-6636804db3a</a> </li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li></ul>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-p2p-lending-the-e3t-solution/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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<br></p>\n<p>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.<br></p>\n<p>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.&nbsp;<br></p>\n<p>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.<br></p>\n<p>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.</p>\n<h1>The Hybrid P2P Lending Model</h1>\n<p>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.</p>\n<h3><strong>1. SALT</strong></h3>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;<br></p>\n<p>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.</p>\n<p>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).</p>\n<h3><strong>2. Nexo</strong></h3>\n<p>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 <a href=\"https://www.coinbureau.com/education/what-is-ethereum/\">Ethereum (ETH)</a>, but there’s a good chance that this will expand to other cryptocurrencies in the future.</p>\n<p>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, Neo 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.</p>\n<p>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.</p>\n<p>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.</p>\n<p></p>\n<h1>Pure Cryptocurrency P2P Lending Model</h1>\n<h3><strong>1. ETHlend</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>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&nbsp;get the payments plus a liquidation fee from the collateral.</p>\n<h3>2. <strong>Elix</strong></h3>\n<p>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.</p>\n<p>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”.</p>\n<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.</p>\n<h1>The Proposed E3T P2P Lending Model</h1>\n<p>After reviewing the aforementioned P2P lending models, I think the best model that suits the E3T P2P lending platform is the Nexo model. As it is a hybrid of the fiat and cryptocurrency models, we need to work with Alixco, a licensed P2P operator. I propose two models:<br></p>\n<h4>1.&nbsp; Using a combination of E3T, ETH, USDT and BTC as collateral<br></h4>\n<p>The E3T P2P lending platform will accept BTC, USDT, ETH or E3T as collateral, which has to be agreed to by Alixco. We can also work out the collateral as a combination of USDT+E3T, ETH+E3T or BTC+E3T. For example, 50% USDT and 50% E3T or 60%USDT+40% E3T. We have to work out a formula. Any loans taken can be repaid using fiat currency, ETH, BTC or E3T 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, E3T) will be transferred to the lender.<br></p>\n<h4>2.&nbsp; Using E3T as collateral<br></h4>\n<p>The E3T P2P lending platform will accept E3T as collateral, which Alixco also has to agree to. Any loan taken can be repaid using fiat currency or E3T with a certain interest. Loans given to borrowers should be fiat currency. E3T should be stored in a secure wallet. In the event of a default, the crypto assets (E3T) will be transferred to the lender.</p>\n<p>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 our E3T wallet for borrowers to access the credit line offered by the E3T 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 E3T wallet and deposit fiat money to be used as loans. It means we need to integrate the E3T wallet to the P2P lending platform via an API.</p>\n<p>I propose that 30% of the profit generated from P2P lending to be deposited into a dividend pool and distributed to E3T holders. This way it incentivises people to buy and hold E3T.</p>\n<h3>References</h3>\n<ul><li><a href=\"https://www.leewayhertz.com/blockchain-p2p-lending-platform\">https://www.leewayhertz.com/blockchain-p2p-lending-platform</a></li><li><a href=\"https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d\">https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d</a></li><li><a href=\"https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain\">https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain</a></li><li> <a href=\"https://moonwhale.io/crypto-collateral-p2p-lending/\">Crypto Collateral: Blockchain Peer to Peer (P2P) Lending</a> </li><li><a href=\"https://www.saltlending.com\">https://www.saltlending.com</a></li><li><a href=\"https://nexo.io\">https://nexo.io</a></li><li><a href=\"https://ethlend.io/\">https://ethlend.io/</a></li><li> <a href=\"https://builtin.com/blockchain/lending-loans-borrowing-mortgages\">https://builtin.com/blockchain/lending-loans-borrowing-mortgages</a> </li><li> <a href=\"https://medium.com/nexo/nexo-dividends-explained-6636804db3a\">https://medium.com/nexo/nexo-dividends-explained-6636804db3a</a> </li></ul>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-p2p-lending-the-e3t-solution/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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<br></p>\n<p>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.<br></p>\n<p>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.&nbsp;<br></p>\n<p>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.<br></p>\n<p>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.</p>\n<h1>The Hybrid P2P Lending Model</h1>\n<p>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.</p>\n<h3><strong>1. SALT</strong></h3>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;<br></p>\n<p>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.</p>\n<p>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).</p>\n<h3><strong>2. Nexo</strong></h3>\n<p>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 <a href=\"https://www.coinbureau.com/education/what-is-ethereum/\">Ethereum (ETH)</a>, but there’s a good chance that this will expand to other cryptocurrencies in the future.</p>\n<p>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, Neo 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.</p>\n<p>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.</p>\n<p>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.</p>\n<p></p>\n<h1>Pure Cryptocurrency P2P Lending Model</h1>\n<h3><strong>1. ETHlend</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>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&nbsp;get the payments plus a liquidation fee from the collateral.</p>\n<h3>2. <strong>Elix</strong></h3>\n<p>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.</p>\n<p>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”.</p>\n<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.</p>\n<h1>The Proposed E3T P2P Lending Model</h1>\n<p>After reviewing the aforementioned P2P lending models, I think the best model that suits the E3T P2P lending platform is the Nexo model. As it is a hybrid of the fiat and cryptocurrency models, we need to work with Alixco, a licensed P2P operator. I propose two models:<br></p>\n<h4>1.&nbsp; Using a combination of E3T, ETH, USDT and BTC as collateral<br></h4>\n<p>The E3T P2P lending platform will accept BTC, USDT, ETH or E3T as collateral, which has to be agreed to by Alixco. We can also work out the collateral as a combination of USDT+E3T, ETH+E3T or BTC+E3T. For example, 50% USDT and 50% E3T or 60%USDT+40% E3T. We have to work out a formula. Any loans taken can be repaid using fiat currency, ETH, BTC or E3T 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, E3T) will be transferred to the lender.<br></p>\n<h4>2.&nbsp; Using E3T as collateral<br></h4>\n<p>The E3T P2P lending platform will accept E3T as collateral, which Alixco also has to agree to. Any loan taken can be repaid using fiat currency or E3T with a certain interest. Loans given to borrowers should be fiat currency. E3T should be stored in a secure wallet. In the event of a default, the crypto assets (E3T) will be transferred to the lender.</p>\n<p>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 our E3T wallet for borrowers to access the credit line offered by the E3T 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 E3T wallet and deposit fiat money to be used as loans. It means we need to integrate the E3T wallet to the P2P lending platform via an API.</p>\n<p>I propose that 30% of the profit generated from P2P lending to be deposited into a dividend pool and distributed to E3T holders. This way it incentivises people to buy and hold E3T.</p>\n<h3>References</h3>\n<ul><li><a href=\"https://www.leewayhertz.com/blockchain-p2p-lending-platform\">https://www.leewayhertz.com/blockchain-p2p-lending-platform</a></li><li><a href=\"https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d\">https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d</a></li><li><a href=\"https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain\">https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain</a></li><li> <a href=\"https://moonwhale.io/crypto-collateral-p2p-lending/\">Crypto Collateral: Blockchain Peer to Peer (P2P) Lending</a> </li><li><a href=\"https://www.saltlending.com\">https://www.saltlending.com</a></li><li><a href=\"https://nexo.io\">https://nexo.io</a></li><li><a href=\"https://ethlend.io/\">https://ethlend.io/</a></li></ul>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-p2p-lending-the-e3t-solution/ </em><hr/></center>            ",
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      "body": "<p class=\"has-drop-cap\">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<br></p>\n<p>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.<br></p>\n<p>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. <br></p>\n<p>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.<br></p>\n<p>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.</p>\n<h1>The Hybrid P2P Lending Model</h1>\n<p>This model uses a combination of fiat money and cryptocurrency to provide P2P lending services. Let us examine a few companies that implement this model.</p>\n<h3><strong>1. SALT</strong></h3>\n<p>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.&nbsp;</p>\n<p>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. <br></p>\n<p>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.</p>\n<p>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).</p>\n<h3><strong>2. Nexo</strong></h3>\n<p>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 <a href=\"https://www.coinbureau.com/education/what-is-ethereum/\">Ethereum (ETH)</a>, but there’s a good chance that this will expand to other cryptocurrencies in the future.</p>\n<p>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, Neo 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.</p>\n<p>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.</p>\n<p>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.</p>\n<p></p>\n<h1>Pure Cryptocurrency P2P Lending Model</h1>\n<p><strong>1. ETHlend</strong></p>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p><strong>Elix</strong></p>\n<p>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.</p>\n<p>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”.</p>\n<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.</p>\n<h1>The Proposed E3T P2P Lending Model</h1>\n<p>After reviewing the aforementioned P2P lending models, I think the best model that suits the E3T P2P lending platform is the Nexo model. As it is a hybrid of the fiat and cryptocurrency models, we need to work with Alixco, a licensed P2P operator. I propose two models:<br></p>\n<p>1.&nbsp; Using a combination of E3T, ETH, USDT and BTC as collateral<br></p>\n<p>The E3T P2P lending platform will accept BTC, USDT, ETH or E3T as collateral, which has to be agreed to by Alixco. We can also work out the collateral as a combination of USDT+E3T, ETH+E3T or BTC+E3T. For example, 50% USDT and 50% E3T or 60%USDT+40% E3T. We have to work out a formula. Any loans taken can be repaid using fiat currency, ETH, BTC or E3T 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, E3T) will be transferred to the lender.<br></p>\n<p>2.&nbsp; Using a combination of E3T, ETH, USDT and BTC as collateral<br></p>\n<p>The E3T P2P lending platform will accept E3T as collateral, which Alixco also has to agree to. Any loan taken can be repaid using fiat currency or E3T with a certain interest. Loans given to borrowers should be fiat currency. E3T should be stored in a secure wallet. In the event of a default, the crypto assets (E3T) will be transferred to the lender.</p>\n<p>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 our E3T wallet for borrowers to access the credit line offered by the E3T 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 E3T wallet and deposit fiat money to be used as loans. It means we need to integrate the E3T wallet to the P2P lending platform via an API.</p>\n<p>I propose that 30% of the profit generated from P2P lending to be deposited into a dividend pool and distributed to E3T holders. This way it incentivises people to buy and hold E3T.</p>\n<h3>References</h3>\n<figure class=\"wp-block-embed-wordpress wp-block-embed is-type-wp-embed is-provider-moonwhale-sto-ieo-financial-advisory-blockchain-consultancy-usa\"><div class=\"wp-block-embed__wrapper\">\nhttps://moonwhale.io/crypto-collateral-p2p-lending/\n</div></figure>\n<p><a href=\"https://www.leewayhertz.com/blockchain-p2p-lending-platform\">https://www.leewayhertz.com/blockchain-p2p-lending-platform</a></p>\n<p><a href=\"https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d\">https://hackernoon.com/decentralized-p2p-lending-services-vs-networks-5484d03e2f2d</a></p>\n<p><a href=\"https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain\">https://www.investopedia.com/tech/salt-secured-automated-lending-technology-blockchain</a></p>\n<p><a href=\"https://www.saltlending.com\">https://www.saltlending.com</a></p>\n<p><a href=\"https://nexo.io\">https://nexo.io</a></p>\n<p><a href=\"https://ethlend.io/\">https://ethlend.io/</a></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/blockchain-based-p2p-lending-the-e3t-solution/ </em><hr/></center>            ",
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      "body": "<h3><strong>What is E3T?</strong></h3>\n<p><a href=\"https://e3hubs.com/\">E3Hubs</a>, 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.</p>\n<p>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.</p>\n<h3><strong>What is a Masternode?</strong></h3>\n<p>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.</p>\n<p>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.</p>\n<p>A Masternode has a few important roles in a blockchain network:</p>\n<ul><li>Validating transactions</li><li>The right to vote for proposals to improve the coin/token</li><li>Enabling a treasury and budgeting system in the cryptocurrency</li></ul>\n<p>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.</p>\n<h3><strong>Benefits of Hosting a Masternode on E3T Network</strong></h3>\n<p>At E3T, there are two types of Validators – Master Validators and Secondary Validators.&nbsp;</p>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;</p>\n<p>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.&nbsp;</p>\n<h4><strong>CRITERIA OF MASTER VALIDATORS OF E3T BLOCKCHAIN:</strong></h4>\n<ol><li>Must be a registered company/NGO/academic institution/government agency/entrepreneur influencer/investor group/developer group</li><li>Must agree to host a Masternode for at least two years</li><li>Must support the vision of E3T</li><li>Must hold at least 4000 USDT of E3T for at least 1 year</li><li>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. </li></ol>\n<h4><strong>BENEFITS OF BEING A MASTER VALIDATOR:</strong></h4>\n<ol><li>Validator Rewards</li><li>Access to a network of worldwide entrepreneurs under the Global Entrepreneurs Accelerator Network (GEAN)</li><li>Potential earnings from appreciation of the value of E3T</li><li>Earnings from validator notes:<ol><li>10 E3G/5s block</li><li>1 E3G = 0.06 E3T</li></ol></li><li>A reserved seat in the GEAN Council (as long as you are a Masternode)<ol><li>Council will have the right to vote to recommend projects for funding by the GEAN community.</li><li>Council will also vote to include new Master Validators. Masternode Council members will have the right to veto the inclusion of new Master Validators.</li></ol></li></ol>\n<h4><strong>SECONDARY VALIDATORS:</strong></h4>\n<p>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.</p>\n<h4><strong>CRITERIA OF SECONDARY VALIDATORS OF E3T BLOCKCHAIN:</strong></h4>\n<ol><li>Must be a registered company/NGO/academic institution/government agency/entrepreneur influencer/investor group/developer group</li><li>Must agree to host a node for one year</li><li>Must support the vision of E3T</li><li>Must hold at least 50,000 E3T for a period of 1 year during the duration of the appointment as a Secondary Validator.</li><li>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.</li><li>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.</li></ol>\n<h3>Benefits of being a Secondary Validator:</h3>\n<ol><li>Validator Reward</li><li> Access to a network of worldwide entrepreneurs under the Global Entrepreneurs Accelerator Network</li><li> Potential Earning from appreciation of the value of E3T</li><li> Earnings from validator notes:<ul><li> 10 E3G/5s block</li><li> 1 E3G = 0.06 E3T</li></ul></li><li> An elected seat in the GEAN Council<ul><li> As a member of the Council, council member will have the right to vote to recommend projects for funding by the GEAN community.</li></ul></li></ol>\n<p>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.</p>\n<p>Along with a dedicated server, you will need a dedicated IP. 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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.</p>\n<p>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.</p>\n<p>The good news is that <a href=\"https://www.fundedbyme.com/en/terms-of-service-malaysia/\"><strong>Fundedbyme</strong></a>, 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. 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      "body": "<h1><strong>E3T - The Engine Behind the E3 Digital Economy Platform</strong></h1>\n<p>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 MLM schemes.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p>The good news is that <a href=\"https://www.fundedbyme.com/en/terms-of-service-malaysia/\"><strong>Fundedbyme</strong></a>, 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.</p>\n<p>Human resource management has undergone tremendous changes in recent years, particularly with regards to the digitalization of human resources.&nbsp; 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.</p>\n<p>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.&nbsp; On the other hand, blockchain-powered SCM can improve traceability and trackability that will greatly reduce the pain points of SCM. 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      "body": "<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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. <br></p>\n<p>References</p>\n<ul><li><a href=\"https://hackernoon.com/https-hackernoon-com-why-blockchain-e-commerce-marketplaces-are-a-match-made-in-heaven-74276bcba64f\">https://hackernoon.com/https-hackernoon-com-why-blockchain-e-commerce-marketplaces-are-a-match-made-in-heaven-74276bcba64f</a></li><li><a href=\"https://www.forbes.com/sites/rogeraitken/2017/10/24/whats-the-future-of-online-marketplaces-blockchains-technology-impact/#5d0cf8c963a0\">https://www.forbes.com/sites/rogeraitken/2017/10/24/whats-the-future-of-online-marketplaces-blockchains-technology-impact/#5d0cf8c963a0</a></li></ul>\n<p></p>\n<p></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3-blockchain-e-commerce-marketplace/ </em><hr/></center>            ",
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      "body": "<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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.&nbsp;<br></p>\n<p>References</p>\n<ul><li><a href=\"https://hackernoon.com/https-hackernoon-com-why-blockchain-e-commerce-marketplaces-are-a-match-made-in-heaven-74276bcba64f\">https://hackernoon.com/https-hackernoon-com-why-blockchain-e-commerce-marketplaces-are-a-match-made-in-heaven-74276bcba64f</a></li><li><a href=\"https://www.forbes.com/sites/rogeraitken/2017/10/24/whats-the-future-of-online-marketplaces-blockchains-technology-impact/#5d0cf8c963a0\">https://www.forbes.com/sites/rogeraitken/2017/10/24/whats-the-future-of-online-marketplaces-blockchains-technology-impact/#5d0cf8c963a0</a></li></ul>\n<p></p>\n<p></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3-blockchain-e-commerce-marketplace/ </em><hr/></center>            ",
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      "body": "<p><a href=\"https://e3hubs.com/\">E3hubs</a>, 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 <a href=\"https://e3hubs.com/\">E3hubs</a> members to perform all forms of economic activities that will create economic value that might rival the GDP of some countries. </p>\n<p>E3T can be used in the following areas, but the list is not exhaustive.</p>\n<h3>E3T as  An Internal Cryptocurrency of E3 Platform</h3>\n<p>E3T will be used as an internal cryptocurrency to pay for events, mentoring services, 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 on E3 platform and members from any part of the world can pay for the service using E3T. 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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 our own mobile POS app, just need to scan the QR code and pay. This will further enhance E2E trading among members of different countries.</p>\n<h3>E3 Dapps </h3>\n<p>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. We will create 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.</p>\n<h3>Sharing economy powered by E3T </h3>\n<p>Sharing business models such as Airbnb style office space sharing, ride-sharing, carpooling, etc all can be done using E3T. </p>\n<h3>\n\nE3T Tokenized asset trading platform\n\n</h3>\n<p> Expensive assets like property can be tokenized and sell on E3 tokenized platform using E3T as a medium of exchange.</p>\n<h3> Using E3T for P2P lending</h3>\n<p>A member can request a microloan in the form of E3T from another member on E3 P2P lending platform and approval of the loan can be executed based on the smart contract.</p>\n<h3>\n\nUsing E3T for equity crowdfunding \n\n</h3>\n<p>E3hubs will set up an ECF platform by partnering 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 some terms and conditions.</p>\n<h3> E3T Multifunctional wallet</h3>\n<p>E3hubs will develop a multifunctional mobile wallet that comes in IOS and Android versions. It can perform the following functions:  </p>\n<ul><li>Create an account(keys+address) and store them securely, transfer funds and make payment. Can accept different type of cryptocurrency or token</li><li>Token swap function</li><li> Market watch function</li><li> Friend get friend reward </li><li> Airdrop </li><li> Advertisement </li><li> Announcement </li></ul>\n<p><a href=\"https://e3hubs.com/\">E3hubs</a> is committed to making E3T one of the top utility tokens in the world and strive to build E3 into the world's largest digital economy platform for entrepreneurs.</p>\n<h2>References</h2>\n<p><a href=\"https://medium.com/@robin8/why-is-trading-digital-assets-via-blockchain-the-best-solution-6897db75faff\">https://medium.com/@robin8/why-is-trading-digital-assets-via-blockchain-the-best-solution-6897db75faff</a></p>\n<p><a href=\"https://hackernoon.com/bitmark-how-to-use-the-blockchain-for-property-rights-ecf9f5e67e77\">https://hackernoon.com/bitmark-how-to-use-the-blockchain-for-property-rights-ecf9f5e67e77</a></p>\n<p><a href=\"https://dappbuilder.io/builder\">https://dappbuilder.io/builder</a></p>\n<p><a href=\"https://dgaming.com/media/what-is-poa-and-how-is-it-unique/\">https://dgaming.com/media/what-is-poa-and-how-is-it-unique/</a></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3t-use-cases/ </em><hr/></center>            ",
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      "body": "<p><a href=\"https://e3hubs.com/\">E3hubs</a> 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 <a href=\"https://e3hubs.com/\">E3hubs</a> members to perform all forms of economic activities that will create economic value that might rival the GDP of some countries. </p>\n<p>E3T can be used in the following areas, but the list is not exhaustive.</p>\n<h3>E3T as  An Internal Cryptocurrency of E3 Platform</h3>\n<p>E3T will be used as an internal cryptocurrency to pay for events, mentoring services, 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 on E3 platform and members from any part of the world can pay for the service using E3T. Another example is a trainer can organize a webinar and members from any country can pay with E3T. Besides that,  E3T can be used for E2C transactions and E2E transactions. It happened when members buy goods and services from physical outlets owned by members.  </p>\n<h3> E3T as Payment for O2O Marketplace</h3>\n<p> 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 our mobile POS terminal. </p>\n<h3> E3 Global marketplace </h3>\n<p>E3 blockchain platform is not only minting tokens but also include 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.</p>\n<h3>Cross-border Money Transfer and Payment</h3>\n<p>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 our own mobile POS app, just need to scan the QR code and pay. This will further enhance E2E trading among members of different countries.</p>\n<h3>E3 Dapps </h3>\n<p>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. We will create 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.</p>\n<h3>Sharing economy powered by E3T </h3>\n<p>Sharing business models such as Airbnb style office space sharing, ride-sharing, carpooling, etc all can be done using E3T. </p>\n<h3>\n\nE3T Tokenized asset trading platform\n\n</h3>\n<p> Expensive assets like property can be tokenized and sell on E3 tokenized platform using E3T as a medium of exchange.</p>\n<h3> Using E3T for P2P lending</h3>\n<p>A member can request a microloan in the form of E3T from another member on E3 P2P lending platform and approval of the loan can be executed based on the smart contract.</p>\n<h3>\n\nUsing E3T for equity crowdfunding \n\n</h3>\n<p>E3hubs will set up an ECF platform by partnering 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 some terms and conditions.</p>\n<h3> E3T Multifunctional wallet</h3>\n<p>E3hubs will develop a multifunctional mobile wallet that comes in IOS and Android versions. It can perform the following functions:  </p>\n<ul><li>Create an account(keys+address) and store them securely, transfer funds and make payment. Can accept different type of cryptocurrency or token</li><li>Token swap function</li><li> Market watch function</li><li> Friend get friend reward </li><li> Airdrop </li><li> Advertisement </li><li> Announcement </li></ul>\n<p><a href=\"https://e3hubs.com/\">E3hubs</a> is committed to making E3T one of the top utility tokens in the world and strive to build E3 into the world's largest digital economy platform for entrepreneurs.</p>\n<h2>References</h2>\n<p><a href=\"https://medium.com/@robin8/why-is-trading-digital-assets-via-blockchain-the-best-solution-6897db75faff\">https://medium.com/@robin8/why-is-trading-digital-assets-via-blockchain-the-best-solution-6897db75faff</a></p>\n<p><a href=\"https://hackernoon.com/bitmark-how-to-use-the-blockchain-for-property-rights-ecf9f5e67e77\">https://hackernoon.com/bitmark-how-to-use-the-blockchain-for-property-rights-ecf9f5e67e77</a></p>\n<p><a href=\"https://dappbuilder.io/builder\">https://dappbuilder.io/builder</a></p>\n<p><a href=\"https://dgaming.com/media/what-is-poa-and-how-is-it-unique/\">https://dgaming.com/media/what-is-poa-and-how-is-it-unique/</a></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3t-use-cases/ </em><hr/></center>            ",
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      "body": "<p><a href=\"https://e3hubs.com/\">E3hubs</a> 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 <a href=\"https://e3hubs.com/\">E3hubs</a> members to perform all forms of economic activities that will create economic value that might rival the GDP of some countries. </p>\n<p>E3T can be used in the following areas, but the list is not exhaustive.</p>\n<h3>E3T as  An Internal Cryptocurrency of E3 Platform</h3>\n<p>E3T will be used as an internal cryptocurrency to pay for events, mentoring services, 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 on E3 platform and members from any part of the world can pay for the service using E3T. Another example is a trainer can organize a webinar and members from any country can pay with E3T. Besides that,  E3T can be used for E2C transactions and E2E transactions. It happened when members buy goods and services from physical outlets owned by members.  </p>\n<h3> E3T as Payment for O2O Marketplace</h3>\n<p> 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 our mobile POS terminal. </p>\n<h3> E3 Global marketplace </h3>\n<p>E3 blockchain platform is not only minting tokens but also include 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.</p>\n<h3>Cross-border Money Transfer and Payment</h3>\n<p>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 our own mobile POS app, just need to scan the QR code and pay. This will further enhance E2E trading among members of different countries.</p>\n<h3>E3 Dapps </h3>\n<p>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. We will create 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.</p>\n<h3>Sharing economy powered by E3T </h3>\n<p>Sharing business models such as Airbnb style office space sharing, ride-sharing, carpooling, etc all can be done using E3T. </p>\n<h3>\n\nE3T Tokenized asset trading platform\n\n</h3>\n<p> Expensive assets like property can be tokenized and sell on E3 tokenized platform using E3T as a medium of exchange.</p>\n<h3> Using E3T for P2P lending</h3>\n<p>A member can request a microloan in the form of E3T from another member on E3 P2P lending platform and approval of the loan can be executed based on the smart contract.</p>\n<h3>\n\nUsing E3T for equity crowdfunding \n\n</h3>\n<p>E3hubs will set up an ECF platform by partnering 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 some terms and conditions.</p>\n<h3> E3T Multifunctional wallet</h3>\n<p>E3hubs will develop a multifunctional mobile wallet that comes in IOS and Android versions. It can perform the following functions:  </p>\n<ul><li>Create an account(keys+address) and store them securely, transfer funds and make payment. Can accept different type of cryptocurrency or token</li><li>Token swap function</li><li> Market watch function</li><li> Friend get friend reward </li><li> Airdrop </li><li> Advertisement </li><li> Announcement </li></ul>\n<p><a href=\"https://e3hubs.com/\">E3hubs</a> is committed to making E3T one of the top utility tokens in the world and strive to build E3 into the world's largest digital economy platform for entrepreneurs.</p>\n<h2>References</h2>\n<p><a href=\"https://medium.com/@robin8/why-is-trading-digital-assets-via-blockchain-the-best-solution-6897db75faff\">https://medium.com/@robin8/why-is-trading-digital-assets-via-blockchain-the-best-solution-6897db75faff</a></p>\n<p><a href=\"https://hackernoon.com/bitmark-how-to-use-the-blockchain-for-property-rights-ecf9f5e67e77\">https://hackernoon.com/bitmark-how-to-use-the-blockchain-for-property-rights-ecf9f5e67e77</a></p>\n<p><a href=\"https://dappbuilder.io/builder\">https://dappbuilder.io/builder</a></p>\n<p><a href=\"https://dgaming.com/media/what-is-poa-and-how-is-it-unique/\">https://dgaming.com/media/what-is-poa-and-how-is-it-unique/</a></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3t-use-cases/ </em><hr/></center>            ",
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      "body": "<p><a href=\"https://e3hubs.com/\">E3hubs</a> is embarking on a grand blockchain project by creating a global digital economy platform that is powered by our native token, E3T. The platform will enable <a href=\"https://e3hubs.com/\">E3hubs</a> members to perform all forms of economic activities that will create economic value that might rival the GDP of some countries. </p>\n<p>E3T can be used in the following areas, but the list is not exhaustive.</p>\n<h3>E3T as  An Internal Cryptocurrency of E3 Platform</h3>\n<p>E3T will be used as an internal cryptocurrency to pay for events, mentoring services, 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 on E3 platform and members from any part of the world can pay for the service using E3T. Another example is a trainer can organize a webinar and members from any country can pay with E3T. Besides that,  E3T can be used for E2C transactions and E2E transactions. It happened when members buy goods and services from physical outlets owned by members.  </p>\n<h3> E3T as Payment for O2O Marketplace</h3>\n<p> 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 our mobile POS terminal. </p>\n<h3> E3 Global marketplace </h3>\n<p>E3 blockchain platform is not only minting tokens but also include 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.</p>\n<h3>Cross-border Money Transfer and Payment</h3>\n<p>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 our own mobile POS app, just need to scan the QR code and pay. This will further enhance E2E trading among members of different countries.</p>\n<h3>E3 Dapps </h3>\n<p>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. We will create 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.</p>\n<h3>Sharing economy powered by E3T </h3>\n<p>Sharing business models such as Airbnb style office space sharing, ride-sharing, carpooling, etc all can be done using E3T. </p>\n<h3>\n\nE3T Tokenized asset trading platform\n\n</h3>\n<p> Expensive assets like property can be tokenized and sell on E3 tokenized platform using E3T as a medium of exchange.</p>\n<h3> Using E3T for P2P lending</h3>\n<p>A member can request a microloan in the form of E3T from another member on E3 P2P lending platform and approval of the loan can be executed based on the smart contract.</p>\n<h3>\n\nUsing E3T for equity crowdfunding \n\n</h3>\n<p>E3hubs will set up an ECF platform by partnering 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 some terms and conditions.</p>\n<h3> E3T Multifunctional wallet</h3>\n<p>E3hubs will develop a multifunctional mobile wallet that comes in IOS and Android versions. It can perform the following functions:  </p>\n<ul><li>Create an account(keys+address) and store them securely, transfer funds and make payment. Can accept different type of cryptocurrency or token</li><li>Token swap function</li><li> Market watch function</li><li> Friend get friend reward </li><li> Airdrop </li><li> Advertisement </li><li> Announcement </li></ul>\n<p><a href=\"https://e3hubs.com/\">E3hubs</a> is committed to making E3T one of the top utility tokens in the world and strive to build E3 into the world's largest digital economy platform for entrepreneurs.</p>\n<h2>References</h2>\n<p><a href=\"https://medium.com/@robin8/why-is-trading-digital-assets-via-blockchain-the-best-solution-6897db75faff\">https://medium.com/@robin8/why-is-trading-digital-assets-via-blockchain-the-best-solution-6897db75faff</a></p>\n<p><a href=\"https://hackernoon.com/bitmark-how-to-use-the-blockchain-for-property-rights-ecf9f5e67e77\">https://hackernoon.com/bitmark-how-to-use-the-blockchain-for-property-rights-ecf9f5e67e77</a></p>\n<p><a href=\"https://dappbuilder.io/builder\">https://dappbuilder.io/builder</a></p>\n<p><a href=\"https://dgaming.com/media/what-is-poa-and-how-is-it-unique/\">https://dgaming.com/media/what-is-poa-and-how-is-it-unique/</a></p>\n <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : http://www.blockchainguide.biz/e3t-use-cases/ </em><hr/></center>            ",
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      "body": "<p><a href=\"https://e3hubs.com/\">E3hubs</a> is embarking on a grand blockchain project by creating a global digital economy platform that is powered by our native token, E3T. The platform will enable <a href=\"https://e3hubs.com/\">E3hubs</a> members to perform all forms of economic activities that will create economic value that might rival the GDP of some countries. </p>\n<p>E3T can be used in the following areas, but the list is not exhaustive.</p>\n<h3>E3T as  An Internal Cryptocurrency of E3 Platform</h3>\n<p>E3T will be used as an internal cryptocurrency to pay for events, mentoring services, 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 on E3 platform and members from any part of the world can pay for the service using E3T. Another example is a trainer can organize a webinar and members from any country can pay with E3T. Besides that,  E3T can be used for E2C transactions and E2E transactions. It happened when members buy goods and services from physical outlets owned by members.  </p>\n<h3> E3T as Payment for O2O Marketplace</h3>\n<p> 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 our mobile POS terminal. </p>\n<h3> E3 Global marketplace </h3>\n<p>E3 blockchain platform is not only minting tokens but also include 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.</p>\n<h3>Cross-border Money Transfer and Payment</h3>\n<p>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 our own mobile POS app, just need to scan the QR code and pay. This will further enhance E2E trading among members of different countries.</p>\n<h3>E3 Dapps </h3>\n<p>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. We will create 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.</p>\n<h3>Sharing economy powered by E3T </h3>\n<p>Sharing business models such as Airbnb style office space sharing, ride-sharing, carpooling, etc all can be done using E3T. </p>\n<h3>\n\nE3T Tokenized asset trading platform\n\n</h3>\n<p> Expensive assets like property can be tokenized and sell on E3 tokenized platform using E3T as a medium of exchange.</p>\n<h3> Using E3T for P2P lending</h3>\n<p>A member can request a microloan in the form of E3T from another member on E3 P2P lending platform and approval of the loan can be executed based on the smart contract.</p>\n<h3>\n\nUsing E3T for equity crowdfunding \n\n</h3>\n<p>E3hubs will set up an ECF platform by partnering 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 some terms and conditions.</p>\n<h3> E3T Multifunctional wallet</h3>\n<p>E3hubs will develop a multifunctional mobile wallet that comes in IOS and Android versions. It can perform the following functions:  </p>\n<ul><li>Create an account(keys+address) and store them securely, transfer funds and make payment. 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      "body": "<p><a href=\"https://e3hubs.com/\">E3hubs</a> is embarking on a grand blockchain project by creating a global digital economy platform that is powered by our native token, E3T. The platform will enable <a href=\"https://e3hubs.com/\">E3hubs</a> members to perform all forms of economic activities that will create economic value that might rival the GDP of some countries. </p>\n<p>E3T can be used in the following areas, but the list is not exhaustive.</p>\n<h3>E3T as  An Internal Cryptocurrency of E3 Platform</h3>\n<p>E3T will be used as an internal cryptocurrency to pay for events, mentoring services, 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 on E3 platform and members from any part of the world can pay for the service using E3T. Another example is a trainer can organize a webinar and members from any country can pay with E3T. Besides that,  E3T can be used for E2C transactions and E2E transactions. It happened when members buy goods and services from physical outlets owned by members.  </p>\n<h3> E3T as Payment for O2O Marketplace</h3>\n<p> 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 our mobile POS terminal. </p>\n<h3> E3 Global marketplace </h3>\n<p>E3 blockchain platform is not only minting tokens but also include 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.</p>\n<h3>Cross-border Money Transfer and Payment</h3>\n<p>E3 digital platform will facilitate cross-border money transfer and payment. 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Therefore, the usage of E3T can be further enhanced through dApps creation and trading.</p>\n<h3>Sharing economy powered by E3T </h3>\n<p>Sharing business models such as Airbnb style office space sharing, ride-sharing, carpooling, etc all can be done using E3T. </p>\n<h3>\n\nE3T Tokenized asset trading platform\n\n</h3>\n<p> Expensive assets like property can be tokenized and sell on E3 tokenized platform using E3T as a medium of exchange.</p>\n<h3> Using E3T for P2P lending</h3>\n<p>A member can request a microloan in the form of E3T from another member on E3 P2P lending platform and approval of the loan can be executed based on the smart contract.</p>\n<h3>\n\nUsing E3T for equity crowdfunding \n\n</h3>\n<p>E3hubs will set up an ECF platform by partnering 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 some terms and conditions.</p>\n<h3> E3T Multifunctional wallet</h3>\n<p>E3hubs will develop a multifunctional mobile wallet that comes in IOS and Android versions. It can perform the following functions:  </p>\n<ul><li>Create an account(keys+address) and store them securely, transfer funds and make payment. 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      "body": "<p><a href=\"https://e3hubs.com/\">E3hubs</a> is embarking on a grand blockchain project by creating a global digital economy platform that is powered by our native token, E3T. The platform will enable E3hubs members to perform all forms of economic activities that will create economic value that might rival the GDP of some countries. </p>\n<p>E3T can be used in the following areas, but the list is not exhaustive.</p>\n<h3>E3T as  An Internal Cryptocurrency of E3 Platform</h3>\n<p>E3T will be used as an internal cryptocurrency to pay for events, mentoring services, 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 on E3 platform and members from any part of the world can pay for the service using E3T. Another example is a trainer can organize a webinar and members from any country can pay with E3T. Besides that,  E3T can be used for E2C transactions and E2E transactions. It happened when members buy goods and services from physical outlets owned by members.  </p>\n<h3> E3T as Payment for O2O Marketplace</h3>\n<p> 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 our mobile POS terminal. </p>\n<h3> E3 Global marketplace </h3>\n<p>E3 blockchain platform is not only minting tokens but also include 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.</p>\n<h3>Cross-border Money Transfer and Payment</h3>\n<p>E3 digital platform will facilitate cross-border money transfer and payment. 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Matching is done automatically using the smart contract based on some terms and conditions.</p>\n<h3> E3T Multifunctional wallet</h3>\n<p>E3hubs will develop a multifunctional mobile wallet that comes in IOS and Android versions. It can perform the following functions:  </p>\n<ul><li>Create an account(keys+address) and store them securely, transfer funds and make payment. 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      "body": "<p><a href=\"https://e3hubs.com/\">E3hubs</a> is embarking on a grand blockchain project by creating a global digital economy platform that is powered by our native token, E3T. The platform will enable E3hubs members to perform all forms of economic activities that will create economic value that might rival the GDP of some countries. </p>\n<p>E3T can be used in the following areas, but the list is not exhaustive.</p>\n<h3>E3T as  An Internal Cryptocurrency of E3 Platform</h3>\n<p>E3T will be used as an internal cryptocurrency to pay for events, mentoring services, 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 on E3 platform and members from any part of the world can pay for the service using E3T. Another example is a trainer can organize a webinar and members from any country can pay with E3T. 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      "body": "<p><a href=\"https://e3hubs.com/\">E3hubs</a> is embarking on a grand blockchain project by creating a global digital economy platform that is powered by our native token, E3T. The platform will enable E3hubs members to perform all forms of economic activities that will create economic value that might rival the GDP of some countries. </p>\n<p>E3T can be used in the following areas, but the list is not exhaustive.</p>\n<h3>E3T as  An Internal Cryptocurrency of E3 Platform</h3>\n<p>E3T will be used as an internal cryptocurrency to pay for events, mentoring services, 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 on E3 platform and members from any part of the world can pay for the service using E3T. Another example is a trainer can organize a webinar and members from any country can pay with E3T. 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Therefore, the usage of E3T can be further enhanced through dApps creation and trading.</p>\n<h3>Sharing economy powered by E3T </h3>\n<p>Sharing business models such as Airbnb style office space sharing, ride-sharing, carpooling, etc all can be done using E3T. </p>\n<h3>\n\nE3T Tokenized asset trading platform\n\n</h3>\n<p> Expensive assets like property can be tokenized and sell on E3 tokenized platform using E3T as a medium of exchange.</p>\n<h3> Using E3T for P2P lending</h3>\n<p>A member can request a microloan in the form of E3T from another member on E3 P2P lending platform and approval of the loan can be executed based on the smart contract.</p>\n<h3>\n\nUsing E3T for equity crowdfunding \n\n</h3>\n<p>E3hubs will set up an ECF platform by partnering some ECF players like FundedbyMe and CrowdPlus.Asia for members to raise funds via the platform using E3T.  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