E-Money Whitepaper
e-Money whitep per e-money.com a a a Glob l, f st & frictionless
T ble of contents Executive Summ ry 3 4 M rket Overview Intern tion l Money Tr nsfers Remitt nces P yment Processing St blecoins Algorithmic St blecoins Coll ter lized St blecoins 5 7 8 12 The e-Money Solution Overview Currency-b cked St blecoins Technology Cosmos nd Tendermint V lid tor ApS e-Money DEX 11 e-Money Sovereign Zone Risk Mitig tion Str tegies Token Token Overview Token Cl sses NGM Token Cl ss e-Money Token Cl ss Gr nts 13 16 Use C ses 17 18 19 Te m 20 24 Ro dm p 25 Gloss ry of Terms 26 28 Risk Discl imer ) a 2 of 28 ( a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless
The currency-b cked st blecoins which eMoney will employ re novel form of st blecoin entirely unique to the e-Money pl tform. The cryptocurrency industry is currently domin ted by two types of st blecoin; coll ter lized st blecoins nd lgorithmic st blecoins. Despite recent nd r pid growth in the m rket due to inst bility in both the cryptocurrency tr dition l m rkets, both types of st blecoins h ve we knesses nd p in points. Th t solution will bring forth benefits in number of re s within the fin nci l services industry. For intern tion l b nking customers, remitt nces is one such re where e-Money will offer signific nt benefits in both time nd cost s vings, reducing friction for the user nd providing superior experience. Algorithmic st blecoins re inherently unst ble nd inefficient, relying on overcoll ter liz tion to protect the system. At l rger sc les lgorithmic st blecoins struggle for immedi te liquidity. Me nwhile, in neg tive interest environments, e-Money predicts th t coll ter lized st blecoins will not be vi ble a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a 3 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a For merch nts, e-Money offers p yment processor th t is e sy to use, with less intermedi ries, llowing for gre ter levels of tr nsp rency nd incredibly low fees. Further, since p yments re settled immedi tely, merch nts c n rest e sy knowing th t e-Money supports the ongoing liquidity of their business - n re in which current p yment processors do not lw ys p ss muster. The comp ny vision is to cre te level pl ying field, providing equ l ccess to tr nsp rent fin nci l services, on glob l sc le, while gre tly reducing cost. To th t end, e-Money intends to rele se r nge of currency-b cked st blecoins in system th t is f ir nd tr nsp rent, ccessible for ll, nd with ne r-zero fees, inst nt settlements, nd immedi te fin lity. eMoney is not designed to ct s wholes le repl cement for the existing fin nci l system, but c n inste d be thought of s the l yer two solution for tr dition l fin nce. Glob l, f st & frictionless a a a a a a e-Money is n electronic p yment system nd store of v lue oper ting in the fin nci l services industry. The concept nd technology is developed by Block Fin nce A/S, D nish Fintech comp ny who re innov ting new technologies th t bridge tr dition l fin nci l services nd distributed ledger technology. a a Executive Summ ry
term since, s the v lue of their reserve drops, they will be driven to t ke ddition l risks, to t p into their reserves, or to ch rge issu nce redemption fees to cover the shortf ll. The currency-b cked st blecoins cre ted by e-Money re further iter tion on the concept of coll ter lized st blecoins. Cruci lly, however, e-Money’s currencyb cked st blecoins re interest-be ring, nd h ve more in common 3 with b nk deposit th n hold-in-your-h nd money. This innov tive ppro ch lso gives e-Money’s currency-b cked st blecoins more resilience in the f ce of economic uncert inty. The e-Money pl tform is built on the Cosmos Network, n ecosystem of independently sovereign, but interoper ble p r llel blockch ins, which llows inter-blockch in communic tion through the Cosmos Hub. As p rt of this growing Internet of a a a a a a a a a a a a a a a a a a a a a a a a a Blockch ins, e-Money will enjoy powerful networking effects offering st ble me ns of p yment nd store of v lue within the ecosystem. The e-Money solution h s lre dy enjoyed consider ble development, nd h ving worked through five iter tions of the testnet, the e-Money m innet is now live. The ecosystem lso h s working DEX in pl ce in which every token c n be immedi tely tr ded with zero execution fees on tr des. The te m behind e-Money h s consider ble experience within the Fin nce, Technology, B nking, M rketing nd Blockch in sectors. Th t te m lre dy contributes to Cosmos through V lid tor Network secure nd highly v il ble v lid tor for the Cosmos Hub. Together, this experienced te m of industry profession ls is working to ensure th t e-Money c n fulfill its promise s the next gener tion of money. 4 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a , a a a a a a a a a a a a a a a a Glob l, f st & frictionless a a a a Executive Summ ry
Intern tion l Money Tr nsfers Remitt nces Remitt nces re longst nding point of friction for intern tion l b nking customers. Costs of intern tion l money tr nsfers rem in stubbornly high while the tr nsfers often t ke d ys to cle r. There is lso gener l l ck of tr nsp rency surrounding tr nsfers, me ning customers re often in doubt s to how long ny given p yment m y t ke to rrive t its destin tion. This pl ces undue stress on both recipient nd sender, especi lly when those sums re sent to f mily members to p y for vit l goods nd bills. According the The World B nk, the intern tion l ver ge cost of remitt nces w s 6.79% of the v lue of e ch tr ns ction1. This me ns for comp r tively low v lue c sh tr ns ction of just 300, the b nk would t ke 20.37 in fees. In the G8 countries it is moder tely lower 6.57%, t cost of 19.71 for the s me tr ns ction. T king bro der view of the glob l m rket, remitt nces c n rise to prohibitively expensive 20% in some regions. In this inst nce only 240 of the 300 sent would re ch the recipient. of workers re seeking nd finding work overse s. Intern tion l migr tion re ched 272 million in 2019, n incre se of 51 million since 20102. Of those seeking work in other regions lmost h lf 46.9% were focused in North Americ nd Northern, Southern nd Western Europe3. Th t p ttern of incre sed migr tion is reflected in the remitt nces m rkets s in 2018 over ll glob l remitt nces grew by 10% to re ch v lue of 689 billion. Glob l remitt nces were 613 billion in 2017, with the projected v lue of the m rket t 750 billion by 20234. It’s not just migr nts who re incre singly requiring intern tion l fin nci l services either. Incre sing numbers of remote workers nd businesses both sm ll nd l rge re lso ccessing fin nci l services cross borders. Although the m rket w s strongest in North Americ nd the EU, glob lis tion is n incre sing f ctor in every p rt of the world. In 2018 the v lue of remitt nces grew in ll regions, most not bly in Europe nd Centr l Asi 20% , South Asi 13.5% , Sub-S h r n Afric 9.8% , L tin Americ nd the C ribbe n 9.3% , the Middle E st nd North Afric 9.1% nd E st Asi nd the P cific 6.6% 5. Despite this, the remitt nce m rket continues to grow, s incre sing numbers 1 & 2 https://remittanceprices.worldbank.org/en 6 7 uy-mastercard-vs-visa.aspx 7 2019/june/2019- ndings-from-the-diary- of-consumer-payment-choice/ fi ) ) a a a a a a a a a a a a ( a a a ( a a a a a a a a a a a a a a a a a a 5 of 28 a a a a a a a a a a a a a a a a a a a a a a a ) ) a a a a a a a a a a a a a a a ) ) a a a a a a ( a a a a ( a a a a a a a a a a a ( ( a a a a a ) a a a a a a a a a a a ) a a a a a a a a a a a a a a ( a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless ( a a a a a a a a a a M rket Overview
P yment Processing At point of use p yment processors re gener lly h ssle-free for customers. For merch nts, there is different story. Bene th the surf ce, modern p yment processors employ complex rchitecture of technology infr structure which involves multiple p rties nd processors. The convoluted n ture of this system dds ddition l hidden costs nd expenditure for merch nts, s e ch pl yer in the process must receive their cut. To m ke successful c rd tr ns ction t ny store, the request must be sent from the c rdholder to the merch nt through the cquiring b nk, then to the credit c rd network, nd fin lly to the credit c rd issuing b nk which m kes the p yment. In some c ses, this process is even more complex nd more pl yers become involved. The precise cost of p yment processors is difficult to know since there is l ck of tr nsp rency in the industry, but s rough guide credit c rd fees re usu lly between 1-3%, with merch nt fees usu lly between 0.2%-0.3%. On top of this is monthly service fee, tr ns ction uthoris tion fees, the price of the p yment processor m chine, set up costs, monthly PCI compli nce ch rge nd ch rgeb ck fees. The cost of p yment processing is lso higher for cert in industries such s g mbling, nd merch nts with higher risk profiles endure ddition l costs. It is therefore of no surprise th t number of pl yers in the p yment processing sphere m ke consider ble profits from processing consider ble tr ns ction volumes. In Q1 of 2019, M sterc rd m de profits of 1.9 billion from 3.9 billion revenues, while Vis posted profits of 3 billion from 5.5 billion revenue for the s me qu rter6. These huge profits come mong wider trend of consumers moving further tow rds c shless society. In 2019 consumers used c sh in just 26% of tr ns ctions, down from 30% in 20177. The trend tow rds c sh-free p yments is only expected to cceler te due to recent concerns bout the cle nliness of h ndling c sh money. a a a a a a a a a a a a a a a a a a 6 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless a a a a a a a a M rket Overview
nd the c pture of tr ns ction fees to m int in peg. St blecoins The st blecoin m rket is still rel tively new but flourishing sector, which h s enjoyed r pid growth due to continued vol tility in the price of Bitcoin nd other cryptocurrencies. In 2020 lone the ggreg te m rket v lue of Ethereumb sed st blecoins incre sed by 95.38% to re ch 6.25 billion8. Currently there re two types of st blecoin which domin te the m rket; coll ter lized st blecoins which re b cked by re l world ssets, nd lgorithmic st blecoins which re not. E ch of these re discussed here in turn. The m in we knesses of crypto coll ter lized st blecoins re: 1. They don’t hold coll ter l in the form of the instrument they re pegged to, so they re const ntly t risk, l cking the purch sing power required to support their peg. 2. Over-coll ter lis tion is inherently ineffective, essenti lly cting s bet th t the v lue of the coll ter l will not decre se subst nti lly. Algorithmic St blecoins Algorithmic st blecoins re cryptocoll ter lized st blecoins which re pegged to fi t currency. Coll ter lising vol tile sset such s cryptocurrency nd pegging it to more st ble ssets such s fi t is str tegy which holds concomit nt risk, f ct which lgorithmic st blecoins often ttempt to mitig te with overcoll ter liz tion. This is the c se with M kerDAO nd K v , which re t their core credit f cilities th t rely on n over-coll ter liz tion of crypto ssets to support their peg. Others, such s Terr , rely on continued user doption 3. They don’t sc le to glob l economies due to insufficient m rket liquidity. For inst nce, when l rge comp ny might require 100 million equiv lent for immedi te delivery. 4. There is no frictionless w y to move between fi t nd token, inevit bly incurring tr ding costs, crossing the spre d nd slipp ge. In summ ry, lgorithmic st blecoins require const nt fuel in the form of coll ter l, or economic ctivity such s tr ns ction fees to m int in their v lue nd survive. a a a a a a a a a a a a a a a a a a a a a a a a a a a 7 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless a a a a a a a M rket Overview
e-Money is f st, frictionless form of digit l c sh th t c n be used for p yments, remitt nces nd s s fe h ven cryptocurrency during times of high m rket vol tility. It is e sily ccessible, f ir nd tr nsp rent, low cost with inst nt settlement, nd knows no borders. It is designed to ct s n effective nd flexible l yer two solution for fi t. The e-Money system is built by the te m behind V lid tor ApS, the secure nd highly v il ble v lid tor infr structure for the Cosmos nd IRIS networks, nd is owned by Block Fin nce A/S, D nish fintech closing the g p between tr dition l fin nci l services nd distributed ledger technology. Interest-be ring, both positive nd neg tive interest r tes. C p ble of immedi te fin lity nd settlement. Ne r-zero tr ns ction fees. Tr nsp rent through qu rterly Ernst & Young udits to demonstr te proof of funds. The e-Money premise is superior p yment method th t is both loc l nd glob l, nd highly liquid me ns of exch nge for individu l customers, for merch nts, NGOs nd multin tion l corpor tions like. It is, quite simply, the next gener tion of money. The comp ny brings new vision of wh t st blecoins c n be nd re c p ble of. eMoney is innov ting with new form of currency-b cked st blecoins which it is bringing to the m rket. This system is ch r cterised by being: Fully b cked by b nk deposits nd government bonds. Multi currency, eventu lly supporting ll m jor glob l currencies. a a a a a a a a a a a a a a a a a a a a a 8 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless a a Overview a a The e-Money Solution
Technology Cosmos nd Tendermint 1. It provides immedi te fin lity. e-Money is built on Cosmos, n ecosystem of independent but interoper ble p r llel blockch ins. This llows for ny Cosmos blockch in in the network to m int in individu l sovereignty in “sovereign zone”, while simult neously communic ting with other blockch ins in the ecosystem. With Cosmos, blockch ins re no longer siloed, which brings positive networking effects to e ch individu l project within the entire ecosystem. The Cosmos Hub is the connective tissue between the m ny sovereign zones of the Cosmos Network llowing for interblockch in communic tion IBC . In essence, it c n be thought of s virtu l tr nsmission control protocol TCP for blockch in, which is why this is dubbed the Internet of Blockch ins. A number of exciting projects re lre dy built with Cosmos IBC including Bin nce Ch in’s Decentr lized Exch nge DEX nd IRISnet. Cosmos is in turn built on Tendermint technology, which is n ultr f st Proof of St ke PoS blockch in engine. The re son th t Tendermint PoS is ide lly suited for the e-Money p yments system is bec use: a a a a a a a a a a a ) a a a a ) a a a a a a a ( ) a a a a This is opposed to prob bilistic fin lity seen on Proof of Work PoW blockch ins. Ensuring the fin lity of tr ns ctions is imper tive for ny serious p yments solution s merch nts will never dopt ny p yment system in which uncert inty prev ils nd tr ns ctions m y be reversed. 2. It llows for incre sed sc l bility. Tendermint llows thous nds of tr ns ctions per second TPS . Existing p yment solutions lre dy offer thous nds of tr ns ctions per second, so to re listic lly compete t sc le, ny new p yment system must be equ lly s good. 3. It c n be configured for immedi te block cre tion. The immedi te block cre tion llows p yments to be processed in under 500 milliseconds. crypto sset. 9 of 28 ) ) a ( a a a a a a a a a a a a a ( a a ( a a a a ( a a a a a a a a a a a a a a a a a a a a a a a a a ) a a a a a a a a a a a a a a a a ( a a a a a a a a a a a a a Glob l, f st & frictionless a a a The e-Money Solution
V lid tor ApS The te m behind e-Money run secure nd highly v il ble v lid tor service for Cosmos Hub nd IRISnet’s IRIS Hub. https://v lid tor.network In ddition to this, the e-Money te m h ve used the v lid tor service to help run nd test successive e-Money testnets nd to successfully l unch the e-Money M innet. Unlike number of crypto projects which seek to r ise funds before building the technology, e-Money h s lre dy put in consider ble work to ensure th t the infr structure is in pl ce, with more th n 40 v lid tors lre dy securing the eMoney network. Tr ns ction fees c n be p id in ny token. There re no listing requirements to use the DEX. Any token is immedi tely tr d ble, including those tr nsferred vi other ch ins. Optimised for liquidity. A single token b l nce c n be sold in multiple orders, with rem ining orders being utom tic lly djusted on execution. Sophistic ted order m tching llows single order to tr de through multiple instruments. This ensures th t tr des lw ys execute t the best possible price. On-dem nd block gener tion ensures tr ns ctions re quickly fin lised. At present the DEX is controlled by comm nd-line input, with the system sl ted for future upgr de to GUI for gener l e se of use. e-Money DEX e-Money lso h s working decentr lized exch nge which boosts the utility of eMoney tokens nd the usefulness of eMoney to the Cosmos infr structure. The cre tion of the DEX is nother ex mple of e-Money’s ppro ch of building first, funding l ter. Adv nt ges of the e-Money DEX re: No execution fees re p id on tr des. The only fees th t re p id on the DEX re tr ns ction fees. a a a a a a a a a a a a a 10 of 28 a a a a a a a a a ) a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless a a ( a a a The e-Money Solution
he Cosmos Network consists of number of interoper ble sovereign zones. The eMoney sovereign zone is the p yments ecosystem of currency-b cked st blecoins th t re issued by e-Money. It is designed to s tisfy the dem nds of number of users, including customers who h ve lre dy become ccustomed to c rd nd mobile-b sed p yments systems. For this re son the zone h s to be e sy to use, f st, nd with incredibly low, negligible fees. As opposed to other PoS networks where v lid tors re p id for tr ns ctions, negligible fees re m de possible on the eMoney network since v lid tors re p id in commissions on st king rew rds which re p id to them in currency-b cked tokens. This ensures th t for ll p rties in the eMoney zone the business model rem ins decoupled from tr ns ctions. To give the best possible response times on the network, the consensus l yer is configured for immedi te block cre tion when tr ns ction is pending. In the event of no pending tr ns ctions, he rtbe t block is cre ted every minute. Centr liz tion The currency-b cked tokens in the eMoney zone require leg l entity to oper te nd for this re son they re inherently centr lized. This is in p rt due to the f ct th t b nk rel tionships must be est blished nd m int ined to ensure continued compli nce. Consequently the comp ny ultim tely decides which ch in ccur tely reflects the v lid zone st te, s this st te is intim tely tied to the b nk reserve. J iling nd sl shing conditions It is vit lly import nt th t the sovereign zone rem ins secure, v il ble nd responsive to ensure the effic cy of e-Money s p yment processor. For this re son the network will h ve low toler nce for v lid tors th t re offline, since these c use n incre se in consensus rounds nd higher tr ns ction times. Where v lid tors do not meet the requirements of the network, such s during down-time, they will lose proportion of their rew rds. This sl shing of rew rds will then be redistributed b ck a a a a a a a a a a a a a a a a a a a a a a 11 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless a a e-Money Sovereign Zone a a The e-Money Solution
to the v lid tor set with the guilty p rty j iled - preventing them from re-entering the v lid tor set for set period. When their sentence is complete v lid tors re welcome to send tr ns ction to rejoin nd ctively p rticip te in the v lid tor pool. Down-time sl shing p r meters will be set ggressively to ensure continued v il bility within short timefr mes, e.g. 60 minutes. Double-signing le ds to sl shing nd tombstoning of the v lid tor, who will then no longer be free to p rticip te in the v lid tor network. Proceeds from sl shing ctivities re distributed to v lid tors in the v lid tor set. Risk Mitig tion Str tegies The e-Money st blecoin is built for robustness nd to mitig te the uncert inties to which other st blecoins re prone. The in-built interest mech nism is n import nt f ctor in th t str tegy, elimin ting number of risks rel ted to the economic circumst nces of the fi t reserve. For inst nce, even in the event of nother fin nci l crisis centr l b nk interest r tes should not pose serious thre t to the st bility of e-Money. a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Anchoring tokens to the tr dition l fin nci l system dds degree of risk s b nking rel tionships must be nurtured nd m int ined. Here, e-Money will seek to minimize this risk by est blishing sever l b nking rel tionships for e ch currency. Credit risk tow rds b nks holding deposits will be mitig ted by pl cing p rt of the coll ter l into low-risk government bonds without exch nge r te risk. The comp ny h s spent consider ble time nd resources on cl rifying its regul tory st tus within the EU. While the process h s re ched its conclusion, there is lw ys risk th t l wm kers will ch nge the w y th t crypto-currencies nd blockch in technology re regul ted. To mitig te this risk e-Money re ret ining leg l counsel nd dvisors who work t the forefront of EU fin nci l regul tion. On the technology side, the Cosmos st ck h s proven its worth during udits, dvers ri l testnets nd in production. Building on this st ck, the comp ny will expose ny modific tions to peer review udits. 12 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless a a a a a a a a a a a The e-Money Solution
Token Token Overview In order to best lign incentives nd expect tions of token holders nd p rticip nts within the e-Money zone the te m will utilize two distinct token cl sses. The first token cl ss re currency-b cked st blecoins, tokenized represent tion of fi t currencies. The initi l tr nche of currencies supported by e-Money will focus on Western nd Northern Europe, for ex mple the eEUR for Euro, the eCHF for the Swiss Fr nc, nd the eSEK for the Swedish Kron . There will lso be st king token dubbed the Next Gener tion of Money NGM which will be single token in cl ss of its own. NGM will secure the e-Money network by bonding with one or more v lid tors. NGM will then be infl ted by 10% per ye r. By st king NGM, holders of these bonded tokens will receive pro-r t sh re of the newly minted NGM tokens. B nk reserve Affected by interest on b nk deposits, bonds s well s custody fees Currency-b cked tokens Supply is incre sed throught infl tion, initi lly 1% per ye r It is import nt to note th t size of the b nk reserve nd the number of currencyb cked tokens c n v ry independently of e ch other. The const nt link between the two will be th t proportion l ownership of the currency-b nk tokens will lw ys represent the s me proportion of the b nk reserve. So for inst nce, someone who owns 5% of the currency-b cked tokens c n sell them to receive 5% of the b nk reserve, where s 10% of the currencyb cked tokens c n be sold for 10% or the b nk reserve nd so on. a a ) a a a a a a a a a a a a a a ( a a a a a a 13 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless A novel model will be pplied for cre ting interest on the currency-b cked tokens, while t the s me time ch rging m rkup. Two independent mech nisms ffecting both the b nk reserve nd the currencyb cked tokens will chieve this:
Token Cl sses NGM Token Cl ss IThe NGM token is st king nd rew rds token with users st king their NGM tokens to secure the e-Money network. The number of NGM tokens is continuously infl ted t 10% per ye r. The infl ted NGM supply is then distributed pro-r t s st king rew rds, but only to ccounts with bonded/st ked tokens. The simplicity of the e-Money st king model This me ns st ked NGM token represents proportion l cl im on infl ted NGM. To illustr te this with n ex mple, n entity st king 5% of tot l st ked NGM tokens receives 5% of the newly minted NGM cre ted s st king rew rds. The oper tions of the comp ny will be solely funded by NGM token rew rds, fully ligning the interests of the comp ny nd NGM token st kers. As previously st ted, v lid tors will lso receive rew rds through the s me infl tion mech nism me ning th t the interests of ll m jor pl yers in the ecosystem will be ligned. Identifier NGM “Next Gener tion of Money” A single st king token NGM is used to secure the e-Money network by bonding it with one or more v lid tors. Supply 100,000,000 initi lly. Purpose St king nd rew rd distribution The tot l supply of NGM tokens is continuously infl ted. The infl tion r te is v ri ble nd depends on the percent ge of bonded tokens. The infl ted NGM supply is distributed pro-r t s st king rew rds to ccounts who bonded tokens. Rights St king rew rds. Provides no govern nce rights. Trust nchor Sovereign e-Money zone. The entire business model of e-Money is highly tr nsp rent nd e sily underst nd ble for ll members of the network. a a a a a a a ) a a a a a a a a a a a 14 of 28 a a a ) a a a a a a a a a a a ( a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a ( a a a a a a a a a a a a a Glob l, f st & frictionless a a Token
e-Money Token Cl ss The e-Money ecosystem will be popul ted with multiple currency-b cked tokens. Currency tokens will serve s the b sic unit of exch nge for e-Money, nd will be the tokens th t the bulk of its users will become most f mili r with. Over time, the supply of e-Money tokens will incre se s the supply is infl ted by 1% e ch ye r. The infl ted supply of e-Money tokens will be used to buy b ck nd burn NGM token in the on-ch in m rket, thereby reducing the over ll supply of NGM tokens. The buy b ck nd burn model e-Money tokens will be used for p yments, remitt nces, swift c sh lloc tion nd distribution throughout the network, nd for the p yment of ny or ll tr ns ction fees. E ch fi t currency which is supported by e-Money will h ve its own digit l e-equiv lent. Fi t currencies to be supported from l unch include EUR, CHF, SEK, NOK nd DKK with GBP, JPY nd USD to follow l ter. The mbition for e-Money is to support ll m jor glob l currencies, where the properties of e ch token is simil r to the following ex mple b sed on the Euro: Identifier eEUR Multiple currency-b cked st ble coins, e ch using dyn mic peg th t the underlying interest r te. Tot l supply of e ch st blecoin is continuously infl ted. The r te is v ri ble nd set per st blecoin, currently 1% per ye r The incre sed supply for e ch st blecoin is used to buy NGM tokens in the on-ch in m rket g inst e ch st blecoin Supply Unlimited Purpose Tokeniz tion of EUR held in b nk deposits nd bonds Used s p yment nd fee token Trust nchor Sovereign e-Money zone a a a a a a a a a a a a a a a 15 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless a a a Token
Gr nts To further the mbitions nd go ls of the e-Money project, gr nts will be offered from n Ecosystem Fund. 10% of the initi l supply of NGM tokens re set side for this purpose. These will be offered to qu lified p rtners, nd subject to vesting periods to ensure the integrity of the system. Applic tions will be considered on continuous b sis, nd will be ccepted b sed on their bility to further forw rd nd promote the str tegic vision of the business. Exch nges th t commit to listing current nd future currency-b cked tokens. Applic tions using currency-b cked tokens. Project descriptions c n be submitted to p rtners@e-Money.com to initi te the di logue. P rtners in the following c tegories re eligible to receive gr nts: V lid tors for the e-Money zone. W llet providers th t commit to integr ting current nd future currency-b cked tokens. a a a a a a a a a 16 of 28 a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a Glob l, f st & frictionless a a Token
The glob l citizen There is gre t de l of v ri nce in the qu lity nd delivery of fin nci l services cross the globe. Even within highly developed countries, where the fin nci l sector is consider bly more m ture, ccess to b nk ccount is not lw ys given. For this re son there is gre t potenti l in offering network ccounts which use currency-b cked tokens s f ster, che per nd glob lly ccessible ltern tive to tr
Crucially, however, e-Money's currency-backed stablecoins are interest-bearing, and have more in common 3 with a bank deposit than hold-in-your-hand money. This innovative approach also gives e-Money's currency-backed stablecoins more resilience in the face of economic uncertainty. consider The e-Money platform is built on the
money. The Young Money Media group includes YOUNG MONEY magazine, youngmoney.com and YOUNG MONEY Live campus events. Subscriptions YOuNG MONeY Magazine 10950 Gilroy rd. Suite D Hunt Valley, MD 21031 888-788-4335, ext. 7 subscriptions@youngmoney.com YOUNG MONEY Magazine (iSSN-1098-8300) YOUNG MONEY is designed to provide
and deployment of funds. Money market is the instrument which have less than one year as a maturity period. The most active part of money market is the overnight call money and term money between the Banks, Financial Institutions, as well as Call Money market transaction. Call money or Repo are the two short term money market products.
-PART ONE: FAKE MONEY - In 1971, President Richard Nixon took the U.S. dollar off the gold standard. In 1971, the U.S. dollar became fiat money government money. Rich dad called government money fake money. He also said: Fake money makes the rich richer. Unfortunately Fake money also makes the poor and middle class poorer.
2.3 Gresham’s Law 2.4 Money and near money 2.5 Role of money in Capitalist, Socialist and mixed Economy 3. Money Supply and Banks (14) 3.1 Narrow and broad definition of money 3.2 Alternative measures of money supply in India and their components 3.3 Concept of High Powered Money 3.4 Definition of Bank – Functions of bank 3.5 Multiple credit creation by bank and limitations to it. 4 .
The ability to manage money has to be learned, developed, and practiced on a daily basis. There are eight steps to successful money management: 1. Get organized. 2. Decide what you want to do with your money. 3. Look at all available resources. 4. Decide how much money you are worth. 5. Find out how much money you make. 6. Find out how much .
9. There are many sayings about money. Which one best reflects your family’s attitude about money while you were growing up? Check one and explain why. m Money doesn’t grow on trees. m It’s only money. m A penny saved is a penny earned. m Money is burning a hole in your pocket. m Money can’t buy hap
MONEY MATTERS 6 Money Matters 1: Setting a Budget How can budgeting now help me make a big purchase later? Money Matters 2: Take it to the Bank! Why should I have a bank account and how do I use one? Money Matters 3: Keeping Track of Your Money How can I keep track of the money in my checking account?
Youth During the American Revolution Overview In this series of activities, students will explore the experiences of children and teenagers during the American Revolution. Through an examination of primary sources such as newspaper articles, broadsides, diaries, letters, and poetry, students will discover how children, who lived during the Revolutionary War period, processed, witnessed, and .
