Bittime - E Money Network (powered by Scallop), the pioneer of Modular RWA blockchain, announces the launch of its highly anticipated Testnet. This is an important milestone on the road to the Real World Asset (RWA) tokenization revolution.
Testnet marks the start of their initiative to build a robust blockchain infrastructure. This infrastructure can then facilitate liquidity for billions of dollars worth of Real World Assets.
In other words, E Money Network wants to bridge the gap between the Web2 and Web3 worlds.
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E Money Network Testnet Objectives
The E Money Network testnet offers a real-time environment that displays the platform's functionality when the Mainnet is launched later. E Money Network's main vision is to meet the growing demand for RWAs and facilitate sustainable project development.
Also read: Real World Asset (RWA) is still in the early stages, this is what experts say
These projects will later enable the creation of RWAs, building RWA-based businesses, and much more. E Money Network is here to realize this vision and create a fundamental network for RWAs. The E Money Network testnet is one of the first steps on this journey.
Different from other RWA blockchains, E Money Network has unique features such as identity checks for users and businesses, compliance checks (KYC, AML), proof of ownership checks (using zk-proof ), etc.
This makes the core infrastructure fully compliant with regulations while supporting innovative new-age RWA applications.
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Created by the team of experts at E Money Network, Testnet provides a platform for developers to build applications and gives users the opportunity to experience the network's core features first-hand.
Key Metrics and Opportunities
With key metrics to evaluate efficiency and scalability, Testnet has demonstrated outstanding performance by achieving 1000 Transactions Per Second (TPS) during internal testing.
Developers and users are encouraged to utilize Testnet to test its capabilities and provide valuable feedback.
Also read: HomeCoin: Innovative Real-World Asset (RWA) Based Stablecoin
What Users and Developers Can Do on the E Money Network Testnet
Users can experience the E Money Network Testnet by downloading E Money Wallet, E Money Network's native wallet, from the Chrome browser extension. With E Money Wallet, users can perform several tasks.
These include claiming faucet tokens, sending and receiving E Money Network native faucet tokens (EMYC), e-money faucet tokens (Euro tokens), and more.
E Money Wallet combines native web3 wallet features (send, receive tokens from 0x, etc.) with on chain IBAN features (send, receive e-money tokens) that can only be experienced on the E Money Network Testnet.
For developers, E Money Network recently launched a grant program (developers can apply here by filling out this form). Through this program, developers can receive grants and build/deploy their applications on Testnet.
Developers can also leverage the power of our community to test their products and gather important product feedback. E Money Network will also soon launch a quest program, where users and developers can participate in various quests.
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About E Money Network
E Money Network is a regulated RWA Modular blockchain. It functions as an L1 blockchain designed for seamless interoperability between DeFi 2.0 and RWA tokenization.
This blockchain effectively builds a network that aims to bridge the liquidity gap between Web 2.0 and Web 3.0. E Money Network is powered by Scallop.
Scallop is now streamlining its focus and mission towards utilizing blockchain technology and launching E Money Network, as its main product.
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Also read:
List of the Best Real World Asset (RWA) Cryptos 2024, You Must Know!
Tangible: Breaking the Real-World Asset (RWA) Investment Deadlock with Tokenization
Complete Guide on How to Tokenize Real World Assets (RWA) in 2024
Real World Assets (RWA): A Bridge between the DeFi and Crypto Worlds and Traditional Finance
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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