ERNie - The Ethereum Remittance Network


ERNie is an instant, simple, open remittance network powered by the Ethereum world computer.

Agents may provide an on-ramp and off-ramp to ERNie, such that the senders and receivers of funds never have to see the underlying crypto-currency ether, nor have to create a wallet or manage private keys.

What is the problem?

Remittance is high value, high cost, highly regulated, and has end users that are outside of the blockchain ecosystem.

What is the solution?

ERNie is a smart contract that enables users to provide a secret code upon depositing funds, transmit the secret code to their intended recipient, so that the recipient can use that secret code to withdraw those funds.

A transaction between a sender and an agent for ERNie may have the following steps;

  1. In many jurisdictions, the agent would be required to onboard the sender.

  2. The agent would offer a spot rate for the amount of Ether to be deposited to ERNie.

  3. The sender would purchase an amount of Ether, and upon successful payment, the agent would provide the sender with a secret code and deposit the Ether into ERNie.

A transaction between a recipient and an agent for ERNie may proceed as follows;

  1. The agent on-boards the recipient.

  2. The agent offers a spot rate for the amount of Ether to be withdrawn from ERNie.

  3. The recipient provides their bank details and their secret code.

  4. The agent withdraws Ether from ERNie and deposits the agreed amount of fiat into the recipients bank account.

A transaction between a recipient and ERNie may be;

  1. The recipient creates an Ethereum wallet.

  2. The recipient submits their secret code to ERNie

  3. ERNie deposits the amount of Ether into the recipient's Ethereum wallet.

Business Model

ERNie is powered by agents who provide the on-ramps and off-ramps to the network. Agents make their money through the conversion of Ether to fiat. They set their own rates and the market ought to reward those agents who have the most competitive fees. Agents are responsible for local regulatory compliance. ERNie is by nature an open network that anyone can join and allows. People may use ERNie directly, outside of any agent gateway.

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