EthNow

InspirationProblem Statement;

This was inspired from my experience as a blockchain products developer . In the process of creating different enterprise blockchain products and use cases, we encountered the need time and time again to be able to use and interact with regulated payments directly from blockchain. However, the only option available at the time was dubious stable coins (Tether, etc) which did not meet the security and regulatory criteria (also, no Singaporean Dollar stable coins existed at the time). This made me realize that there was aneed in the market to be able to perform payments with real regulated money on blockchain, and that there was a lot of value that blockchain technology could bring to traditional electronic money systems (traceability, programmability, interoperability, etc). This realization made us really excited and it was the starting point for EthNow. Features:

EthNow is a fintech platform that enables the use of regulated electronic money on blockchain. It enables the use and interaction with payments directly from blockchain, making regulated money programmable and interoperable with Smart Contracts, while providing a lot of advantages to the use of money as well (improved traceability, functionality, interoperability). One of the main “killer features” is that EthNow makes regulated on-chain atomic Delivery-Versus-Payment transactions against other digital assets a reality.

EthNow connects real world electronic money accounts to ethereum addresses, automatically tokenizing balances and taking the electronic money ledger directly into blockchain. User accounts in EthNow have an unique ethereum address, as well as an independent unique IBAN in the banking system. Accounts can be funded through SEPA transfer or credit card, and are able to send SEPA transfers to any traditional european bank account, as well as sending funds to other EthNow accounts through API or directly through blockchain transactions. The system is regulated and compliant with KYC/AML regulations - all users that want to open an account must pass a KYC, and transactions are monitored and go through AML proceeds; users can only send funds to whitelisted accounts or to bank accounts. EthNow core functionalities include:

Electronic money accounts with independent IBAN and Ethereum address Account top-up via SEPA transfer and credit card P2P instant payments on blockchain between ioCash accounts SEPA transfers to external bank accounts Secure payments and escrows without a third party Cross-chain value transfers Embedded on-chain compliance rules Programmability and connectivity with Smart Contracts Interactions via API or via blockchain

Feasibility: We will co-create an specific Token Standard (ERC-2020) for the specific use of Electronic Money on blockchain, adding money-like functionalities to the Smart Contract (fundable, holdable, compliance, etc) We will deploy a permissioned private network based on Hyperledger Besu for our internal use cases. We also deployed our nodes and Smart Contracts into permissioned consortium networks (Alastria, LacChain, etc) and public networks for use with client applications. We will create the application that connects the electronic money entity (via API) systems to blockchain (ethereum), automating the tokenization/de-tokenization of money, adding on-chain compliance rules and management tools, and built added-value functionalities (such as escrows without third parties, automation and programmability) to the solution. We created testing and production environments, and incorporated API management tools. We created a mobile demo application (Ourion) as an example use case of ethNow applied to a neo-bank wallet. We created the product website and developer portal, containing all the documentation and sandbox for developers to test out the solution.

What it does

How we built it

Challenges we ran into

Accomplishments that we're proud of

What we learned

What's next for EthNow

Built With

• ethereum
• java