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The eFiat Blockchain

eFiat Blockchain is a general purpose platform built upon the Ethereum Blockchain enhanced with our own algorithm with better transaction speed and easy-to-use user-interfaces. We also aim at making smart contract smarter, by allowing anyone to "program" contract terms by implanting "mini-programmes" into smart contracts to enforce obligations and commitments.

eFiat Blockchain is a decentralized platform allowing anyone to:

  • establish and run smart contract with others;
  • implanting "mini-programmes" into smart contracts;
  • create a digital asset and execute transaction.

  • An Easy-to-use Blockchain Platform

    eFiat Blockchain has the following characteristics:
  • anyone can create a smart contract with others using eFiat token, verified by our blockchain system;
  • anyone can create a digital asset in the form of ERC20 and the transaction can be settled by our blockchain;
  • eFiat smart contract allows anyone to "program" the terms and invoke payments automatically, by implanting "mini-programmes" into smart contracts to enforce obligations and commitments;
  • a blockchain-based database for storage and querying of large amount of data;
  • a user-friendly interface that doesn’t require strong technical knowledge, and can be used to establish contract utilizing blockchain technology in everyday life; and
  • transaction fees can be earned by an authorized party when verifying transactions if they become a node in our blockchain, providing their computing power.

  • eFiat's Ecosystem
    What We Can Do and Plan to Do?

    As of today, our blockchain that is built upon private Ethereum blockchain, enhanced with our own algorithm with better transaction speed, is capable of:

  • Fast and reliable transfer of assets (coins, tokens, and financial assets) in less than 3 seconds (compared to MainNet Ethereum, ~15 sec, standard PoW Ethereum, ~5 sec and Bitcoin, >10 mins), without a significant consumption of computing resources (energy-friendly, hence lower cost of transactions);
  • Using a single wallet that can store our own token and ERC20 contract together with MainNet Ethereum Ether and ERC20 contract in the same address; and
  • Establishing smart contract through a graphical and user-friendly interface.

  • We plan to:
    Enhance our solution so that it can handle large data storage and querying like a traditional DB. This is our major R&D effort in 2018; and Extend the reach of our blockchain technology to different industries.
    Applications of eFiat Blockchain

    Consumer Tokens (will be delivered in 2018 Q2)

    We have provided our blockchain solution to a media portal for their members to use as a consumer token to purchase goods and services both online and offline. This consumer token is based on eFiat blockchain and our self-developed wallet app. It supports online token transfer, QR Code payment, and shopping cart integrations.
    Real Estate Blockchain

    We have partnered with a Real Estate IT company that had engaged in building an online platform for the real estate business which connects proprietors, buyers, tenants, and real estate agents. It will provide a wealth of resources and an effective platform for the real estate blockchain development.

    We will start by enabling smart contract in real estate purchasing agreements, tenancy agreements and we are looking to extend our solution to real estate contract, and mortgage deed contract.

    And... we make smart contract smarter!

    There are two main problems with smart contracts:

    Problem 1: Smart Contracts just aren’t accessible for those without programming knowledge.

    Programming knowledge is required for smart contracts because the terms of the agreement are directly written into the code. It currently requires someone with specialist knowledge to make edits and updates to the contract. For example, to interact with smarts contract in Ethereum, you need to learn web3.js and a Javascript framework such as React.js.

    Our Solutions

    eFiat aims to make smart contracts more accessible, by enabling everyone to utilize the technology without requiring specialized knowledge, by providing easy-to-use user interface and smart contract templates. Users are able to simply select what they need and fill in the information to create a smart contract customized to their needs.

    Problem 2: Smart Contracts are not really smart!

    Currently available smart contract technology is not very smart. A typical smart contract is no more than a digital and encrypted contract verified by blockchain. If you rent your house to your tenant by using smart contract-based tenancy agreement, you would still need to remind your tenant to pay rent if your tenant has forgotten to do so.

    Our Solutions

    eFiat smart contract allows you to "program" the terms and invoke payments automatically. Our blockchain toolbox is capable of implanting "mini-programmes" into smart contracts to enforce obligations and commitments, including payment processing between two parties such as lenders and borrowers, interest rates calculations, late penalties, etc.

    Our nodes are acting as small robots and are programmed to closely monitor smart contracts. They will take actions when a contract term requires execution. In the above tenancy agreement, our nodes will automatically trigger a send money request to deduct rent from tenant's wallet and send it to the landlord's wallet. The process can be finished instantly and is recorded in eFiat Blockchain.
    Usages of eFiat Smart Contracts
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