We present EONS, a DeFi pivot for the ALQO project. The ALQO name, ticker, etc., will change to EONS. This article details the project goals and highlights the products we’re building to serve the DeFi market. This is the first in a series of articles outlining the EONS ecosystem. Over the next few weeks, we will instruct exchanges to migrate to our new token ticker, launch on Uniswap, and issue the EONS beta. Please allow the necessary time for us to update existing crypto information sites and platforms with the necessary EONS information. Our social media accounts and community groups on Telegram and Discord will soon reflect these changes too.
Overview
EONS is a decentralized ecosystem for financial services bridging the traditional finance and neo banking experience with decentralized finance. The decentralized EONS.finance platform centers on convenience and ease-of-use and provides users risk-tiered yield strategies and more. The EONS.app platform focuses on delivering the yield, savings, and lending utility of DeFi to retail banking customers in an easy-to-use mobile and web app, that provides a similar user-experience to traditional banking apps with which customers are acquainted. EONS incentivizes its adoption with several products, such as yield aggregation, indexes, and lending.
EONS builds its decentralized ecosystem on several major networks, beginning with Ethereum and Substrate, with more multichain interoperability planned in the future. This development approach allows for EONS to maximize scalability, providing rapid product development and deployment; while retaining a core focus on composability and interoperability. The EONS ecosystem will focus on integration with multiple relay chains, interconnecting its products with other networks’ growing value. This approach aims to maximize the yield, lending, etc., opportunities for users of the EONS .finance and .app platforms.
DeFi
Decentralized finance disrupts traditional banking and the conventional financial services market entirely. However, a steep learning curve, poorly designed user-interfaces, lack of security measures, high fees, and a generally poor user-experience present an opportunity for improvement of this industry segment to serve non-native and native crypto users better.
EONS solves these issues by providing a safer and more comfortable user experience and providing products that address these issues. It accomplishes its simplicity of use and safety by delivering professionally developed smart contract products, an optimized user interface to reduce asset allocation errors, and more.
The EONS mobile and web app is an extension of the EONS ecosystem; it is a bank-like financial services platform that bridges the gap between traditional and digital finance. The EONS banking app gives the user more control over their money and savings, with more opportunities to earn, such as higher interest on novel investment opportunities, aka “yield,” than conventional banking.
The EONS banking app provides several money-management conveniences, such as a Visa debit card, IBAN accounts for UK & EU residents, expense analytics, and automatic personal savings accounts the user controls. EONS gives users the ability to access decentralized and standard banking services within a complete product suite to ditch their out-of-date bank permanently.
Products
Within the EONS ecosystem, there are several innovative products with a focus on yield. With yield, the user provides collateral; you are returned a percentage of return as a profit. EONS delivers its yield strategies in a risk-tiered manner. Users choose the most appropriate yield strategy based on their risk tolerance. When customers access the .finance platform, they can interact directly with the available yield generating pools and have complete autonomy over their risk management and investment thesis. When a customer onboards to the .app platform, we’ve developed a risk-modeling funnel to determine the best possible yield based on their risk tolerance. With EONS, we’ve made the process very easy and seamless for anyone to get involved in the world of DeFi yield returns.
With lending, users can loan and borrow products via collateralized assets, whether via the fully decentralized .finance platform or the .app mobile and web banking app. Typically, an EONS .finance platform user forms a request and sends their collateral to the smart contract; the contract pool then fills it if the requested loan asset is available. If the user is accessing lending via the .app platform, they will have an easy-to-use app interface to use lending or borrowing their account collateral. The rate determines the collateral or borrowed asset correlation, loan pool availability, and contract duration. Pool availability and asset collateral set the borrowing limits. Lending is a great way to earn interest on your crypto or stable coin collateral or borrow against others’ assets while retaining ownership of your primary collateral, assuming you satisfy your loan commitment.
Indexes are a great way to gain exposure to multiple assets in one product. Built on EONS, we provide market index products represented by a single token. As interoperability between different blockchains increases, proper multi-chain indexes are now a reality. We plan to release several index products in permanent and short-term indexes, with varying assets and risk templates.
In the future, EONS will develop Automatic Market Making protocols, “AMM,” allowing users to stake assets that trade them to fulfill exchange buy requests. EONS goals include establishing AMM algorithms that create an attractive option for users interested in tiered risk allocations of automatic trading strategies.
Interoperability
Smart contracts are code that allows a blockchain to handle financial services without a centralized party. All of the EONS products are smart contracts built on top of the EONS blockchain network. Interoperability allows different blockchains to communicate directly; we believe that interoperability is a significant contributor to the crypto industry’s future mass adoption success. The EONS chain provides increased multi-chain interoperability. EONS seeks to expand on this functionality for our ecosystem. It is a significant and critical element of our long-term vision for integration with our EONS financial services product.
Tokenomics
The EONS token will play an integral part in the DeFs ecosystem, allowing access to the many planned products. Currently, the EONS blockchain exists as a Pivx-based proof-of-stake masternode network, with approximately 69M coins in total supply and circulation. The EONS coin’s current holders will take part in a non-expiring coin-to-token swap to receive mainnet tokens on the new chain.
We will phase out the existing masternode structure of EONS’ current network, and current rewards are subject to change; however, we will maintain 1:1 parity with the current supply. Node operators will continue to receive rewards for securing the network, with more details to follow. A snapshot of the current network will render gaming the present rewards of the existing blockchain ineffective. The swap will commence after the snapshot. Please follow our social media channels to stay informed of the swap start date.
The mainnet EONS token uses include our DeFi products, staking, and mainnet contract gas. Increasing the usability of the mainnet EONS token will help control supply while increasing demand. Additionally, rewards and utility will exist within the .app platform for EONS token holders. More info to come soon.
Wallets
EONS will use standardized browser extension wallets, like MetaMask, to enable access to a user’s token holdings and EONS’ decentralized products and services. The era of desktop wallets is closing; browser extensions like MetaMask allow user custody access to new and innovative products in the DeFi space.
Conclusion
EONS’ mission is to unencumber finance from its legacy constraints in conventional banking and financial services. We aim to empower users with innovative financial products and services in a decentralized manner that are simple and easy to use. Users can make the most of the EONS ecosystem by bridging the gap between banking and decentralized finance with the mobile EONS app. EONS helps architect the future of finance with cutting-edge financial technology, bringing everyone financial freedom.
Read about EONS on the official blog: https://medium.com/eonsfinance
