Estimated reading time: 2 minutes, 19 seconds
In Blockchain Token – What is it?, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more. Today we are going over the Melonport project!
Melon is a Greek word for ‘future,’ and Melonport is the company building the Melon protocol for digital asset management. With this you can use customizable strategies to manage your digital assets (these can be traditional assets too, backed by a digital token form). Although currently using only Ethereum, Melon has built their system with a modular set-up which will enable added functionalities and interoperability with other chains in the future.
With Melon, you can “set up, manage, and invest” in customizable digital management strategies for not only digital assets, but also traditional assets represented by digital tokens, with some predefined rules. Their protocol includes a modular set up, and this inherently allows the protocol to be flexible and built upon in the future for added functionality.
Furthermore, Melonport touts their modular set up as an environment that creates more competition for asset management strategies because it lowers fees and clearing times. This is because processes can be automated and more readily verifiable using smart contracts. Regulatory protocols are coded into the system, therefore preventing the problems traditional asset management currently faces.
Melon has many specific integrations in their protocol, like the modules and vaults, which are integral to the ecosystem in which managers and investors contribute to. The Melon token is also very important aspect of the network, as it is necessary to participate.
You must have Melon to use the protocol. Furthermore, Melon Token works as a incentive system and rewards users for continuing to participate in the network appropriately. It also gives participants in the network protocol voting rights on monetary policy and technical design. This is all done through smart contracts, since the token itself is a smart contract.
Because the Melon protocol is built to be a modular-like system, the token is used for contributing, participating in, and paying people within the ecosystem. This system allows for multi-chain functionality as well.
Check out our resource page on Melon for more great info and resources on the project!
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