Melon: an asset management protocol and ecosystem
Melonport is the company building the Melon protocol atop the Ethereum blockchain. Their site states that they chose ‘melon’ because it is the Greek word for ‘future.’ Currently, the protocol runs on only Ethereum, but the company is planning to run their protocol on multiple blockchains platforms in the future.
The Melon project is a protocol for digital asset management “in an open, competitive, and decentralised manner.” With Melon, you can “set up, manage, and invest” in customizable digital management strategies for digital and traditional (digital tokens that represent a traditional asset) assets, 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, etc.; this allows developers to be rewarded for their participation in this as well.
Furthermore, Melonport claims that being built using blockchain technology, and their modular set up, creates a more competitive environment for asset management strategies because it lowers fees and times. This is because processes can be automated and more readily verifiable using smart contracts; “regulation is adhered to by default,” therefore preventing traditional problems and bad actors.
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 ecosystem, and necessary to participate on the network (you can read more about this below).
Melon (MLN) token
The Melon token is an integral part of the Melon ecosystem. You must have Melon to use the protocol, and Melonport’s site refers to it as a token designed “to enjoy a ‘usage right’.” 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 within the network. 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. The graph to the left shows a representation of how this works. You would pay for a service, or pay a fee, in Melon, and in return get a module or contribute a module (to read more about modules read this blog post). This system allows for multichain functionality as well.
At Melonport’s official site, they have great information about their project’s protocol and purpose. From here you can learn more about their token, the protocol for Melon, and you can access the Melon Portal (the interface for Melon protocol).
Melonport’s official blog, using Medium, has informational resources, updates, and news on the Melon project. There blog is especially helpful in understanding the ins and outs of the ecosystem.