Why do I care about Emblem Vault?
This is the TL;DR; for those wonder why we think this is a big deal.
Why does Emblem Vault matter? What is the big deal?
The entire cryptocurrency space has taken the concept of “money” (aka the ways we have agreed to exchange value amongst each other as humans), from a very small set of possible currencies all controlled by centralized governments, to an infinite set of possible ways to exchange value.
Over the years, many people have described crypto (I will say “crypto” to mean “cryptocurrency” and not “cryptography”, as is traditional) in ways that involve “putting money back into the hands of the people” and removing barriers to people exchanging money across countries. The crypto space opens up endless possibilities for party-to-party exchange, almost like we have gone back in some ways to the days of bartering, where you could trade bananas for chickens and the act of building a barn for a horse (I might have been watching Little House on the Prairie recently …)
But the problem with the barter space and the problem with the crypto space are the same: how do 2 parties quickly and efficiently negotiate how many bananas are worth a chicken, or how many hours of barn work are worth a horse, or how many chickens PLUS hours of barn work are worth a horse? And in the crypto space, how can I give someone a “composite” token, meaning that I use some of my btc and some of my eth and some of my Dai and some of my Tron in a single transaction?
Currently, you CAN’T. In the crypto space, THERE IS NOT an elegant way to exchange coins and/or tokens across multiple blockchains in a single transaction. Instead, one has to transfer btc and then transfer eth and then transfer dai and then transfer tron (and do that to 4 different addresses, even).
What the crypto space is lacking is a simple way to combine multiple coins and/tokens and exchange them as a single “store of value”.
Enter Coval (Circuits of Value). Emblem Vault is a product of the Coval sandbox, born of the Coval ideals that crypto should be universal; fully exchangeable across blockchains, coins, tokens, countries, everything.
Using Emblem Vault, anyone, anywhere, can combine currencies across different blockchains into a single “store of value” and then transact that “store of value” WITHOUT EVER MOVING THE INDIVIDUAL COINS/TOKENS until they are claimed and are ready to be spent.
The process looks like this:
- Create a vault
- Put shit into it. This (at launch) can be any combination of btc, ether, any ERC20 token, AND any ERC721 token.
- Send that whole combination of stuff as a single tx to anyone you want and however many times you want.
- When the time is right, the current owner “claims” a vault, receiving the private keys for all included coin/token types, thus being able to import them into ANY crypto wallet and spend them.
Try it for yourself! Go visit emblem.finance and create one. WHAT WILL YOU BUILD TODAY?