Frequently Asked Questions
General Questions
What is the eIOU protocol?
The eIOU protocol is a digital version of the IOU that enables peer-to-peer transactions to send value to anyone in the world. It creates true digital cash with all the benefits of traditional cash: fungibility, unit of account, store of wealth, and medium of exchange.
How does the eIOU protocol work?
The protocol works by establishing trust connections between users. When you want to send value to someone, the system finds a path through these trust connections. Each transaction is recorded securely, and balances are automatically adjusted between connected parties.
What is the eIOU Wallet?
The eIOU Wallet is our flagship product built on the eIOU protocol. It allows users to connect with trusted individuals, send and receive dollar-denominated eIOUs, and facilitate transactions across the entire network through connections.
How and where can eIOU be used?
eIOU is designed to be used anywhere that internet is available. Users will need to download the app, and it will work similarly to a Bitcoin wallet. You can use it with anybody who is using the app, not just your friends. The system is designed to facilitate transactions through trust networks, allowing you to send value to anyone on the network, even if you don't have a direct connection with them.
Is there an expiration date for the issued eIOUs?
In version 0.1, eIOUs will not have an expiration date. However, this is a feature we're considering for future versions (v0.2 and beyond) based on user feedback and requirements.
Security & Privacy
How secure is the eIOU protocol?
The protocol is built with security in mind, using advanced cryptographic protection and automated trust mechanisms. Each user sets their own trust limits, and the distributed nature of the network prevents single points of failure.
Is my privacy protected?
Yes, the eIOU protocol is privacy-focused by design. Transaction details are visible only to involved parties and their direct connections. We believe in protecting user privacy while maintaining the necessary transparency for trust-based transactions.
Usage & Features
How do I get started?
Getting started is simple: download the eIOU Wallet, create an account, and begin connecting with people you trust. You can then start sending and receiving eIOUs through your trust network.
What currencies are supported?
Currently, the eIOU Wallet supports dollar-denominated eIOUs. In the future, we plan to add support for other currencies and eIOU tokens.
How much does it cost?
The eIOU platform is free for individuals and small organizations (under 10 employees). Organizations under 100 employees can lock in a 0.1% rate of total eIOU transactions, while larger organizations can secure a 0.2% rate or contact us for a monthly flat rate.
Technical Questions
Can I integrate with the eIOU protocol?
Yes! We provide API access for developers who want to build on top of the eIOU protocol. You can connect your own code to the API and create custom solutions.
What about plugins?
Plugin support is coming in beta. You'll be able to extend eIOU with our official plugins or write your own plugins to customize the commands according to your needs.