Generally, public blockchain networks are a magical alternative to traditional payment systems. Catchwords like ‘Free Transaction fee’ and ‘Instant Payments’ are common.
In reality, public blockchain networks can be very slow and transactions are not free. In contrast, EtherZero has a promising solution by offering its novel consensus mechanism.
Etherzero Has Realized ZERO FEE By The Following Methods:
• With the help of Power mechanism (‘Power’), users will pay no fees on using Etherzero Network.
• Power is the Etherzero initialization token coin which is generated by PoS. It cannot be traded on exchange and can only be used as gas to be burned and Power will be returned to a certain amount gradually in the wallet account on the Etherzero blockchain. Any accounts with 0.01 above will have increasing power value until it reaches the maximum.
• To return maximum Power back to normal speed, Power is calculated by a Euler construction noted as:
and the Power formula is calculated as:
A detailed explanation is given in the Etherzero Whitepaper 2.0.
With the introduction of smart contracts by Ethereum, it disrupted the blockchain startup community. Now, anyone can create and crowdfund an innovative project without dealing with venture funds, accept and send money without intermediary such as banks and conclude risk-free deals. A smart contract is a program that is turing complete meaning that the set of instructions will execute to completenes and deterministic running with conditional loops. Smart contracts can be written for applications for just about any business applications. As a result, hundreds of blockchain projects sprung up using Ethereum smart contracts to distribute their tokens with the hope that their future goods and services would be transacted via smart contracts.
The Problems With Proof Of Work Blockchains
It quickly became apparent that Proof of Work blockchains like Ethereum had serious problems. The overall speed of the network is only as high as that of each individual running node, which sometimes causes the network to lag and even freezes. Currently, it takes several minutes (and an average fee of $0.08) to process a payment. By employing scaling techniques on blockchain to make it run faster as it grows, it is like chasing a holly grail to make the blockchain reach processing speeds of Visa or MasterCard.
Another issue is the amount of energy used in mining from the Proof of Work consensus algorithm. An enormous amount of electricity is used when all miners race to find the solution to the cryptographic puzzle. It is only one miner that has the right to mine the block and thus receiving a reward which causes concerns for environmentalists. Finally, smart contracts are written in Solidity, a language skillset that is odd to the average coder and training is required.
EtherZero: From PoW To MPoS
EtherZero is a hard fork of Ethereum. It aims to solve the current issues and create a fast, affordable, and easy-to-use framework for blockchain startups. After working on many Solidity projects for clients, the founders realized that the slowness, low efficiency, and high fees for running smart contracts were killing many promising startups. In order to achieve wide adoption, it became clear to the founders that the startup community needs a blockchain that is many times faster with zero transaction fees and using a more efficient consensus algorithm.
After months of intense work, the EtherZero team completed a new hybrid consensus protocol called MPoS, or Masternodes + Proof-of-Stake. Users with 20,000 EtherZero coins in their wallet can become a masternode – a node that maintains an up-to-date full copy of the blockchain in exchange for a fixed regular income. To run a masternode in the MPoS network, a user must keep their server running 24/7 and, have enough storage to accommodate the entire set of data (for instance, the Ethereum blockchain’s current size is circa 140 GB). The 20,000 ETZ requirement is a collateral to ensure that masternodes in the MPoS network will not risk it by turning malicious.
Etherzero MPoS Mechanism
• EtherZero network MPoS algorithm is based on the second approach we mentioned above, where the block packing must be completed by a trusted signer. Because each block is seen by each running node, the signer can match the list of trusted witnesses. One of the challenges faced is how to maintain a changable list of authorized witness. A systematic smart contract to guarantee that every round of maintenance of authorized witness list to be included within the block and header with extra-data. Effectively, it also increases the security of the primary masternode account by invalidating the block header of the miner address.
Below diagram shows how Etherzero blockchain storage is constructed:
• MPoS consensus rules differs from Proof of Work (PoW). PoW uses excessive concentration of computing power. By taking 51% of the computing hashpower, is also increases the hidden attacks. In the EtherZero network, if you want to launch an attack, you must control 51% of the entire network to achieve any tampering of the transaction. With the number of masternodes increasing, the security of the EtherZero network will be further enhanced. When the main network is launched from day one, we have more than 100 masternodes online, In future, more and more masternodes are expected to come online.
Towards A Faster, Free, More Secure Environment
The EtherZero MPoS network was launched in August 2018, and its performance has far exceeded expectations. As a result of the transfer from PoW to MPoS network, the system processes around 1500 transactions per second, with an average waiting time of 1 second – as opposed to several minutes on Ethereum. The new consensus protocol also protects the system from most common types of attacks. All coin transfers are completely free, creating the perfect environment for developing new blockchain projects. Additionally, EtherZero blockchain platform is fully backwards compatible with all Solidity smart contracts. Any smart contract designed for the main Ethereum network can be easily deployed on the EtherZero blockchain. During development and testing, our developers have successfully migrated a wide range of projects, including decentralized exchanges, token emission contracts, investment apps, and games. The project features its own ready-to-use exchange, stable coin, wallets, e-commerce and OTC space, and much more.
The combination of an extremely high capacity and zero fee makes EtherZero the perfect environment for blockchain projects of all types and sizes, from data storage to games, token offerings, and quality control. The network has been running smoothly since its launch. It has the highest level of security ensured by a specially designed feature of Power parameter, an untraded, PoS-generated origin token that helps to prevent malicious transactions.
Use Cases And Future Plans
The EtherZero network already runs on-demand DApps like L’ETZ ROCK!, a mining APP; UnicornGo, a collectibles game, as well as Friends Farm, a game created by professional developers in Foshan City, China. With its unique blockchain features and scaling solutions, EtherZero is positioned to make use of the booming gaming industry and reach both developers and players directly. In total, EtherZero blockchain platform hosts more than 10 DApps, serving a community of 500,000 users.
We are focusing on sharding in our next work plan. Sharding is a perfect solution to the scalability, latency and transaction bottlenecks in the blockchain. Sharding will improve transaction speeds in the blockchain. Combined with the novel characteristics in sharding, Etherzero team will build a better, strong and robust blockchain.
In addition to sharding, we also pay close attention to the Direct Acyclic Graph (DAG). We will utilise DAG to build and achieve high transaction performance based on Transactions Per Second (TPS) and in IPFS file storage for our next blockchain.
Etherzero team are focusing on the latest blockchain technology. Globally, EtherZero overall development plan is progressing steadily. To serve our global community better, a website is launched successfully with deployed versions in English, Russian, German and Spanish. The good news is that ETZ airdrop for new wallet users is going live now!
Do not miss the chance to get FREE AIRDROP by using a keyword click here.
More Info About ETZ:
Official website: www.etherzero.com