Etherzero ~Next Generation of Smart Contract Platform
Since it was introduced in 2009, the Bitcoin virtual currency has attracted many internet users, many have tried to compete with the popularity of Bitcoin, but no one has succeeded in doing so.
Until 2014, Vitalik Buterin, who was 20 years old at the time, took the initiative to create a platform called Ethereum. The platform also has virtual currencies such as Bitcoin, which is named Ether. With the help of several colleagues, he managed to reach crowdfunding funds of US $ 18 million to fund the development of the platform. Then on January 20 2018 ethereum did hardfork which produced etherzero on Fork height: 4936270th block with 1ETH ratio = 3300 ETZ.
EtherZero (ETZ) is a new generation of smart contract development platform launched by a group of professional DAPP developers to meet DAPP development. It is a hard forked project based on Ethereum framework. The Ethereum’s traditional gas fee system is abandoned by the EtherZero, which makes the transaction of each transaction, including those in the smart contract, costs 0 transaction fee. We think that only 0 transaction fee of DAPP can truly fall to the ground and meet people’s daily use needs.
In addition to the core characteristics of the 0 transaction fee, EtherZero introduces and extends the Masternode from Dash, which enhances the endogenous economic system of EtherZero, which can effectively stabilize and raise the price of this coin, and can effectively manage the community.
The network layer of Ethernet is composed of two level network: Master Node network and traditional PoW node network: Master Node network is responsible for transaction verification, PoW network is responsible for block packing and synchronization. The unique double-layer network structure of EtherZero make Instant Pay function was supported by smart contract, which does not need to wait for more than a dozen pieces of block confirmation (minutes to dozens of minutes).
EtherZero is made for any possible application to be featured with blockchain technology and EtherZero is positioned itself as the one who combine, promote blockchain technology and make it popular for daily use and here of key feature of Etherzero
MPOS structure
EtherZero consensus algorithm called MPoS (Masternode + PoS) is designed and implemented. Based on the knowledge of Masternode and PoW double-layer network and distributed autonomous architecture nature of DASH Coin and Clique protocol from Ethereum’s Proof of Authority Rinkeby testnet.
Masternode system
Masternode operates based on the PoS (Proof of Stake) mechanism and forms a conceptual double-layer network together with the miner node responsible for completing the POW (workload proof). The requirement to become the Etherzero coin master is to hold 20,000 ETZ coins and set up the server as required.
Autonomous community governance system
EtherZero built the MPoS (Masternode+PoS) consensus mechanism on the basis of DASH Coin ‘ s Masternode + Pow double-layer network and community autonomy structures and Clique consensus algorithm of ETH. Etherzero build a Community Proposal Systems and Masternode Voting can help to drive community-driven evolution of EtherZero. It facilitates the rapid implementation of various technical iterations and platform governance rules.
0 TX Fee
EtherZero improves the Power mechanism on the basis of it and extends the Gas mechanism of Ethereum. It gives each account the right to use network resources. It also governs the speed of transaction response when the right is used. Thus, the characteristics of zero transaction fee are carried out safely. The transaction initiator only needs to hold and the transaction does not need to consume the basic currency of the network (zero fee).
Instant Payments
EtherZero network, the trade side can define the number of verification blocks required for transaction confirmation by themselves. Since the outgoing time is shortened to 1s and the number of masternodes authorized to generate block in the cycle is 21, therefore even considering security, all transactions can usually obtain more than 99% confirmation within 3s, and the final transaction confirmation within a maximum of only 15s. The confirmation/verification is very fast especially if it is compared with current available blockchain technology as it may need couple minutes to hours duration.
High scalability,
EtherZero using MPoS consensus, and setting the appropriate time to generate block and other parameters, EtherZero has implemented more than 1400 TPS transaction processing capabilities on thousands of masternode structures.
EtherZero wanna build a public blockchain network project with MPoS consensus and EtherZero is developed by the core development team from China and two senior DAPP development teams from India and Eastern Europe to help on the research and development, and at the same time, a numerous domestics and overseas marketing teams work on the promotion and operation of DAPP base layer development platform.
Published at Tue, 09 Jul 2019 17:51:20 +0000