Cryptocurrency has emerged as a great digital asset in 2017. Somehow, cryptocurrency has managed to make its place as the payment medium in some jurisdictions but is still struggling to get universal acceptance. Regulatory compliance has occurred as one of the major challenges in the path of cryptocurrency payment. Thus, to overcome these hurdles, an Eagle System is underdevelopment that actually compliances with the regulatory authorities of most of the jurisdictions. Eagle System is basically a payment system that is designed using the blockchain technology in order to support flat money token.
What is IronGeekChain?
Eagle project has taken its first step with the name of EagleCoin which previously was an ERC20 Ethereum token that used to function as a digital asset. The goal of this project is to have a masterclass next generation of payment system so it is dedicatedly focusing on transforming the EagleCoin from an ERC20 token to the new Eagle that will have its own blockchain with great features. This transformation is known by the name of IronGeekChain. This blockchain is secured by representative nodes which are designed for the representation of all the Eagle holders.
Issues with the Old Eagle Coin
Scalability is the main problem of blockchain technology and Ethereum has faced this problem. At present, more than 1300 smart contracts have been developed in Ethereum mainnet thus making the transaction process in Ethereum quite slow.
Besides that, it is also expensive to make a transaction in Ethereum mainnet especially when the network is crowded. As the previous EagleCoin was an ERC20 token, therefore, EagleCoin holders used to pay gas (ether) for making a transaction. Thus, in order to overcome these issues, a new Eagle Project has come into existence.
Consensus Mechanism of IronGeekChain
IronGeekChain uses a consensus mechanism called dBFT (delegated Byzantine Fault Tolerant) for the purpose of validating the transaction. A transaction will be declared valid if it manages to get confirmation by 2/3 of the representative nodes. If some representative nodes are sending false transactions and these false transactions are less than 2/3 of all nodes, then these transactions are rejected. The consensus mechanism takes almost 15 – 20 seconds for generating a block. Several thousand of transactions can be validated in a second using this mechanism.
Amazing Features of IronGeekChain
IronGeekChain has great features as compared to the other well-known blockchains. These features are:
- Support multiple type of digital asset
- Smart contract which support decentralized application
- Consensus mechanism
- Quantum resistant
· IronGeekChain uses a lattice-based cryptographic mechanism to prevent a massive attack from quantum computers. - Cold staking
· It is the staking mechanism where users do not have to turn on their network. Eagle holders will have the right to claim staking reward just by holding their EAGLE. The staking reward is in BENZ - a native digital asset in IronGeekChain. Claim staking reward is free and works without any transaction cost. - Desktop, mobile, and web wallets