At this point in time, there are many different cryptocurrency projects on the Internet, but upon careful study, few can be interested in their idea and product. At that time, Ethereum platform surprised me very much with its potential and idea, without much thought, I participated in investing in the project, began to actively explore the concept of smart contracts and everything connected with them.
But when it came to a commercial product based on Ethereum, I came to a disappointing conclusion and some disappointment: because of the commissions for every small translation, this whole undertaking is practically useless, as it will simply ruin any normal business, if, of course, it is not ICO.
The Ethereum team shared plans on switching to the POS algorithm; for some time this supported faith in the project, but the constant postponements of network updates began to be annoying. I already thought about whether there is a similar project on the Internet only without these transaction fees. In the summer of 2018, I came across an EtherZero project, which was launched in 2018 by Chinese developers, based on the Ethereum platform and transaction confirmation algorithm similar to DASH.
Key Features.
The main feature of the project is zero transaction fees, instant payment execution, high performance and an innovative Masternode + PoS algorithm.
The main coin of the project is the ETZ token, thanks to which all transactions within the project will be carried out.
The project has its own official wallet for transferring funds - Wallet EtherZero. EasyETZ mobile wallets have been created for mobile devices on Android and iOS platforms.
What is Masternode?
Masternode is a complete node in the EtherZero ecosystem that provides development, maintenance, and distribution of cryptocurrency. The full nodes are high performance servers endowed with extended rights and responsibilities for transaction maintenance.
EtherZero set a list of duties that differ from DASH:
Verification of operations - reaching agreement with other participating masters; transfer of the work of miners, transaction information to a two-tier network;
Within the community, vote on proposals that have a significant contribution to development; solve financial issues of proposals, participate in solving problems of promoting community technologies, resolve disputes of participants;
Dedicated services - the services provided by the mastode are divided and specialized for the specific needs of the application.
The peculiarity of the work is the random, alternating distribution of tasks between the masters. The reward system for active craftswomen: from a planned release of 12 million coins / year, the reward for each new block will be 0.45 ETZ (75%, i.e. approximately 9 million ETZ per year).
Voting.
Autonomous community (http://etzvote.com) - a platform for participants to make proposals, holding a vote in terms of acceptance or rejection. Launched in test mode, work is underway on optimization.
The budget is directed to the development of the project with the support of communities of different countries, their participation in various kinds of exhibitions and conferences. The goal - the conclusion of profitable cooperation with developers and investors.
For community members, a special forum has been created where they can first make and discuss with other members the proposals, the implementation plan, and the budget costs. A brief structure is specified in White Paper with which you can familiarize yourself in full, using the link indicated at the end of the article.
Security.
To ensure a sufficient level of protection, a financial threshold has been set for one masternody of 20,000 ETZ (at the current rate it is about 175,000 rubles), which makes the attack a costly enterprise, given the limited volume of the ETZ offer. The following steps have been developed against the DDOS attack, leading to the high cost of creating a large number of junk transactions:
To initiate a transaction on the balance of users must be greater than 0.1 ETZ. The number of transactions is limited to 10 seconds (block formation rule);
The frequency of the inclusion of the transaction in blocks depends on the size of the account balance, which leads to orderliness;
The complexity of the execution of contracts also depends on the size of the balance, which affects the depth of the call;
From increasing the balance increases the capacity of these transactions;
Contract account with a balance of over 100 ETZ.
Distinguishing mechanisms from the defense systems of other platforms against replay attacks, dual write-offs, are:
- broadcasting the generated transactional lock across the entire network, blocking its associated assets;
- instant feedback, reducing the working space for the attack.
What opportunities gives the project to its users.
The platform puts developers at the heart of the community, which play the role of a fundamental supplier of resources: they participate in the creation of DApp applications used in various industries, develop, improve and promote blockchain technologies. Functions are stimulated in the form of ETZ. On the example of attracted partner companies, we can trace the main areas of collaboration:
• provision of services for the creation of smart contracts to issue tokens, conducting ICO with an effective web-presentation of the project;
• auditing ICO, DApp, ETZ smart contracts, improving the quality of projects and the level of confidence in new blockchain solutions;
• development of crypto-games based on ETZ, etc.
Due to the fact that Ether Zero is a fork of Ethereum, which occupies the 2nd place in the market capitalization rating, there is no doubt about the appearance of a new digital currency among private investors. As a passive income, the project offers investors to become masters of owners, which is suitable for people without knowledge of programming and network protocols.
To this end, the Russian community has launched a special masternod cloud hosting project. The developers promise in the future increase in prices, trading volumes, linking this with the growing number of mastersnaps and the development of new DApps for operation, which require ETZ balance sheets.
Advantages and disadvantages.
After analyzing the main flaws in the work of the Ethereum blockchain (low scalability, long transaction confirmation time due to the large number of nodes processed, the use of transactional commissions as protection, etc.), the developers retained useful mechanisms.
The platform has the following advantages in comparison with other platforms:
A two-tier network that provides high scalability (1500 transactions / sec.) And real-time transaction feedback (1-2 sec. Recording in the block);
Strategy zero commissions;
Instant payments;
Masternod support;
Autonomous community management system;
Protection against duplication of payments.
Weaknesses are: there is no support for the largest cryptocurrency exchanges; the maximum level of protection against DDOS attacks is not reached; not all services work in full mode; low level of popularity.
Future perspectives.
The project is positioned as a long-term one, capable of bringing good dividends to its participants, having a team of professionals with high-quality interesting solutions aimed at enhancing the platform’s importance and competitiveness among others.
The main method chosen by the creators, active participation in various conferences, seminars on the promotion of blockchain technologies in various industries, as well as attracting serious investors and developers.
Conclusion.
Having really studied the project completely, I can say, having analyzed the Ethereum project, the project developers included all the advantages into their project and added them with their developments. I believe that the project has good prospects in this segment and I wish the team success in the implementation of all ideas.
WEBSITE: http://etherzero.org/
TELEGRAMCHAT: https://t.me/EtherZeroCN
WHITEPAPER: https://www.etherzero.org/ETZ%20Whitepaper%20v2.0.pdf
BITCOINTALK THREAD: https://bitcointalk.org/index.php?topic=2607526.0
FACEBOOK ACCOUNT: https://www.facebook.com/EtherZero-554760518194015/
TWITTER URL: https://twitter.com/etherzero_org
MY BITCOINTALK USERNAME: zatylyni
MY BTT LINK: https://bitcointalk.org/index.php?action=profile;u=1682705