Part 1: Meetup as a curtain-raiser
All the week long our top management spent in Seoul (South Korea) to visit the Deconomy (Distributed Economy) — the annual blockchain forum. We are lucky enough to have our own reporter on the field to tell you how it’s going from the horse’s mouth. We believe you enjoy our live streams in Periscope and Twitter. And now the time has come to draw some conclusions.
The trip to Seoul was an important milestone of the ENQ’s roadshow, so this comes as no surprise that apart from the Deconomy we arranged the meetup with possible local financial and technical contributors. We greatly appreciate our friends and partners from Insureum (the blockchain-based insurance protocol) project for their help and sharing their resources.
We split the meetup into 4 parts: firstly we told about the ENQ’s vision, the second part was dedicated to the technical details of the project, then we described business opportunities we are creating for different markets and finally we proudly called our real users (Paytomat and URBO) to speak. Let’s review each part in more details.
Why have we started the ENQ?
The vast majority of blockchain projects use or develop one main technical concept and as a rule these different concepts and protocols are unconnectable. Some are quick, other are secure. We don’t want to choose, we want to implement all best practices. ENQ’s architecture was built from scratch as a flexible to include any blockchain native application that had already been created in the ecosystem and develop new technologies in parallel. Using hybrid consensus algorithm and hyperDAG protocol the ENQ platform provides interoperability of high speed, high security and scalability.
We also noticed that even the largest projects can’t cope with the load on the network. At the same time, each of us carries in his pocket an underestimated computing resource — a mobile phone. Just 6000 phones are enough to create speed over 2 million transactions per second. According to Statista.com there will be approximately 6 billion mobile phone users in the world by the end of 2019! We use the PoA algorithm which makes phone mining simple and affordable for everyone. We are building the future where computing speed will be relatively similar to the speed of human thinking, such a speed is enough to build the model that will be able to make right decisions intuitively, to put it in other words faster than sustainable managers do.
So we believe that there are two main problems of blockchain projects today: the lack of technical interoperability and the law computation speed (or the drawback of transactions per second). And we are solving both of them.
What ENQ can offer to the business?
Besides providing solutions to more general issues described above, we also have shown five particular use cases for ENQ platform.
We started with some advantages for ICO initiatives. Using Enecuum you can raise funds at any scale with no network hang-up. That means that investors can be sure that they will quickly receive their tokens. To minimize the number of possible technical mistakes we are using linear logic. Also our smart contracts are implemented in Java Script.
Dirk Bullmann, Directorate General Market Infrastructure and Payments at European Central Bank at the Crypto Assets Conference in Frankfurt this February said: “Market infrastructure services need to keep pace with technological advance and changing user needs”. For those bankers who share his approach we are glad to offer high speed of transactions and private side chains and ticket areas with nearly 0 transaction cost.
From this perspective we are not just offering flexible rate for heavy smart contracts, but also
perform complex calculations that require high computational power without increasing workload on the main Enecuum branches.
Enecuum is the right platform to build up-to-date storage projects. For better security of your data we implemented sharding as a part of the solution. So you are welcome to build global decentralized disc or even decentralized hosting services with us as well as cloud solutions.
Zero transaction fee for a decentralized micro-transaction service and separate branches with their own consensus rulesets is our offer for micropayments.
ENQ protocol from the technical perspective
At present, there are two opponent approaches to storing transaction information in distributed ledgers:
- as blocks — known as blockchain (such as Bitcoin or Ethereum),
- as a Directed Acyclic Graph, or DAG (IOTA, Byteball, Universa).
The advantages of the first option, which is blockchain, are its high levels of reliability and security, which are achieved by mirroring 100% of the ledger by all the nodes connected to a network. The flip side of this approach is the need to sacrifice speed and scaling potential for the sake of security.
By contrast, DAG has no blocks, and each incoming transaction is linked to one or more of the preceding ones. As a result, ledgers of the second type can process vast amounts of transaction data at a very high speed, but there are well-grounded concerns over their security.
HyperDAG successfully combines the advantages of both methods and avoids their drawbacks. Soon we will show you WHO IS MR.HYPERDAG.
Real use cases of the ENQ protocol
Daniel Rubinstein, co-founder and CEO
We needed to choose a blockchain platform because transactions at our blockchain are not necessarily huge but that transactions must be fast and they must be cheap. That thing alone kind of disqualify the most of disestablished solutions on the market and this is not that an only restriction that we have to deal with. As we work with physical businesses most of it simply can’t afford to make the terms of it deals public. There for we decided to introduce private sidechain. And after very careful consideration over several other platforms we’ve chosen Enecuum.
We are working closely with them and they have been very reliable partners. Not only that. We think that they prove to be worthy of their ambitions, that is rare.
Dmitry Baimuratov (blockchain evangelist)
The reason why we decided to work with Enecuum, is that we are working on our own consensus algorithm POS as PoS where we want to have each point of sale device or even mobile device that will have mobile POS installed to be as a lightweight node of our own blockchain. In this case we can rely on existing solutions of ENQ.
So by the end of the first day in Seoul we can say, that the idea of interoperability as well as the perspective of mobile mining has evoked great enthusiasm among the Korean blockchain community which is crucial for us as a company. Remember, that Seoul is essential hub of blockchain and cryptocurrency in the world.
Follow us to get more information about the Deconomy itself, to get the opinion and find predictions for this crypto year from brightest entrepreneurs, thought leaders, investors, developers, academic and policy groups, and blockchain enthusiasts.
Read about 2 days Deconomy here.