2Ether is an Ethereum fork that implements free payments for world digital money.

ocik sobis
Nov 16, 2019 · 9 min read

Ethereum is an inflationary currency. Its supply constantly grows, and there is no maximum limit on ETH supply. It’s the same with any fiat currency, actually. There can be as many USD in circulation as the US government wants to print. By the way, the situation is very different with Bitcoin, where the upper limit is set at 21 million BTC — and no more BTC will be mined beyond this point.

The difference between inflationary USD and inflationary ETH is that new ether is mined according to an algorithm. At any given moment, you can calculate how many new ETH will be produced on the main chain in the next 24 hours, week, or month. For example, right now the block reward is 2 ETH per block, and the average block time is 20 seconds. So about 6 new ETH are created every minute, 6*60=360 ETH every hour, and 360*24=8640 ETH every 24 hours.

How Ethereum block rewards work?

In 2Ether, block rewards are dynamic. How much a miner receives for finding a new block depends on the block height, current market price, and the miner’s hashrate. We believe it’s a much fairer model compared to what Ethereum and Bitcoin use now. But before we can explain our block rewards, we need to look at how they work in Ethereum.

As you know, blockchain transactions are grouped into blocks. Miners confirm transactions, and once a certain number is collected, a new block is formed. The maximum size of a block is limited. For Bitcoin, the max size is 1 MB per block, but the number of transactions in it depend on how many bytes each contains. In April 2019, the average number of Bitcoin operations per block reached a record value of 2700 per block.

Dynamic block rewards

In the first stage of the project, 2Ether miners will receive a fixed reward of 5 ET2 per block, with the average block time of 60 seconds (1440 blocks every 24 hours). Thus, circa 7 200 ET2 will be added to the system every 24 hours. At the block height of 388 800 (roughly 9 months after launch), the dynamic reward system will kick in. This section first describes the overall problem of the reduction of block rewards. Next, we describe the solution offered by 2Ether, which will keep inflation low and stable and incentivize small miners and stakeholders.

The problem of decreasing block rewards

One of the most debated issues surrounding Ethereum is the size of the block reward. For miners, block rewards are the main source of income. On the other hand, it’s also the only source of new coins on the market. The number of ethers (Bitcoins, etc.) in circulation is constantly expanding, because miners sell the coins they receive as rewards. This is a source of anxiety, because a currency like Ethereum is inflationary by nature. Some people feel that the normal laws of supply, demand and inflation don’t apply to cryptocurrencies, because the demand is growing very fast that it will readily consume all the available supply. However, if the supply grows beyond a certain limit, the price of ether (or any other mineable coin) can start falling.

The solution from 2Ether

A large part of the Ethereum community was unhappy with this decision. Since the price of ether didn’t show such a strong growth in 2019 as the price of BTC, life became much harder for CPU and GPU miners. This is one of the reasons behind the creation of 2Ether. Our goal is to make sure that all members of the community can profit from mining — and that those who do most for the network earn most. The dynamic reward scheme proposed by 2Ether consists of 3 elements: base rewards as a function of the current supply, adjustment for price and increased rewards for independent miners.

1) Dynamic base reward Here 2Ether is partly inspired by the solution implemented in Monero. The base is calculated in accordance with the following formula: BaseReward = ((Maximum supply — current supply in circulation)/Maximum supply)*(5+(Current supply/15). Therefore, in the hypothetical origin point when the current circulating supply is zero, the reward would be 5 ET2 per block. (The maximum possible supply of ET2 is 18e14.) As more ET2 coins are mined, the base reward will slowly go down. Even when the current supply gets really large,the base reward will remain large enough to attract miners. The base reward calculated according to this formula is completely predictable.

2) Base reward adjustment according to price The idea of reducing block rewards to curb inflation is based on one assumption: that when the influx of new coins is reduced, the price should grow. But this isn’t necessarily the case. A general downturn in the crypto market can cause the price to go down suddenly. For example, any negative dynamics in the Bitcoin market can affect ET2 as a side effect. When the price is down, miners get less fiat for their coins. But since they have to pay their expenses (electricity, equipment, renting the space for the farm, etc.) in fiat, their costs won’t change. The resulting difference (net profit) can easily become negative, forcing them to leave the market.

3) Increased rewards for CPU and GPU miners Every miner whose hashrate doesn’t exceed 100 Mh/s will enjoy an additional increase in their rewards. The resulting reward will be calculated as follows: Reward for GPU/CPU miners = (Price-adjusted reward)*((100Ms/s-Hashrate)/100).

2EtherEX — a decentralized exchange by 2Ether

Between January and September 2019, over $1 billion was stolen by hackers from centralized exchanges. Security risks are pushing more and more investors to switch to decentralized exchanges (DEX).

Free smart contract audit

  • The importance of contract audit

Smart contracts are a crucial element of any blockchain network based on Ethereum. They are self-executing programs that are activated when a designated set of conditions are met. An ICO contract is a classic example. As soon as an investor sends money to a project’s ICO wallet, the corresponding number of tokens is calculated, and they are sent to the buyer’s address. The process is completely automatic.

  • The mechanism of smart contract audit with 2Ether

The main challenge standing before blockchain projects in terms of security can be formulated like this: finding a smart contract audit provider that is both affordable and reliable.

The audit platform from 2Ether will provide an innovative and decentralized solution. Project will have access to various audit options: from largely automated check with limited manual control to extended manual bug testing.

Here are the steps included in the audit procedure:

  • Stage 1 — Preparation

1) The team or founders provides full information about the project: its White Paper, website, tokenomics, technical paper, etc. This is necessary because the community has to verify that the project is legitimate and not a scam. Besides, checking how the functions in the smart contract work requires an understanding of the project itself.

2) If the project is accepted for audit by the community (by means of a vote), developers are invited to supply the code. It can come as a GitHub repository, as a compressed archive on Truffle, or even already deployed in a test network.

3) The team chooses the audit format: entry-level free audit or one of the advanced options. If they choose a premium audit format, they’ll need to pay the

necessary amount. The founders also need to enter their time-frame or deadline for the audit. This way, busy auditors who have a lot on their plate won’t join.

4) If there is a fee, it’s being distributed to the verifiers but remains staked an inaccessible until the end of the audit. Plus, the auditors need to make additional stakes in ET2 to make sure they do their job well.

5) Those verifiers among the community who wish to participate can ask questions of the development team to clarify how the contract works.

  • Stage 2 — First-level audit (Free)

1) Preliminary consideration — the auditors read the code, evaluate the quality of the design, and look at the libraries used. They also consider how well automatic testing can work for the specific contract. If the project chose free audit, but the verifiers see that automated tools won’t be able to detect some critical issues (because the contract is complex), they inform the team about it and suggest a paid option.

2) Automated audit — the auditors pass the code through a number of sophisticated tools that detect most common vulnerabilities.

3) Overall code analysis — for free audit, this is the last stage. The auditors give their evaluation of the code quality. They check that there’s no duplicate code, that all variables are correctly named, that functions are duly visible, etc.

  • Stage 3: Deep audit (Paid)

1) Line-by-line analysis: this is the first paid step. The auditors analyze the code line by line. They look for such vulnerabilities as Race Conditions and Reentrancy, Integer Overflow and Underflow, Front Running and Timestamp Dependencies, DoS attacks, Block Gas Limit issues, Storage Pointer Exploits, and so on.

2) The auditors form a list of all the vulnerabilities they found, dividing them into minor, serious, and critical.

3) Search for coding errors — a smart contract can malfunction simply because there are mistakes in the code and not because of any hacker attack. For this reason, the auditors also need to look at how its functions are written and if all the formulas are correct.

4) Efficiency analysis — the auditors verify that the smart contract uses gas efficiently and if there’s any option to reduce the amount of consumed gas.

5) Test deployment — the smart contract is deployed in a test network and various hacker attacks are simulated.

  • Stage 4 — Post-audit

1) Each auditor prepares a report with a list of issues, their descriptions, and recommendations on how to fix them. For free audit, the reports only cover the issues found by automatic tools and first-level manual analysis. The project team receives the reports and has 3 days to review them.

2) If the team approves the reports as valid, the auditors receive their reward. If the team fails to approve the results within 3 days, the reward is released anyway. If the team finds something wrong with the report, it can initiate an appeal procedure — the result will be determined by the community.

3) Once the team implements the suggested fixes, it can apply for a second round of audit. Since all the bugs that could be found with automatic tools have already been found, the second round has to be manual and carried out by the same auditors.

Fee structure

A project has two options when it comes to IEO fees:

1) Paying a fixed sum upfront and then keeping all the funds it raises.

The amount will be calculated by the system based on the ratings given by verifiers. A project with a very high rating is some fields (presentation, potential profitability, team) can be expected to raise more money, so the amount will be increased. On the other hand, a project with a high utility (for example, in the infrastructure field) can benefit the whole community, so the fee will be reduced. On average, the amount won’t exceed $1000. All this money will be allocated to verifiers and full node owners.

2) A smaller initial fee plus a small percentage of the raised amount.

This is great for projects on a low budget. On the other hand, if an IEO raises a lot of money, the fee can turn out to be much higher than in option 1).

Details about the ET2 token

  • Symbol: ET2
  • Blockchain: 2Ether (derived from Ethereum)
  • Decimals: 18
  • Mining algorithm: Proof-of-work with incentives for CPU/GPU miners
  • Average block time: 60 seconds

ROADMAP

2019Q2 2019

Formation of the team & ideation

Q3 2019

Fork planning & coding

Q4 2019

Network launch & bounty campaign

2020Q1 2020

Launch of the decentralizedexchange

Q2 20202

Ether Wallet 2.0release & gateway integrations

Q3 2020

Introduction of crowdsourcedsmart contract audit

Q4 2020

Implementation of theIEO platform and first IEOs

2021Q1 2021

AI algorithm for contract auditis ready

Q2 2021

AI-based contract auditand IEO evaluation

For more detailed information, please visit the official link of the project below:

profil ; yai yai

bitcoi ; https://bitcointalk.org/index.php?action=profile;u=2600920

wallet ; 0xf804A573185f41a1b88A7Eec8918569cda22dd0f

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