EtherZero Next-Gen Master Nodes + Smart Contract Platform
Hello, crypto and the beloved blockchain Today I will explain the EtherZero (ETZ) Blockchain new generation of smart contract development platform launched by a group of professional DAPP developers to meet DAPP development, see well, take a little your time.
Like many ideas in the blockchain industry, a general confusion shrouds so-called ‘smart contracts’. A new technology made possible by public blockchains, smart contracts are difficult to understand because the term partly confuses the core interaction described. While a standard contract outlines the terms of a relationship (usually one enforceable by law), a smart contract enforces a relationship with cryptographic code. Put differently, smart contracts are programs that execute exactly as they are set up to by their creators.
Organizing EtherZero (ETZ) combines the best of Ethereum builds with a safe and reliable free from transaction cost, Our goal to making the large and complex smart contracts economically viable, stable and continuous, the high scalability and real-time transaction feedback realized by the master node network. and we believe that EtherZero (ETZ) can strengthen it with a right and reliable framework.
What is EtherZero(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 Master node 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).
At the same time, because the network structure using this feature, the EtherZero will be able to support thousands of, tens of thousands to hundreds of thousands of transaction per second(TPS). Although the Dash coin could achieve the same TPS, EtherZero support Turing complete smart-contract so that it can support the development of a wider range of DAPP.
What is the total supply of ETZ?
ETZ will have a total supply of 194 million.
Smart contract development and audit
- Ether Zero has entered into partnership agreements with many leading information security companies.
- The company “UDIUS” is an IT-integrator conducted a detailed code audit of the Shared Nodes System (SNS) and testing on the software stand, simulating a large number of common network attacks.
- Security Audit Report of EtherZero Shared Nodes System was published as a result of this project.
- Thus, an expert independent confirmation was obtained that the smart contract complies with the stated business logic and has no security vulnerabilities.
EtherZero Benefits
Transaction Fee:
Power is a EtherZero-origin token generated on the MPOS mechanism, which is used to fuel transactions like GAS in Ethereum network, but it’s no tradable and transferrable. All account balance greater or equal to 0.01ETZ will continue to produce Power as the block grows until the Power limit is reached.
Instant Payment:
EtherZero’s killing feature means that it’s unnecessary for developers to worry about network congestion or transaction delay by deploying DApps in our platform. Block generation speed could be lower to 1~3 sec which could reduce confirmation time compared to 15 sec in Ethereum network.
High Scalability:
EtherZero supports very high transaction volumes with fast verifications. Ethereum can only process 13 transactions per second, EtherZero can process 1,400 transactions per second.
Masternode + Proof of Stake:
EtherZero uses MPOS consensus algorithm integrating Master node system with Proof of stake，which make the platform more decentralized and fair, The whole EtherZero network would be more stable when master nodes increase while all master node operators share 9 million ETZ annually.
Autonomous Community Governance System:
Autonomous community governance system(ACGS), referred to simply as the “treasury system”, is a means of reaching consensus on the proposed changes to the network and the development of EtherZero ecosystem finance. Without the need for external funds, everything is created in the EtherZero network, like a budget for developers or community building.
Words of gratitude for the cooperation — Blockchain Life — EtherZero
MASTERNODE
A masternode is similar with a node but it has a very important job and additional order on ETZ network consensus.
The EtherZero’s master node is more similar to the supernode of EOS 5. Under the MPoS consensus mechanism, the masternode group replaces the miner role in the PoW mechanism to jointly handle transaction verification and broadcast work. The EtherZero’s masternode server requirements are not necessary like EOS which requires to reach the data center level, general cloud service can meet the requirements, and the lower node server requirements allow the network to be more decentralized so ETZ is more widely open to the public.
The responsibilities of the masternode including:
- Transaction Verification: Verify the signature of the transaction, account balance, Nonce value, etc., execute the transaction and smart contract, and using a legitimate transaction to perform block generation;
- Community autonomy: Community has voting rights on the proposals, so the proposal will reflect the community’s discussion trends and focus, and will involve all aspects of EtherZero’s development, including but not limited to the direction of technical iterations, operation plan adjustments, member dispute resolutions, changes in economic parameters, etc.
75% of the ETZ block generated will be awarded to the masternode. Due to the consensus algorithm, the blocks generated by the poor performance of the masternode are easily discarded, so the blocks generated by the masternode with better performance and network conditions are recognized with higher probability, and more rewards can be obtained.
There are requirements for becoming the master node of EtherZero
- Holds 20,000 ETZ;
- Deploy a cloud server. The server should have an independent IP address;
- At least 16 GB of RAM; and
- 1 TB of hard disk space should be available.
EtherZero 2.0 version is having an MPoS Concensus to govern the block generation and verification.
Etherzero Smart Contract Platform & Decentralized Applications Blockchain
EtherZero’s MPoS consensus algorithm is based on the second idea that blocks can only be done by trusted signers, and each block seen by each node can be matched against a list of trusted witnesses. The challenge here is how to maintain a list of authorized witnesses that can be rotated instantly. We use a system intelligence contract to guarantee that the protocol for maintaining the authorized witness list for each round is included in the block, while in the zone. In the ExtraData section of the block header, we put the signature of the node into it. Whitepaper
Blockchain Life EtherZero interview in Singapore, April 24, 2019
ETHERZERO CORE TEAM
Befree– Team Leader
Rolong — Technical Director
Roger Luo — Development Director
Frank — Product Manager
Mia — Senior Overseas Marketing Specialist
ETHERZERO SUPPORTING TEAM
Advisor 928 (Sydney — Australia), Blockchain and Community Enthusiast
Asonganyi Derick (Cameroon- Cameroon), Community Manager
Bryan Vukich (Greater Milwaukee Area — USA), Community Manager & Operations Consultant
Evgeny Egorov (Moscow — Rusia), Tech & Operations Consultant
Pfistl Falterhauser (Germany), Blockchain and Community Enthusiast
Rikrik Gantina (Jakarta — Indonesia), Marketing Supporter and Blockchain Enthusiast
Tsutomu Tagashira (Shinjuku — Tokyo, Japan) — Community Enthusiast
EtherZero combines the best of Ethereum builds with a safe and reliable free from transaction cost, making the large and complex smart contracts economically viable, stable and continuous, the high scalability and real-time transaction feedback realized by the master node network. A large number of users will have an excellent interactive experience, which will change the impression that the blockchain transaction confirmation waiting time is too long.
EtherZero will not forget the original objective, aiming at improving the blockchain technology, exploring the application in various industries as its own responsibility, using decentralized technology and ideas to improve social operation efficiency, reducing the cost of social operations, and contributing a little to achieve a fairer society.
ROADMAP
Old-fashioned Public Chain ETZ: Shedding Light on the Base Layer of the Public Blockchain Market
In recent days, we clearly saw the market recovering and starting to warm up, as there was a double-digit increase of various currencies, led by the “big coin”. At this point, it seems still a little bit early…
In recent days, we clearly saw the market recovering and starting to warm up, as there was a double-digit increase of various currencies, led by the “big coin”.
At this point, it seems still a little bit early to say that a bull market has arrived, but we have finally seen a large influx of incremental funds being channeled into the crypto-currency market, indicating that the trend is in an upwards direction. After more than a year of perseverance, the market seems to be pulling away from the painful bottom of the bear market, which is wonderful and most gratifying.
As the overall environment has improved, investors who have been dormant and have been hibernating for a long time are ready to become active. Whether it is band trading, or buying into low positions and holding them for a long time, it is undoubtedly necessary to grab some undervalued, high-quality, crypto assets and seize the opportunity for them to increase in value with the overall market. https://www.kitv.com/story/40514081/old-fashioned-public-chain-etz-shedding-light-on-the-base-layer-of-the-public-blockchain-market?fbclid=IwAR3roO_6-45X0KP6vexCyPUABaFvULPOQKsI3Kzff_78OecK-Q_4dGJq5r8
More info follows this links:
#EtherZero #ETZ
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.
Authorship:
- Bitcointalk profile: danilelsi
- ETZ Wallet Address: 0x1285e1Fb782803726418a063349437411F0623ca
