Value of the ECOC Oracle System and POL System From Blockchain Technology Application
In October 2019, at the 18th collective learning meeting of the Political Bureau of the CPC Central Committee, it was emphasized that the application of blockchain technology has extended to digital finance, Internet of Things, intelligent manufacturing, supply chain management, digital asset trading and other fields. At present, countries around the world are accelerating the development of blockchain technology. China has a good foundation in the field of blockchain. It is necessary to accelerate the development of blockchain technology and industrial innovation, and actively promote the integration of blockchain and economic development.
As a new generation of public chain, ECOC is established in Thailand. Thailand is a country where blockchain technology has become very popular. Since its establishment, ECOC has been striving to explore the application of blockchain technology in modern society and empower the development of society as a whole.
The Development History of Blockchain Public Chain Technology
First Generation — Bitcoin: In 2008, the United States faced the subprime mortgage crisis, which triggered a global financial crisis. We realized that there will be a crisis of trust and evil risks for any centralized institutions. This is why Bitcoin was born, and is trying to use a decentralized way to change the world.
Second Generation — Ethereum: The birth of Ethereum has promoted the development of smart contracts. Ethereum is a distributed computing platform that runs on the cryptocurrency called Ether. Programmers can write “Smart Contracts” on the Ethereum blockchain, and these Ethereum smart contracts are automatically executed according to the code.
Third Generation — ECOC: ECOC is the third-generation high-performance public chain. On the basis of its Bitcoin and Ethereum, ECOC adopts the POS consensus algorithm, adhering to the most basic decentralized spirit of the blockchain, and has been striving to solve the industry pain points since its launch. At present, ECOC has solved the industry’s high transaction processing speed requirements (560 TPS).
ECOC has anchored the cross-chain feature of smart contracts, solved the high storage requirements of application scenarios (block size is 4MB), built convenient tools for application development in the technical field (Turing completeness), and realized TPS high output with Zero-Knowledge Proof.
More importantly, ECOC has powerful performance and solves many application scenarios, and has reached multiple achievements in the field of application, such as in the payment and positioning fields.
As one of the most decentralized industries, the financial services industry has always been unable to establish an effective credit mechanism because of the asymmetric information between the parties to the transaction. In addition, there are a large number of centralized credit intermediaries and information intermediaries in the industrial chain, which reduces the efficiency of system operation to a certain extent and increases the cost of capital transactions. In order to solve the above problems, many institutions and enterprises have carried out experiments to integrate blockchain into the financial field.
For the global payment market, ECOC has developed the Oracle System.
One of the advantages of ECOC is that it combines multiple algorithms, namely cross-chain. Based on the cross-chain, the Oracle System can not only solve the problem of atom computing, but also avoid any possible exchange rate loss in different low-level transformations. By introducing a series of innovative technologies, the Oracle system solves the problems of data storage and application, including issues related to sharing, forging, source traceability, high costs, and more, and builds trust between people and data.
Therefore, it can greatly alleviate the problems of information asymmetry, centralization of intermediaries and information islands that are widespread in the financial industry. By building a set of cross-border payment portfolios, including account management, transaction management, clearing and settlement management, channel management, trading platform, liquidity and risk management interfaces, customers can freely combine and match according to their business needs and the actual situation. The upgrading of technology will eventually solve the initial “pain points”.
For the industry, the challenge has never ceased. More and more participants are promoting cross-border payment towards transparency and fierce competition. This blue ocean market is gradually becoming red, and there is no doubt that ECOC is leading.
In addition to the financial payment field, the decentralized features of ECOC have also achieved great results in the POL system!
The False Position Conversion Phenomenon of GPS System
“Every time that I went to a crossroad, the GPS signal was not good, so I didn’t know which direction was correct”
Mr. Zhang from Chongqing complained that a mountainous city like Chongqing would have similar problems with GPS navigation. Elevated roads, overpasses, and tunnels are indispensable road facilities in the city. However, due to the particularity of road facilities, they may interfere with signals, cause GPS positioning anomalies, and cause interruption of driving navigation, which seriously affects the user experience.
A Forbes report shows that drivers waste about 29 hours per year due to poor or inaccurate GPS navigation. It is reported that commonly used GPS navigation is based on GPS satellite signals, but there are also blind spots in satellite signals. The development of this system has reached a bottleneck, and the innovation of new technologies is urgently needed!
ECOC is committed to overcoming the navigation problem of GPS positioning blind spots, and combined with its decentralized characteristic, officially apply the blockchain technology to the specific industries. Through the comprehensive application of big data computing capabilities, ECOC launched the POL system, which is the blockchain positioning system. The POL system is similar to GPS, but there is no false position conversion phenomenon like that of the traditional GPS system, so that it can better meet the needs of industries that require more precise positioning, such as logistics and satellite positioning. At the same time, this technology can also be applied to unmanned aerial systems after in-depth research and development, thereby extending the service field to national defense.
With the help of the POL system, even if driving in the mountainous city of Chongqing, there would be no more false position conversion problems. Users can drive freely without worrying about the troubles caused by GPS positioning failure and inaccuracy.
The Oracle system and the POL system are only a part of the applications of ECOC. We believe that in the future, with the further in-depth exploration of blockchain technology, everyone will know the blockchain technology, and “What can blockchain do” is no longer a question that needs to be answered. ECOC will take the lead in innovation and strive to achieve it!
