What is Ethanim's cryptocurrency?
Answer: EPU, planned to be released in Q3 2022
Some other bits of knowledge:
Blockchain is a distributed database system participated by nodes. It originated from Bitcoin and was first proposed by Satoshi Nakamoto in 2008. The blockchain is composed of a series of data blocks generated using cryptographic methods. Each block contains the hash value of the previous block, starting from the genesis block and connecting to the current block, and finally forming a blockchain. Each block is guaranteed to be generated after the previous block in chronological order, otherwise the hash value of the previous block is unknown, and these features make double-spending in Bitcoin very difficult.
Blockchain is divided into public chain, federated blockchain and private chain.
Public chain: Anyone can read and send transactions for effective confirmation, and anyone can participate in its consensus process. Typical applications include Bitcoin, Ethereum, etc.
Federated chain: Also known as Consortium chain. It refers to the nodes participating in the blockchain are pre-selected, and there is usually a good network connection and other cooperations between the nodes. The data on the blockchain can be public or internal, which is distributed in a partial sense, which can be considered as "multi-centralization". Typical applications include Hyperledger, R3, EEA, and others.
Private chain: Participating nodes have only a limited scope, such as their own users of a specific organization, etc. The access and use of data are subject to strict permission management. In the early days of blockchain development, the underlying protocol was designed to implement a single payment function. As the blockchain enters the 2.0 era, with the emergence of complete underlying protocols and smart contracts, developers can develop various decentralized applications (DApps) without going deep into the underlying protocols of the blockchain.
In the blockchain world, a wallet is a tool used to help you manage your on-chain assets and data.
Wallet address:The wallet address is a string of digits and characters used to receive and store blockchain assets. You can transfer assets on the chain to the corresponding public chain address or transfer out to other addresses on the same public chain.
Mnemonic:Mnemonics are the most common form of backup for wallet addresses. Import the mnemonic phrase into the wallet to restore the corresponding wallet address and control the assets in it. Therefore, backup of mnemonic phrases is very important and must be kept properly.
What is a consensus algorithm?
A consensus algorithm is a mechanism for reaching consensus among nodes in a distributed network. It removes the need for a central authority and allows the entire network to agree on data and event ordering in a trustless manner. Nodes participating in the network maintain exact copies of the ledger, allowing applications built on top of the consensus protocol to function properly.
What are the basic characteristics of blockchain?
Blockchain has the characteristics of decentralization, tamperproofing, irreversibility, and anonymity.
Decentralization: Because the entire network has no central ruler. The system relies on the fair constraints of multiple participants on the network, so the rights and obligations of any node are equal, and each node will store all the data on the blockchain. Even if the node is damaged or attacked, there is still no threat to the ledger.
Tamperproofing：It ensures that the information or contract cannot be forged. The possibility of forgery will be high if the account book is in the hands of a certain person or a few people, but now everyone has an account book in their hands. Unless more than 51% of the people in the whole game change an account, any tampering is Ineffective, this is also the superiority of collective maintenance and supervision.
Irreversibility: The information on the blockchain must be irreversible and cannot be destroyed at will. The system is open source, and the entire system must be open and transparent. Therefore, after a transaction is broadcast on the entire network, it will be successfully recorded after more than 6 confirmations, and it is irreversible and irrevocable.
Anonymity: The identity information of each node does not need to be announced or verified, and information transmission can be carried out anonymously. A simple example is that you initiate a transaction to a wallet address on the blockchain, but you cannot know the exact person behind the address, or your private key has been stolen by a hacker and hacker's identity cannot be identified by wallet address.
What is a smart contract?
Smart contract is a concept coined by Nick Szabo in the 1990s: it is "a set of promises, specified in digital form, including protocols within which the parties perform on these promises".
However, due to the lack of a credible execution environment, smart contracts have not been applied to the actual industry. Since the birth of Bitcoin, people have realized that the underlying technology blockchain of Bitcoin can inherently provide a credible execution environment for smart contracts. Ethereum first saw the fit of blockchain and smart contracts, released the white paper "Ethereum: The Next Generation of Smart Contracts and Decentralized Application Platform", and has been committed to making Ethereum the best smart contract platform, so Bitcoin leads the blockchain, Ethereum resurrects smart contracts.
A smart contract program is not just a computer program that executes automatically: it is a system participant. It responds to the information it receives, it can receive and store value, and it can send information and value out. This program is like a person who can be trusted to temporarily keep assets and always act according to the rules in advance.
Smart contract model: It is a computer program running on a replicable, shared ledger that can process information, receive, store and send value.
Applications based on smart contracts are called decentralized applications. The goal of DApp is to make your smart contract have a friendly interface, plus some extra things, DApp can run on any centralized server that can interact with blockchain nodes. Unlike ordinary websites, DApp cannot run on ordinary server. They need to submit transactions to the blockchain and read important data from the blockchain instead of a centralized database.
Ethanim is a metaverse infrastructure that can support the full decentralization of large-scale applications. It's technical implementation which is totally different from that of the existing blockchain platforms can enable the large-scale decentralized applications to have comparable performance and using experience with the centralized applications while ensuring security. And it truly achieves eternality to avoid the problems of blockchain completely, such as slow transaction, low concurrency and inability to support large-scale and complex computations. It is a complex technological innovation and an amazing blockchain architecture that will provide complete and powerful underlying support for the metaverse.
What problem does Ethanim solve?
Ethanim solves the problem that traditional blockchains cannot completely decentralize large-scale applications and maintain high performance, providing the fundamental technical support for the Metaverse.
Is Ethanim a competitor to other blockchains?
Ethanim aims to completely decentralize the server, client, database, and others that have not yet been put on the chain. It is a partner of other blockchains rather than a competitor. Any Dapp that issues Tokens or NFTs on other blockchains can become a truly fully decentralized application through Ethanim.
What is the difference between Ethanim and other blockchains?
No matter what consensus mechanism is adopted in the existing blockchain, it is still unable to get rid of the thinking path of "seeking consensus among untrusted nodes". In the face of traditional large-scale, complex and high-frequency computing such as games, e-commerce, social networks, etc., if all computing logic is completed on the chain, even if the current public chain with the best performance can serve only one application, it is difficult to cope with easily.
Ethanim adopts a brand-new solution that is different from the existing blockchain platform, completely innovating the traditional blockchain consensus method, and transforming the traditional blockchain implementation path of "seeking consensus among untrusted nodes" into " Make nodes credible and allow them to perform calculations", so that the speed of reaching consensus between nodes is no longer affected by factors such as the number of nodes, computational complexity, etc., so that consensus can be reached almost instantly, and the performance problems of blockchain networks can be solved from the source.
What is Ethanim's vision?
Ethanim's vision is to build a completely decentralized, high-performance new blockchain platform that supports large-scale applications.
The technical path of Ethanim is totally different from other traditional blockchain's, Ethanim's way to realize decentralizing applications is not "seeking consensus among untrusted nodes", but "making nodes credible and allowing them to perform calculations".
Ethanim provides a trusted execution environment for any traditional application to run—RSM(reliable state machine), which is like a "safety sandbox". While monitoring and constraining the safe operation of the application, it continuously stores the state and data snapshots of the application which makes the application safe and tamperproof at runtime. And it can be restored by anyone even after closing.
What programming languages does Ethanim support?
A developer-friendly development method is an important foundation for ecological establishment. Ethanim supports developers to develop large-scale decentralized applications using any development language they are used to, which greatly reduces the threshold for developers to develop DApps.
How is Ethanim compatible with traditional application ecosystems?
Traditional applications such as games, social media, and media can be directly migrated to Ethanim without complex transformation and become fully decentralized applications.
In order to ensure the scientific and efficient governance of the system, Ethanim's major decisions will be made by a "rotating expert committee" composed of experts from all parties to ensure the professionalism and forward-looking of the final decision. At the same time, in order to avoid the centralization of system governance, the election of expert members will be jointly voted by the community. System improvement proposals can be proposed by anyone, and all token holders will vote together to decide whether to enter the final "governance conference" for centralized resolution, ensuring decentralization and efficient decision-making.
In the early days of the Ethanim system, the development, iteration and governance of the system were coordinated by the Ethanim Foundation, which is an independent non-profit entity. With the continuous improvement of system governance, the foundation will gradually release power to all parties in the community, and finally achieve the goal of participating in governance by all parties in the community.
EPU is Ethanim's utility token and value unit, and is the core of Ethanim's economic model. The Ethanim blockchain platform and its metaverse applications can operate normally with EPU, and Ethanim's ecological value will also be expressed by EPU.
What are the usage scenarios of EPU?
The staked EPU runs the validator client, and obtains staking rewards by completing the trusted state verification of the Reliable State Machine. Ethanim provides users with a very low-threshold mining participation method. The validator client is integrated into the application market client. No matter when the user is using any application or just hangs up in the background, he can choose to perform verification work at the same time to get token rewards. The amount of token rewards will be distributed according to the running time of the validator and the reputation value of the node.
Due to the high throughput, fast certainty and low cost of the Ethanim network, the use of the Ethanim platform should be paid according to the resources used, but it will be deducted preferentially from the pending interest staked when the user runs the validator, so the user can enjoy free services.
On-chain governance requires EPU. Since Ethanim is a completely permissionless and leaderless decentralized ecosystem, any decisions about the network are executed by on-chain governance. With governance, stakeholders can propose and vote for changes and improvements. EPU is the governance token required to participate in the voting process. Users stake EPU, delegate them to consensus nodes to participate in voting, and receive staking rewards and dividends.
EPU is used for network fees such as transaction fees and fees for deploying smart contracts or creating new networks.
Without minimal barriers, the network will be an easy target for spam, ultimately affecting performance and filling the ledger with useless information. On Ethanim, it is very cheap, but enough to make it extremely expensive for malicious behaviors.
1. Create a new wallet, or import an existing wallet using a mnemonic or keystore file;
2. Transfer the EPU from the wallet to the specified wallet address;
3. Select the staking amount & lock-up period, and confirm the staking;
4. Run the validator, complete the verification of the trusted state of the RSM, and get the staking reward.
There are two components of the Ethanim economic system that can cause deflation, namely, "costs" and "forfeitures":
Using the Ethanim platform is supposed to pay for the resources used, often referred to as "GAS". But the paying experience is always unpleasant, and no one wants their tokens to keep decreasing as they use the system. So Ethanim's default fees are deducted from the pending revenue staked by the user, and if the pending revenue does not cover the fees, the user can choose to increase the number of tokens staked or extend the staking time to get more revenue to cover the fees, so the vast majority of users can use the system for free.
The resources that require payment are mainly divided into two parts:
Fees generated from storing the application's code, files, and data will be paid with EPU and can also be paid with token rewards provided by the applications and users don't need to do any payment.
Execution such as transferring money on the main chain, executing smart contracts, running applications by computing nodes, image rendering, etc. will also incur costs, the amount of which is determined by the complexity of the computation and can be paid preferentially by the pending revenues from the user's participation in staking. The application also can pay on behalf of the users.
Each cost of execution is calculated as a "base cost" and a "burning cost", with the base cost being paid to the resource provider and the burning cost being permanently destroyed to offset system inflation.
To maintain the security of the system, proof of challenge is available between Ethanim nodes. As opposed to being rewarded for honest work, if a malicious node is run or dishonestly uses the application, it will be punished and the system will take the staked tokens. The forfeited tokens will be divided into two parts, partly to reward the informer and partly to be completely burnt, the ratio will be decided by the community.
The economy of a sustainable system will continue to grow in size, and EPU, as a utility token, also bears the responsibility of maintaining the stability of the economic system and node rewards, and will necessarily need to meet the demand for an increased number of tokens. Therefore, EPU will predictably enter an inflationary state, but due to the existence of the burning mechanism, when the platform is heavily used, EPU will likely be burnt in large quantities and the system will enter a deflationary state.
But any fixed and rigid economic governance will fail in a changing market, and scientifically flexible governance will provide great help to the stability of the economic system. Therefore, the future amount of EPU increase and the use of allocation will be decided by the community together, with scientific and flexible governance.