What Is EZChain (EZC)?
Many people believe that blockchain is not just a disruptive technology
but a foundational technology. Blockchain is building Internet 2.0 – the
Internet of value, where kinds of assets can be stored and transferred on
digital platforms without any border or friction. A new era of truly digital
and sharing economy has just started with blockchain, extending to every
industry, for example, gaming, digital art, esport, social networking, trade
finance, ecommerce, real estate, etc.
This document describes EZChain, a multi-chain and hybrid platform. Among other Layer-1 platforms, EZChain provides horizontal and vertical scalability, cross-chain interoperability and flexibility to build multiple classes of decentralized applications or specific private subnets.
EZChain Storage Key Points
|Circulating Supply||5,658,750.00 EZC|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
A Brief Review on Blockchain Platforms
Blockchain has emerged as a hot technology trend in recent years with a
brilliant perspective of applications in various industries. In particular, crypto-currency now writes its name on global financial markets. Many traditional financial institutions have invested in bitcoin, ether and top coins, e.g. Grayscale, Micro Strategy since early 2020.
Undeveloped and developing nations in Asia, Africa and South America are looking for breakthrough technology to enhance and develop their poor payment & banking systems. EZChain are going to investigate the latest and most sophisticated blockchain frameworks and architecture designs in the space to determine the suitable architecture and technologies of EZChain.
Along the progress of Blockchain generations associated with functionality and usability, EZChain can classify Bitcoin, Dogecoin, Stellar, IOTA and the likes as the first generation. Blockchain 1.0 (or Layer-0) provides a distributed ledger protocol for a single native asset and settlement layer only. It resolves the double-spend problem by a distributed ledger technology and a decentralized computing network accompanied with a consensus.
Basically, Blockchain 1.0 technology incorporates nodes, peer to peer decentralization, wallet softwares, and mining rigs to keep the blockchain in function. However, the first generation is very limited in scalability and application.
Big Problems and Solutions
The Blockchain Trilemma (termed by Vitalik Buterin) states a trade-off
among decentralization, scalability and security. That challenges a lot of
developers to introduce a complete solution. Many projects have been introduced in recent years to solve the extremely low throughput of Bitcoin and Ethereum. Most of them focus on scalability while sacrificing fully decentralization. Tron and EOS are notably projects of semi-decentralized models.
EZChain the first pure proof of stake platform solving the Trilemma, but the security and sustainability of its verifiable random function and consensus protocol needs long-term public exposure to prove the assertion. Cross-chain interoperability, on the other side, addresses one of the biggest problems of public blockchains and distributed ledger systems.
Review on Consensus Mechanisms
Together with bitcoin, Proof of Work (PoW) has been introduced by Satoshi Nakamoto since 2008. After that, Ethereum and some other blockchains use the PoW protocol (more explicitly, Nakamoto Consensus) as well. People believe that such consensus helps the blockchains to be trustless and secure. Unfortunately, small networks are easily vulnerable by 51% attack. Huge ones like Bitcoin and Ethereum still be possibly threatened as miners are centralized into several giant mining pools.
EZChain the PoW algorithm requires powerful computers to do intensive mathematical computation, hence is energy-inefficient. Another big issue of PoW is restricted scalability. Average numbers of transactions per second (TPS) on Bitcoin and Ethereum are 7 and 15, respectively. This is too slow for mass adoption. When those networks are busy, several individual transactions may take hours to days to be completed, and the transaction fee possibly goes up much higher than usual.