ECOChain Launching of Main Net
Linking the World, Linking you and me
After more than two years of research and development, the main net of ECOChain will go Live at 4:30 p.m. (Thailand time) on October 28, 2019.
ECOChain’s Public Blockchain is based on POS consensus mechanism, we are inspirational and hope to provide better services for the global commercial economic structure.
Ecochain’s consistency algorithm is a pure proof of stake protocol. It is an imitation of Nakamoto’s consensus.We are going to show how Ecochain handles all types of attacks on pure PoS.
1. Maturity date of the latest mortgage block
In this type of attack, there are attempts to “bribe” the recent blockchain winner (staker) to exclude one transaction and invalidate it. The second transaction is from the attacker to himself. This is a classical double attack attempt.
If someone launches a remote attack, you can start “grinding” (pre-compute) to create a “valid” chain that is the longest than the current chain. The fact that an attacker cant immediately use the freshly cast blockchain (on his own chain) somewhat limited him and made his grinding task more difficult。
His attempt can only succeed in a network that run a small number of nodes or have nodes with coordinating roles (role asymmetry). Ecochain can not be subject to such attacks.
This only means that the stakers can attempt to stake and get rewards every n seconds and not every second. This restricts the attacker from pre-computing chains to his favor.
This is the simplest but also the best solution for long range attacks and sub types of them. One might say that while this solution works, it can only be somewhat centralized because it provides some “authority” to developers. The logic behind this is that developers can “choose” their preferred fork (if any) when hardcoding checkpoints in the source code (client). We must mention here that, although it is technically a hard fork, if the client does not update to the new version but contains the correct chain data, it will run without any problems. Only in the case that a node is corrupted by the attacker it will be blocked from the updated nodes.
5. Multi-signature Award rules
For each block’s reward to be valid, ten addresses can be multi signed. To motivate them to do so, they will award a small part of the total reward. It increases the computational burden for teh attacker. This is a preventive measure that can prevent known attack types as well as future (unknown today) attack types.
ECOC adopts the UTXO model for transaction speed and block size to provide faster and more convenient processing speed and block size (4MB), allowing many DAPPs running at the same time.
More convenient token building method
Convenience and suggestion are the best services we can provide for DAPP builders. We have achieved the modular construction method. It only takes 5 minutes to build a token, even for non developers.
Low cost handling fees
Considering the operating cost of users and the cost of gas used, we have reduced it to the lowest level. The consensus algorithm allows us to achieve this (no energy consumption is needed).
Offchain synchronization of virtual machines (VM) between different blockchains (example: Ethereum)
DAPP in eth system can be compatible to achieve smart contract synchronization, which can attract developers and companies to build dApps independend of the platform (blockchain).
On October 28, 2019,ECOCHAIN is going live! ECOCHAIN will provide better services for blockchain industry.