EcoChain – The Promise of a New Era in Blockchain
Almost every day, Blockchain’s world is introduced to new projects, each with the promise of innovative ideas that are supposed to change the world as we know it. Some of the projects talk about solving real-world problems, while others create problems yet to be solved. In all this hassle and competition, once in a while, there comes a shining light that manages to push through the pressure of high influx and cement their existence as a game-changer.
EcoChain, a public, transparent, and security-focused blockchain network, is one such project.
Bridging Markets with Transparency and Security
The largest Blockchain project coming out of Thailand, EcoChain, is an open-source, public blockchain network. The EcoChain network is a product of a team of Thai developers who realized the fundamental flaws of major projects out there – Security, Scalability, and Transparency, and promised to improve upon them.
EcoChain is a platform that aims to bridge the gap between real-world markets and virtual blockchains. They propose to develop an infrastructure that puts the users and developers at the center of all activity. To solve one of the most rampant problems in markets today, i.e., centralization, the team developed a third-layer, high-performance blockchain protocol. In practice, the platform can circumvent inefficiency, accessibility, and scale by functioning as a decentralized platform that puts Security and Transparency at its heart.
When asked about the Vision of the network, the team enthusiastically commented, “ECOChain works as the bridge that connects applied technology and real-world markets on blockchain technology!”.
On the EcoChain network, developers have the advantage of executing Smart Contracts in scale. The EcoChian has developed a consensus mechanism for Oracles to guard any changes made to a Smart Contract state. This basically means that by solving the third-party incentive problem, Smart Contracts do not have to trust any Oracle to verify an outcome blindly. The idea is to have a blockchain as the first layer to make sure data is accurate, then grant permission to the smart contract for execution.
To understand more about what EcoChain has to offer, let us dive into the chain’s important features.
Features of EcoChain
- High TPS: EcoChain boasts one of the most efficient networks in the game. They ensure a high transaction throughput chain without sacrificing decentralization and transparency. According to the team, EcoChain can currently process 560 transactions per second, which is an astonishingly high TPS rate. This number is only said to increase as the number of users and developers will rise.
- Consensus Mechanism: Learning from the flaws and loopholes of bigger projects like Ethereum and Bitcoin, EcoChain has adopted a Proof-of-Stake (PoS) consensus mechanism. The in-house PoS allows the network to host a block size of up to 4 MB and a block time of 32 seconds, making it transparent and scalable. One of the major advantages of EcoChain’s PoS is that it allows the network to scale by verifying a high amount of transactions, and at the same time, does not give in to centralization and insecurity.
- Distributed Architecture: the PoS designed by EcoChain keeps the spirit of the market alive. By forming a distributed architecture, they have built a trust-less layer that adheres to nobody but the network members. At present, EcoChain has developed a new form of incentive mechanism called Proof-of-Support (POSp). POSp is a game-theoretic incentive mechanism that encourages participation, network loyalty, onboarding, and new markets.
“The purpose of this post reward is to better build the ECOC community ecosystem, connect the ECOC ecosystem with the industry’s top media and institutions, and jointly create a new future for the public chain.”
- Connecting with the Real World: Smart Contracts, as we all know, are destined to come out as the biggest use case for blockchains. From finance to supply chain to real estate to law, the application of smart contracts is huge. Since Smart Contracts rely on Oracles for execution, EcoChain has also solved the long-standing Third-Party Oracle problem, which is said to roll out anytime soon. By positioning themselves to make most of the incoming wave, the network has cemented its place as a prospective platform for Smart Contract development.
- Founded: 2017
- Ticker Symbol: ECOC
- Built on: ECOChain Blockchain
- Website: ecoc.io
- Traded on: Bittrex Global, MCX, Boboo
- Estimated Supply: 2,000,000,000 EcoC
- Market Price: $1.84 (As of July 24th, 2020)
In essence, EcoChain is a simple and easy-to-use platform that leverages a Blockchain’s capabilities to spread decentralization, transparency, and openness. The team has invested a lot of time and money into making the users’ experience as smooth and painless as possible. It’s no wonder that success has followed the project, owing to its user-centric ideals.
With innovations in Smart Contracts, Oracle-based Incentive mechanism, scalability, transparency, and connecting established markets, the applications of EcoChain are endless. Add to this. The ability to execute a truly open and decentralized application in scale makes EcoChain a lucrative platform for the future.