In the light of the Constantinople report which
identified scalability, gas fees, bombs etc. as the major issues facing the
Ethereum Blockchain; propelled the developer of the Ethereum Basic platform to
put an end these difficulties facing her.
What is Ethereum Basic?
Ethereum
Basic is a new cryptocurrency driven platform that focuses on resolving the most
urgent issues of Ethereum Blockchain and at the same time promote total decentralized
governance.
Ethereum Basic Key Target to Ethereum
Blockchain.
The
Ethereum Basic team saw these challenges and has proffered an immediate
solution:
Scalability:
increasing network capacity using on-chain and off-chain solutions;
Removing of Bombs: the difficulty bomb to decrease pressure on the miners to accept
future upgrades;
Transfer to PoS: transfer to PoS should be complete and comprehensive, not partial as
foreseen by the Casper framework;
Implementing
ASIC-resistance;
Gas fee
optimization;
Making
the network more currency-agnostic;
More
incentives for full nodes;
Introduction of a functional voting mechanism.
Ethereum Basic Exchange
plan
6
months after the launch of the main network, Ethereum Basic will introduce its
own super decentralized exchange that will be name XDEX. It is a way to create
decentralized and easy to use couple with full-scale financial network. As in any decentralized exchange, users’ funds
will remain in their possession and control at all times. In no circumstances
will XDEX ask its users to transfer any tokens or coins into an account of the
exchange. XDEX will function strictly as an order-matching service in
conjunction with the 0x protocol.
Features of Ethereum Basic Exchange (XDEX) Ecosystem
Decentralised “trustless” transactions: The
platform enables
secure interactions between parties without a need for direct third-party,
intermediaries or oversight.
Authorised users: users have full control over their data and transactions.
High-quality data: the platform supports more complete data with greater consistency;
that is more instantaneous, accurate and broadly accessible.
Durability, reliability and resilience: the decentralization nature of it means that there is no
single locus of vulnerability, hence precluding malicious attacks.
Transparency and permanence: By eliminating third- party authority, users are assured that
transactions will be reliably executed according to a mutual agreement.
Simplification of the ecosystem: the Inclusion of every transaction in the public ledger
reduces the inconsistencies and complexities of maintaining multiple sets of
records.
Low transaction costs: Due to its decentralised structure
XDEX, there is reduction or elimination
of transactional fees associated with transactions.
Security: XDEX will be the secured exchange based on its technological
structure.
ETBC coin – emission and Allocation
Coin ticker: ETBC
Mining protocol: first PoW, then transfer to
ProgPoW as an intermediate stage, then full transfer to PoS
Mining: CPU, GPU, ASIC-resistant thanks to ProgPoW
Initial emission: 2 000 000 ETBC
Network snapshot date: May 16, 2019, 16:00 GMT
Network launch date: May 26, 2019, 16:00 GMT
Initial
distribution: 95% of the
pre-mine will be distributed among current ETH holders in the form of an
airdrop and among bounty program participants. Each ETH holder can claim ETBC
coins at a 1:1 ratio.
Roadmap of Ethereum Basic
Q4 2018 – Q1 2019: Developing the overall
implementation plan of the project, forming the team
Q2 2019: Launch of the official site;
issuing and distributing the premined 2 000 000 ETBC coins; start of the bounty
program; start of PoW mining; listing ETBC on several exchanges.
May 16, 2019: Blockchain snapshot.
May 26, 2019: Launching main network.
Q3 2019: Work on the DEX module, preparing
for the introduction of ProgPoW and base fee system; launch of incentives for
full nodes; adding more exchanges.
Q4 2019: Launch of the basefee+tip system and expected
reduction of gas fees up to 80%, alpha launch of the decentralized exchange
XDEX, work on implementing the 0x protocol; first voting sessions among full nodes.
Q1 2020: Launch of 0x and etherless
transaction using Lava Network, testing the PoS mechanism; beta release of XDEX
with 0x integration; selecting several projects for zero-fee listing on XDEX.
Q3 2020: Switch to the PoS consensus
protocol; scaling using Plasma.
To know more
about Ethereum Basic project, visit the following sites:
Whitepaper: https://ethereum-basic.com/whitepaper.pdf
Instagram: https://instagram.com/ethereum.basic
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Username: april08
