From Electroneum’s official social media accounts, we can see that at least 3 reputable exchanges (CoinBene Global, Liquid Global and HitBTC) are now re-opened for withdrawals and deposits of Electroneum after the significant software update and implementation of the new Moderated Blockchain.
So what’s this update all about, you may ask.
Taken from this post: Ells explains: “Proof of Responsibility brings three new key characteristics to Electroneum’s cryptocurrency ETN, which are benefits to the end user, security and reliability to the exchanges and the those validating the blocks, and to be able to handpick responsible organisations that actually empower people and who will mine the cryptocurrency and by no means attempt to hack the system for personal gain.” … and the game-changing Moderated Blockchain, a very unique open ledger network that enables the highly skilled staff to permanently monitor the system to ensure it is 100% free of any anomaly and when one does occur, crush it immediately and thus prevent a 51% percent attack from every happening.
On a recent email from Electroneum Ltd., some things come up; one of the most interesting thing I would say is the concept of Proof of Responsibility. And as usual, Ells explains it very well.
Super exciting news! We’ve just undertaken a successful fork to an improved blockchain model that we have developed called Proof of Responsibility. This model brings a new level of confidence, security and scalability required to achieve mass adoption.
We have developed our blockchain to:
Become one of the few cryptocurrencies that is insusceptible to 51% attack
Reduce our block reward (new coin emission) by 75%
Increase scalability, confidence and commercial viability
Speed up on-chain transactions
Involve relevant and influential Non Governmental Organisations (NGOs) in the Electroneum project.
With this development we have
engineered two new blockchain processes; Proof of Responsibility and
Moderated blockchain. Delivering all the benefits of decentralisation
whilst adding new layers of protection.
If you run a full node (i.e. if you
are a technical user or an exchange) you need to ensure you download and
use the latest software from our Github library (https://github.com/electroneum/electroneum).
If you are a mobile user – no action is required.
Proof of Responsibility
We have moved from Proof of Work (used
by the majority of cryptocurrencies) to a new way of mining Electroneum
that we call Proof of Responsibility. It is a decentralised network
layer that is run by responsible global organisations operating in the
developing world that have been qualified to participate. This achieves a
number of things:
It means that the NGOs get the block reward and they will use it to
help the same target people in the countries we are empowering with ETN
this year.
A huge increase in the security of the ETN network via our highly
trusted nodes makes us insusceptible to a 51% attack on our network.
Radically reduces power consumption of the Electroneum blockchain
making it more environmentally friendly than most other
cryptocurrencies. Our new blockchain runs on ONE MILLIONTH of the
electricity that it took before!
It educates NGOs about the Electroneum project and furthers the
legitimacy of all cryptocurrencies by making them valuable to
influential organisations.
75% Block Reward Reduction
Each ETN block that gets added to the
blockchain releases a block reward. This reward has been reduced by 75%.
We had a very large block reward when we launched to encourage hashing
power, but we no longer need that enormous hashing power as we’ve
launched our new Proof of Responsibility Blockchain. This reduction in
output increases the length of time that the block reward lasts for
(like Bitcoin, ETN has a finite maximum supply). The remaining 25% of
the block reward goes to the new miners on our decentralised layer (see
below).
Moderated Blockchain (Additional Security via Highly Trusted Nodes)
We’ve changed the way our blockchain
operates to hugely increase the security. We have created a new
blockchain model called Moderated Blockchain.
Our moderated blockchain operates two layers:
Layer One: A decentralised layer where our trusted miners operate their mining servers and handle the ETN transactions.
Layer Two: A second layer of highly trusted nodes is operated by us (Electroneum) as a company.
People already trust Electroneum as a
brand, they trust us with the instant payment system, the custodial
wallet app system and with the KYC/AML system. This blockchain update
utilises that trust to add a new layer of highly trusted nodes to the
blockchain.
These highly trusted nodes passively
monitor the blockchain for unusual or damaging activity and have the
power to shut down that activity in seconds.
Another dark and sad day for #altcoin as Cryptopia officially announced that they’re being liquidated and appoints Grant Thornton as liquidators.
So many questions, so few answers. One of the biggest question might be why did they allow deposit and disallow withdrawal and later announced this, leaving so many people got furious because of unable to secure their assets.
Speaking about Electroneum, for sure this will drag Electroneum’s price to another lower level.
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