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Incredible usability of EON blockchain

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by Startacus Admin

EON Blockchain
Exscudo
is aiming to be the new gateway between the traditional financial system and the cryptocurrency market, with a goa
l to create a single gate to the cryptocurrency market for new users, professional traders, investors and financial institutions. Innovating in the field of blockchain technology and focusing on developing mobile and web applications using this tech, Exscudo uses a in-house designed distributed network called EON. This technology empowers the whole system. 

ExscudoWith roughly 50 developers working on Exscudo (pronounced 'Ex-Scudo’) the team are aiming to 
offer the world a blockchain platform combining unprecedented security and resilience of decentralized blockchain system with flexibility and scalability of client server solutions. With this in mind we asked Andrew Zimine, CEO of Exscudo to explain all on WHY they are building EON and the main PROBLEMS their blockchain platform intends to SOLVE...

"When we decided to create EON we already had experience in mining and blockchain solutions. In EON we wanted something more than just another cryptocurrency, which can only transfer funds between wallets. We needed a tool, combining several features, such as:

- security and resilience of decentralization;

- flexibility, scalability and speed of client-server solutions.

Briefly speaking, our idea was to create a hybrid without any bottlenecks. Any system’s strength depends on its weakest spot vulnerability, so for us the main problem was the client-server capacity, as it is very difficult to describe in a mathematical model. We think that EON is a solution. Here are the main problems our blockchain platform is intended to solve. 

Problem #1: Banks

Banking is an inseparable part and an important tool of any modern state economy. More’s the pity: the whole economy depends on a system which creates additional load to any product or service without producing anything. In some countries banking assistance in economy is worth more than 20% of a good’s or a service’s price.

blockchain and bankingBut banks are not bad by their nature: they give economies great things as credit, letters of credit, overdrafts, cross-country transfers and many more. It is their model which is not perfect and therefore presents millions of vulnerabilities for manipulation both inside and outside the system. If only everyone were honest and did not even think about fraud and deception... but this is a kind of utopia. Therefore, we have to think about more secure and safer schemes.

Bitcoin’s first blocks have an encrypted message for bankers: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. Bitcoin not only gave us $3300 for each of its tokens (at the time writing), but also a way to solve trust issues — with blockchain. Most of banking tools can be moved to blockchain, and we did it in practice with EON by introducing such features as payments with a letter of credit, issuance of payment obligations (options) and others. 

Problem #2: Users

Another problem is users. They are basically of two types: those who have competence and those who have not. The first ones are often terrorizing the unlucky others by stealing their photos, messages and data. We tried to tackle this problem as well.

EON identification security will be guaranteed through the pairs of public and private keys. The same principle is used in Bitcoin, and so far it has never been hacked. In such an infrastructure no one can organize an MITM attack or intercept a private key because the key does not leave the user’s device. In our systems it will be impossible to create a password like 123...89 or asd...kl or use the same password as in all the mailboxes and accounts. At the same time we also will not use fingerprint or retinal identification: only a small part of the world’s population can actually afford it. We will ask everyone to swipe their fingers on the screen, literally. There can not be any matches or replications here because every person swiping style has his own individuality and character, direction, number of curves and broken lines. Besides, it is available for everyone and does not require any specific knowledge. For professionals who do not need any explanation of how important it is to properly store personal data and control access to it, another functionality will be available (nodes and external services). Creating our net we are counting on this kind of people.
blockchain

Problem #3: Blockchain size

Blockchain size is an important problem because it reflects directly on the system distribution capacity. Besides, we expect EON to be in demand, and that will inevitably influence the size of the data storing base. We solved this problem with a method we call “fractional scaling down”. During this process a snapshot of the net is made, recording the status of all the accounts and their balances, and then the net starts from this snapshot.

Every snapshot has its own hash because after some time it will be followed by another one and so on. And when there would be so many snapshots that they would take much space on the drive we can make a snapshot of a snapshot and so so for: endless levels of depth without losing the integrity, because snapshots are linked together like blocks in Bitcoin. Therefore, EON node may be installed on an ordinary laptop provided it has Internet connection and can communicate with other nodes. 
Exscudo

Problem#4 ICO

ICO brought huge benefits for the whole world and new opportunities to raise funds for product development. However, not all the ICO initiators have a goal to release their promised product. By now decent founders and illiterate investors are getting away with it because token speculative price on the market is not connected with the actual value of the product - in fact the product may not exist at all. That is why EON does not let everyone issue their own tokens.

We understand that it is an unpopular approach but at least all the projects working on our platform will pass our audit and consulting, and we will do everything possible to help them to release the product. 

It’s 2017, we are few month from EON net launch and we will start small. Yes, we are blowing hot and cold, we are very concerned with what we are doing and we do care about what people think of us. We will start with transactions; together with you will test every new option and will introduce EON to tech. We will try to offer the world a blockchain platform combining unprecedented security and resilience of decentralized blockchain system with flexibility and scalability of client server solutions."

 


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Published on: 1st September 2017

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