The advent of Ethereum Blockchain and Ether cryptocurrency through the Blockchain technology has birthed drastic changes in the cryptocurrency world, financial, e-commerce and business at large. The decentralized nature of blockchain technology eliminates the hitches faced in the centralized businesses system. Research has shown that as the day progresses the number of Ethereum Blockchain and cryptocurrencies users keep increasing.
Despite these positive contributions of Ethereum blockchain and Ether, yet there are still lapses in her Blockchain such as Bombs, scalability, gas fees, partial decentralization etc.
Based these hitches facing Ethereum Blockchain, Ethereum Basic was born to savage the situation.
What is Ethereum Basic?
Ethereum Basic is a new cryptocurrency that focuses on resolving the most urgent issues of Ethereum and at the same time promoting decentralized governance.
Ethereum Basic Proposed Solution to Ethereum Blockchain:
On the launch of Constantinople many key problems were identified such as scalability, gas fees, and efficiency – will take a very long time to be solved unless decisive measures are taken.
Based on these identified problems, Ethereum Basic is out the address them squarely.
Improvement of Scalability: increasing network capacity using on-chain and off-chain solutions;
Removal Bombs: the difficulty bomb to decrease pressure on the miners to accept future upgrades;
Transfer to PoS that 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
After 6 months of the launch of the main network, Ethereum Basic will introduce its own master class decentralized exchange, which will preliminarily name XDEX. It is a logical step in the direction of creating a full-scale financial network that will be both decentralized and easy to use. As in any decentralized exchange, users’ funds will remain in their possession and control at all times. Under no circumstances will XDEX require that users transfer any tokens or coins into an account of the exchange. The DEX will function strictly as an order-matching service in conjunction with the 0x protocol.
Envisage Features of Ethereum Basic Exchange:
Fast Transfer
Low Transaction fees
Decentralization
Transparence and Accountability
Highly Secured
Users are empowered
Durability, Reliable and Longevity
Price stability
Fast Transaction
Interbank transactions can potentially take days for clearing and final settlement, especially outside working hours while transactions on XDEX Platform take seconds to be accomplished.
Low Transaction Fees
The elimination of third party and intermediaries, overhead cost for exchanging/trading assets on XDEX platform greatly reduces transaction cost.
Decentralization System
Decentralized is the core feature of XDEX Platform, transaction confirmation depends on peer-to-peer authorization. There is no middle man or third party in cost of transaction. No delay; in a split seconds the transaction is done.
ETBC coin – emission, specification and distribution
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.
Ethereum Basic Blueprint:
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.
For more Information about Ethereum Basic Platform, here are the helpful sites and social media handles:
Website: https://ethereum-basic.com/
Official Telegram Group: https://t.me/EthereumBasic
Twitter: https://twitter.com/EthereumBasic
Whitepaper: https://ethereum-basic.com/whitepaper.pdf
Instagram: https://instagram.com/ethereum.basic
Wallet: https://etbcwallet.com/
Bitcointalk Username: Kensyin
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=25753895
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