(Dubai, UAE) As Ethereum makes one of the biggest shifts towards its vision of more energy-efficient and more secure Ethereum 2.0 with The Merge in September 2022, companies like ExtraChain that use Ethereum’s success story as a development model, are taking this opportunity to show alternatives to classic Proof-of-Work and contribute heavily to the crypto-revolution that’s going to be the talk of the next century.
Simply put, the “Ethereum Merge” designates the precise moment that Ethereum officially moved from the Proof-of-Work (PoW) authentication system to the Proof-of-Stake (PoS) authentication mechanism. This protocol transfers transaction verification power from miners to “validators,” who are network users selected at random. These participants will retain some cryptocurrency for their position as validators they can’t use immediately. These members select the blocks they determine to be authentic and stake their cryptos as collateral against them rather than completing a challenging math problem.
Without the use of high-end hardware and having very few computers operational at the time of validation, PoS makes the whole process much faster and much more energy-efficient (almost 99.95% less energy usage, as estimated by Ethereum). This will also allow for more participants to become validators and thus be directly involved in securing the platform they use, along with making the whole system much more resilient against blockchain assaults like 51% attack.
ExtraChain (ExC) is an infrastructure provider for distributed apps, blockchains, and DAO platforms. It is a lightweight blockchain architecture with decentralized storage “ExDFS” that enables the development of high-load decentralized apps (dApps) for both mobile and stationary devices (like smartphones, micro-computers, etc.), and Internet of Things (IoT) devices. The ExtraChain DAO Framework relies on the Distributed File System (ExDFS) for shared data storage. A historical Chain, a data structure that records all modifications made to a certain file, including its addition and deletion, is one of the key components of ExDFS.
The technology and tools of ExtraChain can be used to build truly decentralized apps – not only decentralized logic via smart contracts, but also decentralized app data via a decentralized file system, secured by blockchain and protected by high-grade encryption technologies. The company defines Proof-of-Data consensus where data storage and usage defines the roles and value of nodes in the network – in a nutshell, it’s “Data Mining”. A member of the network uses data, stores it or processes it – all actions impact on ExtraChain and trigger decentralized rewarding mechanisms. Cross-chain bridges, and built-in full versions of the ExtraChain client, make relatively easy access to very powerful smart-contract systems and decentralized file storage.
The new Proof-of-Stake switch by the Ethereum Merge showed the necessity of changes for everyone in the crypto industry, but ExtraChain anticipated it and pushed further via combining lightweight blockchain with their decentralized file system to create much faster dApps with minimal storage and computing pressure on the network. And only through constant changes, the evolution of crypto is possible – giants show the way, and their followers justify the changes.
Name: Yuriy Snigur