July 2019 Electroneum forked to revolutionary new blockchain

Hi Everyone!

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.

(A 17 minute video version with even more detail is available here: https://youtu.be/OuhHKFRiuzw)

IMPORTANT

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.

Video with more details

I’ve made a lengthy video that explains more about it here: https://youtu.be/OuhHKFRiuzw

Thanks for taking the time to read this message and for being part of Electroneum.

Have a great week everyone!

Richard Ells

Awesome update Richard!!!

Tyler from Quorra

14 Likes

Amazing update keep up the hard work! Onwards and upwards :zap:
:bow_and_arrow: :bow_and_arrow: :bow_and_arrow:

13 Likes

Truly phenomanal work Team! This is MASSIVE.

Here’s a thrilling 4min video explainer to contribute to the community celebration:

21 Likes

This is absolutely fantastic news! Well done Richard and team!

12 Likes

Interesting - so my ASIC Miner that I paid a lot for… I have to switch to another coin now?

1 Like

@ETNCEO

This is how you show the world , this is how to silence fear uncertainty and doubt.

I couldn’t sleep last night at 5:45am i was feeling a bit tired a bit tired lets say… then 6am a little bird appears on my notifications.

Oh its etn. WAIT WHAT THEY’VE FINISHED
A VIDEO
POR
CANT GET 51% ATTACKED
NGOS AND CHARITY’S CAN MINE…
MODERATED BLOCKCHAIN…

well im awake …

You knocked this one well out of the park !!!

Nice work… again did NOT see this coming…

:medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::medal_sports::chipmunk::chipmunk:

13 Likes

I am out of words team. Sorry if i ever written anything bad. I regret that.

This is just phenomenal :rocket::rocket::crazy_face::crazy_face:

12 Likes

Wow! Congratulation!

9 Likes

What an excellent well thought out Fork, this is exactly what ETN needed.

5 Likes

you could try mining XRP…:upside_down_face:

1 Like

Good Morning and thanks for the update. on the outset it looks very promising and moves in a direction of distinguishing ETN from other projects.

My suggestion would be why not also try and get some Operators involved in the mining, apart from NGOs. Having them own a slice of the project would make them more involved, maybe they can even use the ETN earned to distribute them as incentive to their customers, say earn ETN when using Data on weekends, Or join us and we give you free ETN to use on our network type of offers.

All in all well done looks like an exciting Q3 coming for the project

4 Likes

I’m so upset - my emissions spreadsheet is useless now :stuck_out_tongue:

well done guys :slight_smile:

11 Likes

Great pace setting for crypto

5 Likes

respect:)…

4 Likes

Let’s wait what the FUDDERS are finding in a negative way… im sure they wil think this update is crap!

1 Like

Very exciting stuff—Congratulations Richard and Team! Onwards and upwards :clap::clap::clap:!

3 Likes

…of course. Like anything some users will dislike elements of the upgrade. More centralisation will be a hurdle for some to accept.

But for the people who matter; mainstream users, this community and commercial entities who will integrate ETN… blockchain integrity and liquidity are more important than the decentralised paradigm. This is an adoption coin.

Remember, as the tech matures in the crypto world, things can be changed/adjusted and upgraded. Having infrastructure built on top of a blockchain means you can have a fluid approach to development.

11 Likes

Like I said in the previous notice of the update…NOTHING SHORT OF AMAZING!! Thank you, ETN team!

4 Likes

It’s very good. I don’t like monopolies. It makes me feel that I have to have a digging machine. But for etn, it is good that the old computer can dig.

1 Like