Robert Bo Collins, CEO of Mercantile Bank International, and cryptologist Nikolay Tasev, have announced the launch of Ether Data. It is a new cryptocurrency token that pledges ecological sustainability with economic development.
The unique technique developed by ETD assists in the solution of scientific calculation issues, providing consensus beyond accounting in the blockchain industry.
Ether Data (ETD)
ETD (Ether Data) is a decentralized general-purpose computing system based on the Ethereum smart contract. It comes with relational storage and secured computing technologies from DSB (Disk Storage Banking).
The architecture is a practical, high-performance blockchain network with a unique PoW+DSB PoS consensus mechanism. This design aims to achieve the flexible growth of distributed applications to meet the performance criteria of:
- Institutions involved in research projects
- Computational needs for web apps
- Economic requirements for web apps
These technologies assist the Berkeley Open Network Computing Platform (BOINC) and other scientific computing platforms by providing public computing capacity. It also adheres to the increasing trend of combining industrial applications, talent training, open-source systems, incubation accelerators, etc. This allows blockchain systems to be simpler, cheaper, and more versatile in application component selection.
The Unique Consensus System in Ether Data
ETD employs the Proof of Computation-Storage consensus approach, which integrates Proof of Computation (PoC) with Proof of Existence (PoE). The choice of consensus protocol is determined by the needs of the double-blind matching challenges. It is a broadly distributed computing platform to optimize the usage of primary resources such as:
- Models of distributed computing
- Models of distributed storage
- Two-way data privacy protection requirements for P2P peer-to-peer logical network communication (bandwidth) models.
The ETD public chain is designed as an efficient, high-performance blockchain platform, employing the new PoW+DSB PoS blockchain architecture. This is to increase the performance of distributed programs to meet real-world needs.
Why Does ETD Hold a Unique Stand in the Blockchain Industry?
ETD is the outcome of the union of two ideas: distributed computing and time-based banking. The underlying idea of time-based banking was that everyone’s time was equal in value. Thus a bank’s time-based currency conversion certificate just registered the time, not the price.
As a result, anyone might contribute two hours in exchange for the same amount of time from others in the future. Here are some of the unique features of ETD that set it apart in the blockchain industry:
Overcomes the Challenge of Expensive R&D and Application Development
The high cost of R&D and software development is one of the barriers to the industrial adoption of blockchain technology, particularly public blockchain. The ETD public chain enables enterprises to develop a range of applications and programs based on the ETD ecological network by providing:
- Dependable and efficient infrastructure
- Standardized and modular application plug-ins
- And, fully prepared technological and business standard advice
Enhances Business Efficiency in Various Industries
ETD is committed to hastening the adoption of blockchain applications while simultaneously supporting high-quality growth in conventional industries. ETD will bring together high-tech technology and innovation such as artificial intelligence, big data, virtual reality, etc. This will optimize various industries like intelligent manufacturing, health care, transportation, intellectual property protection, new energy vehicles, organic agriculture, etc.
The ETD foundation uses these technologies to provide a robust blockchain infrastructure for various application cases and help businesses transition to the blockchain. In addition, the firm seeks to combine blockchain technology with industrial applications to enhance productivity and reduce operational expenses.
Bridges the Gap Between Scientific Labs and Webs
The ETD Foundation wants to build ETD General-Purpose Computing Labs in collaboration with universities and their associated scientific research organizations worldwide. Here, they will provide ETD machines and a complete blockchain node to enable research groups that cannot afford costly supercomputers to access the ETD platform via the node and receive computing and storage resources.
ETD modular technologies allow laboratories to swiftly transform their breakthroughs into user-friendly online apps that serve a larger community. As a result, scientists no longer have to spend the expenditures of hiring software developers, marketing staff, and financial specialists to commercialize their research and earn pay commensurate with their efforts.
Ethereum’s Approach to an Ecological and Scientific Blockchain
ETD’s technical architecture integrates computing and data storage tasks more efficiently and at a reduced cost. It also features a more extensive system for protecting user privacy and authentication protocols.
Furthermore, the Ethereum-based smart contract technology is better suited for a wide range of computational demands, allowing it to build a decentralized, resource-sharing, self-organizing ecological network.
The Ether Data Foundation is devoted to ecological building and investment activities based on the ETD blockchain, such as financial product issuance and management, community news publication, blockchain IPOs, equity investments, and token economy research.
It will ensure that all contributors’ tokens have a stable value and are free to circulate. The foundation will also be in charge of the ETD open-source software architecture’s future expansion and satisfying ESG requirements (environmental, social, and corporate governance).
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.