We are giving value to the BCS token via real world applications. Every progress we make as a company has one goal – to use blockchain as a tool to solve problems in the real world.
ECOchain officially publishing its code on Github (gone open source)
We have been constantly developing our public chain for more than a year. The project is a result of the joint effort of three technical teams: SECBIT, Chinese Academy of Sciences, and ECOchain Thailand R&D Center.
ECOchain officially open sourced its code yesterday. This is an important moment for us and a step forward. Our goal is to provide blockchain solutions and build tools to provide better services for the global international trading system.
The origin of the name ECOchain
The first inspiration of the name comes from the Chinese language, as it means “fast” or “light”. Because ECOchain’s consensus algorithm is not PoW, it is considered eco-friendly. Also, it focuses on business and real economy and has the ambition to host e-commerce applications (like Blockchain Store’s dApp). For English speakers ECO can come natural to them as ECO-friendly, ECOmmerce, or ECOnomically sound.
The advantages and characteristics of ECOchain
ECOchain is a decentralized, permissionless public chain. It is not “our” chain, we are not going to have any control over it. We are just the core developers
Today, many claim that they have a decentralized chain but not many of them are really decentralized. Chains with centralized architecture defeat the main purpose of blockchain, rendering the chain practically useless; indeed, a database is much more efficient compared to a “blockchain” that is not decentralized. Decentralization is our dogma, our strict belief.
About consensus, we already mentioned that ECOchain uses a POS (not dPOS) consensus mechanism.
For real world applications, we realize that high transactions per second and short block creation time are needed. We are not going to sacrifice any decentralization, so we target at a capacity of 540 TPS, which is very high for a public chain. We don’t have a million-level TPS (no one has), because of our decentralized architecture. We achieve this TPS because of our large block size.
We currently don’t want to further increase the block size as this will stress the nodes, thus removing the motivation for users to run a full node. Adding to that, our chain will support off-chain transactions, which can handle tenths of thousands of transactions per second with almost instant transactions and next to zero fees.
For dApps that want to sacrifice transparency, they can use off-chain transactions.
We are going to announce more information about the technology of ECOchain in the near future, so stay tuned.
The open source philosophy for BCS
We want to dismiss any doubts about our philosophy and culture. We are strong supporters of open source software. Behind this ideology, there are practical reasons too: open source is, at least in the long run, much more secure because thousands of eyes are being kept on the code. People can also contribute directly with pull requests or give fresh ideas, and feedback.
So, ECOchain and all its tools (wallets, SDKs, metric tools, compilers, explorer) will be completely open source.
Regarding the BCS dApp, we know that is not possible for all source to become public. But all logic on decentralization (e.g. smart contracts) will be made public. Also, all parts that can be public will be open-sourced.
Finally, the dApp will be running on ECOchain, which is completely open source. We are sure that other applications are going to follow BCS’ example and use ECOchain as their platform since ECOchain can host real world applications.
ECOchain white and yellow papers
The ECOchain white and yellow paper will be available in about three months. The yellow paper is going to mathematically explain the characteristics of the chain. The yellow paper is not going to be a business model explanation, but scientifically explain the underlying technology.
Other paper or papers will present the business model of ECOchain with examples of dApps and use cases for the platform.
ECOchain and Blockchain Store on Github