Exscudo & EON (Tokens and Nodes)

conexus (58)in #cryptocurrency • 7 years ago (edited)

The name Exscudo can be a bit confusing at first glance but lets walk trough it together. Just reading the name it can be hard to understand exactly what this company is or what they do, but still fell intrigued.
The Exscudo team themselves describe the choosing of their name by quote:

"The name has many meanings: ‘Ex’ for ‘Exchange’, ‘Scudo’ for ‘Shield’ and ‘Escudo’ for the Portuguese currency during the Golden Age (before the Euro)."

Okay so as you probably can guess from that statement, Exscudo (EXS) is an exchanges platform. They will not offer only this tough, but also other services interconnected trough their own blockchain network named EON and this is where it starts to get interesting.

So what we know already is that

1: EON is a newly created blockchain that will power all products from the EXC team.
2: Exscudo is a exchange platform that will run on the EON blockchain network.

Lets now dig deeper into each of these to understand the bigger picture of what Exscudo offers, beginning with some key information on the EON blockchain that Exscudo runs on, EON.
In part 2 i will explain more in-depth information about the company Exscudo, and not the blockchain EON, even though they are mighty connected.

The EON Tokens

The EON tokens that are used on the blockchain offer some quite interesting characteristics. There is the underlying EON standard token witch is used to power the network (just as ETH tokens power the ethereum network) and then there is also the possibility within the EON network to create something called "colored coins".

The colored coins will be used to re-animate assets to be directly usable as the underlying asset they represent. For example the EON blockchain will offer the possibility to own eUSD, eEUR and eGBP on their platform in the future. The little e in the front of an asset is what shows that the asset is a "colored coin" on the EON blockchain. These will be redeemable for the asset they represent very quickly and will power some of the features like the debit card and the exchange, but these things i will explain later.

This picture showing the ecosystem of EON might clear up some things.

Mining

The EON blockchain will not be hardware-dependent to help secure the network, thus there is no mining. There was a one time issuance of EON coins. The total supply is 240 000 000 EON coins (240 million) and was pre-mined in the original genesis block.

The blockchain of course does verify blocks but this is done by the EON Masternodes trough a Proof-of-Stake concept similar to the one Dash has implemented.

This will give the blockchain a much needed decentralized element, giving the peers that hosts Masternodes a return for their efforts, thus spreading the network nodes as far as possible. This has been recorded to work great for Dash currently, although there are differences.

As always with a system where everyone can be a Masternode host, just as the Dash team require 1000 Dash to show your incentive, the EON team also require you to show that you are "invested" in the network to support it and receive rewards.

EON Nodes

We have briefly touched on the subject of the EON Nodes, but now we will dive a bit deeper. The blocks that make the EON blockchain (all transactions) is created by these nodes, and also verified by the same nodes. A node will basically broadcast transactions, blocks and other necessary information.

They also offer a layer of security to the blockchain in the way they handle the transactions. What the nodes do is that they use a randomly generated list of active connections to interact with. This makes it very hard for one node to understand the structure of the entire EON network as the random shifting of connections obscure the process.
This also helps the anonymity of transactions in the way that the data packages path will be extremely difficult to trace.

To run a node you will first need 25 000 EON tokens. The ICO is over now, but they will be available for exchange in the near future, not least when the exchange platform Exscudo gets released. The ICO price was 0.0002 BTC per EON, resulting in a full investment of 12 500 dollars to get a node started (today's value).

The rewards you get for running a node is about 1% return on the invested amount per month. This will fluctuate tough relative to the amount of transactions that are being done on the network. Worth to note is also that if more dapps are released on the EON blockchain using financial transactions as an element, you will also receive rewards from that.

The system the nodes use is called Deposited-Proof-of-Stake (DePoS), which basically is a variation of the Proof-of-Stake rewarding system, the biggest difference being that the deposited amount on the node increases the chance to create/sign blocks more likely.

Concluding

There is much more to explore in both Exscudo and EON, follow me for part 2 coming out soon if you want to know more about the tech behind EON & Exscudo.