In the advent of blockchain technology, some of the most globally active cryptocurrencies such as Bitcoin and Ethereum have skyrocketed in market value since 2017, receiving much attention from the financial industry. Furthermore, blockchain technology has moved from the fringes of society to industry disrupter. Numerous tokens have emerged with various technical improvements to address issues of scaling and hacking, yet as a consumer technology the space has much to improve. The main issues have yet to be solved: daily usability and universal adoption. Today, cryptocurrencies are still unable to be used by the masses. Volatility in price and issues of scaling are the biggest issues the crypto sphere faces today. Despite the technical improvements with newer cryptocurrencies, there still remains a lack of a robust ecosystem which can sustain itself currently the ecosystem is fragmented and difficult to use for both users and developers.
EcoVerse is the first ever self-sustaining ecosystem based on a blockchain network developed for daily usability and universal applicability. It is capable of handling up to a million transactions per seconds with a less than two second transaction finality time. Our objective is to create a cryptocurrency environment in which individuals are offered Equitable opportunities, Contributions justly valued .Rewards properly distributed, All decisions made democratically, Accumulation of wealth with integrity. Many cryptocurrency design teams have not attempted to solve the challenges of self-sustainability. To create an EcoVerse™ ecosystem which maintains long-term self-sustainability, our team focused specifically on incentive compatibility based on the theory of Mechanism Design.
Since Bitcoin’s inception by Satoshi Nakamoto, thousands of cryptocurrencies have been developed with over 1600 of them traded on exchanges today. Surprisingly, very few recent cryptocurrency token projects have been designed to be self-sustaining. Dr. Nicolas Courtois, a cryptographer at University College London, reports how some cryptocurrencies are self-destructive in nature We observe that most cryptocurrencies have mandated abrupt and sudden transitions. These affect their hash rate and therefore their protection against double spending attacks which we do not limit to the notion of 51% attacks which is highly misleading. Moreover we show that smaller bitcoin competitors are substantially more vulnerable. In addition to lower hash rates, many bitcoin competitors mandate incredibly important adjustments in miner reward. We exhibit examples of `alt-coins’ which validate our theory and for which the process of programmed decline and rapid self-destruction has clearly already started. In order to achieve mass adoption for cryptocurrency, self-sustainability remains fundamental. The EcoVerse™ team confronts this issue by introducing the notion of incentive compatibility. From a perspective of incentive compatibility, we analyze why many cryptocurrencies are lead to “rapid self-destruction” as postulated by Dr. Nicolas Courtois. In many cases, the mechanism is built using only one monotonic economic incentive. However, the EcoVerse™ team believes that such methods prevent the mechanism from operating successfully long-term.
coVerse uses a new protocol of consensus for block-formation, AI- DPOC (Artificial Intelligence supported Delegated Proof of Contribution) system. AI-DPOC will facilitate an ecosystem capable of distributing rewards gained from the consensus process, as well as incentivizing all participants in the process.
Currently, PoS allows the centralization of power to a few stakeholders, ultimately meaning whoever has the most money or stake has the most influence over the vote. This remains entirely antithetical to the potential of cryptocurrency which exists to decentralize the current monetary systems which enable the disparity of wealth distribution we see today. Additionally, the EcoVerse platform will support upcoming dApps and utilize a two coin system (TICKERS: ECR and ECX). EcoVerse-X (ECX) is a private token tethered to fiat useful for items/ service charges on the platform to combat volatility. EcoVerse-R (ECR) is a utility token used for platform fees and will be offered during the Initial Coin Offering. Both coins offer a variety of options for the platform user. Today, the crypto world needs a stable ecosystem one that will foster the growth of decentralized digital finance and increase its adoption worldwide. EcoVerse aims to expand the crypto market and create a stable space for cryptocurrencies so people will be able to use it for everyday purposes.
sing AI-DPOC consensus, which adopts the Sharding and Raiden Network, EcoVerse will be able to handle a large number of transactions per second as well as finalize each transaction in seconds. The fatal drawback of most cryptocurrencies is the unequal allocation of incentives to the rich: the rich miners in the Proof of Work or the rich stakeholders in the Proof of Stakes The pattern of larger interests given more control in voting and receiving the most rewards also results in a network which leans toward an oligarchy inclined to collude rather than compete. This results in the minority with the largest interests becoming wealthier and having more power as delegates, earning more tokens as they earn more rewards. With an increasing supply of tokens, the minority gains a proportionally higher share of the vote to be elected, thus repeating a cycle which consolidates the power into the hands of the few powerful delegates. This results in impeding entry of new participants, therefore resulting in a lack of sustainability.
To provide the solution to the problem, the EcoVerse platform uses Artificial Intelligence Delegated Proof of Contribution consensus.AI-DPoC has a similar structure to Delegated Proof of Stake In DPoS, individuals or companies invest heavily to be a network node and become a delegate. Although a BP is elected by participants, it is very difficult to replace one delegate with another. The network and community is heavily dependent on a few individuals, Delegates. On the contrary, nodes in AI-DPOC will be built by the EcoVerse team and donated to the community. The community will form a committee to operate each node. The committee members will be democratically elected. As for the operation of nodes, most of the work will be automated and run by the EcoVerse foundation initially, but Artificial Intelligence when reaching alpha.
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