Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.
Combining a unique set of features, the new blockchain-based bank EULO will tackle the key problems of existing public decentralized networks.
With the ongoing economic and scientific progress, such issues as high transaction costs, insufficient credit resources, data vulnerability, and lack of trust between enterprises and individuals, become more acute. Due to its multiple benefits, the blockchain technology is capable of transforming today’s society, removing uncertainly and making it simpler to trust social relations.
While blockchain is yet in the early stage of development, new types of public distributed ledger systems, consensus mechanisms, cross-chain strategies, and expansion schemes, are constantly emerging.
However, the community has not yet reached a consensus on how to build an efficient underlying system of blockchain that could be commercially deployed on a large scale. Developers of decentralized platforms are faced with some serious challenges like consensus mechanism, decentralization, insufficient expansibility, difficult development, and low transaction speed, among others.
Another major concern is an extreme cryptocurrency volatility, which can even exceed 1,500% for some coins. The instability of prices depends greatly on such fcators as speculative activity, hacker attacks, mining centralization, and blockchain supervision loopholes.
EULO is a new project that wants to address the main issues of current public blockchains. The startup has developed a new decentralized blockchain-powered bank that will solve the problem of volatility in the crypto market and reduce barriers to entry for traditional investors.
“As a representative of public blockchains in the era of Blockchain 3.0, EULO features favorable anonymity and the ability to confirm the transaction in one second, so that it provides the excellent customer experience in the large-scale commercial DAPP,” the project’s website reads. “Moreover, its unique chain world bank based on smart contract can complete the appreciation and hedging of assets.”
Using the PoW + PoS consensus mechanism, EULO guarantees high speed of transactions that can be confirmed in one second. To overcome the problem of long-time block confirmation, the company built a double-layer network for transaction confirmation, constructed by master node and super node, and modified the underlying network transport protocol to cut block confirmation time.
“PoW is used to generate and distribute EULOs. The total amount of EULOs is constant, at 21 billion, adopting PoW mining, similar to the network mining of Bitcoin. The Bitcoin network has been operating for nearly ten years without obvious problems, and its PoW consensus mechanism and the economic model based on it are more robust than other consensus mechanisms,” EULO noted.
The platform uses zero knowledge proof that ensures data anonymity, keeping it secure and private. All information owned by an individual can be used and exchanged without exposing privacy.
Besides, EULO has integrated the oracle machine design and built decentralized bank to prevent the impact of price fluctuations in the crypto market on traditional investors.
“Through the exchange rate locking function of the blockchain-based bank, the investors can obtain a 6% annualized return for US dollars, a 2% annualized return for Bitcoin, and reduce the effect of drastic fluctuations of digital currency market on investors. The risk is lower and more controllable, and the participation threshold of traditional investors is also lowered,” the company explained.