eMARKET RELATIONS: EtherInc ICO Review

Tuesday, 19 June 2018

EtherInc ICO Review

Overview:

The intent of EtherInc is to create an alternative protocol for running decentralized organizations and building decentralized applications, providing a different set of tradeoffs that we believe will be very useful for a large class of decentralized applications, with particular emphasis on situations where rapid development time, security for small and rarely used applications, and the ability of different applications to very efficiently interact, are important. EtherInc does this by building what is essentially the ultimate abstract foundational layer: a blockchain with a built-in Turing-complete programming language, allowing anyone to write smart contracts and decentralized applications where they can create their own arbitrary rules for ownership, transaction formats, and state transition functions. A bare-bones version of Namecoin can be written in two lines of code, and other protocols like currencies and reputation systems can be built in under twenty. Smart contracts, cryptographic “boxes” that contain value and only unlock it if certain conditions are met, can also be built on top of the platform, with vastly more power than that offered by Bitcoin scripting because of the added powers of Turing completeness, value-awareness, blockchain-awareness, state, and exchanges.

Introduction:
Satoshi Nakamoto’s development of Bitcoin in 2009 has often been hailed as a radical development in money and currency, being the first example of a digital asset which simultaneously has no backing or “intrinsic value” and no centralized issuer or controller. However, another, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly starting to shift to this other aspect of Bitcoin. Commonly cited alternative applications of blockchain technology include using on-blockchain digital assets to represent custom currencies and financial instruments (“colored coins”), the ownership of an underlying physical device (“smart property”), non-fungible assets such as domain names (“Namecoin”), as well as more complex applications involving having digital assets being directly controlled by a piece of code implementing arbitrary rules (“smart contracts”) or even blockchain based “decentralized autonomous organizations” (DAOs). What EtherInc intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create “contracts” that can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing up the logic in a few lines of code. If you wish to grab more information on ICO planning guide, then click on our page.

EtherInc Accounts:
In EtherInc, the state is made up of objects called “accounts”, with each account having a 20-byte address and state transitions being direct transfers of value and information between accounts. An EtherInc account contains four fields:
The nonce, a counter used to make sure each transaction can only be processed once
The account’s current ETI balance
The account’s contract code, if present
The account’s storage (empty by default)
“ETI” is the main internal crypto-fuel of EtherInc, and is used to pay transaction fees. In general, there are two types of accounts: externally owned accounts, controlled by private keys, and contract accounts, controlled by their contract code. An externally owned account has no code, and one can send messages from an externally owned account by creating and signing a transaction; in a contract account, every time the contract account receives a message its code activates, allowing it to read and write to internal storage and send other messages or create contracts in turn. Note that “contracts” in EtherInc should not be seen as something that should be “fulfilled” or “complied with”; rather, they are more like “autonomous agents” that live inside of the EtherInc execution environment, always executing a specific piece of code when “poked” by a message or transaction, and having direct control over their own ETI balance and their own key/value store to keep track of persistent variables.

EtherInc State Transition Function:
The EtherInc state transition function, APPLY(S,TX) -> S’ can be defined as follows:
Check if the transaction is well-formed (ie. has the right number of values), the signature is valid, and the nonce matches the nonce in the sender’s account. If not, return an error.
Calculate the transaction fee as STARTGAS * GASPRICE, and determine the sending address from the signature. Subtract the fee from the sender’s account balance and increment the sender’s nonce. If there is not enough balance to spend, return an error.
Initialize GAS = STARTGAS, and take off a certain quantity of gas per byte to pay for the bytes in the transaction.
Transfer the transaction value from the sender’s account to the receiving account. If the receiving account does not yet exist, create it. If the receiving account is a contract, run the contract’s code either to completion or until the execution runs out of gas.
If the value transfer failed because the sender did not have enough money, or the code execution ran out of gas, revert all state changes except the payment of the fees, and add the fees to the miner’s account.
Otherwise, refund the fees for all remaining gas to the sender, and send the fees paid for gas consumed to the miner.

EtherInc Advantages:
eInc Blockchain was created as a fork of the Ethereum Blockchain, with replay protection, and hence, has all the capabilities of the Ethereum blockchain with some of our own enhancements, and powerful inbuilt dApps that run on this blockchain.
We improved the Ethereum Blockchain by:
reducing block time from 15s to 6s
increasing network transaction per second by 2.5x
increasing transaction confirmation speed by 2.5x
increasing miner reward by 2.5x
removing uncle reward
implementing finite supply for mineable coins
eInc Coin Sale
Coin name EtherInc Coin
Coin symbol ETI
Total coin supply 997,528,142
ETI Total coins in coin sale 450,000,000
ETI Pre ICO sale starts 07 May 2018
Pre ICO sale ends 15 May 2018
ICO sale starts 25 May 2018
ICO sale ends 25 June 2018

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