EtherLite Sets Big Goals of Building a Better Blockchain Forking Ethereum

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Undoubtedly, one of the most talked-about events in the entire cryptocurrency industry is the upcoming upgrade of Ethereum.

Called Ethereum 2.0, it promises to solve some of the pressing issues that the network is currently facing – sky-high transaction fees, questionable scalability, and slow transaction processing speeds.

While Vitalik Buterin said that the network could scale 100x in a few months, gas fees remain excessively high with every new trend that flocks the smart contract platform.

With this in mind, EtherLite comes with a proposition to improve it and provide a fast, secure, and cheaper environment for those who wish to build decentralized applications.

EtherLite – What is it all About?

EtherLite brings forward a blockchain platform that’s built with efficiency in mind. It’s entirely compatible with the tooling of Ethereum and the Web3 technology stack, and it already runs on a Proof of Stake (PoS) consensus algorithm.

As mentioned above, Ethereum 2.0, also referred to as Serenity, promises to bring Proof of Stake and other innovations to the ecosystem, but the release date is unknown. EtherLite, on the other hand, already uses the PoS consensus algorithm and provides an available solution to the scalability issues currently faced by Ethereum – this creates opportunities for lower transaction costs, delegated staking, and high transaction speeds.

EtherLite is currently supported by POS Contracts and OpenEthereum. It runs on a fully compatible chain based on an EVM which allows for mainnet interoperability and greater efficiency, lower fees, configurability, etc.

The network is live on Ethereum’s mainnet, enabling interoperability between all the blockchains based on the EVM.

Some of EtherLite’s Features

As mentioned above, EtherLite is compatible with Ethereum’s web3js interface API. This suggests that the website or service interacts with the ETH network.

Web 2.0 generally relies on users to create the value the owner or host can reap the benefits from. Web 3.0, on the other hand, seeks to empower the user and recapture the value they create. This is why decentralized applications (dApps) are built on decentralized P2P networks instead of being run by a company – they are virtually operated and maintained by their users, and EtherLite seeks to capitalize on it.

In addition, EtherLite provides quick block times of approximately 3 seconds as it runs on Proof of Stake. It’s a highly scalable consensus algorithm that’s considerably more efficient than Proof of Work and more distributed than Proof of Authority.

The POS consensus engine also provides for faster transaction finality.

The network is also compatible with existing tools such as Truffle, Metamask, Remix, Clients, and so far – all of which are also used by the Ethereum blockchain.

Last but not least – it’s also compatible with the Ethereum Virtual Machine (EVM). This allows for the creation of a level of abstraction between the executing code and the executing machine. This layer is designed to guarantee the portability of the software and also ensures that applications are separated from one another and from their host.

The ETL Token

ETL is the native cryptocurrency of the entire EtherLite ecosystem. Whatever happens in EtherLite, ETL is used for it.

It’s used to secure the network in a way where the Proof of Stake algorithm requires validator nodes to stake at least 100,000 ETL. In return, they receive fees and rewards for their services.

The ETL token is also an essential part of the network’s governance. Basically, ETL is used to run the on-chain governance mechanisms where holders are allowed to vote on the future of the network.

It’s also used for sending and receiving payments thanks to the network’s quick transaction finality, high throughput, as well as low fees. The network fees are also paid in ETL.

As an interesting fact about the entire EtherLite ecosystem – it was featured on the landmark Burj Khalifa building in Dubai. Being one of the most iconic and impressive buildings in the entire world, this does show the effort behind the project. Not only this, but it also voices the strides within the entire industry, pushing the ecosystem forward altogether.

In addition, the team is currently conducting one of the biggest initial bonding curve offerings (IBCO) in the industry. It started on May 15th.

IBCOs are created to solve the challenges of ICOs by using bonding curves on different decentralized exchanges such as Uniswap. The main idea is for a project to issue its tokens directly on a dex by creating a market and providing collateral to a pool of bonding curves. The tokens are minted and burned according to a bonding curve where they will be created only if someone buys them at market prices – they will be burned if they are resold to the bonding curve itself, decreasing supply and price.

This way, the price is not established arbitrarily, but it is determined by the market.