Emotiq (EMTQ) ICO Review – ICO Token News
Emotiq is a powerful, decentralized blockchain with Proof-of-Stake (PoS) consensus and natural language smart contracts. Emotiq is built on OmniLedger – a distributed ledger conceived by researchers at Switzerland’s École Polytechnique Fédérale de Lausanne (EPFL) that provides horizontal scalability and VISA® and Mastercard®-level throughput, at thousands of transactions per second. The Emotiq blockchain is designed to be scalable, private, and natural; the first through the OmniLedger horizontal scaling, or sharding; the second with non-interactive zero-knowledge proofs, ensuring transaction privacy; and the third with Ring – Emotiq’s plain English smart contract language, enabling non-programmers to create smart contracts that are easy to think about and understand.
Emotiq is the first next generation blockchain to implement OmniLedger technology, a product of groundbreaking research in distributed consensus and decentralized computing. It features high transaction throughput and horizontal scaling via sharding. This is in contrast to vertical scaling, which relies upon increasing the computing resources of individual nodes in the network. Together with OmniLedger and the parallel processing of unspent transaction outputs (UTXO), Emotiq is able to process thousands of transactions per second, at low cost and with an ever-expanding network of nodes.
The blockchain has created a new trust paradigm – immutable, impervious to tampering, and without reliance on third-party intermediaries. The ability to transact securely, however, should not come at the price of confidentiality. By integrating zero-knowledge proofs, Emotiq ensures that only relevant data is visible on the blockchain, while confidential data is kept private.
Scalability and privacy, while essential, are not the toughest challenges of the blockchain. Its accessibility and usefulness are. With Ring, Emotiq’s natural language for smart contracts, non-programmers can easily create smart contracts to satisfy a wide range of agreements and applications and test them interactively. Ring compiles to a lower level Ring virtual machine (VM) which also runs most, if not all, smart contracts written in Ethereum Solidity. Ring is inspired by Zork – a classic interactive fiction computer game – and we intend Ring to be just as fun, exploratory, and open-ended.
Emotiq scales to VISA-level throughput. It features an innovative approach to smart contracts through Ring, Emotiq’s natural, plain English smart contract language, as well as partial compatibility with Solidity to accommodate transitioning projects.
Emotiq will use its considerable expertise to pave a new path for blockchain technology, integrating research-backed technologies and actively tackling existing and future blockchain challenges. We, like many, are convinced the blockchain will change the world, and we’re committed to providing the platform to make that happen.
Natural Smart Contracts
Emotiq reimagines the role of smart contracts. Smart contracts are computer programs that detail the conditions under which a transaction or transfer of ICO tokens will occur, and executes them accordingly. They are the user interface of the blockchain. These computers programs are only readable by computers, however, not humans. On Ethereum, for example, a developer with expertise in Solidity is required to write a smart contract, and even an exceptionally skilled developer may make fatal security mistakes doing so.
This paradigm limits the usefulness of smart contracts and imposes a ceiling on their accessibility. Through Ring, the Emotiq smart contract language, we offer a ground-breaking solution for non-programmers and those obliged to program by necessity. We add a ‘natural language’ layer to make smart contracts readable and usable by humans. Ring, in other words, is smart contracts in plain English.
Child tokens are sub-tokens within the Emotiq ecosystem. While Emotiq has a native token, EMTQ, the platform can also be used to create derivative tokens. EMTQ tokens are used to pay for any resources consumed on the platform (e.g., sending payments, paying for services, or creating child tokens and launching ICOs). EMTQ child tokens are a simpler version of the Ethereum ERC20 token. They’re easy to create, and, coupled with Emotiq’s intrinsic scaling capabilities, can be used for large-scale token generation events and sales. Child tokens can be freely exchanged for EMTQ, enabled through Emotiq’s built-in decentralized exchange (DEX). Emotiq also provides the capability to exchange EMTQ with BTC and ETH via cross-chain atomic swaps.
Horizontal Scaling through Sharding
Blockchains are continuously growing. Vertical scaling, used by Bitcoin, is an unsustainable approach, as the hardware requirements to support larger and larger nodes are untenable. The logical way to scale the blockchain, therefore, is to scale horizontally. This is enabled through sharding. Emotiq builds on top of OmniLedger and features horizontal scalability through sharding. OmniLedger is the first highly scalable distributed ledger that can preserve long-term security under permission less operation, ensuring correctness across large, scalable networks of nodes. Sharding is an innovative approach to load distribution in blockchains. It reduces the time taken to process transactions and increases processing capacity as the network expands – to a target of 5000 transactions per second. Only the nodes that contain the data required to process the transaction need to reach consensus on it, thereby decreasing transaction processing time. This additionally reduces network congestion, lowers transaction costs, and prevents gridlocks.
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- Joel ReymontCEO
- Vladimir LebedevVP of Engineering
- Emma CooperEmma Cooper
- David McClainChief Rocket
- Shannon SpiresAgent Hacker
- Paul TarvydasElectronics
- Mark DavidSenior Software
- Mark EvensonSenior Software
- 1Q 1. 2018
• Strongly consistent, public blockchain;
PBFT atop collective
two parallel blockchains:
• primary (keyblocks,
• UTXO model
- 2Q2. 2018
• All prototype
trust-but-verify transaction validation
• Ring VM
• Lisp smart contracts
• UI console
- 3Q3. 2018
• Sharding via bias-resistant
• Cross-shard commits
• Enhance pBFT performance
under Byzantine denial of service attacks
• Blockchain checkpointing
(state blocks) and
• Ring (natural language)
• UI console with interactive
- 4Q4. 2018
Native EMTQ Token
• MimbleWimble implementation, including secure purging of old and spent transactions
• User-friendly UI for Ring and Emotiq development to