EON blockchain in a nutshell

The term EON is generally applied to:

  • A token residing on top of its own blockchain;
  • The blockchain itself.

The blockchain, in its turn, is a digitized, decentralized, public ledger of all EON token transactions ever made. EON runs on its own technologies based on proprietary algorithms of transactions confirmation and new blocks creation. The technology is different from other blockchains, specifically Bitcoin. The differences are explained in this article.

Blocks

In EON blockchain, blocks are created by a verification of transactions that have not yet been confirmed. Once transactions are confirmed (and therefore validated), a new block is created and added to the end of the blockchain.

The main idea behind the validation process is to confirm the sequence in which transactions occurred, the integrity of each transaction, as well as to verify that the person who is responsible for creating a new transaction is actually the genuine owner. The latter is verified by checking the digital signature using public/private key pair, so that it can be proved that this particular user is in fact the rightful owner possessing the unconditional rights to perform such a transaction and actually having the required amount of cryptocurrency available on his/her deposit account, and furthermore, that a transaction of the exact same kind has not been performed earlier at any point in time.

Peers

In EON, a new block is created by an entity called peer. A peer is an application that is running on a server that belongs to the peer-to-peer network. It is the peer who is responsible for processing the above verification. There are no limitations to the maximum allowed number of servers within the network whatsoever. Therefore, there can be any number of peers running on the servers - one peer per server.

Opposed to the Bitcoin blockchain, there is no such thing as broadcasting when creating a new block in EON blockchain. Instead, a peer requests other peers to provide it with an actual chain of blocks. Even though this approach helps to reduce the amount of traffic, it requires all peers to be online over the Internet so that the actual blockchain can be obtained by others.

Mining

EON does not suggest any mining involved: all transactions are confirmed every three minutes by peers, not miners. EON employs the Proof-of-Stake (PoS) concept, not the Proof-of-Work (PoW) concept.

Advantages of EON blockchain

Flexibility and effectiveness

In EON blockchain, less critical data like pictures are stored outside, lowering the load of a platform and thus providing for flexibility and effectiveness.

Security

To provide security for EON technology, the NaCl library is used. The algorithm of the electronic signature Ed25519 is used as a quick and strong option on the elliptical curves of EdDSA. This way, EON blockchain is secure against known types of cyber attacks.

Digital asset

Not only is EON a technology used to solve the problem of the security of the interactions of external services and the exchange, but also a digital asset with a fixed emission. EON blockchain is transparent as can be, being totally reliable to be used as a digital asset.

Proprietary code

Not all elements of EON are public and accessible. The projects have been divided into public and private, which makes EON applicable in banking, insurance, and financial sectors. At the same time, all elements of the platform related to transactions processing, remain open.


Decentralization

In EON, every user becomes a part of the network running his own peer instance.

Scalability

In the architecture of EON technology, there is a large potential for scalability. EON is designed in a way that keep the core small even with a severe load and a large number of transactions. All information that could potentially lead to the fast growth of the blockchain, remains outside of the system.

Blockchains: EON vs. Bitcoin

Feature_

EON

Bitcoin

Algorithm

PoS

PoW

Mining

No

Required

Transaction confirmation time, [minutes]

3

20-30

Validation

Depends on the funds of a peer

Depends on computing power

Requirements for a successful attack

51% of tokens

51% of computing power

Transaction fees

Lower

Higher