The team that is working on this project want to develop a project based on a PoS blockchain that uses two tokens: GOLD token and EGD token. When you transfer GOLD tokens, the transaction is added to a block.
The EGOLD validator will get a fraction of the transaction as the reward for validating the block. Block validators will utilize the EGD token as the stake to validate blocks. The more EGD tokens a validator earns the more GOLD fees they get.
Basic Features Of The EGOLD Blockchain
Anybody can become a validator on this blockchain. All you need to do is have the EGOLD software on your computer to start.
PoS Consensus Algorithm
The EGOLD blockchain will use the PoS consensus, which is less resource-intensive than the PoW. Every block validator will utilize EGD as that stake for validation. The validator will get the GOLD tokens as their reward. Each reward is paid at the time of block validation.
GOLD or EGD token emission cannot occur during block validation. Adding other tokens on top of the blockchain can only be possible by forking the code.
In the first version, there will be no custom tokens or smart contracts. However, this will evolve with time.
Why Create A Unique Blockchain?
The custom blockchain will be safer than Ethereum since it does not use the Turing-complete smart contracts. Besides that, it will not allow the addition of custom tokens and it will have a high throughput. Besides that, it will be protected from DDoS since each GOLD transaction will require a small fee, just as Gas used in Ethereum.
The Problems PoS Solves
PoS system is secured against issues like “Nothing-at-stake” and long-range attacks.
Nothing-at-stake arises because PoS miners adopt a strategy of mining on all forks since blocks are cheap to mine. In such a case, when on fork fails, the validator will not lose anything. In PoW, miners will get the best rewards by being on the main chain. Miners will be incentivized to put all the hashing power on that chain.
Splitting the hashing power will reduce potential rewards they could get. The long-awaited Casper PoS algorithm will fix Nothing-at-stake by requiring that validators commit a deposit. If the validator is found to be cheating, they lose the deposit.
Long Range Attack
When a PoS is naively implemented, the attacker has 1% of the coins after the genesis block, the attacker can start their own chain and begin mining. Although the attacker is selected for producing a block just 1% of the time, they can make 100 times as many blocks. Thus, they can create a longer blockchain in this way.
Token Sale Details
- June 25, 2018 – July 10 (30% bonus)
- July 10 –July 27 (20% bonus)
- Number of tokens for pre-sale: 13,000,000 EGD (13%)
- Tokens price: 1 EGD = 0.09 USD
- Acceptable currencies: ETH, BTC
- Minimal transaction amount: 300 EGD (27 USD)
- Soft Cap: 1,300,000 USD
- Hard Cap: 6,000,000 USD
- Total tokens: 100, 000,000 EGD
- August 1, 2018 – October 1, 2018