What Is Ethersocial Network?

Despite their numerous benefits, nearly all cryptocurrencies have shortcomings. EtherSocial intends to develop APIs and management tools that are applicable in real-life situations using the decentralized application protocol.

Challenges Ethersocial Network Seeks To Solve

Ethereum has made significant breakthrough regarding the development of useful DApps, but still faces challenges, which include:

Constant Development

Undoubtedly, regular updates are great from a developer’s perspective. However, the rush to releases constant updates often results in the development of unstable apps. Therefore, it is better to release slower but more stable versions of a DApp.

Inaccessibility

Currently, most development is done at the core of the Ethereum blockchain. This means that general services are left neglected since they are deemed trivial.

Excessive Network Traffic

As the days go by, several projects join the Ethereum blockchain, looking to develop their DApps. This brings about network congestion, an issue that interferes with the execution of smart contracts.

Expensive Charges

The cost of actualizing smart contracts increases as the value of Ethereum increases.

The Ethersocial Network Solution

The EtherSocial cryptocurrency will address the challenges mentioned above through;

Selectiveness

EtherSocial will identify the stable versions of DApps and prioritize their development over other options.

Convenient Usage

General users will receive Graphical User Interface (GUI) management tools to grant them access to the blockchain. Moreover, by providing a language that is familiar to developers, EtherSocial provides a conducive environment for the integration of APIs.

Tokenization

EtherSocial will create an ERC20 complaint utility token which will significantly reduce the usage of other smart contract functionalities. As a result, the blockchain network will have smooth operability.

Ethersocial Network ESN Token ICO Details

Parameters Of The ICO

  • Token Symbol: ESN
  • Token Sale Date: 04/23/1/ – 05/14/18
  • Token Price: 1 ETH = 1,120 ESN
  • Accepted Payment Method: Ethereum

How Ethersocial Network Blockchain Forum App Works

ESN, the utility token for the EtherSocial network, will be used to pay for transactions on the EtherSocial network. There are two types of accounts; an external account which is operated using a private key, and a smart contract account which is run according to the contact rules.

Since the external account lacks a contract code, it requires a signature and a new transaction to send a message. On the other hand, the contact account automatically activates a personal code upon the reception of a message. Once this is done, messages can be sent or contacts can be initiated.

Transaction

Transaction on the EtherSocial network refers to the process of sharing resources over the network. Typically, an EtherSocial transaction involves the following aspects.

  • Recipient
  • The sender’s signature
  • The amount of ESN sent
  • Option data
  • Permitted calculation frequency
  • Calculation fee

In this case, permitted calculation frequency and calculation fees acts as preventive measures against a potential dedicated denial of service (DDoS) attack on the EtherSocial network.

Message

Messages are used to initiate smart contracts in the EtherSocial network. a mseages usually includes:

  • ESN
  • Sender
  • Recipient
  • Option data
  • Permitted calculation frequency

Messages are similar to transactions in every aspect except that they originate from external accounts.

Ethersocial Network Blockchain And Mining

Unlike Bitcoin mining, EtherSocial will include information on block numbers and their corresponding difficulty on the EtherSocial blockchain. Nonetheless, EtherSocial still employs the Proof-of-Work mining consensus, like Bitcoin. During block verification, the smart contacts are created after the execution of contract codes.

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