EULO Blockchain Bank Seeks to Solve the Major Public Decentralized Network Issues
Blockchain-Based Bank EULO to Solve the Major Issues Affecting Public Decentralized Networks
Blockchain technology has been able to solve ongoing scientific and economic issues, including high transaction cost, lack of trust between individuals and enterprises, data vulnerability, and insufficient credit resources.
While the technology is still in its infancy, we have seen many types of projects around public distributed ledger systems, expansion schemes, cross-chain strategies, and consensus mechanisms constantly emerging.
But one thing remains a fact: the community hasn’t yet reached a consensus on how to develop an efficient blockchain that can be deployed commercially in large scale! Why? Developers of these platforms are usually faced with a number of serious challenges, including the extremely volatile cryptocurrencies, which even exceed 1,500% for some digital assets.
EULO has made some crucial steps in order to address the major problems that are affecting the current blockchains. The company has come up with a new decentralized blockchain-powered bank, with the aim of solving the issues of volatility of the cryptocurrency market, as well as reducing the entry barriers for traditional investors.
The project’s website reads that:
“As a representative of public blockchains in the era of Blockchain 3.0, EULO features favorable anonymity and the ability to confirm the transaction in one second, so that it provides the excellent customer experience in the large-scale commercial DAPP…….“Moreover, its unique chain world bank based on smart contract can complete the appreciation and hedging of assets.”
Utilizing PoW and PoS Consensus
EULO uses the PoW + PoS consensus mechanism to guarantee its users incredible speeds when making transactions. To overcome the issue of prolonged block confirmations, EULO built a double layer network to cut block confirmation time. The company’s website notes that:
“PoW is used to generate and distribute EULOs. The total amount of EULOs is constant, at 21 billion, adopting PoW mining, similar to the network mining of Bitcoin. The Bitcoin network has been operating for nearly ten years without obvious problems, and its PoW consensus mechanism and the economic model based on it are more robust than other consensus mechanisms.”
Moreover, EULO has integrated the design of oracle machine, building decentralized bank to help counter the impact of price fluctuations for traditional investors. The company explains that:
“Through the exchange rate locking function of the blockchain-based bank, the investors can obtain a 6% annualized return for US dollars, a 2% annualized return for Bitcoin, and reduce the effect of drastic fluctuations of digital currency market on investors. The risk is lower and more controllable, and the participation threshold of traditional investors is also lowered.”