BANGKOK, THAILAND / ACCESSWIRE / July 10, 2020 / The ECOC Oracle System Creates and Promises One of the Best High-performance and Decentralized Platform of the Blockchain Network.
Due to the exponential growth and success of ECOChain in delivering as promised, the public chain company has not just gained the full support of the Thailand government but is now the largest blockchain company in Thailand. Since its inception and launch in 2017, the ECOChain community continues to grow. It has expanded to a dozen countries, including Thailand, Korea, Vietnam, Japan, China, Philippines, Indonesia, Russia, and the United States.
The third-generation high-performance public chain is designed and equipped with valuable features that are predicted to disrupt the inefficient and outdated services in the crypto-industry. The ECOC Oracle System is a significant leap forward in the blockchain technology application.
With a sole aim to boost the use of Oracle in the blockchain ecosystem, ECOC also finalised about the mechanism which incentivizes rational oracle, to be honest, may solve the oracle problem onchain, which help everything to be settled on the first layer i.e. ECOC. This research will help the blockchain community to adopt the usage of oracles during DApps implementation.
The ECOC said to have a consensus mechanism for oracles to guard the change of the internal state of the smart contract. The idea is to have blockchain as the first layer to make sure data is accurate, then granting permission on the smart contract.
The dedication of the ECOC team and advisors is reflected on how successful the public chain company has grown, achieving each milestone as it goes. From the launching of ECOC itself, the company has been able to solve the industry’s high transaction processing speed requirements (560 TPS). Solved the problems of data storage and application, including issues related to sharing, forging, source traceability, and high costs.
ECOC has anchored the cross-chain feature of smart contracts, and also solved the high storage requirements of application scenarios (block size is 4MB), built convenient tools for application development in the technical field (Turing completeness), and achieved high output (TpS).
Based on its Bitcoin and Ethereum, ECOC is said to adopt the PoS consensus algorithm, adhering to the most basic decentralized spirit of the blockchain. This decentralization allows for greater flexibility, a trustless/full permissionless system, and a lowered risk of systemic failure.
“ECOchain is a fast, and eco-friendly permissionless public chain that is truly decentralized. The chain has a short block creation time (32 seconds) and also offers high on-chain transactions per second (560 TpS). For smart contracts, ECOchain runs Ethereum Virtual Machines (EVM), making easy the development as solidity is a well-known language by blockchain developers.”
As mentioned above, the ECOC has powerful performance and has proven to solve several application scenarios. The third-generation high-performance public chain has reached multiple achievements in the field of application and is looking to make even more advancements in the world of cryptocurrency.
Looking to set the pace in the financial market and blockchain industry at large, ECOC guarantees a more transparent and secure platform. By integrating blockchain and alleviating the problem of information asymmetry, information is more user-controlled and tightly secure.