The ERON blockchain is a PoS blockchain that is designed to provide a fast, secure, and decentralized platform for transactions and data storage. The blockchain is built on top of a consensus algorithm that ensures that all transactions are secure and immutable. The ERON blockchain also has its own decentralized wallet called ERON Wallet, which enables users to securely store and manage their ERON tokens. Additionally, the blockchain has its own centralised exchange called ERONbit, which enables users to easily trade their ERON tokens for other cryptocurrencies and its own decentralised Swap, called ERON swap.
The process of developing an innovative, scalable public blockchain system must effectively handle a number of issues:
1. Full decentralization: By doing away with the need for any trusted third party, eliminating any single point of failure;
2. Robust security: By allowing secure transactions and preventing any attacks based on known attack vectors;
4. High scalability: By enabling the network to achieve performance at least as good as the centralized counterpart, as measured in TPS;
5. Efficiency: By performing all network services with the least amount of energy and computational resources;
6. Cross-chain interoperability is mandated by design and allows for limitless contact with external services.
7. Bootstrapping and storage augmentation ensure competitive costs for data storage and synchronization.
We developed ERON as a complete reimagining of public blockchain infrastructure, specifically built to be secure, effective, scalable, and interoperable, starting from the aforementioned difficulties. ERON's primary contribution is based on two fundamental pillars:
1. Secure Proof of Stake consensus mechanism: an improved version of Proof of Stake (PoS) that ensures long-term security and distributed fairness while obviating the need for power-intensive PoW algorithms.
2. A genuine State Sharding approach: effectively dividing the blockchain and account state into multiple shards, handled in parallel by different participating validators.
The ERON coin is the native cryptocurrency of the ERON blockchain. It has a total supply of 100,000,000 tokens, with 18 decimals. The ERON coin has several unique features that set it apart from other cryptocurrencies on the market. One of these features is the burn fee of 1%. This fee is applied to every transaction, and it helps to reduce the overall supply of ERON tokens over time. This can help to prevent inflation and ensure that the value of the ERON token remains stable over time.
Another unique feature of the ERON coin is the marketing fee of 2%. This fee is used to promote the ERON blockchain and increase its adoption. The marketing fee is used to fund various marketing initiatives, such as advertising campaigns, sponsorships, and community events.
Staking algorithms are an essential part of Proof-of-Stake (PoS) blockchains. They determine how network participants are selected to validate transactions, create new blocks, and earn rewards. Different PoS blockchains use different staking algorithms, each with their own strengths and weaknesses. In this section, we'll discuss the most common staking algorithms used in PoS blockchains and how they relate to the ERON blockchain.
Delegated Proof-of-Stake (DPoS) is a staking algorithm used by several PoS blockchains, including EOS and Tron. DPoS uses a small number of elected validators, or "delegates," to validate transactions and create new blocks. Delegates are typically chosen by token holders, who can vote for the delegates they trust to secure the network.
The top delegates are then given the responsibility of creating new blocks and are rewarded with transaction fees and newly minted tokens.
One of the benefits of DPoS is that it is highly efficient, as it allows a small number of trusted validators to validate transactions and create new blocks. However, it can also lead to centralization, as the elected delegates may have too much power and control over the network.
Pure Proof-of-Stake (PPoS) is a staking algorithm used by some newer PoS blockchains. PPoS allows all token holders to participate in block validation and rewards distribution, without the need for elected delegates. Token holders are randomly selected to validate transactions and create new blocks, based on the number of tokens they hold and the length of time they have been staking.
PPoS is designed to be more decentralized than DPoS, as all token holders can participate in block validation and rewards distribution. However, it can also be less efficient, as the random selection of validators may slow down the network and make it more difficult to reach consensus.
Hybrid Proof-of-Stake (HPoS) is a staking algorithm that combines elements of DPoS and PPoS. HPoS allows both elected delegates and random validators to participate in block validation and rewards distribution. This allows for a balance between efficiency and decentralization, as the elected delegates can handle the majority of block validation, while random validators can provide additional security and diversity to the network.
The ERON blockchain uses a variation of the PoS staking algorithm. The algorithm uses a combination of fixed validators and random validators to validate transactions and create new blocks. The fixed validators are selected by the ERON development team and are responsible for the majority of block validation. The random validators are selected based on the number of tokens they hold and the length of time they have been staking, and are used to provide additional security and diversity to the network.
The ERON staking algorithm is designed to be efficient and decentralized, while still maintaining a high level of security and stability. The use of fixed and random validators ensures that the network is able to handle a high volume of transactions, while also providing a fair and equitable rewards distribution system for all token holders.
Byzantine Fault Tolerance, also known as pBFT, is a consensus algorithm that can be used in Proof of Stake (PoS) blockchains to ensure finality of transactions. Finality in this context means that once a block has been added to the blockchain, it cannot be reversed or changed.
The pBFT algorithm works by requiring a certain number of validators (also known as "replicas") to agree on a proposed block before it can be added to the blockchain.
This agreement is reached through a series of rounds, in which validators send messages to each other in order to reach a consensus on the proposed block.
In the first round, the primary validator proposes a block and sends it to the other validators.
The other validators then send their votes on the proposed block to each other.
If a certain threshold of validators agree on the proposed block, the block is considered "pre-committed" and moves on to the next round.
In the next round, the validators repeat the process, sending messages and votes to each other until a consensus is reached.
Once a consensus is reached, the block is considered "committed" and is added to the blockchain.
Because all validators have agreed on the block, it is considered final and cannot be reversed.
pBFT provides a high level of security and finality in PoS blockchains because it requires a large majority of validators to agree on a proposed block before it can be added to the blockchain.
This means that even if a small number of validators are malicious or fail to participate in the consensus process, the network can still reach a consensus and maintain the integrity of the blockchain.
ERON makes the assumption that at least 2/3 of the nodes + 1 of a shard's eligible nodes are trustworthy in a byzantine fault tolerence model. The protocol allows for the presence of adversaries that have a stake or a high rating, send messages slowly or inconsistently, compromise other nodes, have bugs, or cooperate with one another, but the protocol can still reach consensus as long as 2/3 of the nodes + 1 of the eligible validators in a shard are honest and not compromised.
The protocol assumes highly adaptive attackers, who can only evolve during the span of a round. The cryptographic presumptions provided by the security level of the selected primitives hold securely inside the complexity class of problems that can be solved by a Turing machine in polynomial time since the computational capability of an opponent is constrained.
It is believed that the network of trustworthy nodes forms a well-connected graph and that the propagation of their messages occurs within a certain finite amount of time.
Just like any Pos blockchain, we have had to take into account attackers and how to become less vulnerable to it, besides being protected by the byzantine fault tolerence.
Some of the issues we have taken into account are below, but they are not limited to it:
1) Sybil attacks are reduced by locking stakes when a user joins the network. In this manner, the price of creating new identities is equivalent to the lowest stake;
2) Nothing at stake: eliminated by requiring numerous signatures—not just the proposer—and by lowering the stake.
Such conduct will be discouraged by the payout every block relative to the stake locked;
3) Long-range attacks are reduced by our pruning method, the usage of a consensus group chosen at random (rather than simply a single proposer) each round, and stake locking. The normal PoS PBFT consensus algorithm ensures finality in addition to all of these.
Below is a representation of how ERON blockchain is preventing nothing-at-stake attacks:
Sharding is a process used by ERON blockchain to improve scalability by dividing the data into multiple shards, or partitions.
This allows the network to process more transactions in parallel, increasing throughput and reducing latency. Sharding is also used to increase network security and privacy, as data is split into smaller pieces, making it more difficult for attackers to gain access to all the data.
The staking mechanism in the ERON blockchain implies the following steps:
The number of shards required for a PoS blockchain depends on the size and complexity of the network. Currently ERON blockchain has 8.
Each node in the network is assigned to a single shard based on its stake in the network.
Nodes with larger stakes are assigned to higher priority shards.
The priority of the shards is determined by their delegated staking weight.
The more staking weight a node has, the higher priority shard it is assigned to.
A validator set is assigned to each shard through a process known as shard assignment.
This process involves assigning a subset of validators to each shard in order to ensure that the network remains secure and efficient.
The validators chosen for a shard are usually based on their reputation, financial resources, and technical capabilities.
The validators must then be approved by the consensus algorithm before they can participate in the shard.
The validators are then responsible for verifying transactions and producing blocks within the shard.
A leader for each shard in a PoS blockchain is typically assigned by the validator set.
The validator set elects the leader based on their stake in the system, which is determined by the amount of coins they have staked.
The leader is responsible for proposing new blocks and is incentivized to do so by earning rewards from the block reward and from transaction fees.
Additionally, the leader is responsible for verifying the transactions and ensuring they conform to the set of rules.
The ERON Blockchain consensus algorithm is Practical Byzantine Fault Tolerance (PBFT).
PBFT is a consensus algorithm that is widely used in distributed systems and can be used for sharding in PoS blockchains.
PBFT provides a way for the nodes in the shard to reach consensus on a certain action by comparing the messages sent by each node in the network.
The algorithm works as follows:
a. Each node in the shard sends a message to all other nodes in the shard.
b. Each node compares the messages sent by all other nodes in the shard.
c. If a majority of the messages agree on a certain action, the action is accepted.
d. If a majority of the messages do not agree on a certain action, the action is rejected.
e. If there is a disagreement among the messages, the nodes in the shard can vote on the action.
f. The action is accepted or rejected based on the outcome of the vote.
This is a visual diagram of how ERON blockchain is designed to work and use PBFT to prevent attackers.
A block reward for each shard in a PoS blockchain is assigned based on the amount of staking coins held by the validator in that shard.
The more coins a validator holds in a shard, the more rewards they are eligible to receive for that shard.
Staking rewards are also assigned based on the amount of coins a validator holds in a shard.
The total amount of rewards a validator can earn in a shard is the sum of the block reward and the staking rewards.
The transaction rules for each shard in the ERON blockchain are the following:
a. Transactions must be valid and follow consensus rules.
b. Transactions must be signed by the sender.
c. Transactions must include a valid fee.
d. Transactions must be confirmed by a validator.
e. Transactions must be validated by the shard leader.
f. Transactions must include a valid gas limit.
g. Transactions must include a valid nonce.
h. Transactions must include a valid block height.
i. Transactions must include a valid sender address.
j. Transactions must include a valid recipient address.
The communication protocol between different shards in a PoS blockchain is designed to ensure secure, reliable, and efficient communication between the shards.
The protocol is also designed to ensure that each shard is able to process transactions quickly and accurately.
The communication protocol includes a mechanism for authenticating messages, a mechanism for verifying the integrity of messages, a mechanism for ensuring that messages are not tampered with, a mechanism for ensuring that messages are sent and received in a timely manner and a mechanism for ensuring that messages are not lost in transit.
Additionally, the protocol includes mechanisms for detecting and responding to malicious activity and for preventing double-spending.
a. Establish a shared ledger between the different shards.
b. Design a consensus algorithm for the shared ledger.
c. Assign a validator set for the shared ledger.
d. Assign a leader for the shared ledger.
e. Design a communication protocol between the different shards.
f. Design a mechanism for validating transactions between shards.
g. Establish a system for transaction fees and gas prices.
h. Establish a system for block rewards and staking rewards.
i. Monitor the performance of the shared ledger to ensure it is operating efficiently.
The system for transaction fees and gas prices in a Proof-of-Stake blockchain is based on the amount of staked coins held by the user.
The higher the amount of coins held, the lower the transaction fees and gas prices for that user.
In the ERON blockchain, the block rewards and staking rewards system is designed to incentivize the validators who secure the network by validating transactions.
A validator is rewarded with a block reward for creating a new block on the blockchain, as well as a staking reward for staking their coins as collateral to secure the network.
The block rewards and staking rewards are distributed in the native cryptocurrency of the blockchain - ERON.
The performance of each shard will be monitored privately using the below consensus diagram:
The current ERON BSC contract has the following tokenomics:
Contract address: 0x5B858f8f2369220bc840c06E0bFb9C2742879480
Company Wallet: 450.000.000.000
Charity wallet: 250.000.000.000
Marketing Wallet: 150.000.000.000
Team Wallet: 150.000.000.000
In order to prevent arbitrage trading, we have decided to raise the taxes on DEX trading.
Buy Tax: 15%
Sell Tax: 15%
Due to the migration from PoW to PoS, we are denominating the ERON coin on BSC and deploying ERON coin on ERON blockchain.
The future contracts for ERON coin have the following distribution:
Total supply: 100.000.000 ERON - on all blockchains combined.
Charity wallet: 20.000.000 ERON
Team wallet: 15.000.000 ERON
Marketing wallet: 5.000.000 ERON
Incentives wallet: 5.000.000 ERON
Blockchain: 55.000.000 ERON
1% charity fee
1% marketing fee
1% burn fee