BACKGROUND OF INTEROPERABILITY DEMAND

Legend has it that Alice and Bob are the early adopters of Bitcoin who used Bitcoin for their daily payments, but they probably changed their minds these days. The limits on size and frequency of Bitcoin network make it one of the slowest blockchains to transfer assets on it; however, there are many alternative blockchains has been existing to solve the problem of ‘The Giant’ and function different aspects of life. There is a high chance that Alice has switched to XRP and Bob has switched to Tron, both of which require short transaction time and fees. This, unfortunately, is costly, time-consuming, and risky to some extent as the existing blockchains were built as the separated networks. Alice and Bob have to rely on third parties like centralized exchanges based on trust, that usually suffer from the constant attacks of hackers. There are also some other solutions for them such as atomic swap or quasi-centralization but they seem to just address part of the problem.

THE IDEAS BEHIND EVEN NETWORK

What is Even Network?

Even Network can be described as an intermediary blockchain platform that connects any other blockchains to perform cross-chain transfers, execute smart contracts and run decentralized applications. With the advanced infrastructure of the project, all the listed problems will be resolved in a safe, fast, and affordable manner. The development team has worked very closely to come up to with distinctive mechanisms for the platform.

Utilized technologies

The integration of multiple technologies into the project has resulted in a unique, open, and distributed refined blockchain. To begin with, Even Network will use three sub-layers: Graph Layer, SoDA Layer, and Application Layer to operate the different factors. Firstly, Graph Layer administrates the progress of transactions and smart contracts on the blockchain since they are created. Secondly, SoDA (Safe of Digital Assets) Layer, a distributed storage, assembles the assets and data transferred from other blockchains to Even Network to do cross-chain exchange while ensuring the nodes verifying the transactions are compliant to the network’s protocol. Finally, Application Layer supports the cross-chain execution of decentralized applications by delivering the infrastructure for storage and operation.

Consensus algorithms are also the essential components of Even Network which makes the platform different from the others. Proof-of-Safe-Deposit (PoSD) is one of the mentioned algorithm, whose function is to ensure that the assets deposited to the network will be secured and be reimbursed once there are compromised activities. Additionally, EVEN Proof-of-Stake (EPoS) is developed to encounter the DDOS attacks by controlling the transferred assets of the nodes in the network. Even Foundation also devised Rated DAG (Rated Directed Acyclic Graph). Rated DAG is almost the same as basic DAG lowering transaction time and fees, but it takes the rating of nodes seriously to sort out the fraudulent nodes for transaction validations. Besides these, Cross-chain Interaction Protocol (CIP) algorithm is the core of all the infrastructure. CIP utilizes the notion of SoDA and PoSD to execute the requests for cross-exchanges in four different methods: Exchange via Safe of Digital Assets storage (E-SoDA), Exchange through Multi-Signature Wallet (E-MultiSig), Exchange through Insurance deposits (E-Insurance), and Exchange with atomic swap from Lightning Network technology. On Even Network, nodes will be rewarded if their contributions satisfy the conditions from Even’s Forging mechanism which is somewhat the same as Proof of Stake. They must have their assets blocked on the blockchain when they validate transactions and will receive profits if they are honest.

Bridging worlds

The built-in technologies of Even Network are the necessary tools for the mass adoption of blockchain industry into everyday life. By using the platform to accomplish the small payments for individual purposes or massive payments for businesses with one cryptocurrency or multiple different cryptocurrencies at once, participants will enjoy the extraordinarily fast (200,000 transactions per second) and commission-free P2P exchange with smart contracts integration, which rewards the operators of the nodes who contribute computing power to maintain the system. Addresses owners completely retain control of their access and privacy. Decentralization is achieved with the allowance of low barrier entry, pools resistance, and decentralized polls. While other blockchains only rely on decentralized polls to decide the changes in developments, Even community holds the power to remove the malicious contents that may be either illegal or unethical. Transactions on Even platform are also secured to protect both buyers and sellers thanks to the tools for escrow services creation. However, the concentration of project Even is not just on global payment. Participants are allowed to set up smart contracts for their own businesses to ensure the agreements between parties are executed in a fast, cheap, direct, and convenient way. Additionally, they will benefit from the cloud storage services with complete privacy, competent speed, no subscription no service fee. Moreover, the issuance of digital assets on the platform is available and accessible to every user, even if they have no development skills or the basic knowledge on the aspect. This advantages combined with the network’ compatibility to Internet of Things (IoT) devices allows the establishment of participants’ own economies which will boost the mechanism of their business profitability.

The advantages above are not the only wonderful things that Even Network can offer as it is an open-sourced project. If the project has the ability to attract talented developers to the community, the potentials of this platform will grow exponentially with many and many more real-life use cases.

CONCLUSION

Project Even strives to become a powerful blockchain to connect not just the other blockchains together but also blockchain industry with all other industries. Even Network is stated to involve in multiple different fields as its infrastructure is developed to adopt features expansion. They combine existing technologies with their exclusive inventions to achieve the established goals.

More information about Even Network can be found on its website or whitepaper:

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