Introduction to EktaChain Mainnet
Introduction to EktaChain Mainnet
The EktaChain Mainnet is based on Hyperledger Besu technology to allow for the building of secure, high-performance transaction processing in a public network.
EktaChain is built on open-source Ethereum client technology that implements Enterprise Ethereum Alliance (EEA) specifications. First developed under the Apache 2.0 license, EktaChain is built using Java language and compatible for deployment on Ethereum public or private networks. EktaChain has a replica testnet network for partners and developers integration and product testing.
By offering blockchain solutions that are easily implemented, Ekta can significantly improve the performance, efficiency, and employment of business processes.
EktaChain Performance Benchmark
- 400 TPS with 16 nodes
- Speed and efficiency are increased as more nodes begin operating
EktaChain implements Proof of Authority (POA) - QBFT (Quorum Byzantine Fault Tolerant) consensus mechanisms and supports enterprise features including privacy and permissioning.
QBFT consensus protocol was chosen due to the following factors.
- Speed - For QBFT the time to add new blocks increases as the number of validators increases when the number of validators increases above 40 nodes. EktaChain currently has 16 validator nodes with no plans to go above 40 nodes.
- Immediate finality, QBFT consensus has immediate finality and guarantees that there are no forks and all valid blocks get included in the blockchain.
- Liveness - QBFT consensus networks require greater than or equal to two-thirds of validators to be operating to create blocks.
- Power efficiency - With validator node numbers capped at 40 nodes or lower, EktaChain is among the most power efficient chains running
Ethereum clients are software applications containing Ethereum Virtual Machine (EVM) protocols. This software ensures data is accurately captured and securely stored. The various Ethereum clients all use different programming languages such as Java, C#, Go, and Rust. All Ethereum clients have a custom-developed execution environment specifically for processing blockchain transactions.
As previously mentioned, EktaChain operates on the Enterprise Ethereum Alliance (EEA) specification. EEA serves as the standard benchmark for common-interface development between various projects (both open and closed) on the Ethereum network.
Proof of Authority - Proof of Authority (PoA) is a consensus mechanism that requires a validator to stake their reputation. PoA is highly efficient for private networks due to a relatively limited number of validator nodes and high throughput capacity.
Ethereum Virtual Machine - EktaChain is compatible with the Ethereum Virtual Machine (EVM), a quasi–Turing-complete computation engine that manages the rollout and execution of smart contracts on the Ethereum blockchain, which makes it possible to bridge ERC20 tokens to EktaChain from other EVM-based Blockchains or Binance Smart Chain.
Permissioning - As a permissioned network, EktaChain authorizes only specified accounts and nodes for participation. Permissioning can be either local (utilizing a node-level configuration file) or on-chain (utilizing network-level smart contracts).
Monitoring - EktaChain blockchain allows for monitoring of node and network performance (Prometheus and Grafana) while utilizing JSON-RPC API to send transactions to nodes.
Storage - EktaChain utilizes RocksDB, an embeddable persistent key-value database that ensures data is categorized into two sub-categories namely Blockchain data and World State data.
P2P Networking - By utilizing Ethereum's devp2p networking protocols, EktaChain can facilitate communication between clients.
User-facing APIs - EktaChain provides mainnet Ethereum APIs and EEA JSON-RPC APIs supporting WebSocket and HTTP protocols. These APIs support Ethereum functionalities such as:
Ekta On-chain Minting
- Smart contract development
- Decentralized application (DApp) development.
Introduction to smart contracts
A smart contract is a special protocol designed to provide, validate and enforce contracts. Specifically, smart contracts are an important reason why blockchain is called "decentralized", allowing the execution of traceable, irreversible, and secure transactions without the need for a third party.
A smart contract contains all the information about the transaction, and the resulting action is executed only when the requirements are met. The difference between smart contracts and traditional paper contracts is that smart contracts are generated by a computer. Therefore, the code itself explains the relevant obligations of the participants.
In fact, the participants in a smart contract are usually strangers on the internet, subject to a binding digital agreement. Essentially, a smart contract is a digital contract that does not produce results unless the requirements are met.
How smart contracts work
The smart contracts deployed on EktaChain function similarly to auto-vending machines. Smart contracts are analogous to vending machines: when transferring bitcoin or other cryptocurrencies to a vending machine (analogous to a ledger), the input needs to meet the requirements of the smart contract code to automatically execute the obligations agreed upon by both parties.
The obligation is written into the code as an "if then", e.g., "If A completes task 1, then the payment from B will be transferred to A." Through such a protocol, smart contracts allow for various asset transactions, each of which is replicated and stored in a distributed ledger. In this way, information cannot be tampered with or destroyed, and data encryption ensures complete anonymity between participants.
While it’s widely believed that smart contracts can only be used for assets in the digital ecosystem, EktaChain, the partners of Ekta and the Developers who are developing applications on EktaChain, are actively exploring the world beyond digital currency in order to connect the physical world with the blockchain world.
Solidity is an object-oriented, high-level language for implementing smart contracts. Smart contracts are programs that govern the behavior of accounts within the EktaChain state.
When deploying contracts, it’s advised to use the latest released version of Solidity. This is due to breaking changes as well as regular feature updates and bug fixes. A 0.x version number is currently in use, indicating this fast pace of change.
Ethereum Standard Compatible Contracts
“ESCC” is short for “Ethereum Standard Compatible Contracts”. Ekta Mainnet is compatible with all ERC standard contracts and uses the same number naming.
ESCC-721 is fully compatible with the ERC-721 standard and is used to mint a non-fungible token (NFT).
A non-fungible token (NFT) is a unit of data stored within our EktaChain that certifies a digital asset to be unique and therefore not interchangeable. NFTs can represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of rights that is separate from copyright.
In EktaChain, NFTs can also be used to build a standard for the usage right or long-term lease agreement of real assets in the physical world.
ERC-1155 (F-NFT) is a token standard that enables the efficient transfer of fungible and non-fungible tokens in a single transaction. ERC-1155 allows for transfer of multiple token types at once, and the attendant gains in efficiency and lower transaction costs.
ERC-1155 has a number of other benefits:
- It supports an infinite number of tokens
- It supports not only fungible and non-fungible tokens, but also semi-fungible tokens.
- It has a safe transfer function that allows tokens to be reclaimed if they are sent to the wrong address
- It removes the need to "approve" individual token contracts separately
Reward of Nodes (gas fee)
The native token on EktaChain is $EKTA which is also known as the EktaChain native token. Gas fees on the blockchain are paid using $EKTA.
Users stake $EKTA to help secure the network and run validator nodes. Validators are rewarded with gas fees, distributed according to the QBFT POA consensus.
Natural capital refers to the wealth of resources that make up our natural world, including water, air, soil, habitats, and ecosystems—essentially, all resources necessary for sustaining life. Investing in natural capital helps guarantee sustainable, energy-efficient use of our world’s natural resources, yet there are many barriers that currently prevent people from doing so. Three common challenges include:
- High barriers to entry for investments,
- Poor asset governance caused by poor transparency.
Using a three-pronged approach, EktaChain aims to bring real-world assets into the digital age, making it easier for people everywhere to contribute and earn while promoting sustainable development. This approach includes:
- generating liquidity through Ekta’s DeFi platforms,
- minting and issuing NFTs that represent natural capital assets,
- ensuring transparent governance by using smart contracts to execute transactions.
In addition to natural capital, Ekta also plans to increase access to physical and intellectual property by tokenizing real estate, land, and digital creations developed through Ekta. Features such as fractional rights will further reduce the barriers to entry for people worldwide.
Ekta’s digital currency which we detail below. As an additional reward for participants, Ekta will also introduce Ekta's hybrid exchange called HYBEX, which will issue its own HYBEX Token—the HYX Token—that can be swapped using $EKTA. On HYBEX participants can swap $HYX for NFTs and other sub tokens created through the Ekta ecosystem.
$EKTA, Ekta’s digital currency, allows to participate directly in the Ekta ecosystem, serving three unique purposes:
- Native EktaChain token
All token holders have partial and limited control over the Ekta ecosystem with access to all privileges, with the exception of the token’s mechanism of function. $EKTA will be the primary currency and method of exchange in all physical spaces as well as the virtual marketplace and NFT marketplace.
$EKTA tokens are energy-efficient since they are premined at the boot process of the blockchain and distributed to unique purpose contracts to be used throughout the Ekta ecosystem.
Ekta’s preliminary goal is to launch a startup incubator along with a decentralized finance system (DeFi) using $EKTA. Once established, there will be ample opportunity to develop and launch more such models within Ekta.