Upload
others
View
8
Download
0
Embed Size (px)
Citation preview
Abstract
Decentralizedforumapplicationplatformusingsmartcontract
Bitcoin,ofwhichtheblockswerefirstgeneratedinJanuary2009,broughtupglobalcurrencyinnovation.Thiswasthefirstcasetoactuallyutilizeblockchainandtomoveawayfromthetraditionallynon-reliablenetworktotrust-basedinnovationusingblockchainastheBitcoinledger,andeventuallytobringaboutcurrencyinnovation.Sincethen,theuseofBitcoinhasbeensteadilygrowingalongwithitstechnologydevelopment.
WhereasBitcoinfocusedonthemostbasicfunctionsofblockchain,thestabletransferandstoragefunctionsasacurrency,Ethereumofwhichthefirstblockwasgeneratedin2015,addedprivatecontractontopofitstransferringfunction.Thefirstsmartcontractfunctionwasusedtoenableprivatecontractonblockchainwithouttheinterventionofathirdparty.
Ethereum,alsocalledblockchain2.0followingBitcoin,isablockchainwithaperfectturing-completeprogramminglanguageembedded.Thisprogramminglanguageallowsuserstodirectlybuildprivatecontractsaccordingtogivenrules.Thiscontractnotonlyincludesliteralcontractsbutalsothegenerationofcontractsintheconceptof'generatingtokens'underconditionsthatmeettherulesofERC-20.ByusingtheconditionofbeinganEthereumcontract,itispossibletoissueandtransferothercoinsontheEthereumblockchainnetwork,andalreadycountlessnumbersoftokensarerunontheEthereumplatform.
Ethereumisacontinuouslydevelopingblockchainthatdemonstratestremendousadvancement.However,therearestillmanylimitationsforgeneralusersandapplicationdeveloperstoactuallyapplyitsfunctions.Also,itisverymuchcomplicatedforvarioussocialnetworks,communitiesandgamewebsitestodeveloptheirowncoins.
EtherSocialprovidesmanagementtoolsthatcangeneratetokenscomplyingwiththeERC-20smartcontractruleswithacoupleofclicksaswellasAPIfunctionsthatareappliedtovariousservices.ThroughEtherSocial,websiteadministratorscanplan,make,create,transfer,manageandburntheirowntokens.
TableofContentsHistory
IntroductionofBitcoinLimitationsofBitcoin
IntroductionofEthereumLimitationsofEthereumIntroductionofSteemcoinLimitationsofSteemit
Bitcoinanditsbasicconcept
BasicconceptofreservesMining
EtherSocial
EtherSocialaccount
MessageandTransactionMessages(Messages)BlockchainandMining
Applications
TokenSystems
Applicationprocessofincentivizedcommunities
RequirementsforcommercializationofcoinsCoinfeaturestovitalizeforumEssentialfactorsoftheforumtoutilizecoinsExpansionfunctionstovariousforumssuchasgamesAPIsrequiredforactualapplication
Developmentplanforreward-typecontentsforum
GeneralformsofcurrentforumsDevelopmentdirectionActiveprofitsharing
RewardprogramforEtherSocialdevelopers
ScopeofrewardprogramOperationofrewardprogram
RoadmapOtherissues
IntroductionofuncleblocksFeesCurrencyandIssuanceMiningCentralization
Conclusion
History
IntroductionofBitcoin
Thefirstdigitalcurrency,Bitcoin,wasfirstsuggestedinthethesisofSatoshiNakamotoin2008underthetitle'Bitcoin:APeer-to-PeerElectronicCashSystem'.<sup><1></sup>Nakamotorealizedthetransferandstorageofcoinsadoptingtheblockchaintechnology.Blockchainwassuitabletobeusedasafinancialtransactionledger,aspreviousdatacouldnotbemodifiedandtheissueofdoublespendingcouldbeprevented.Itisdifficulttoforgeorfalsifyblocksashashinformationthatrequireslotsofcomputingpowerforcalculationisrecordedineachblock.Timeisalsorecordedineachblockandasblocksrefertotheimmediatepreviousblock,allblockswouldhavetobeforged,makingitrealisticallyimpossible.ThereareopinionsthatimplementationofaquantumcomputingcouldposeaseriouslevelofthreattoBitcoin,howeverthiswouldonlybepossibleaftermorethanadecade,meaningthatthisisafullysafesystematleastfortheforeseeablefuture.DespitetheabsenceofacentraladministratorforBitcoin,about500,000blockshavebeengeneratedsincethecreationofthegenesisblockonJanuary9,2009withoutanyhackingon
theBitcoinitself,boastingasoundlevelofsecurity.Adailyaverageof230,000transactionstakeplacethroughBitcoinandamarketcapitalizationofmorethan200trillionKoreanWonwasrecorded.AsforBitcoins,newblocksaregeneratedthroughProofofWork(PoW).Thefirstcryptocurrencywasmadethroughthecollaborationofvoluntaryminersevenwithouttheexistenceofcentralcontrolorintermediary.Tousethecreditcard,themostpopularpaymentmethodinthemodernsocietyorforoverseasremittance,acentralserverwasrequired.Areliableinstitutionsuchasa'bank'or'creditcardcompany'thatcanprovethatIhavesentthemoney,wasessential.Bitcoinenabledthetransferandstorageofcoinswithoutathirdparty,makingittrulyabreakthroughinnovationneverimaginedbefore.
LimitationsofBitcoin
TherehavebeenupgradesoftheBitcointhroughcontinuousmodificationofcodes.However,asithasbeenquiteawhilesincethedevelopmentoftheBitcoinandbecauseitisthefirstcryptocurrency,Bitcoinhassomeobviouslimitations.IttakesmorethantenminutesforthetransferofBitcoin,asablockisgeneratedonceeverytenminutes.Also,becausethevalueof1BTCisexcessivelyhigh,itisnoteasytouseitasameansforpaymentinactuallife.Bitcoinisapublicblockchainanditstransactionlistisopentothepublic.Asitisopentothepublic,Bitcoinistransparentandcannotbemanipulated,butitsweaknessisthatitcannothidesecrets.ManyuserswhoownlargeamountofBTCsmaynotwanttoexposetheirBTCs.Also,therearepeoplewhowanttohidetheirtransactiondetails.Toovercomesuchlimitations,coinswithanonymityfunctionssuchastheZcashorMonerohaveemerged.AnotherimportantlimitationwouldbethatitisdifficulttousetheBitcoininareasotherthanthetransactionofcoins.Thelanguagecalled'Script'usedinBitcoinonlyallowslimitedfunctionsastherearenorepetitivestatements.AgainstthisbackgroundemergedEthereum,togobeyonditslimitsandtobeexpandedtootherdomains,notconfinedtothetransactionofcryptocurrency.
IntroductionofEthereum
ICO(InitialCoinOffering)ofEthereumtookplacein2014andthefirstversionwasreleasedin2015.Ethereumwasaplatformthatactuallyrealizedtheconceptof'smartcontract'usingblockchain.Theconceptofsmartcontractisthatwhenacontractiscreatedwithdigitalcommands,thetermsofthecontractareautomaticallyexecutedaccordingtotheconditions.DAppsordecentralizedapplicationsthatextendblockchaintovariousdomainscanbemadeeasilythanbeforeusingEthereum.<sup><2></sup>Ethereumuserscangeneratea'token'anduseitforwhateverpurposeoftheuser.Onceanewtokenisgenerated,theblockchainwillbeeasilygeneratedaswellandtransaction,walletandexplorerisgiventotheuserwhogeneratedthetoken.Themajordifferencebetweenatokenandacoinisthatacoinhasitsownnetworkwhereasatokenismadeandrunontopofanetworkofanothercoin.Thecommonthingisthatbothhavethetransactionfunctionandarerecordedintheblockchain.Currently443tokensaremadebasedontheEthereumplatformandthoseaccountfor81%ofthetokenmarketbasedonthetypesofcoins.TokensutilizingEthereumenabledcrowdfundingwithmultipleinvestorswithoutanintermediary,andforthefirsttimeinJune2017,theamountinvestedthroughICOintoblockchainsurpassedtheamountinvestedthroughventurecapitals,demonstratingtheenergyofICO.ThroughICO,smallinvestorswhowerenotabletoparticipatewithsmallamountofinvestmentcouldinvestinhigh-techITventurecompaniesandprojectsandrealizeprofits.Also,individualsandgroupsthatalreadyhadideasandtechnologicalknow-howbutinsufficientcapitalfoundanewwayoffinancing.
ThemostsubstantialrisktoEthereumwastheDAOhack.Althoughsmartcontractwasadouble-edgedswordthatgaveversatility,therapidspeedofdevelopmentloweredthelevelofoverallsecurity.ThisresultedintheDAOhackandeventuallyledtotheHardForkofEthereum.Manyofsuchsecurityweaknessesarenowsubstantiallyimproved.SincetheDAOhackin2016,numerousICOstookplaceontheEthereumplatformbutnocrucialsecurityissueshaveeveroccurredsincethen.Therefore,itissafetosaythatthecurrentEthereumcodehasgonethroughyearsofstabilizationandtesting,andisnowreliable.
LimitationsofEthereum
ThemostimportantissueofEthereumisthatitisdifficulttodirectlyintroduceEthereumtothegeneralforum.TointroducearewardsystemusingEthereum,oneneedstobecapableoffluentlyusingthesmartcontractprogramminglanguagecalled'Solidity'andalsohaveagoodunderstandingofblockchain.APIsexistinEthereum,butarenotspecializedforforumwebsites.Therefore,webdeveloperswithlessunderstandingofblockchainhaverelativelyloweraccessibility.Therefore,ifonewouldwanttointroduceEthereumtotheforum,additionaltimeandexpensesfordevelopmentwillfollow.Afterall,ifthereisaneedforaforum-specializedcryptocurrency,theremaybenosubstantialdifferencebetweendevelopingitusingEthereumanddevelopingnewcoinsfromscratch.
IntroductionofSteemcoin
Steemcoinisaforum-specificcoinof'Steemit',ofwhichsalesbeganin2016.ThepurposeofSteemcoinistogeneratecoinsthatcanbeusedacrosstheforum.Steemitiscomposedofpersonalblogsandcomments,anduserswhogivegoodcommentstopostingsobtainrewards.IndividualuserswhofrequentlyuseSteemitcanberewardedthroughSteemcoins.Ifthevalueoftheuser'sSteemcoinincreasesintheexchange,theuserisboundtoacquireadditionalprofitsasmuchastheamountofSteemcointheuserowns.<sup><3></sup>TheSteemcoinforumserviceitselfwassuccessfulenoughtohaveacquiredmorethan600,000users.ThevalueofSteem,thedigitalcurrencyusedintheSteemitforum,increasedbymorethansixtimesforayearandeightmonths,sinceitslaunchinApril2016.
LimitationsofSteemit
HoweverSteemitalsobearsmanyissues.Firstofall,thesubjectsuploadedonSteemitarequitelimited.BasedonGoogle'srelatedsearchresults,mostofthepostingsofusersthatappearasrelatedsearchresultsforSteemitweresubjectsrelatedtocoinorinvestment.Itisbecauseofthedifficultaccessibilityforfirst-timeSteemitusers.However,peopleinterestedincryptocurrencyactivelyjoinSteemittogetitsrewardsdespitetheinconveniences.AnothershortcomingisthatSteemitisnotspecializedforKoreanforums.InKorea,forumstendtousebulletinboardsratherthanblogs.ButSteemithasitsrootsinanoverseaswebsiteandonlysupportspersonalblogformats,makingitdifficulttointroduceSteemitasitistoKoreantypebulletinboards.Anotherissueisthatmostoftherewardsaredeterminedaccordingtotheopinionsofafew,whoownlargeamountofcoins.Thosewhoownlotsofcoinsaretheso-called'whales'onSteemitandtheironeclickof'like'couldleadtoacoinrewardequivalentto300USD.Ifonewouldsearch'Steemit'onGoogle,thefirstrelatedkeywordthatappearswouldbe'haejin'.ItisnotsurewhethertheuserofthisIDisaKorean,butthisuserusuallypoststenpostingsadayandreceivesaprofitofabout300USDforeachposting,resultingin3,000USDworthofcoinrewardsaday.Earningarewardof300USDforasinglepostingwithonesimpleillustrationandonelineoftextseemedimpossibletothegeneralSteemitusers,whichinturn
madeSteemituserstofuriouslyclickonthe‘un-vote’tab.Nevertheless,'haejin'keepsonwiththepostingandsomeusersexpressconcernsthat'onlyonewhaleistakingupeverything.Steemitisgettingoutoforder'.AnotherissueisthatithasalreadybeentwoyearssincethetransactionofSteemcoins,butthereisnoofficiallaunchoftheAPIyet.Moreover,issuanceoftheSMTtokenswhichwereplannedtobereleasedin2018,didnothappeneither.SMTtokensaresimilartotheERC20tokensandhaveafunctionofcreatingtokenforone'sownforum.Eventually,thecurrentSteemcoinremainsasacoinjustfortheSteemitforum.Insummary,Steemcoinbecameacoinjustfortheuserswhoareinterestedincryptocurrency,particularlyforthoseusingtheSteemitforum.
Bitcoinanditsbasicconcept
Basicconceptofreserves
Tocompletetheconceptofdigitalcurrency,basicallytwogoalshavetobeachieved.Firstisthesafestorageandtransfer,secondistheverificationofalteredcontents.Also,cryptocurrencyisonlycompletewhenitissafeandanonymousatthesametime.Tosatisfytheserequirements,simpleandcompletesecuritywasachievedwithoutbeingsubordinatetospecificgroups.ThiswasenabledthroughthenodesoftheledgercalledblockchainandasecurityprocesscalledProofofWork(PoW)ontopoftheownershipmanagementalgorithmbasedonpublickeyencryption.Participantscantakepartincrackingdownthecodesofsuchblockchainonlythrough'computationalcapability'andthisistheso-called'mining'process.Miningcreatesauniquestructureinwhichitdealswithbasicsecurityandprocessingoftransactionsandalsoenablesblockchainrewardstoallparticipants.Therefore,transactionortransferwillnottakeplaceorbeextremelyslowonablockchain(excludingthePoS)withoutaminer.
Mining
Thestructureofblockchainisverysimple.Theconceptisabout'whetherthefirstblockisnormal'and'whethereverysubsequentblockisnormal'.Allweneedtodoistocheckwhetherthenewlycreatedblockchainiscreatednormally,andifthisprocessiscontinued,wewillbeabletohaveallourassetsandtransactionsinoneblockchain.
1. Thefirstblockandpreviousblocksagreedbyallparties2. Verificationofamixoftransactionswithouterrors3. Generationofawholeblock4. Appropriatelevelofverificationandrelevancyofverification
Startingfromablockofwhichpastverificationiscompleted,aminerjusthastodothebesttogenerateacompleteandsafeblock.Toobtaincoinrewards,themineriswillinglyprovidinghisorhercomputationalability,andatthesametimemaintainingthesecurityleveloftheblockchain.Tohacktheblockchain,oneneedstodealwiththecomputationalabilityofmining.Ofcoursesuchminingconsumeslotsofenergyandresources.Althoughthisisanissuetobeimprovedinthelong-term,itstillisthemosteffectivesecuritymaintenancemethod.EtherSocialfollowstheGPUminingmethod.
EtherSocial
ThepurposeofEtherSocialistocreateAPIsandmanagementtoolsthatcouldbeappliedtoactualservicesusingthedecentralizedapplicationprotocol.Ethereumitselfisadevelopingblockchainthatprovidesanessentialandfundamentalplatformofblockchainembeddedwiththeturing-completelanguage,butthefollowingshortcomingsmakeithardtoapplyittoactualservices.
1. Constantdevelopment
Constantdevelopmentisagoodphenomenon.Butbecausedevelopmenthappensconstantly,thereweremanytimeswhensecurityissuesrelatedtoEthereumaccountandothersoccurredinthemeantime.Itisimportanttohaveastableversionwithoutanyofthesesecurityissues.
2. Generalusersordevelopersdonothaveeasyaccessibility
SincedevelopmentisdonemainlyfocusingonthefunctionalimprovementofEthereumcore,therearemajorshortcomingsintheuserenvironment.Thisiswhyitisalmostimpossibletoapplyittogeneralservicesasofnow.
3. Toomuchnetworktraffic
Thenetworkisalwayscrowdedwithendlessdevelopmentandvarioustestsgoingon.Thisiswhythevarioussmartcontractsonthenetworkarenotsuccessfullytransferredinmanycases.
4. Expensivefees
AsthepriceofEthereumitselfhasincreased,thecoststorealizesmartcontractshavebecometoohigh.
TheEtherSocialcoinwhichaimstosolvetheseissueshavethefollowingfeatures.
1. OnlyfunctionsfromthestableversionarechosenoutoftheEthereumfunctions.
Onlythesuperiorfunctionsofthestableversionarechosenandfurtherdeveloped.
2. Convenientusage
GUImanagementtoolsareprovidedtoenableeasyaccesstogeneralusers.Also,applyingalanguagefrequentlyusedbygeneraldevelopersinthedevelopmentallowstheconvenientuseofAPIsandthecoinstobeactuallyappliedtovarioustypesofservices.
3. ByspecializinginthetokenfunctionsofERC-20,usageofothersmartcontractfunctionsarereducedandthereforethenetworkrunsmoresmoothly.
4. TokenmanagementcanbedonewithlessfeesandatalowerpricethanEthereum.
EtherSocialaccount
ESNisusedtopaythetransactionfeeasafeetorunthesmartcontractofEtherSocial.Therearetwotypesofaccounts.Thefirstisanexternalaccountthatiscontrolledbyaprivatekeyandthesecondisthecontractaccountcontrolledbythecontractcode.Theexternalaccountdoesnothaveanycode,sotosendamessagefromthisaccountwouldrequireanew
transactionandasignature.Asforthecontractaccount,wheneveramessageisreceived,apersonalcodewillbeactivatedtoreadandinternallystorethemessage.Afterwards,messagescanbesentorcontractsbegenerated.
MessageandTransaction
TransactionreferstothetransferringdetailsofEtherSocialandincludesinformationofwhosentwhattowhom.Transactionsincludethefollowinginformation.<sup><2></sup>
RecipientSignatureofthesenderAmountofESNthesenderissendingOptiondataPermittedcalculationfrequencyCalculationfee
Recipient,senderortheamounttobesentareitemscommonlyusedinmostcryptocurrencies.ItemssuchasthepermittedcalculationfrequencyandcalculationfeeperformtherolesofblockingDDosattackinEtherSocial.Topreventrepetitiveexecutionoftransactionscausedbymistakeorlimitlessarithmeticcarriedoutmaliciously,ESNshouldbepaidasafeeateachstepwhenexecutingthecodeinthetransferoftransactions.Thebasicunitis1gasandifthetransfertakesupmoretimeoriscomplex,morefeesshouldbepaid.Inthisway,amalicioushackerwouldneedtoconsumetoomanyESNforanattackwhichislesstemptingforsomeonewhoholdslotsofESN.Thus,maliciousattackscanbepreventedmoreefficiently.
Messages
Transfercontractcancalloutothercontractsusingmessagesandthendeliverinformation.Inotherwords,smartcontractscanbedeliveredusingmessages.Messagesincludethefollowinginformation.<sup><2></sup>
SenderRecipientESNOptiondataPermittedcalculationfrequency
Messagesaresimilartotransactionsexceptthatmessagesarenotfromexternalaccounts.Liketransactions,messageswillexecutetherelevantcodesintherecipientaccount.Thegasallocatedtothetransactionorcontractisappliedtothetotalamountofgasconsumedduetoallexecutionsrelatedtothattransaction.Forexample,ifanexternalaccountAsends1000gasandatransactiontoB,andBsendsamessagetoCafterconsuming600gas,andreturnsafterconsuming300gasforinternalexecutionofC,Bwillbeabletouse100moregasbeforeallgasisdepleted.
BlockchainandMining
EtherSocialblockchainissimilartothepreviouslyexplainedBitcoinblockchain,butisalsodifferentinmanyways.ThemajordifferenceisthatunlikeBitcoin,EtherSocialblocksincludethemostrecentstateoftheaccount,blocknumberanddifficulty.SinceBitcoinblocksdonot
haveblocknumbers,oneneedstostartcountingfromtheveryfirstblocktoknowtheblocknumber.
ThefollowingexplainsthebasicmethodsofverifyingEtherSocialblocks.<sup><2></sup>
1. Checktheexistenceandvalidityofthecurrentblock.2. Checkwhetherthetimestampofthecurrentblockisgreaterthanthepreviousblockanddoesnotexceed15minutesasofthecurrenttime.
3. Checktheblocknumber,difficulty,transactionroute,unclerouteandgaslimits.4. CheckthevalidityofProof-of-Work(PoW)oftheblock.5. AssumethatS[0]isthefinalstateofthepreviousblock.6. Checkerrorsonthetransactionlistandwhethertheamountofconsumedgasdidnotexceedthegaslimit.
7. Verifytherewardblockpaidtotheminer.
Itisveryefficienttoputallinformationintotheblock.Informationwillbestoredinatreestructureandonlyasmartpartofthetreebehindallblockswillbealtered.UnlikeBitcoin,asmostcontentsofthetreearethesamebetweenthetwoadjacentblocksinEtherSocial,oncestoreddatacanbere-usedagaininthenextblock.OntopoftheconceptoftheMerkletree,datacanbeinputanddeletedefficiently,andsinceinformationontheaccount'schangeofstateisincludedinthelastblock,itisnotnecessarytostorethewholeblockchaininformation.
Asmartcontractiscreatedwhencontractcodeofeachtransactionisexecutedatthesametimewhentheblocksarebeingverified.
Applications
TokenSystems
Theblockchaintokensystemhasapplicationsthatrealizemanytypesoftransactionsystemsonthenetwork,fromthesub-currencylinkedwithUSdollarsorgold,smartproperty(assetsofwhichtheownershipiscontrolled/managedontheBitcoinblockchain),secureandunforgeablecouponstoothertokensystems(forexample,pointsystemtoprovideincentives)notlinkedwithconventionalvalue.ThetokensystemonEtherSocialcanberealizedinasurprisinglyeasyway.Thefollowingarethecorepartsinunderstandingthetokensystem.<sup><2></sup>
Currencyandtokensystemsexecuteonlyonefunction.Currency/tokenofunitXisdeductedfromA,andthedeductedcurrency/tokenofunitXispaidtoB.However,AshouldhaveheldaminimumunitofXbeforethetransaction.Aapprovesthetransaction.
InEtherSocial,theuserjusthastoreflecttheabovelogictothecontract.ThebasiccodesthatexecutethetokensystemintheSerpentareasthefollowing.
defsend(to,value):ifself.storage[msg.sender]>=value:self.storage[msg.sender]=self.storage[msg.sender]-valueself.storage[to]=self.storage[to]+value
Inthiscase,the'statetransitionfunction'ofthebankingsystemexplainedinthiswhitepaperisappliedperse.Todefinetheunitofthecurrencyanddotheinitialworkfordistribution,ortoenableothercontractstoprocessinformationrequestsonthebalanceofaccounts,additionallinesofcodescouldbewritten.Butthatisallweneedtomakeatokensystem.Theoretically,
thetokensystemasasub-currencysystembasedonEtherSocialmayhaveanimportantfeaturetheMetaCurrency(currencylinkedtotheBitcoinblockchain)basedonBitcoindoesnothave.Itisthatpaymentcanbedirectlymadewiththecurrencyusedwhentradingthetransactioncosts.Suchfeaturecanberealizedthroughthefollowingprocess.Toexecuteacontract,theESNbalanceshouldbeasmuchasthecoststobepaidtothesender.Andtheinternalcurrencythatisreceivedasafeewhenexecutingthecontract,canbeimmediatelyexchangedandchargedasanEtherSocialbalance.Althoughusershaveto'activate'theiraccountsthroughtheESN,theamountobtainedthrougheachcontractcanbeexchangedtoESNeveryoccasion.Thisimpliesthataonce-chargedESNcanbere-used.
Applicationprocessofincentivizedcommunities
Requirementsforcommercializationofcoins
EtherSocialwasdesignedforthepay-typecontentsforum.Italsobringscontentscreatorsofblogstotheforum.Coinscanbeappliedtoclick-typereward,recommendationbasedrewardanddirectpurchaseforthecontentswithouttheserverorDBapproval,andcanbindthecontentsfromdifferentserversworkingindifferentportalstogether.Numerouscoinsarereleasedwithmorethanonerole.Throughthewhitepaperthatcanutilizeblockchaintechnologyandvarioustypesofapplicationsoftware,wecanobservethepossibilitiesofthatblockchaincontributingtootherfields.However,outofthevastnumberofcoins,thereareonlyafewthatarecommercializedaccordingtothewhitepaper,whicharousesserioussuspicionsregardingthecommercializationofcoinsandblockchain.Weneedtoconsiderwhytherearelesscoinsappliedinthedailylives,despitethealreadyverifiedandabundantsecurityandtransfertechnologiesinplaceandthepossibledistributionofnumerousapplicationsoftwareandcontents.
1. Firstwouldbethegapbetweentheblockchainecosystemandthedevelopersofgeneralcontents/software.Uptonow,blockchainisconsideredtobeintherealmofvirtualcurrencyanditismainlytheminersorinvestorswhoareinterestedratherthanothersoftwaredevelopers.
2. Also,mostoftheinvestmentsincoins,liketheICO,aremostlyinterestedinthestablelaunchofcoinsthrougheffectivemarketingratherthanthestablesettledownofactualapplicationsoftware.Eventuallythetendencyistofirstfocusontheprofitsofexistinginvestorsbycreatingcoinsandgoingpubliconthemarket.
3. Therewereacoupleofefforts,howeversinceblockchainismainlyfocusedontheowningandtransferringaspectbasedonsecurity,thereissomeanimositytowardsloweringthespeedorreducingnetworkresourcesbyaddingotherfunctions.Nevertheless,coinsshouldnotonlybeownedortradedbutmorewidelyusedbytransactingwithvariousapplicationsoftwareandsystems.ThereareconcernsthatcontinuousICOandthefloodofinvestmentintonewcoinsamidthissituationcouldmaketheentirecryptocurrencyecosystemintoaspeculativeground.Therefore,thisisthetimewhenweneedacaseofintegrationandoperationofactualsoftware.
Basedontheexistingcryptocurrencyforum'DDengle',EtherSocialbeginsitsservicefromprovidingmodulesrequiredforrunninganactualforumandcollectingcasesappliedintheoperationofforums.ThisistheoutcomeofexcludingmeanstoraisefundssuchasICO,andtransparentlyopeningupallprocessesfromminingtogenerating/distributingcoins,aswellasderivingthedirectionbasedontheagreementofcollectiveintelligence.
Coinfeaturestovitalizeforum
Forumadministratorscansetupamoreextendedrewardsystemfromtheexistingconceptofmileage.Coinscanbeusedasexistingpointsormileagewithintheforumandasrewardsforexternalpartnercompaniesoradvertisingandmarketing.EachforumcointhatismadeasatokenprovidedbyEtherSocialcanbefreelydistributed,listedandtraded.Furtherexpansionispossiblebasedonsuchliquidity.
1. Rewardscanbeprovideddirectlytootherforumsandadvertisers.Inotherwords,acertainamountofcoinswillbedistributedtotheadvertisersinadvance,andtheadvertisercanprovidetherewardsdirectlytothecustomers.
2. EscrowservicesappropriateforP2Porsecondhandtradescanbeprovided.Inotherwords,thedepositamountcanbeprovidedwiththetokens,andassoonasthedealisapproved,thetokenscanbeliquidatedorthetokenscanbetradedagain.
3. Inparticular,providingadditionalrewardsforgamerankingisalsopossible.Byusingtokenswhenpartneringwithexternalgamecompanies,forumuserscanbeeasilybroughttothegamecompany,oruseractivitiesfromthegamecompanycanbebroughttotheforum.
4. Suchfunctionscanbeimmediatelyappliedwithouthavingtomodifyexistingmileage,pointsorlevels.Liketheexampleof'DDengle',existingpointscanbeconverted,paidandused.
Basically,ifaforumwantstodistribute,transferandmanagecoins,itneedsothercoincontrollingpartsalongwiththewallet.Thesepartswouldbesimilartotherolesplayedbyexisting'exchanges'.
Essentialfactorsoftheforumtoutilizecoins
1. Theusercancreateanownwalletfordeposit,andthroughthiswallettheusercanreceiveexternalcoinsortokensontheblockchainnetwork.
2. Theforumcancreatedepositwalletsbyuserssubordinatetotheuser'shotwallet,andforumcoinscominginatthesametimefromexternallycanbereceived.
3. Theaddressofthecoinwillchangeifthereisabehavioroftheusercreatingatradingruleforcoinsandexecutingtherules.Althoughmutualdealsaccompanyingcasharemostlyusedinexchanges,addressofthecoinswillchangeintheformsofrecommendation,donationandentriesintheforum.
4. Iftheseoccurintheforum(inthischapter'exchange'),directtransfertotheDBwillbedonewithoutusinganexternalblockchainnetwork.
5. Everyusercancreateawalletforwithdrawalwhichcanbeusedfordirectremittancetoanexternalforum,personalwalletandiflisted,toalocaloroverseasexchange.
6. Withintheforum,theadministratorcanprovidecoinsaccordingtointernalrulesoftheforumbasedonactivitiessuchaslogin,writingcommentsandrecommendation.
7. Everymembercandonatecoinstoothermembersorgivecoinsasareturnforthecommentandalsoreceivecoinsfromotherusersbasedontheiractivities.
8. Toprovethetransaction,certainpartsofcoinsofacertainusercanbelockedin.Suchlock-incanbeusednotonlyfortheescrowfunctionbutalsoforthecointobeproofofvarioustransactionsandforbettingprocesses,andalsocanbeledtoactualapprovalbylinkingwithsubsequentactions.
9. Coinscanbeusednotonlyforconditionaleventsbutalsoforbetsorbettingbetweenusers,andevenbeappliedtosimplegameswithintheforumifstrongermodulesareutilized.
10. Theforumhasbeendesignedtointroduceitsownfees.Theadministratoroftheforumcandefineacertainfeerateforthetransactionsbetweenusersinadvance,andcancollectcertainportionofthecoinprofits.
11. SinceEtherSocialandcoinsbasedonitbothuseblockchain,iftherearedeposit/withdrawalwithpartiesoutsidetheforum,therewillbefeesforblockchainminerswhichbecomeprofitsforthem.
12. Theforumcandecideonitsownfeerate,howeveraverylowfeeratecanberejectedbyminerslikeotherblockchaincoinsandtheforumcanexperiencelotsofdelays.ThisisnotsomethinganEtherSocialcompanyshouldbeinvolvedin.
13. Coinscanbeusedinsteadofcashtoapplyforvariouseventswithinandoutsidetheforum,andalimitperpersonwillpreventthetyrannyofcertainusersholdinglargeamountsofcoins.
14. Moreover,theuseofEtherSocialortokenasarewardforuseractionssuchasrecommendationisencouraged,asthepurposeistoenableactualcontentscreatorstomakeprofits.
15. Assmallforumscanexperiencedifficultiesindevelopingtheirowncoinsbecauseoftheblockchaintechnologyanddifficultiesintheverificationprocess,itisrecommendedthatthoseforumsissuetokensonEtherSocial.
Expansionfunctionstovariousforumssuchasgames
EtherSocialespeciallyisdesignedtobefirstlyappliedtocontentsreward-typeforums,andmoduleswillbecontinuouslyexpandedtobeappliedtogameforumsandsocialnetworkservicesmovingforward.
1. ExternaladvertisementscanbepurchasedthroughEtherSocialorEtherSocialbasedtokens.
2. Suchadvertisingrewardcanbeprovidedtothecontentsproducer.3. Byrestrictingrecommendationordonationperperson,amoredemocraticvotingcanbeenabled.
4. Thesamerewardisprovidedtoblogsandforumswithintheforum.(Rewardscanevenbetransferredtoablogoutsidetheforum.Inthiscase,theblogshouldhaveanEtherSocialwallet.)
5. Therearefunctionssuchasexposingtherankingofcoinsandrecommendation,howeveritisencouragedtodisablethecontentsproducerfromcheckingsuchinformation.(Withtherightoftheforumadministrator,ownedcoinscanbeexposed,andmarketingorcontentscanbeprovidedtomembersaboveacertainamountofcoin).However,aslongasthecoinispermittedtobetransferredexternally,itisbetternottobeexposedduetosecurityreasons.
APIsrequiredforactualapplication
Theforumdefinesthefunctionsofcoreitemsandexplainshowtorealizeeachmodules.Toapplythecoinstoactualsoftware,thereneedstobeasysteminplacethatdistributesthewallettoeachmember.Beginningfromsecurity,suchabarrierisasimilardifficultyexistingexchangeshad.Althoughcoinsaredesignedtoprotectcopyrightandtobedistributed,iftheuserstillhastoprogramthewallet,itwouldremainasaconceptthatcannotbeeventuallyused.Tosolvethisfundamentalissue,EtherSocialprovidesasolutionbyprovidingadditionalAPIsforthepartswhereapplicationsoftwarecontrolthewalletandthecoins.InitialAPIsarebasicallylimitedtotheforum,andAPIstoutilizeblogsandgameitemtradeswillbecontinuouslyadded.
ListofbasicallyrequiredAPIs
1. Lock-in
Definition:Lock-inistofixthechangeofstateoftheusers'coinsforacertainperiodoruntilacertaineventtakesplace.Thisfunctionisbasicallysetuptoguaranteebehaviorsafterthetransactionortoprovideescrowfunctions.Mostofthelock-intakesplaceduetotheactionchosenbytheuser,butsomelock-insareautomaticallygivenbythesystem.Typesoflock-indefinedbytheuser:preparationfortransaction,auction,cancellabletransfersTypesoflock-indefinedbythesystem:blockconditionoftheaccount,preparationfortransactionapprovalCancellinglock-in
2. Generatingcoins(anactofdistributingtousersfromtheforum)
Definition:Actualcoinsarenotcreated,butcoinsownedinternallybytheforumaredistributedtomembers)Basically,coinsarepaidtogetherwiththeinternalmileagesystemoftheforumorpoints.Coinscanbecontinuouslydistributedthroughparticipationinevents,writingcommentsandrecommendations.ThereisahighpossibilitythatthedistributionofAPIscanbe'misused'.Otherthanfunctionalhacking,issuessuchasrepetitivemembershipsubscription,helpinrecommendationcancontinuouslyoccur.ItshouldbekeptinmindthatifanappropriatecapisnotcreatedtotheapplicationofAPI,averyseriousproblemmightoccur,coinsmightevaporateovernightandtherecouldbearapidincreaseofinflationwithintheforum.Manualdistributionofcoinsissupported.Automaticdistributionofcoinsispossible,butitisbettertomanagetheoverallamountofcoinsthroughmanualdistribution.
3. One-sidedprovision
Definition:Theactofausertransferringcoinstoanotheruseroranentity(businessmemberetc.)withintheforumOne-sidedprovisionisusedaspaidrecommendation,applyingtoeventsanddonationsetc.Promises(suchasanagreementtoreceivemoneywhenthenovelispublished)thathavenotbeenfurtherconfirmedorcannotbereceived,areconsideredasone-sidedprovisioneventhoughtheymightlookliketransactions.One-sidedprovisionisdifferentfromthe'withdrawalfromwallet',ofwhichcoinsgooutthroughthewallet.
4. Mutualtransaction
Definition:TheactoftradingbetweenusersthatincludecoinsAsaforumisnotanexchange,suchtradingcanbeactedassecondhanddealsordigitalcontentstransactions,althoughitdoesnothappenthatoften.VerylimitedAPIswillbeprovided.Tousethispartmoreextensively,itisrecommendedthatdevelopmentisdonewithacomparablyqualifiedprogrammer.BasicAPIsthatareprovideddonotincludeallofthesecommercialpurposes,andsuchcommercialusageincludesbroadersecurityissuesandresponsibilities.BasicAPIsdonotguaranteetheserviceitselfandthesepartsshouldgothroughadditionalprogrammingundertheresponsibility
ofeachforum.
5. Creatingawalletaddressfordepositandwithdrawal
Definition:Creationandmanagementoftheforum'swalletaddresstoreceivecoinsofindividualusersAlthoughthecoinwalletisintheformofa'token',apersonalwalletcanbecreatedandmanaged.However,aforummemberdoesnotneedawalletasitcanbealmostunnecessary.Theforumwillcreateandmanagetheaddressofthewalletbymembersofwhichdepositandwithdrawalispossible,sothatthewalletcaneasilyreceiveorsendexternalcoins.Managingthebalancebetweencoindeposit/withdrawalandinternallyownedcoins,isverycrucial.ThisisnotonlyanitemofwhichitisdifficulttoprovideaseparateAPI,butalsoverycloselyrelatedtotheforumpolicy.Forthismatter,balanceofotherpartsoftheforumshouldbewelladjustedbasedonthebalanceofthewalletoradjustedbycreatinganarbitrarybalanceadjustmentaccount.Forblockchainrelatedissuesregardingactualdepositandwithdrawal,ifpossible,EtherSocialExplorersprovidedbyEtherSocialorexternaldevelopersshouldbeused.
Developmentplanforreward-typecontentsforum
Generalformsofcurrentforums
1. DDengleisaforuminwhichdiscussiontakesupthemainpart.Becauseofthat,thereislessburdenforproducingcontents,ascommentsorparticipationofotheruserscompletegoodcontents.Productionofcontentsisfollowedbydiscussionandverification,differentopinionsfromdifferentpositions,makingthiswholeprocessintogoodinformationandcontents.
DDengleisabulletinboardtypeforuminwhichcontentsarenotsubordinatetothewriterbuttotheforum,andtherearenoseparateprofitstobeprovided.Support,criticismandverificationareinevitable.Althoughthewritermightbeafamousperson,usersgenerallydependonrecommendedarticlesratherthansearchingthewriter'sname.Asthebulletinboardisstandardized,continuousmanagementisrequired.Equalforumsarenotalwaysthegoodforums.Itisvitaltomanagevariousnewcomersandinappropriatearticles.
2. Individualblogtypeforums.Individualscanproducetheirowncontentsandprovidehighqualitycontents,asseriescanbepostedontheblogforalong-term.However,difficultiesinadvertisingandexposingoneselfcouldaggravatethe'rich-get-richerandpoor-get-poorer'phenomenon.Astheforumisaboutpersonalservices,actualsalesorprofitsofadvertisingorpartnershipexpensescanbegenerated.Suchmotivationcanalwaysbesubstantialhelptothecreator.
Theissuewiththeblogformatisthattheblogisproportionaltothecreator'sability,butitisalsopossibletodogreateranddiversedirectingandexpressions.Therefore,lotsofeffortsarerequiredforcreationofcontents,andtherecouldbeahugegapintermsofquality.Variousprofitmodelssuchasadvertisementscanbedeployed,andstable
provisionofcontentstofollowersorneighborsthatarecontinuouslyaddedup,willeventuallyincreaseprofits.Copyrightisclear.Arrangementandclassificationofcontentsisclearandrelativelyeasy.
Developmentdirection
Advantagesofthediscussionforumcomposedofbulletinboardsandblogsshouldbecombined,andcoinsshouldbeusedasintermediariesforprofitdistributionandcontentsvitalizationtomakeusersintervenemoreactively.Tothisend,generalcreatorsshouldusetheapplicationsoftwareAPIsofEtherSocialthatareapplicable.
1. Articlespostedonthebulletinboardshouldbeabletobegroupedintheformofablog.
Basically,theformatoftheforumshouldbethebulletinboardwherediscussionsandverificationarepossible.
Articlespostedbyuserscanbegroupedandmadeintoblogs,orlinkedandcategorized.
Informationonadvertisementsorclicksofthearticleshouldbeshared.
2. 'Paidrecommendation'anddemocraticrecommendationusingcoinsshouldallbepermittedanddirectprofitsshouldbegenerated.
ByapplyingEtherSocialtoadvertisingexpensesorrecommendations,rewardsshouldbedirectlypaidtothecreator.Bypurchasingcoins,advertisersshouldbechargedusingmoreimprovedfilters.Byutilizing'paidrecommendation'forbotharticleandcomments,readerscanrewardthecreator.Bysettinglimitsperpersonforthenumberofrecommendations,democraticdecision-makingonrankingcanbeenabledifnecessary.
Activeprofitsharing
WhenusingEtherSocial,wecanreceiveadvertisingexpensesordonationsthroughourwalletsnotonlyfromourownforums,butalsofromexternalpartnerwebsitesorindividualhomepages.Therecouldbebenefitssuchasadditionalprofitsbeinggeneratedutilizingexistingcontentsandimportingone'sblogintoanewforum.
Ourgoalistheupdateofanewrewardtypecontentsforuminthefourthquarterof2018.
RewardprogramforEtherSocialdevelopers
Scopeofrewardprogram
Fromitsbeginning,EtherSocialwascreatedbasedonthecollectiveintelligenceoftheforumandcontributionsmadebyanextensiverangeofparticipantsevennotonlydevelopers.ThereforeEtherSocialincludesarewardprogramfordeveloperswhoparticipatedinthedevelopmentstartingfromcoindistribution,marketingandforallotherparticipantswhohave
contributedtotheimprovementanddevelopmentofblockchainandcryptocurrency.ThisdoesnotnecessarilyhavetobeimprovementofEtherSocialcoinbutincludesactiveparticipationfortheCrypto-CommunityForumDDengleorourowndevelopmentotherthanGitHub.Thesewouldincludehardwareormanagementsoftwareformining,suggestionsforactualuseofexistingcoins,butarenotrelatedtoprofits.However,suchrewardprogramsexcludethedevelopmentofnewcoinsforthepurposeofICO.ICOitselfisstillclosertoaprofit-makingmodelbuthasthepossibilitytobechangedinthefuture.Detailedstandardsregardingthescopeoftherewardprogramaredescribedasthefollowing.
1. ContributorsforthedevelopmentofEtherSocial
Contributionstothedevelopment,modificationandstabilizationofsourcesforGitHubofEtherSocialContributionstotheaddition,modificationandsupplementationofcontentsofWikiexcludingtheprogramitselfContributionstotheimprovementoflanguagesandpolicydirectionsofeachcountriesContributionstolocalandforeignpartnershipsfortheactualuseofEtherSocialContributionstothedevelopmentofindividualcontributionsevaluatingalgorithm
2. Improversoftheminingsystem
ContributionstothedevelopmentandmaintenanceoflocalandforeignEtherSocialminingpool
3. ApplicationSoftwareDevelopers
ContributionstothedevelopmentofEtherSocialbasedDApprelatedtotheforum,socialnetworkservice,gameandmediaContributionstothedevelopmentofAPIsforthedevelopmentandimprovementofapplicationsoftware
4. Individualwhostrivedforthedevelopmentofcryptocurrencyandimprovementofitsimageusingmarketingandsocialnetworkservices
ContributionstoEtherSocialmarketinganditsvitalizationprovidingqualitativeandquantitativecontents
5. Individualwhocontributedtoconsideringthedrawingupofpolicyoritsdirection6. Individualwhocontributedtothenewconceptanditspossibility
ContributionstothetechnologicalandapplicableexpansionofEtherSocial
Rewardprogram
ThechallengesofEtherSocialaretoassessthelevelofcontributiononafairbasisandproviderewardsthereof.EtherSocial'sdevelopmentforumwillcontinuouslydiscussaboutadditionalcontributionsandrewards,andthediscussionoutcomeswillbeappliedhenceforth.Thedetailsofthesupportplanareasthefollowing.
1. Plantovitalizeindividualdonation
ContentscreatorsorprogrammersandmarketingpeoplecanregisterontheEtherSocialcreators'forumandcreateanonymousaccountsfordonation.
ThisaccountdoesnotexposepersonalinformationandincludestheaddressofEtherSocialinternally.Ifanyonefromtheregisteredaccountmakesadonation,EtherSocialmanagerswillmakeanadditionaldonationequivalenttothedonatedamount.Ofcourse,thereisadonationceilingperpersontopreventtheoperationalfundsfrombeingdepletedduetoexcessivedonationofasingleperson.Also,adjustmentswillbemadeforfairerexecution.ThemodulesprovidedbyEtherSocialaredesignedtoenhancestabilityofdonationandmeettheinterestofcontentsprovidersbyadditionallyprovidinganamountalmostequivalenttothedonatedamount.Individualdonationwillbevitalizedbyprovidingbenefitsworththedonatedamounttothedonator.
2. Rewardplanaccordingtocontributionrankingsbasedonvoting
Asitisalmostimpossibletoobjectifyrewardsforindividualcontribution,periodicalornon-periodicalvotingisdonetoreleasetherankingreflectingcollectiveintelligenceandtoprovidethecorrespondingreward.AlistofcandidatesisdrawnupeverymonthoroccasionallybygettingrecommendationsthroughEtherSocial’swebsite.Detailsofactualactivitiesandsupportprovidedbythecandidatesarereleasedandonlinevotingiscarriedout.
Roadmap1. ThefirstESNwasminedonDecember26,2017.2. Abetatestcarriedoutbyselectingmembersoftheforum'DDengle'onJanuary15,2018.
3. 5millioncoinsallocatedtotheforum'DDengle'inthefourthweekofJanuary2018(tobeusedforthenexttenyears).
4. ThefirstESNcoinminingpoolopenedinthefourthweekofJanuary2018.Directionofbatchcoindistributionannouncedtothemembersof'DDengle'inthefourthweekofJanuary2018.(Existingmemberratingsandactivityindexreflected)
5. FormallaunchoftheEtherSocialcoininthefourthweekofJanuary2018(officiallaunch).
6. Additionalcoindistributiontomembersof'DDengle'inFebruary2018.7. ReleaseofofficialESNWhitePaperinFebruary2018.8. AnnouncementforjointdevelopmentwithexternalforumbasedonESNinMarch2018(technologicalsupportfortokendevelopmentofexternalforum).
9. OfficialannouncementofAPIsfortheuseofexternalforumsinApril2018(applicationcasesofDDengleetc.).
10. MeetuptobeheldthroughtheminingconferenceinApril2018.11. Launchofcoinsfortheuseinoverseasforumsinthethirdquarterof2018.12. ListingofESNonforeignexchangesinthethirdquarterof2018.13. Launchofcoinsfortwotothreelocalandoverseasexternalforumsinthefourth
quarterof2018.14. Launchofintegratedoperationaltoolthatcombinesforumandcoinsinthefourth
quarterof2018.15. Overseaslaunchof'contentsrewardtypeforum'inthefourthquarterof2018.
Otherissues
Introductionofuncleblocks
EtherSocialintroduceduncleblocksforthefollowingreasons.<sup><2></sup>
EtherSocialhasaveryshortblockgenerationcyclecomparedtothetenminutesofBitcoin.Thiscausesweakenedsecurityduetothefollowingreasons.LetusassumethatminerAgeneratedablock.Ageneratestheblockandtransferstheblocktothenetwork.InthemeantimewhenA'sblockhasnotyetarrivedtominerB,Bmighthavegeneratedablocktoo.SinceEtherSocialprovidesnumberstoblocks,theblockofminerAandminerBwillhavethesameblocknumbers.InBitcoin,onlytheblockofminerAwouldberecognizedandtheblockofminerBwouldbediscarded,whichmeansthattheresourcesofminerBiswastedanddidnotcontributetothenetworksecurity.
Also,thereistheissueofcentralization.IfminerAhasahashpowerof30%andBof10%,theriskofAproducingastaleblockwillalwaysbe70%(asfortheother30%,sinceAcreatedthelastblock,Awouldimmediatelygetminingdata),andBwillalwayshave90%riskofproducingastaleblock.Therefore,iftheblockcycleisshortenoughnecessaryforthehighstalerate,Awouldhavemuchhigherefficiencyjustbythefactthatitssizeislarge.Asthesetwoeffectsarecombined,thereisahighpossibilitythatinablockchainofwhichtheblockcycleisshort,asinglepoolwithahighhashpowersharewillhaveactualcontrolovertheminingprocess.
Thisiswhywedonotonlyproviderewardstotheblocksoflongestchainsbutalsotoblocksthatarealmostgeneratedatthesametimebuthaveslightlylesshashpower.Thosesubordinateblocksarecalledasuncleblocksderivedfromtheword'uncle'.Theseuncleblocksalsoget87.5%oftheoriginalrewardsand‘cousin’blocksthatincludetheuncleblocksreceivetheremaining12.5%.However,transferfeesarenotgiventouncleblocks.
EtherSocialprovidesrewardsuptotheseventhgenerationofuncleblocks.Thisisbecauseifrewardsaregivenwithoutanylimits,uncleblockscanincreasetremendouslyandcalculationwillbecomemuchcomplicated.Secondly,ifuncleblocksaregivenlimitlessrewards,insteadofminingthemain,minerswillintentionallyminefromtheuncleblocks.
Fees
Asalltransactionsincludedintheblockchainrequirecomputingresourcestodownloadandverifythetransactions,acostforusingtheresources,theso-calledtransactionfeesneedtobepaid.Transactionfeesaredefinitelyrequired,becauseifnot,excessiveamountoftransactionswouldconsumecomputingresourcesandtransactionissuescouldarise.Likewise,transactionfeesneedtobepaidforthetransactionofERC-20tokenstopreventtheabuseoftransferringtokens.InBitcoinmining,asthesendervoluntarilysetsthefeesandhigherfeesareprioritizedinminingaccordingtotheprincipleofmarketcompetition,transactionfeesandgenerationofblocksaredeterminedbasedontheprincipleofsupplyanddemand.
However,oneissueisthattherearealwaysminerswhowanttomaximizeprofitswhengeneratingblocksthroughtransactions.Thisiswhythefollowingproblemscanoccur.
First,togenerateablock,numeroustransactionsneedtobeverifiedandahashthatgeneratestheblocksneedtobemade.However,asittakestimetoverifythetransactionsandthereishigherpossibilitythatblockgenerationisdelayed,minersmightnotbeabletomakeprofits.Also,asmuchasthetimeisdelayed,therewillbelesstimeforpreparationtogeneratethe
nextblock,whicheventuallylowersthepossibilityofgeneratingablock.Second,minersonlywanttoincludetransactionsthatrequirelesstimeforverificationandthatcanmaximizefeereturns.
Becauseofthesereasons,ifarationalfeestructureisnotinplace,transactionsofEtherSocialandERC-20tokensmightexperiencedifficulties.
CurrencyandIssuance
TheEtherSocialnetworkhasitsowncurrencycalled'ESN'whichisusedinternally.ESNisanintermediarythatenablesefficientexchangesbetweenvariousdigitalassets,andalsoprovideswaystopaytransactionfees.Fortheconvenienceofusersandtopreventanypossibledisputes,thenamesforeachunitofESNarealreadydefinedasthefollowing.(RefertoargumentsaboutthenamingofBitcoin)
1:wei10<sup>12</sup>:szabo10<sup>15</sup>:finney10<sup>18</sup>:ESN
Itwillbeeasiertounderstand,iftheabovenamesarethoughtasextendedconceptslike'dollars'and'cents'oftheAmericancurrency,or'BTC'and'Satoshi'ofBitcoin.Othernamesarenotincludedintheclientasofnow.
Currencyissuancemodel:
ESNisusedtofinanciallysupporttheEtherSocialorganization,tocollectfundsnecessaryfordevelopment,togiverewardstodevelopersandasaninvestmentfundforvariousprofit-makingandnon-profitprojectsrelatedtoEtherSocial.
InitialEtherSocialamountwhichhasbeensecuredbeforemakingpublicwasownedbythe‘DevelopmentTeam(Geminis)’andtheinitialsupplyamountis49millionESN.ThisamountisdividedintoHoldingAmountandCirculatingAmount,HoldingAmountislong-terminternalESNforDevelopmentTeam,andCirculatingAmountisforpubliccirculationtowardsgeneralusers.
※HoldingAmount
HoldingAmountis35%oftheinitialsupplyamount,anditisusedfor‘Development’,‘Reserve’,and‘Legal’.ESNallocatedfor‘Development’canbeuseddirectlyforESNcoreandecosystemdevelopmentandsupportsthedevelopmentteam,whichisabout20%oftheinitialsupplyamount.Among‘HoldingAmount’,theReserveisabout10%oftheinitialsupplyamount.Thereservewillbekeptforalongperiod,andifanunexpectedsituationhappens,thisamountcanbeused.Besides,‘Legal’amount,whichisabout5%oftheinitialsupplyamount,willbeusedforsuchaslegaladvisoryexpenses.
※CirculatingAmount
CirculatingAmountisabout65%oftheinitialsupplyamount.Thisamountwillbecirculatedexternally.AsforMarketing,38%oftheinitialsupplyamount,canbeusedasmarketingexpensessuchasactiveadvertisementandpromotion.Forcommunityandairdrop,about10%oftheinitialsupplyamountwillbeallocatedandsomoreuserswilluseESN.
‘Bounty’meansESNrewardsforspecialmissionparticipantsorcontributorsofdevelopmentanddesign.Itisalsoabout10%ofinitialsupplyESNisallocatedforESNdevelopmentandspread.‘Private’amount,whichis7%oftheinitialsupplyamount,canbeexchangedbyEthereum.
※ESNsupplyafterinitialissuance.
Afterthetimeofmining,18,709,078ESNarenewlyissuedforthefirstoneyearandafterthateveryyearatotalof15,626,576ESNarenewlyissuedtominers.Afterthat,dependingonthelevelofblockandminingdifficulty,miningamountcangraduallydecrease.Miningalgorithmcanbechangedbydevelopersdependingonthelevelofminingdifficultyandtheuseofaminingequipment.
Thefollowingexplanationisaboutthelegitimacyofthe'EtherSocialforum'sreserve'.Forexample,EtherSocialcanbeconstantlydistributedeveryyearfortenyearsandcontributetoincreasingtheuserbase.Acertainportionwillbedistributedaccordingtothecontributionsoftheforum'smembersandanotherportioncanbedistributedthroughspecificevents.Also,EtherSocialcanbedistributedifnecessary,asabasicassetforusingEtherSocialtokensinotherforumsorwebsites.Ifthereisnosuchreserve,EtherSocialcannotbeeasilyacquiredandtheuserbasewillinevitablybecomesmaller.
Legitimacyofthe'distributiontoEtherSocial'sdevelopmentorganization(Geminis)'canbeexplainedasthefollowing.Manydevelopmenthumanresources,planningandmarketingmanpowerarerequiredtodevelopblockchainandvariousAPIsaswellasforrepairandmaintenance.Asexpensesareaccompaniedinrunninganorganization,tocoversuchexpenses,EtherSocialhastobedistributedtotheEtherSocialdevelopmentorganization.Forlegitimacyofthe'long-termreserve',thefollowingexplanationcanbeapplied.Thislong-termreserveisnottobedistributedtothemarketforatleastoneyear(ormorethanayear).Forthefirstoneyear,miningrewardis18,709,078ESN,meaningthattheproportionoftheminedamounttotheinitiallyissuedamountismuchhigherthanothercryptocurrencies.However,ifinitialissuanceisincreasedtoomuch,thenESNmaynotbecomeawidelyusedcryptocurrency.Therefore,initialissuanceshouldbekeptatalevellowerthanthehalfofEthereumbutnottoolow,anddistributionforthefirstoneyearshouldbeprohibited.
Forcomparison
InitialissuanceofEthereumis70,002,436ETHandminingrewardforthefirstoneyearis15,626,576ETHInitialissuanceofEtherSocialis49,922,490ESNandminingrewardforthefirstoneyearis18,709,078ESN.Afterwards,miningrewardperyearwouldbe15,626,576ESN.
PermanentlyissuingnewcoinsfromasetamountofESNcouldrelievethe'concentrationofwealthphenomenon'currentlyBitcoinisexperiencing.Also,itprovidesopportunitiesforcurrentorfutureparticipantstoacquireEtherSocialthroughminingandnotthroughthemarket.ByincreasinginitialminingmorethanEthereum,9ESNshallbesetastheminingrewarduntil300,000blocksand5ESNfortheblocksafterwards.
MiningCentralization
Bitcoinminingisdonebyrepeatedlyhashingthesha256blockheaderuntilavaluelowerthanthetargetvalueisacquired.However,therearetwoweaknessesinthismethod.
First,thebarriertoparticipateinmininghasbecomemuchhigher.CurrentlymininghasbeencompletelyencroachedbyASIC.AstheminingASICcanhavethousandtimesmoreefficiencycomparedtothegeneralGPUminingequipment,miningthroughGPUhasbecomelesseffectiveintermsofcompetitiveness.Ifminingactivitiesweredecentralizedinthepast,nowcentralizationduetoASICisintensifying.
Secondisthemethodofmining.Itisnotthatparticipantsfromvariousregionstakepartinthegenerationofblockslikethepast.Nowadaystheyparticipateinminingdependingonblockheadersprovidedbytheminingpool.Therearesignificantside-effectsarisingfromthissituation.Asofnow,threeminingpoolshavebeentransferredwiththecomputingpowerofindividualsandareindirectlycontrollingalmost50%ofthehashes.Ofcourse,asindividualscanmovetosmallerpoolsbeforetheshareofthosepoolsexceed50%,thosepoolscannotarbitrarilyabuseresources,.However,thisstillremainsamajorissue.
EtherSocialminingworksslightlydifferent.Eachminerbringsrandominformationfromthestate,hashesdetailsofrandomlyselectedrecentblocksandcomesupwiththeresultvalue.Therearetwoadvantagesinthismethod.
FirstisthatEthereumcontractscanincludecalculationmethodsofalltypesofcomputers.Naturally,ASICwouldhavetobedesignedtofitforallcalculationmethods,butthenitwouldbecomeahighperformanceCPUratherthananASIC.Inreality,ASIC(ApplicationSpecificIntegratedCircuit)itselfwillbecomeuseless.
Second,minerswouldhavetoverifyalltransferdetailsbydownloadingthewholeblockchain.Inthiscase,therewouldbenoneedforalargeandcentralizedpool.Ofcourselargepoolshavetheeffectofequallydistributingrewardstoparticipantsforgeneratingnewblocks,butthateffectcanalsobesufficientlyrealizedthroughtheP2Ptypepool.Thereisnoneedtouseacentralizedpool.
However,atsomepoint,ASICsdesignedforEthereumminingcanbereleased.Thereforeatthistime,decentralizedminingshouldbeenabledbyapplyinganewhashalgorithmdifficultfortheASICtouse.
ConclusionEtherSocialprovidestokenmanagementtoolsthatcomplywiththegeneral-purposeERC20rulesbasedonsmartcontract,aswellasAPIsthatcaneasilybecombinedwithvariousservices.EtherSocialalsoprovidesadministratormanagementtoolsthatenableapplicationswith'escrow,setupofwithdrawallimit,financialcontractsandotheradvancedfunctions'tobeusedinvariousservicesthroughaverygeneralprogramminglanguage.EtherSocialalsoprovidessupporttotheoreticallycreatealltypesoftransfermethodsorapplicationsthroughtheturing-completelanguage.Throughthesefeatures,forumhostsoradministratorsofallservicesthathaveaccountscanusetheseservicesmoreeasilyanduniversally.
References1. BitcoinWhitepaperhttps://bitcoin.org/bitcoin.pdf2. EthereumWhitepaperhttps://github.com/ethereum/wiki/wiki/White-Paper3. SteemWhitepaperhttps://steem.io/SteemWhitePaper.pdf