Crypto miners are shifting from the conventional Proof-of-Work (PoW) algorithm to a greener alternative. Ethereum, for instance, is migrating from PoW 1.0 to Proof-of-stake (PoS) 2.0 to reduce its energy footprint and cheapen transactions.
Ethereum Data (ETD), a project focused on bringing together ecological sustainability and technological upgrades is gradually gaining a stable footing in the crypto ecosystem. It is a decentralized general-purpose computer system featuring Ethereum’s smart contracts, and Disk Storage Banking (DSB) – distributed shared storage solution.
ETD also possesses distributed computing technologies for collecting dispersed computing resources. In this way, it contributes to the public computing platform like Berkeley Open Infrastructure for Network Computing (BOINC).
ETD’S architectural design is unique as it addresses the energy and computational efficiency hassles of Ethereum 1.0 while maintaining privacy. The resultant high-performance network allows flexibility in system application expansion. Ultimately, it satisfies performance standards of research project institutions, storage, and computing & economic requirements for web applications.
Companies and developers can, therefore, develop system applications with high efficiency and at relatively cheaper operational costs, suitable for the real-world economy. Eventually, R&D costs will become negligible hindrances to blockchain tech adoption.
The project will essentially follow traditional industry steps of integrating applications, talent training open-source systems, and incubation accelerators, among others. It will use the Proof of Computation-Storage consensus mechanism, a blend of Proof of Computation (PoC) and Proof of Existence (PoE).
Generally, it is a distributed computing platform optimizing distributed computing and storage models, P2P bandwidth models, and two-way data privacy protection requirements. Its framework is such that encrypted biometric PCBs (private cryptographic biometric) can get PoE evidence without decrypting all encrypted data.
Moreover, ETD will utilize ultra-modern technology such as artificial intelligence, big data, virtual reality, robotics, the Internet of Things, and cloud services. Its utility will span over various applications in intelligent manufacturing, transportation, and healthcare, to mention but a few.
The ETD Foundation intends to collaborate with various universities and their affiliated research institutions all over the world to establish ETD General-Purpose Computing Labs. Research groups on a tight budget will, therefore, access the ETD platform without supercomputers. The computational power of the labs will be shared and ETD tokens earned will be instantly deposited into the lab’s processing power pool. These will be useful for future R&D endeavors.
Additionally, the platform’s modular tools enable researchers to create user-friendly apps without the need to employ software developers and other employees. Simultaneously, researchers can use the platform to collect useful data to optimize their work. Potential leakage of such data is ruled out as ETD has excellent privacy and anonymity features.