There is an abundance of blockchain-oriented projects on the market today. Even so, not all of these projects aim to achieve similar goals. Enecuum positions itself as the blockchain of tomorrow, placing a strong focus on integrating this technology into business processes. With its speed, scalability, and security, the project is certainly worth taking note of.
The Concept of Enecuum
Although there are other projects which try to bring eBits to business processes, competition can only be considered a positive development. Enecuum focuses on speed, security, and scalability to ensure that companies can incorporate this technology with ease. It is expected that this solution will achieve a throughput of up to 1 million transactions per second, which is rather impressive.
How Does it all Work?
Under the hood, Enecuum uses a hybrid consensus algorithm. Its mining component is based on an improved version of Bitcoin-NG which allows for the mining of many different network blocks in parallel. That is part of how Enecuum aims to achieve such a high transaction throughput moving forward. This project will also be ASIC-resistant by using a version of the CryptoNight algorithm, but with a few undisclosed modifications.
Moreover, Enecuum uses proof-of-activity in two stages. PoA miners can reach consensus to form teams of 64 participants. Every team validates chains of 62 microblocks with 40 transactions each, and publishes them to the network. PoA mining is a far more hardware-friendly approach to mining, as all it really requires is a stable and fast internet connection. It should even be possible to conduct PoA mining on mobile devices.
Last but not least, Enecuum also makes use of the proof-of-stake algorithm to achieve consensus. Miners will constantly check balances of all wallets within the system, which entitles them to a flexible reward. It seems Enecuum wants to ensure that as many people as possible take part in this ecosystem, as there is a job for everyone to complete. It’s a remarkable approach, although there is still a lot of work yet to be done.
The ENQ Token
With every blockchain-oriented project creating its own token, one often wonders what the use cases are. In the case of ENQ, there are two. The first iteration is an ERC20 token which can later be exchanged to the cryptocurrency at a 1:1 ratio. It will also be the utility token to grant holders access to the functionality of this adaptive decentralized environment. That includes publication of SHARNELL smart contracts, publishing custom transactions, and accessing complex computations.
What Comes Next?
A lot of things are planned on the Enecuum roadmap. First of all, we will see the Petri net editor for smart contracts, followed by the full implementation of SHARNELL smart contracts. In late 2018, a gateway for automatic transfers of smart contracts from other systems to Enecuum will be implemented. Further improvements will occur throughout 2019 and the following years. It’s a very interesting roadmap, considering that the project was first conceived and launched in 2015.