ETZ is defined as a network that emerged with the Ethereum hard fork. Its founder, Gary Luo, is also known as BeFree. In this article, as Kriptokoin.com, “What is EtherZero?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is EtherZero? What does ETZ do?
The origin of EtherZero is the same as ETH. To provide better experience opportunities to decentralized application developers and users by creating a new generation smart contract platform. This is how ETZ briefly summarizes the reasons for its exit on its website. It is also stated that a professional team is working behind the project. ETZ developers note that EtherZero differs from ETH in several ways. The ETZ team has reduced the block creation time to 1-2 seconds and reduced transaction fees. However, they have added a feature called “instant payment” to their network. Thanks to instant payment, GAS fees and waiting times are eliminated. In this way, it was an important step in terms of using it as an ETZ payment system. Its developers are also quite ambitious when it comes to scaling: They claim that the network can handle 10,000 transactions per second. Although these numbers are not yet reached in practice, this potential is believed to exist in the network.
What is EtherZero? How is the project development?
Although the ETZ platform is not as familiar as ETC, it is quite a different project. The project initially garnered a lot of attention. However, it also brought controversy. The reason was that its developers had a large amount of ETZ in their hands. However, EtherZero developers continued their development over time and managed to make a regular development. EtherZero, which was forked from the Ethereum mainnet in January 2018, continued to develop especially on its own network. Despite all the criticism and doubts, they gradually increased their pace of development. However, in the process, ETZ has been listed on some exchanges, growing their ETZ community.
What are the ETZ features?
Compared to ETH, ETZ looks at smart contract development from a different perspective. This different approach also includes 0 transaction fees and mining elimination. At the same time, ETZ takes its features from the way the two-layer network and Masternodes work. A new consensus mechanism was created to complete the development and move the Blockchain forward. This consensus is called Masternode Proof of Stake (MPoS). We can list a few features of MpoS as follows:
- 20,000 ETZ is required to become a Masternode in the ETZ network.
- Every 10 minutes, 21 new nodes are randomly selected. It also undertakes block production.
- In the same process, any 21 randomly selected nodes form the selection committee. These committee members avoid duplication of blocks. Compared to other types of PoS, this system prevents the network from becoming increasingly centralized. Large gaps in other PoS consensuses are also closed. It also achieves very good results in scaling compared to PoW miners.
How to buy ETZ?
The largest exchanges traded with ETZ; Hotbit and ZB. The following steps can be followed to purchase coins: First, access the web/mobile application of the ETZ listing exchange you selected as the first step. Complete the account opening steps. Then complete the authentication and approval process. Follow the next step, the deposit steps. As the last step, select the ETZ with the balance amount you want and create a buy order. Store it in your trusted accounts.
