Ekta Chain

Introduction to Ekta Chain

Ekta Chain is a decentralized, high-efficiency and energy-saving public chain (blockchain mainnet) and the core product of Ekta, which achieves smart contract compatibility (using solidity for development and 100% Ethereum compatibility) on the basis of supporting high performance transactions. The native token of Ekta Chain is Ekta Token ($EKTA) which adopts the EPoS consensus mechanism.
Ekta Chain aims to connect profit with purpose, by performing two important functions:
  • Make real-world resources such as natural capital and property more accessible through tokenization and non-fungible tokens (NFTs),
  • Connect entrepreneurs, retail participants, and everyday people with instant and secure access to resources through decentralized systems that we’ve already developed and will be developing in the future.

Consensus mechanism

Ekta Chain uses the Ekta proof of stake (EPoS) consensus mechanism which ensures low transaction costs, low transaction delays, and high transaction concurrency and supports up to 21 validators
Introduction to EPoS
EPoS is a combination of proof of activity (PoA) and proof of stake (PoS). To become a validator, participants are required to first submit a proposal, then wait for other active validators to vote on it. Once the participant receives a minimum of 50% yes-votes, they will be eligible to become a validator. Any address can stake to an address that qualifies to become a validator. Once the validator's staking volume ranks in the top 21, they will become an active validator in the next epoch.
All active verifiers are ordered according to predefined rules, taking turns to pack out blocks. If a validator fails to pack out a block in time in their own round, the active validators who have not been involved in the past n/2 (n is the number of active validators) blocks will randomly perform the block-out. At least n/2+1 active validators work properly to ensure the regular operation of the blockchain.
The difficulty value of a block is 2 when the block is generated normally, and 1 when the block is not generated in a predefined order. When a fork of the blockchain occurs, the blockchain selects the corresponding fork according to the cumulative maximum difficulty.
Glossary
  • Validator: Responsible for packaging out blocks for on-chain transactions. In Ekta , they are also referred to as “Tribal Elders”.
  • Active validator: The current set of validators responsible for packing out blocks, with a maximum of 21.
  • Epoch: Time interval in blocks, currently 1 epoch = 200 block on Ekta Chain. At the end of each epoch, the blockchain interacts with the system contracts to update active validators.
Punishment
Whenever a validator fails to pack a block as predefined, the Punish contract is automatically called at the end of this block and the validator is counted. When the count reaches 24, all income of the validator is punished. When the count reaches 48, the validator is removed from the list of active validators, and is disqualified.

Ekta Chain performance

  • TPS: 500+
  • Average block interval: 3s

Ekta DAO voting system

$EKTA holders can vote on the development plans of Ekta DAO. There are two types of voting:
  1. 1.
    Vote with coin holdings. There is no need to stake $EKTA for this type of voting with the results determined by the number of coins held by the voters on both sides at the time of vote,
  2. 2.
    Vote by staking. This type of voting requires voters to stake a certain number of $EKTA, and the winning party will equally share all the $EKTA staked by the losing party in proportion to their capital contribution.

Smart Contract

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 Ekta Chain function similarly to auto vending machines. Smart contracts are analogous to vending machines: when transfering bitcoin or other cryptocurrency 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, Ekta Chain, the partners of Ekta and the Developers who are developing applications on Ekta Chain, are actively exploring the world beyond digital currency in order to connect the physical world with the blockchain world.
Solidity
Solidity is an object-oriented, high-level language for implementing smart contracts. Smart contracts are programs which govern the behavior of accounts within the Ekta Chain state.
Solidity was influenced by C++, Python and JavaScript and is designed to target the Ekta Virtual Machine that is fully compatible with the Ethernet Virtual Machine (EVM). Solidity is statically typed, supports inheritance, libraries and complex user-defined types among other features. With Solidity it’s possible to create contracts for voting, crowdfunding, blind auctions, and multi-signature wallets.
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 Chain is compatible with all ERC standard contracts and uses the same number naming.
  • ESCC-20 is fully compatible with ERC-20 standard,interfaces and events as follows:
// --------------------------
// ESCC-20 Interface
// Compatible with Token Standard #20 Interface
// --------------------------
contract ERC20Interface {
function totalSupply() public constant returns (uint);
function balanceOf(address tokenOwner) public constant returns (uint balance);
function allowance(address tokenOwner, address spender) public constant returns (uint remaining);
function transfer(address to, uint tokens) public returns (bool success);
function approve(address spender, uint tokens) public returns (bool success);
function transferFrom(address from, address to, uint tokens) public returns (bool success);
event Transfer(address indexed from, address indexed to, uint tokens);
event Approval(address indexed tokenOwner, address indexed spender, uint tokens);
}
ESCC-721 is fully compatible with 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 Ekta Chain that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, 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 Ekta Chain, NFTs can also be used to stand for the usage right or long-term lease agreement of real assets in the physical world.
interfaces and events of ESCC-721 as follows:
// --------------------------
// ESCC-721 Interface for Non-Fungible Tokens
// Compatible with Token Standard #721 Interface
// --------------------------
contract ERC20Interface {
function totalSupply() public constant returns (uint);
function balanceOf(address tokenOwner) public constant returns (uint balance);
function allowance(address tokenOwner, address spender) public constant returns (uint remaining);
function transfer(address to, uint tokens) public returns (bool success);
function approve(address spender, uint tokens) public returns (bool success);
function transferFrom(address from, address to, uint tokens) public returns (bool success);
event Transfer(address indexed from, address indexed to, uint tokens);
event Approval(address indexed tokenOwner, address indexed spender, uint tokens);
}

Introduction to the Tokenomics of Ekta Chain

Reward of nodes (gas fee)
The native token on Ekta Chain is $EKTA; 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, which are distributed according to the mortgage proportion.
Energy-efficient smart contract mining
Ekta Codex Contracts (ECCs or System Contracts) are rules developed before the launch of the blockchain network. These smart contracts take effect once the Genesis block is created.
  • ECC 1: Almost all $EKTA are locked in ECC 1 at the beginning of our blockchain launch. They will be used as a pool to offer rewards to users who are active in energy-efficient Zero Carbon Emission Mining. In addition, the ECC1 contract is also used to configure the rules of the mining function and drive it to keep running.
  • ECC 2: This contract is used to sell $EKTA(A small fraction of the tokens in Genesis) to users for the first time.
In short, users are rewarded with $EKTA by staking $EKTA through Proof of Stake.

Unlocking the true value of real-world assets

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:
  • Illiquidity,
  • High barriers to entry for investments,
  • Poor asset governance caused by poor transparency.
Using a three-pronged approach, Ekta Chain aims to bring real-world assets into the digital age, making it easier for people everywhere to invest 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 the Ekta Decentralized Exchange (DEX), called ShellDEX, which will issue its own DEX Token—the Shell ($SHL) Token—that can be swapped using $EKTA. On ShellDEX, participants can swap $SHL for NFTs and other sub tokens created through the Ekta ecosystem.

Ekta Token

Ekta Token - $EKTA, Ekta’s digital currency, allows to participate directly in the Ekta ecosystem, serving three unique purposes:
  • Governance,
  • Purchases,
  • Retail,
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.
These tokens are energy-efficient, since they are mined through the EPOS and ECC1 which allows token holders, traders, and yield farmers to participate in Automatic Market Maker (AMM) exchanges to mine for $EKTA. As $EKTA utility grows, it also increases the number of POS and ECC-1 miners.
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.

Ekta DeFi platform

Ekta’s decentralized credit platform allows more people to become lenders. By removing the collateral requirement that prevents so many from becoming lenders, Ekta introduces DeFi lending opportunities to everyday people, not just the privileged class of crypto-savvy investors. Through DeFi, both private and public users can access yield generating opportunities governed by fair and transparent principles—granting increased access to capital for all parties.
With Ekta DeFi, lenders can be both public or private with the key difference being that public lenders can lend to anyone, while private lenders are limited to their company, society, or group. Through Ekta’s startup incubator platform, institutions and the public have direct access to investment opportunities that are unambiguous, trustworthy and fair.
  • The first step is for public corporations to invest in lenders,
  • Lenders will receive investments from public corporations and will also be able to make their own funds available to lend,
  • Finally, the public will have access to receive funds from lenders,
Despite the fact that the unorganized lending sector is substantial, its infrastructure isn’t sufficient and struggles with bottlenecking. DeFi eliminates these issues by providing specialized infrastructure and networks. This change aims to encourage lenders, cooperative societies and rural banks to fully utilize existing resources while maximizing their capacity to lend.

How it works

The Ekta lending system is a decentralized loan system based on blockchain. The Ekta Team is working on agreements with corporations, and the whole borrowing process will be jointly completed by the Ekta risk control team, borrowers, $EKTA pledger, and USDT liquidity providers. All the borrowers are in-service employees of partner corporations whose blockchain addresses are KYC authenticated and whose credit is granted by the Ekta risk control team according to their work information. The borrowers will not need to put up any collateral to borrow within their line of credit. $EKTA pledgers stake $EKTA to smart contracts, and USDT liquidity providers provide USDT loans to borrowers according to a certain proportion of the market value of the collateral ($EKTA). The USDT interest paid by borrowers will be shared pro rata by pledgers, liquidity providers and the Ekta Team.

Flow

Ekta DeFi presents investors and the public with the opportunity to invest in lending pools that are managed by either Ekta or the lenders themselves. Depending on their staked tokens and reputation, each lender is able to provide loans to customers. Similarly, private lenders can also extend loans to their employees and community within their own governance and risk.

Ekta DEX platform

A decentralized exchange (DEX) is a blockchain-based exchange that serves as an infrastructure to match buyers and sellers who want to buy and sell digital assets without storing users’ funds and personal data on a server. With the help of matching engines, such transactions are executed directly between participants (peer-to-peer).

The benefits of a DEX

Unlike centralized exchanges, which store and control customers' assets, decentralized exchanges do not control customers' assets. Instead, assets are stored in a distributed manner, usually by users or the exchange software itself. Thus, there will not be a single entity that owns all the cryptocurrencies in the exchange, drastically reducing the risk of loss.
Two key features of DEX are:
  1. 1.
    Anonymity - Using a decentralized exchange requires only one public key. Moreover, the founders of some decentralized exchanges claim that they simply release open-source software but take no responsibility for the community's use of that software.
  2. 2.
    Security - In the past 10 years, there have been more than 30 hacks on centralized exchanges such as Mt. Gox and Coincheck. Even now, hackers haven’t relented in their daily attempts to find vulnerabilities and intrude into centralized systems through various methods. It is more difficult to attack decentralized exchanges since these exchanges exist in computer networks where there are no single-entry points or points of failure, making decentralized exchanges more secure,

DEX Tokens

After the completion of development and internal testing, the DEX platform developed on Ekta will issue a limited number of its DEX Token network-wide before going online, and will only accept subscriptions in $EKTA (an important use case scenario of $EKTA). The DEX Token will be required in any wrapped trading pairs in the DEX. This means that any token can only trade with the DEX Token directly. If users want to exchange any token into USDT or other tokens directly, the system will use DEX Tokens as routing tokens without first notifying users. In other words, the system will automatically exchange any token into DEX Tokens first, and then exchange DEX Tokens into USDT. Like most successful DEXs, the DEX platform developed on Ekta will accept any DEX Tokens as stakes for mining through Proof of Stake, and the mining rewards will mainly come from the transaction fees charged by the DEX developed on Ekta. At the same time, we will design near perfect deflation mechanisms for the DEX Tokens to protect their market price.

Ekta NFT Marketplace

Non-fungible tokens (NFTs) are unique blockchain items that have the right of blockchain management. Some good examples of NFTs include the ownership records of collections, in-game items, digital arts, event tickets, domain names, and even physical assets. In the world of Ekta, NFTs may represent land on an island in Southeast Asia, real estate property all over the world, a portion of trees in a virgin forest, the right to use yachts, the right to park yachts for a period of time, etc.
The Ekta self-developed NFT Platform or Marketplace will be a blockchain-based cross platform ecosystem for the sharing and selling of NFTs. The platform aims to provide a unique and novel market for NFT collection and distribution.
The Ekta NFT Marketplace is dedicated to the creation of NFTs and the issuance of NFTs related to physical assets, which is a novel way for NFT creators and the owners of physical assets to connect with consumers and brands through digital collections. The Ekta NFT Marketplace will become a top NFT brand that provides a market for NFT creators and collectors to interact and share exclusive content in a multi-platform environment.
The DEX Token of the DEX developed on Ekta is also the functional token of the Ekta NFT Marketplace.
  • Staking and mining: DEX Token holders can obtain unique NFTs in the Ekta NFT Marketplace.
  • Access right: DEX Token holders can unlock access to activities and advanced content, such as competitions, tasks, and exclusive NFT deliveries.
  • DAO and Governance: DEX Token holders can vote on platform parameters, including partial interest of NFTs acquired, as well as participate in the decision-making of the community.
  • NFT creation: NFT creators enter the market and promote their 3D collections through the Ekta NFT Marketplace.
Last modified 3mo ago