EtherLite with a ticker ETL is a cryptocurrency that runs on the blockchain with the same name. EthereLite is the largest hard fork of Ethereum built on proof-of-stake consensus protocol that contributes to the faster speed of processing over the network. ETL is used to sustain the EtherLite network, run the governance mechanism, and pay the fees in the system.
The launch of the network is expected to fix the existing issues of Ethereum. The problem of blockchain scalability is very topical and EtherLite solves this problem easily. The fork was created to address these changes. It means that the chain is going to handle the load without congestion and incredibly high fees. It also aims to add new features users needed so much in Ethereum blockchain such as interoperability, instant finality of transactions, pure PoS consensus, and support of dApps across the decentralized ecosystem. The ultimate goal is to create an ecosystem for apps and businesses that is more efficient, less costly, scalable, fast, and secure.
The team of the company promises extreme scalability and high speed of work of the network. It guarantees 10,000 tps and support of WEB3 technologies providing a high-throughput rate. It’s also worth noting EVM compatibility. Being entirely compatible with Ethereum, it allows any dApp or DAO function on EtherLite. It is faster and cheaper to employ the network in comparison with other blockchains and it offers immediate finality to its users. An extensive selection of options for developers gives them a wide space for experimenting as they create applications.
The possibility to use tooling and existing smart contracts make the network highly adaptable. The compatibility with the Ethereum Virtual Machine (EVM) enables the deployment of any dApps based on Ethereum in the system. It takes several minutes to deploy any Ethereum-compatible product in the network thus alleviating all processes, upgrading the system, and reducing expenditures. This contributes to the cost-efficiency of the system.
Wide interoperability of the system is going to be provided by the One-Click dApp migration tool. It’s enough to make a click to migrate over the EtherLite chain and instantly be connected to hundreds of other protocols. The interoperability between EtherLite and Ethereum is achieved with the help of a bidirectional bridge enabling the movement of tokens and workload in both directions.
The platform employs POSDAO, which is Proof Of Stake Decentralized Autonomous Organization, and such technologies as Byzantine Fault Tolerance (BFT), Sybil control mechanism that manages the network of validators, distribution of rewards, reports, and penalties when malicious activity is performed. The developers should know Solidity, the programming language, to start building smart contracts on EtherLite. The transaction finality is reached within 5 seconds.
There is no need for any specific hardware to stake on the platform. The stakers are promised to get from 4 to 13% APY depending on the lockup period. The longest lockup period doesn’t exceed a year. The minimum stake is 100,000 ETL to run a full node. Nodes are necessary to run the network securely.
The validators always get 30% of the pool reward or even more than that. The validators, which were penalized due to misbehavior, are removed and their pools are excluded from the reward distribution. The validators are chosen randomly and their set changes with each epoch for the matter of security. A random number generation is used for this goal. The candidates who have a larger pool have a higher probability to be selected.
The system was created to allow its users to earn rewards as well. Passive income can be obtained thanks to such features as ETL staking that provides stability to the EtherLite network.
It is possible to use the MetaMask wallet or some other non-custodial Ethereum wallet.
When the token was released, the event was accompanied by a massive airdrop arranged for marketing goals. It started in May 2021 and continued to the 15th of May. The company also initiated Initial Bonding Curve Offering (IBCO) lasting from mid-May to the end of June 2021. During IBCO the liquidity is pooled from early investors for the injection into the contract for minting out the first tokens. ICO was scheduled on July 1st after IBCO.
Since the platform runs on PoS consensus protocol, the validators of the system are stakers themselves. Any malicious activity performed by validators is penalized and the stake is confiscated.
The code is open-source and available for all, so it can be easily checked by independent developers. The team only welcomes such endeavors in the effort to make the network stronger and safer. The modular structure of the platform’s internal architecture is known for its high flexibility. This characteristic contributes to easy customization of the structure thus removing potential errors.
The team of EtherLite Foundation includes researchers, scientists, engineers, entrepreneurs, designers with the same vision. Their goal is the accessibility of advanced technologies and their smooth integration. The members of the team are located in different parts of the world.
One of the members of EtherLite Foundation is Carsten Henske who is a managing Director of Henske Sohn & Cie. GmbH Steuerberatungsgesellschaft, and has extensive experience in different spheres of finances and law.
Ariane Cardoso is a kind of project manager who effectively released products by a multi-national team as she previously worked for Amazon UK, where she learned about the blockchain. Tairan Song is a developer who worked over the architecture and helped to establish it with the team. He takes the position of Technical Vice President at Aix Industry (Guangdong) Co., Ltd.