Emotiq: A Network With the Transaction Speed And Ease of Use Needed to Make Blockchain Technology Accessible For Everyone.
Emotiq aims to be the most accessible and friendly blockchain of them all — the Apple to other blockchains' Android and Windows. Emotiq aims to provide a blockchain interface so friendly and natural, even kids can use it. Emotiq smart contracts are written in Ring, a plain English programming language that’s as easy to read as a newspaper. Emotiq delivers a powerful blockchain engine, uses zero-knowledge proofs for transaction privacy, and scales through sharding. Emotiq keeps its blockchain small and maintainable by applying MimbleWimble for cryptographically secure purging of spent transactions. Emotiq gives you a blockchain engine as powerful as a Formula 1 race car, with an interface so easy to use that you can drive with no training required!
Launched via a Token Generation Event in March 2018, the Emotiq platform represent a next-generation blockchain network which is consistent, eminently scalable and provides a high number of transactions per second (tps) without compromising user privacy. The Emotiq team aims to raise funds through a series of private sales, which have thus far raised 12 million USD out of their total target of 39 million USD. One of the greatest weaknesses of current blockchain systems is the slow rate of transactions, which renders moot the other benefits of blockchain technology.
Emotiq aims to reach an initial rate of 5000 tps before gradually increasing the transaction rate with the addition of further nodes over time. It achieves this via the sharding of the blockchain which allows for multiple transactions to be processed simultaneously. This is far more than blockchain networks such as Bitcoin- which can only manage around seven tps. Emotiq will therefore be a blockchain platform which is able to compete with conventional transaction systems such as VISA which regularly handles 6000 tps.
“We believe that a solid blockchain foundation has yet to be put in place,” said Joel Reymont, Emotiq’s CEO, in a statement. “With natural language smart contacts and state-of-the-art scalability and privacy, Emotiq aims to become that foundation.”
Emotiq aims to provide users with a smart contracts which can easily be understood by a layman. This is achieved through the platform’s simple, natural smart contract language, Ring. Text adventure games such as the cult classic Zork inspired the team behind Emotiq to create Ring in order to enfranchise non-programmers who are not comfortable with setting up smart contracts on current blockchains such as Ethereum.
Emotiq is headquartered in Switzerland, but is being developed by a global team of experienced engineers who are continually developing the platform’s architecture. Emotiq has implemented pairing-based cryptography (PBC) based on libraries built both by researchers at Stanford and Emotiq’s own in-house team. Additionally, Emotiq has now switched to using Boneh-Lynn-Shacham (BLS) signatures to facilitate the reaching of consensus among users of the Emotiq blockchain network, though it can still support ECC cryptography.
Emotiq employs zero knowledge proofs (ZKPs), which ensure that the integrity of the network’s transactions does not lead to the loss of privacy by users as is the case with older blockchain platforms. ZKPs do not hamper system performance as is witnessed by the current crop of fully anonymous blockchain networks. This is especially true on the Emotiq network, which employs sharding to divide the nodes.
The Emotiq team is currently spreading awareness of their blockchain’s strengths and have presented their project at major events such as the Fintech and Blockchain China Summit 2018, LA Crypto Invest Summit and The Blockchain Summit - Crypto Valley. Follow Emotiq on YouTube, Twitter and Medium to learn more about the exciting project and stay abreast of the latest updates. You can also join their Telegram group to engage with the Emotiq community.