eSync Network is an innovative Layer1 project whose main objective is to bring blockchain technology closer to our daily lives, thereby closing the gap between the theoretical potential of Web3 projects and their practical implementation in the real world.
To achieve this, eSync Network seeks to offer companies, institutions, developers and users new innovative means that allow them to create Web3 applications focused on solving or addressing real use cases, in a practical, secure and accessible way.
Thus the vision of eSync Network is to unlock the full potential of blockchain technology, making it accessible and beneficial to industries and communities around the world. Building all these capabilities on a robust implementation of Ethereum Virtual Machine (EVM). This makes eSync compatible with smart contracts written in Solidity, and gives you access to a huge, proven and mature development ecosystem for building Web3 applications.
A decision that makes it easier to port decentralized applications from EVM chains (e.g. Ethereum or Polygon) to eSync in order to take advantage of its unique capabilities. Capabilities among which its fast transactions (block confirmations every 5 seconds), economical, and a blockchain which has been designed to operate within a framework that respects the regulations of the European Union, the region where this project is developed.
Operation and technical characteristics
To understand eSync Network, you must first understand the goal and purpose of the network: bring real use cases to blockchain, not only on a financial/economic level, but also in different areas where tokenization has a potential transformative use.
Areas ranging from digital certifications, licenses, process optimization (supply chain, control, monitoring and business audit). Going through fractional ownership, data monetization, privacy control, digital identity, digital voting and governance systems, insurance, health and wellness, energy, media and entertainment, and other spaces that can benefit from the application of blockchain technology.
The first challenge in achieving this in many current blockchains is directly related to scalability and the generation of tools that really facilitate access and the generation of solutions that fit the needs of said sectors.
Well, the eSync Network development team has been working on this for a long time, creating a Proof of Stake (PoS) network capable of responding to these needs. Furthermore, it has done so by bringing with it the infinite possibilities of the Ethereum Virtual Machine (EVM), allowing developers to build any solution they want on top of eSync.
Network scheme
This situation leads us to know how your network is structured. eSync is a trustless, secure and decentralized network. A network that is supported by the following elements:
- Node operators. They are responsible for ensuring the security and proper functioning of the eSync network. These node operators implement PoS by verifying transactions and keeping the ledger up to date across the network. This is also important for eSync network governance.
- Staking. Since eSync is a Proof of Stake network, validators must stake in order to obtain voting power and be part of the block generation and transaction confirmation quorum. In eSync Network the minimum staking level for nodes is set at 256 ECS (eSync Network native token).
- Validator selection process. The validator selection process in eSync Network is a crucial aspect of the PoS mechanism. Validators are chosen to propose and validate blocks based on their stake size and, in some cases, through deterministic or random analysis.
- Block creation. Validators in the PoS system play a vital role in proposing and validating new blocks. This section clarifies how the block creation process occurs in the eSync network. Validators are responsible for proposing new blocks and their proposals are then verified by the network.
Commissions and network rewards
The above leads us to know the cost and rewards of operating within the eSync Network. First of all, eSync fees are especially cheap. The network has been designed so that network commissions represent a percentage value of the operations carried out within it instead of an absolute value.
However, this measure is not implemented in the blockchain protocol itself, but is instead implemented as a suggestion system for all wallet providers running on the eSync Network. In this way, each wallet performs commission calculations following these suggestions.
In this way, eSync Network achieves a series of objectives, including:
- Introduce a fairer classification for transactions to be extracted.
- Overall reduction in transaction costs due to the elimination of the gas bidding mechanism.
- Reduce the impact and concern of increased gas rates.
Another relevant point in this mechanism is related to the calculation of network rewards. In essence, validators will receive 1 ECS for each block validated in the network and the more validators within the network, the more complex it is to be chosen to validate a block and earn the reward (but having greater decentralization of the network). In this way, the initial forecast of annual returns per validator (versus their stake), excluding transaction fees, is:
- 21,95% for 50K Validators in the network.
- 9,82% for 250.000 validators in the network.
- 4,91% for 1 million validators in the network.
Tokenomics
eSync Network has dual tokenomics thanks to the fact that the project has two types of networks.
Firstly, eSync was launched as a project running under the Proof of Authority (PoA) consensus, which is more limited in its access and has a total token issuance of 63 billion tokens. This first network and tokenomics is known as V1. While V2 is the issuance corresponding to its current launch under the Proof of Stake scheme, and whose issuance has a total of 10,5 billion tokens.
You might think that eSync has a huge issuance, but to that you must add that part of eSync's V2 tokenomics involves burning 83% of the entire V1 supply, a total of 52,5 billion tokens will simply cease to exist, thus unifying both tokenomics. In the following image you can see in greater detail the entire tokenomics process for both V1 and V2.
Burning tokens
To better understand the token burn around eSycn's PoA to PoS migration, you should keep the following points in mind:
- 1.880 billion ECS will be burned upon activation of the Proof of Stake (PoS) mechanism.
- An additional 8.600 billion ECS will also be burned from the project treasury at the time of PoS activation.
- Token Dynamic Loss Reweighting (TLDR) represents 52,5 billion ECS, making up 83% of the total ECS supply that will be burned.
- There is a provision to burn an additional 900 million ECS, which represents 8,57% of the corresponding amount. 8,6 billion ECS burned from the project treasury on PoS activation.
This entire tokenomics process will lead to the new distribution of ECS tokens following the following parameters:
Projects already deployed in eSync
Of course, eSync is a project that has already garnered a lot of interest for its unique capabilities, especially those that allow it to offer products tied to real-world assets and cases. And in this section, it already has several projects that demonstrate its possibilities.
An example is the Tokenization by cryptix, a platform for tokenizing real-world assets under European Regulation, designed to allow companies, banks, institutional and private actors to tokenize assets in an easy, secure, reliable and regulated manner (with a MiFID II licensed company, Equito, as part of the Cryptix Group). Cryptix Tokenization and its free web application Tokenlaunchpad They support eSync Network for the tokenization of assets among other blockchains.
Another example of eSync's potential can be seen in eCredits. eCredits is a service that brings together the use of cryptocurrencies, along with a series of extra functionalities designed for adoption by physical and online stores. The idea revolves around eCredits Wallet, a digital wallet capable of cryptocurrencies, the native token eCredits (ECS) and the native reward cryptocurrency, eActivity (ACT), along with additional software and services from third-party contributors. eCredits Wallet is a non-custodial wallet whose use is rewarded with the issuance of ACT tokens and refund systems designed by third parties, thus seeking a unique shopping experience. The best thing is that the system is easily integrated into e-commerce suites such as Adobe Commerce, PrestaShop and WooCommerce, which amplifies the reach of this tool.
In this way you can clearly see eSync's vision in bringing blockchain services closer to the real world and with use cases that are more related to people's daily lives. A work that is thinking about making blockchain a technology that integrates into our lives in a transparent way, and in this way, we can all enjoy its benefits.
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