Electroneum the mobile cryptocurrency announced the successful launch of its improved blockchain model today on its blog. According to Electroneum, the new software model would bring a change to the platform in terms of scalability and security.
Electroneum listed the several updates that was performed on its software fork, some which included speed-up on chain transactions, increased scalability and better security protocols to prevent hacks.
Proof of Responsibility Protocol
The biggest change that Electroneum made to its software is the Proof of Responsibility. According to the blockchain platform Proof of Responsibility (P-O-R) has replaced its previous protocol Proof of Works (P-O-W).
Proof of Responsibility is a decentralized network layer run by reputable global organizations that have been screened to participate in this process. This new protocol means that Electroneum can move ahead with its plans of global adoption.
According to release, Proof of Responsible is designed in a way that resolves the major problems that have prevented Electroneum from breaking even.
It would drastically reduce the power consumption of the Electroneum blockchain making the platform environmental friendly. This would mean that the blockchain would reduce its block reward by 75% as it does not need enormous hashing power.
Electroneum has also added security layers on its software to boost the confidence that comes with hack proof security. The new model called Moderated blockchain utilizes two layers.
The first is a decentralized layer that allows trusted miners to operate mining services and handle ETN transactions. While the second layer is centralized and operated by Electroneum. ‘
Electroneum has suffered a downward trend since March wallowing in an extended Bearish run. This saw ETN drop out of the top 100 coins. However, this software update could be what is required to boost the coin’s demand.
The blockchain paused all withdrawals and deposits for the coin on Friday to embark on the update. It remains to be seen how the crypto community responds to it and whether it can catalyze a demand that would see higher prices.