We recently talked about the use of blockchain technology in real-world projects using the example of EmerCoin, one of the first blockchain service provider partners in the Azure Marketplace. Continuing the series of articles devoted to this topic, we will take a deeper look at the EmerCoin (EMC) technologies and the main differences between the Emer core and other cryptocurrencies. The Emer network, like other peer-to-peer networks, has unlimited scalability, and the more participants there are, the more efficient and stable it works. Therefore, based on it, you can make not only Enterprise solutions, but also solutions on a global scale.
What is Emercoin?
This is a decentralized cryptocurrency. The development team provided protection against hacker attacks by combining both PoW and PoS protocols.
The second attribute that adds popularity to the currency is its complete anonymity. All transactions occur through P2P protocols, information interception from which is impossible.
The creation of the coin began back in 2013. As a basic idea for the coin, it is proposed to combine all online payments, of which there are more and more every day, into one large payment system, the currency of which will be Emercoin.
As a next step, the developers aim to introduce cryptocurrency into services for ensuring anonymity and website security, as well as into projects that ensure copyright protection.
Blockchain
Based on Emercoin blockchain , you can implement new projects or improve existing ones.
The functional features of the blockchain are as follows:
- Security of corporate networks.
- Secure access without password.
- Evidence of ownership of digital assets and copyrights.
- Security of transactions.
- An alternative decentralized domain system.
- Decentralized pay-per-click network.
Confirmation of transactions can be viewed on the Emercoin blockchain - https://emercoin.mintr.org/.
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EMCSHH technology
The technology that bears such a complex acronym turns out to be very useful in fact and is used in one form or another by many companies. EMCSHH is a distributed key management technology. The client’s use of this technology at the time of entering personal data into the blockchain creates a client certificate in the wallet, which takes part in the user authentication process.
In a global sense, such technology will provide a simple and fast way to set restrictions on visiting Internet resources for any number of people, with any level of restrictions. And it’s all safe, since no passwords exist outside the blockchain.
Authentication offerings have been around for a long time, but only with the advent of Emercoin have they stopped being so expensive and no longer require more separate, sometimes unnecessarily complex settings.
Road map
In 2022, the company plans to further expand functionality and release new services:
- Version 7 of the wallet with Segwit support, with an improved core and DNS subsystem;
- complete the implementation of ATOM - a secure protocol for P2P sale of NVS records (DNS, land certificates, etc.);
- release Randpay, the second generation of lottery payment aggregation.
And this is what the plans for the next 3 years look like:
EMCSSL technology
This technology allows identification on Internet sites and portals of various kinds. Similar solutions exist, for example, on Facebook or Google+. The main difference between the above services is that they are managed centrally.
The solution proposed by Emercoin brings all paths to the user. When an attempt is made to identify a client, the service generates a user certificate and additional elements, a hash and a random number. The certificate includes a public component, by which the service identifies the user, and an internal part, which includes a private key located directly with the user.
This makes authorization on any resource independent of a specific server or software settings.
Emercoin project team
The creators of the Emercoin platform are a team of experienced professionals, world-renowned specialists.
- Evgeniy Shumilov – founder and executive director. He is confident that Emercoin will take a leading position in the global blockchain technology market;
- Oleg Khovaiko is an expert on financial issues and cryptography. Experienced financier, cryptographer, knowledgeable in technical issues of creating and operating block structures;
- Stanislav Polozov;
- Evgeny Merenkov;
- Mikhail Voevodsky.
EMCLNX technology
A decentralized peer-to-peer system whose main task is to exchange advertising links. As part of such an exchange, all mutual settlements are made in the Emercoin cryptocurrency. Yes, there are many services and platforms that allow such exchanges on the network, but the vast majority of them charge exorbitant interest for their services, which in some cases reached up to 50% of the payment amount.
Webmasters find themselves in a stupid situation, investing money and time in their projects and receiving less than the exchange platform.
Emercoin offered a solution that completely eliminates intermediaries. Both parties conduct a preliminary discussion face to face, without control or censorship, discussing not only the terms and conditions of placement, but also its cost. They also carry out all mutual settlements within the network.
Actual news
The Decentral company (Canada) decided to work on the functionality of its cryptocurrency “wallet” Jaxx Wallet in order to expand it. The developers of this “money storage” collaborate with many crypto exchanges, projects, etc. They also found a place in their plans for Emercoin, which became a candidate for addition to Jaxx. This step, according to the Emercoin team, will make it easier and simpler to work with EMC, and this will have a beneficial effect on the growth in the number of participants in the system.
Jaxx has a number of advantages. Firstly, the keys here are created locally, they are not scattered to third-party servers, which makes it clear that each user is the master of his own “wallet” and no one but him can use his funds. Secondly, I would like to note the convenience and simplicity of the interface, which does not happen very often. Thirdly, in case the wallet ceases to exist, standards are provided to guarantee the import of your keys into another service.
It is also necessary to add that Jaxx can be used on any device; you will not have any problems with synchronization. Available on many platforms.
And one more piece of news regarding the crypto wallet, but now “native” for EMC. The new version of this “wallet” (version 6.2) has a built-in exchanger for crypto, which saves its users from the unnecessary hassle of exchanging one currency for another. And also, the authors of the EMC crypto coin once again emphasized their commitment to the ideals of Satoshi Nakamoto and announced that they had finally gotten rid of everything that prevented them from making their brainchild completely decentralized. The correctness or incorrectness of this step can only be judged after some time.
Safety
We began our review of Emercoin by clarifying that both algorithms are used to protect the network. This fact makes any attempts to gain control over the network pointless. Let's simulate the situation.
The attacker decided to hack the Emercoin network. According to the requirements of the first PoW protocol, it must control at least 51% of the computing power supporting the network. The task is already non-trivial, but with great desire and resources it is feasible.
Next, the PoS protocol comes into play, requiring the presence in the user’s wallet (in just one) of at least 51% of all network coins generated at that time. Moreover, it takes at least a month to hold such a number of coins before obtaining hypothetical control.
What should be the tasks of an attacker in order to invest colossal funds and resources in an attempt to hack the Emercoin network? The task clearly loses all meaning, since the benefit will be prohibitively small.
A little history
- December 8, 2013
: launch of the project (first software release, announcement in thematic forums). - February 11, 2014
: A sponsorship project for payment of settlements using emercoins was launched - November 4, 2014
: Release 0.3.0. Added distributed trusted general purpose data store Name-Value Storage (NVS). A distributed alternative DNS is implemented based on NVS. - November 30, 2015
: Emercoins were attacked by unknown persons. Taking advantage of the vulnerability inherited from PPCoin, the attacker created a side branch of the cryptoblock chain and some of the emercoin network nodes served this fictitious branch. On December 1, 2015, the ppc protocol vulnerability was fixed. - January 4, 2016
: Emercoin became one of the partners of the Microsoft Azure BaaS program. - August 15, 2016
: Release 0.5.0. The code is based on bitcoin core 0.10.2. The developers claim that EmerCoin is the first POS cryptocurrency to use this blockchain core. - February 13, 2017
: Release 0.6.0. Added joint mining with Bitcoin and fixed a potential protocol vulnerability. - May 4, 2017
: Release 0.6.2. The remnants of centralization have been removed: centralized alerts and mandatory dynamic checkpoints. The wallet program has a built-in cryptocurrency exchange service. - August 29, 2017
: Release 0.6.3. The transaction fee is reduced by 100 times.
How and where to buy emercoin cryptocurrency?
The circulation of the Emercoin currency occurs on two TOP platforms that pay great attention to new tokens and coins with potential - HitBTC and Livecoin.
The purchasing process includes several stages:
- Top up your account on the above platforms;
- Purchasing the required amount of Emercoin. It is not yet trading against the ruble, but it is trading against the dollar and quite actively;
- Remove coins from the site.
The purchased asset can be kept on the account of the exchange itself, as a speculative instrument. But for operations with it for its intended purpose, for example, to pay for links in a peer-to-peer network, emercoin must be stored in a specialized wallet. In addition, do not forget about the PoS protocol, which pays interest for storing coins.
Buying and selling EMC coins on the Livecoin exchange
If a person does not want to engage in cryptocurrency mining, but is still interested in Emercoin, he can choose an alternative. For example, you can buy Emercoins on exchanges. To figure out exactly how to make a purchase of the tokens in question, let’s take an example of the purchase process on the Livecoin cryptocurrency exchange.
So, in order to acquire coins purchased on this exchange, or sell already accumulated tokens here, you need to do the following:
- First you need to register an account on the exchange. To do this, in the upper right corner, find and click on the red button that says “Open a trading account.” Fill in all the required fields and activate your account via email;
- Next you need to top up your balance in order to buy or sell coins. After the authorization stage has been completed, you need to find the “Balances” section in the menu. A list of currencies will appear, from which select Emercoin. Opposite it will be marked “Deposit” and “Withdrawal”. Click on "Replenishment". After this, a page will appear with a choice of replenishment method. If you are transferring cryptocurrency, you need to generate an Emercoin wallet address, and if you are replenishing fiat money, you can use any of the proposed replenishment methods;
Once your balance is replenished, it’s time to start trading. To do this, in the top menu bar you need to go to the “Trade” section. This will open a page with a table (it's on the left). Select a pair to trade from this table. For example, if you want to buy Emercoin for dollars, select the appropriate pair. By selecting it, a graph with price changes will appear. Below the chart you will see two blocks: the first one is “Buy” and the second one is “Sell”. It is through these blocks that you can create orders to buy and sell coins;- We will highlight order creation as a separate item, because there are three order options available on this exchange. So, most often they create market orders in which trading is carried out at the current rate. You can create one by going to the “Trading” section and switching to a market order. There you need to set the amount of money to buy or sell. There are also limit (if the price has reached a certain level) and pending orders. The second one is triggered when certain conditions arise in the market;
- Once the order is completed and the cryptocurrency is transferred to the exchange account, it can be withdrawn to be stored in a standard Emercoin wallet. To do this, go to the “Balance” section. Opposite the cryptocurrency you want to withdraw, click on the “Withdraw” button. A page will open where you need to indicate your account number and the amount to withdraw.
The scheme is almost identical on all other exchanges that trade Emercoin.
Emercoin Wallets
The Emercoin crypto coin has both its own wallet - a classic one, offered for download to all users on the company's official website, and a third-party wallet.
Emercoin wallet
Until recently, the company’s own wallet served exclusively as a storage facility for coins and supported the PoS protocol. It could only be installed on Windows iOS or Android, which significantly limits the circle of users or introduces them to some costs associated with the storage and circulation of EMC coins. One of the latest updates to Emercoin Wallet has made it possible for users to make secure exchanges for key cryptocurrencies. This approach significantly increased its popularity, and many traders began to consider EMC as an investment tool and included it in their portfolios.
A third party wallet that supports EMC coin is Jaxx.
The famous crypto storage JaxxWallet is constantly expanding the range of coins that can be stored inside it. One of the latest decisions made was the implementation of the possibility of locating EMC there. “Dealing with a large number of coins that need to be deposited into/withdrawn from your own wallets can sometimes be frustrating. With a universal wallet that provides reliable storage and unlimited functionality for working with many coins at the same time, a large number of problems are solved. The popularity of currencies such as Emercoin is constantly growing, and with their convenient circulation, it increases even more.” – said one of the team members at the time of the deal with Jaxx.
It is noteworthy that the Jaxx wallet is suitable for storing EMC coins within the PoS protocol and receiving profit for holding coins in accounts.
You can use the Jaxx wallet to store cryptocurrency
Last news
At the end of October 2022, the development team attended the Malt Blockchain Summit, which was attended by representatives of technology companies, investors and cryptocurrency experts.
In November, a new version of the wallet was released - 0.7.3, in which the blockchain re-indexing algorithm was improved, which speeds up the installation of the program. PrivateBlog , an application for creating a secure private blog based on the Emer platform, has also been completed
To quickly track news related to the development of Emercoin, you can subscribe to the official Telegram channel of the project.
Mining Emercoin
Not many network users undertake to mine Emercoin in the traditional way, since its liquidity as a speculative asset is very mediocre. Only two sites where it is traded in the shadow of hundreds of other offers for speculators are not the best offer for mining.
However, Emercoin mining takes place, but only on two key sites (pools):
- Own pool. The official emercoin pool is the project pool.emercoin.com. However, on the mining site itself there is a message that it is a test one, and the developers are not paying special attention to it. Therefore, they do not recommend using it and looking for more productive pools;
- Platform – emc.bitember.com. This is a familiar multipool, in which the Emercoin coin is present as one of the alternative instruments.
In the process of writing the material, we managed to find several more pools that are marked by the presence of EMC as an object of machine mining. However, almost all of them, when clicked on the link, turned out to be either unavailable, not working, or no longer supported EMC as an asset for work.
Despite the fact that the Emercoin coin, whose rate stably remains above the $5 mark, is very interesting for miners and traders, more attention is paid to the PoS protocol.
Transaction optimization
Emercoin has its own optimizer, which is solely responsible for efficient transaction processing. Any records created while the system is running are compressed to 10% of their original size. This allows the platform to be one step ahead of similar blockchain competitors in terms of block size compression. However, this method also has important consequences for the entire system. This optimization greatly affects the speed of transactions. Since current data sets do not break a certain size, this means that no partitioning is required yet, and no additional hashes are needed either, allowing for near-instantaneous transfers.
The user interface of the system is similar to other blockchains where no additional confirmation is required after the transaction is completed. This means that tokens can be transferred very easily to another user, but it also makes it easier for hackers to intercept them if the wallet is not secure enough.
Conclusion
Using blockchain technology, Emercoin is a stable, secure currency for transactions around the world. With EMC, you can make international payments within minutes. In other words, it is a diverse platform for storing and exchanging money, as well as storing important information.
Overall, Emercoin appears to be a solution that has been well thought out and implemented. With huge potential and good opportunities, the outlook for Emercoin looks bright.
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