In the crypto sphere, decentralization refers to a platform that excludes the need for a centralized authority to function. However, centralized entities take a different path since they require one leading body that manages most of its functions.
It is common to see platforms utilize both mechanisms despite claims of leveraging the features of one architecture. Etheros portrays the qualities of a fully decentralized platform offering a convenient world built with the principles of economics. Below, we evaluate some of the aspects that qualify Etheros to be termed as a decentralized network.
Features That Make Etheros Fully Decentralized
Since centralized platforms are guided by one body, every action is executed through a single entity. For instance, traders have to trust centralized exchanges when safeguarding their assets or monitoring any transaction.
Etheros makes everything simpler by allowing complete ownership of a property through buying places, coming up with solutions, and investing in their ideas. What's more, users can freely earn by developing goods and services on behalf of others.
Another decentralized aspect is Etheros' native token dubbed ETS, which currency users will leverage to acquire space, things, or places in the Etheros platform. All these activities take place in the absence of a central authority, making Etheros a decentralized ecosystem.
Immediate and Cheap Transaction Fees
Initially, Etheros began its operations on Ethereum blockchain network with a mission of providing a better transaction settlement. between users. Nonetheless, the issue of gas fees still remains unresolved even with the launch of Ethereum 2.0 which sought to improve Ethereum's blockchain and move to a PoS network.
This prompted Etheros to run on Binance Smart Chain, a major competitor to Ethereum's chain. According to the platform, adopting the Binance Smart Chain is a temporary solution since it requires approximately 21 validators to handle transactions and maintain the system's security; an implementation that discards the true meaning of decentralization.
On the bright side, BSC provides Etheros with a reliable and sustainable blockchain which is a cheaper transaction option compared to Ethereum.
Etheros resides on the Ethereum blockchain extending its security features towards the social application. Typically, centralized platforms face cyber attacks as hackers can easily access the platform and take its valuables. Further upgrading to a Proof of Stake ecosystem boosts Ethereum's blockchain security status.
When conducting a transaction or any operation on centralized platforms, users need to reveal their identities. Including a user's personal information leaves him/her at a dangerous threat of impersonation. At Etheros, users are granted the opportunity to become a lucrative supplier of goods, services, or raw materials without disclosing any personal identity.
Regulation is another aspect that explains the decentralization concept in that decentralized platforms eliminate the need to have a compliance license. On the contrary, centralized platforms apply for a legal license stipulating their compliance with financial regulatory bodies. Thanks to Ethereum's chain, Etheros can run as a decentralized ecosystem governed by users and not monitored by regulatory entities.
Merits of Decentralization
Today, decentralization is quickly adopted as a democratic instrument. Traders can move away from oppressive regimes taking advantage of the system and assimilate a decentralized ecosystem free from censorship and using a peer-to-peer system. Its openness allows blockchain players to create their products or services.
Centralized mechanisms mostly require users to submit private data to access their services. Nonetheless, decentralized models grant data back to the owner as blockchains utilize cryptographic technologies to secure crucial information. In most cases, every user interacts anonymously, thus considerably reducing manipulation attempts.
Etheros' Additional Systems
The decentralized social application is founded on four systems, namely:
Here, Etheros users can create their identities and determine the amount of information visible on their profile. This feature is most suited for users or companies looking forward to establishing their identities in the Etheros world while maintaining the principles of decentralization.
On the auction System, users can select any space and make an order for it. A space automatically becomes a user's asset if there are no potential buyers after approximately twenty minutes(after confirmation of two Bitcoin blocks). An auction is initiated once users are interested in a similar space, and the last highest bidder will own the space after the verification of two Bitcoin blocks.
As mentioned earlier, Etheros integrates an effective payment system that settles transactions in an instant. It is applicable when trading goods, services, or resources generated and distributed within the Etheros network.jjj
Etheros contains an inbuilt messenger option on the application to encourage an interactive ecosystem. Etheros users can communicate via messenger to form partnerships, design a cooperative ground, and enter into negotiations.
Etheros plans on conducting a public sale event of ETS, the platform's native token. The distribution event will take place on May 14th and conclude on May 31st, 2021.
Investors will purchase the digital token using various cryptocurrencies, including USDT, ETH, USDC, and BTC. Going by the token's metric supply, 85% of the ETS will go to the community, 10% is allocated for development, while the remaining 5% will cater for marketing.
Decentralized crypto platforms are designed for users who hope to exercise complete control over their activities. Moreover, these entities remove third-party engagements leading to a more cost-effective and private network with cheaper transactional costs.
Etheros takes the same approach in building a social platform where users can trade and develop goods and services.