The Third Generation of Transaction Models by everiToken, Detailed Paper Published on IEEE Journal

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Last Updated: June 2, 2019 12:31 pm

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According to the latest statistics[1], the total market value of assets managed on blockchains, including the full spectrum of coins, tokens, and digital currencies, is about $276 billion. Assets on these chains are generally characterized by high volatility and strong speculation while failing to provide true benefits for the global economy. While these digital assets definitely hold great potential, they still lack the widespread adoption needed to become a true payment currency, limiting potential applications and use cases. everiToken is an initiative that is set out to create an ecosystem which could see cryptocurrencies on par with traditional fiat currency, adding value to the economy while eliminating the inefficiencies that plague the current currency systems. In this direction, the platform has created the everiPay/everiPass payment method to support face-to-face micropayments using the everiToken public blockchain.

Industry Challenges

The right to issue currency is a political realization and the existing systems that dictate that monetary power must belong to the state. In such a scenario, it is difficult for cryptocurrencies to replace fiat currency. Without authorization and support from the state, the so-called ‘digital currency’ is only an idealistic pursuit. Also, most global mainstream assets (tangible and intangible) are not on blockchains and there is limited interaction between blockchains and assets off-chain.

Why everiToken?

everiToken stands the chance to integrate crypto-tokens and blockchain system to the mainstream monetary structure. This token-based blockchain system streamlines abstractions into a universal token structure. On everiToken’s platform, each token has an identity that enables the implementation of specific rollbacks and governance that make 51% attacks unprofitable. Because the token-based bookkeeping method only verifies and updates the ownership within each transaction, the proposed system supports the parallel expansion and cross-chain transactions without limit. The flexible authority management mechanism of the proposed system is regulatory-friendly, as the intensity of supervision and governance can be adapted to accommodate different application scenarios.

In a recently published research paper on IEEE Explore Digital Library, the authors H.J Cai, Tianqi Cai, and Linfeng Wang of Wuhan University along with everiToken Lab’s Hao Wang and Xiji Cheng have analyzed token-based bookkeeping to conclude that the system bears high security due to a universal token structure, and each token’s identity deters double spending caused by 51% attacks. Its design of the bottom layer naturally supports parallelism with respect to the mainnet TPS of a single chain exceeding 10,000. Also, the unified token structure facilitates audits, the token-based bookkeeping method enables the system to easily track token histories, and the flexible right management mechanism invites the regulatory authorities to participate in multi-sign operations.

To meet the current requirements of proof of digital rights and interests as well as security and negotiability of the certificate, everiToken offers three core features:

Fast, Convenient Issuance of Tokens: Users do not need to write code and can easily issue their own tokens through the available API (for apps, web pages, or third-party applications).
Efficient Transfer of Tokens: everiToken enables users to transfer tokens within seconds at a volume of hundreds of millions of tokens simultaneously.
Flexible Authorization Management: A simple, elegant, and unified model to achieve authorization management, which supports multi-person holding, private key recovery, multilevel authority, legality, government supervision, and other complex requirements without the need for extra coding.

everiPay/everiPass includes standard QR code generation and well-defined communication protocols. The characteristics of everiToken public blockchain include:

Instant Clearance, a transaction is a settlement.
Decentralization: P2P payment, no centralized platform, no one can modify the data on chain, everyone can participate in pricing.
Most secure: The data and content in the blockchain cannot be forged or tampered with, maximizing the protection of the user’s security.
Most Convenient: Even if you can’t connect to the Internet, you can complete the transaction. Neither the payer nor the payee needs to input the amount of money manually. Payer and payee will receive a notification as soon as the transaction is successful.
Compatible: everiPay/everiPass support all Tokens supported by everiToken, not only currency but also tokens and points, even a key to open a door, and you can use it almost everywhere, just with your phone.
Fast: The everiToken has achieved high TPS, delivering up to 10,000 transactions per second on the mainnet. Transactions are completed within 1 – 3 seconds
Standardization: EVTLink is a cross-wallet, cross-chain, and cross-app standard directly made for the whole ecosystem. Users can create with or parse it using a variety of apps.

The everiToken platform has been developed with the aim to enable further development of the token economy. The assets, certificates, and vouchers of the real world can be digitalized by the issuance of tokens and can be easily used with unprecedented security, speed, and network compatibility.