The upcoming EtherLite chain is to be launched by forking Ethereum network on 1st May 2021. It will fix existing issues and also add new features like interoperability, pure PoS consensus, almost instant transaction finality and support for existing dApps across the DeFi ecosystem.
Blockchain networks need to outgrow themselves in terms of their accessibility, reliability, and interoperability. With time, the utility of blockchain networks hosting DAPPs and DeFi platforms apart from just being a currency have grown irrevocably, paving the way for finer-engineered blockchain networks which need to scale and perform to sustain. One of the most buzzing topics of discussion is scalability of blockchain technology. A lot of chains including Bitcoin, and Ethereum, have experienced scaling capacity and witnessed network congestion and high fees.
To address these challenges, EtherLite is aiming to fork Ethereum network. The team has scheduled a hard fork of the Ethereum network on 1st of May 2021, by modifying the consensus to pure Proof-of-stake. The team has also addressed some of the vital pain points that users are facing like delayed transactions, and unstable transaction fees. The fork is not just about fixing issues, but also introducing new features.
The EtherLite team has planned to launch a tool that will allow existing dApps to migrate over the EtherLite chain with just a click. The team is confident that their chain can handle the load without any sort of congestion or high transaction fees. According to the team, the EtherLite chain is capable of handling 10,000+ transactions per second, while offering transaction finality within 5 seconds.
As ETL is a hard fork of Ethereum, every user holding ETH in their personal wallet will receive ETL for free. It may be the biggest AirDrop on Ethereum network so far. For user’s holding their ETH on exchanges, it is up to the respective exchange whether to offer ETL to their users or not.
The new EtherLite chain will have native support for Web3, making it simpler for developers to integrate ETL in their application, while exchanges can use their existing ETH integration to support ETL. Compatibility with Web3 will also make ETL compatible with different libraries such as Web3Js, Web3J, and Nethereum, further making it easier to integrate ETL in the application.
EtherLite is also fully compatible with Ethereum Virtual Machine (EVM) and thus, it supports all existing as well as upcoming dApps. ETL will also have native support for Solidity, a programming language for dApps development.
Developers can port their existing dApps to the EtherLite chain without needing to make any significant changes to code and have a substantial upgrade in performance, while lowering the cost.
The one of the most unique features of EtherLite is that it is inter-operable, which is a need of the hour for DeFi products. By default, EtherLite supports all EVM based chains like Ethereum, MATIC, and Binance Smart chain for inter operations, making it convenient for users to transact through multiple chains without needing to worry about the complexity.
EtherLite blockchain is a community-driven, application-specific blockchain based on delegated PoS consensus with a governance model – EtherLite DAO. The validator nodes will act as decision makers on the network. Anyone can be a validator by staking certain amounts of ETL in their EtherLite nodes.
Most of the PoW chains do not offer any reward for holding the coins, so small investors / users do not have passive earning. EtherLite addresses this with its staking rewards feature. User’s can stake their coins and earn APY up to 18%. There is a minimum staking requirement though, but over time staking pools will enable small holders also to take part in the staking program.
EtherLite surely brings a lot of useful improvement, especially the Proof-of-Stake consensus, which most of the ETH followers are waiting for quite some time now. The future of EtherLite may also prove that PoS consensus is not just scalable but also environment friendly, which may encourage other projects to follow the trail.