Richard Ells explains what the ETN-Network future holds after the most exciting blockchain update yet!

Richard Ells explains what the ETN-Network future holds after the most exciting blockchain update yet!

Opening the door to smart contracts and the ability to bring in more validators is just the tip of the iceberg, says the ETN-Network CEO and Founder

All eyes have been on the blockchain update that the ETN-Network blockchain developers, led by the talented Head of Blockchain, Chris Harrison, have been working on for the past few months. It includes a further 75% reduction in block rewards to transactions validators.

The blockchain fork will occur at the 1,175,315 block height of the ETN Network which is estimated to be reached on 30 September.

And it's here! Mr. Harrison has released it after careful testing to ensure its flawless functionality and security.  It lays the groundwork for many exciting integrations that will take the ETN-Network to the next level. 

It is important to note that 99.99% of users have no action required by this update, the millions of app users can sit back and watch the update take place; the only people who need to update their software are the exchanges and anyone running a node.

The techy stuff first

Firstly, says Mr. Harrison:

"The goal of the V10 Blockchain release is to make the ETN-Network blockchain as transparent as possible. That permits us to develop in line with the direction of travel of the global cryptocurrency industry as a whole and do business with institutions and whole countries that may otherwise have their doors closed to us. This helps us future-proof our network."

The Head of Blockchain also explained:

"The new blockchain will permit two types of transactions." The first type will solely be for migrating ETN User’s balances over to the new blockchain. And the second type will be the new status quo, which is fully transparent blockchain transactions."
  • Migration transactions that will sweep users' private balances back to themselves (at no cost, of course), with the beneficiary (ETN User) ETN wallet address completely public.
"This enables their funds to be sent on to the new version," he said. "Migrations will be automatic upon an ETN User opening their ETN Online Wallet," he said. 
  • New Public transactions that are transparent (the new standard). 

Mr. Harrison went on to further explain that "the block explorer has been updated to reflect the new transparency and includes benefits like: 

  1. Instant wallet balance lookup for anyone's wallet address.
  2. Much clearer transfer information and the ability to traverse the history of funds (from the launch of V10 onwards). 
  3. A rework of the overall theme of the Explorer. 
"The technology behind this update will also pave the way for making wallet synchronisation ," Mr. Harrison said, adding that it is "something we will be releasing soon after the hard fork. It also has the potential to improve the performance of the ETN Online Wallet by speeding up refresh times, an aspect of the system that people have had issues with in the past." 

So, why all the excitement?

"This is the first step that we need to move toward the exciting use cases that smart contracts allow, such as potentially entering the world of DeFi, interacting with other blockchains such as Ethereum or CBDCs, and so much more," said ETN-Network Richard Ells. "In the future, we want to enable the development of smart contracts on our blockchain. That is the first step towards that on our roadmap." 

Mr. Ells explained that the blockchain update "unlocks the ability for us to develop many other use cases. We are currently researching those possibilities. We are reaching out to potential partners to understand their needs and how we can find blockchain solutions for them. 

"We've been analysing the possibilities for quite some time," he added. "And after that extensive analysis and conversations with others, we understand they have had concerns with the features that we have now removed with this network update." 

Conclusion

The CEO of the award-winning crypto project said that removing the limited privacy features also benefits transaction speeds and user interface (UI), and user experience (UX). And it unlocks future collaborations with corporations." 

So, the blockchain update is now a reality after months of development and many weeks of testing.  This blockchain update paves the way for many integrations to follow, including new and exciting ETN App features and integrations. 

 

 

 

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The ETN App is a mobile-phone-based crypto app powered by a revolutionary instant payment system that enables its more than 4 million registered users to send, receive, and transfer funds with instant transaction notifications and at a cost equivalent to a fraction of a U.S. cent. It is one of the only crypto apps that allows users to top up their airtime and data in 160+ countries and electricity top-ups in nine African nations. ETN users have completed millions of blockchain transactions, including over 300,000 app-to-app transfers and more than 200,000 airtime and data top-ups, making ETN one of the most widely used cryptos. ETN is one of the only cryptos that has made earning its token possible. The AnyTask Platform is a freelance platform matching Buyers and Sellers of digital Tasks, with hundreds of thousands of registered users and tens of thousands of Tasks across dozens of categories. The ETN-Network and the AnyTask™ Platform do not require Sellers to have a bank or PayPal account, empowering millions of people to instantly access the global digital economy