I accidentally met with the founders of EMPERA blockchain. As you may know, despite the fact that I believe in the blockchain future, I am a bit skeptical about new projects and ideas in this field as there are many pure scams and unprofessional enthusiasts.
However, after reading all the papers and after a deep talk with the founders I am now very excited about this particular project. And I want to share with you my insights (as well as a few skeptical unclarities to be 100% honest). If you see some problems in my analysis please let me know!
- First of all, the founders state that Proof of Stake (PoS) has some unsolvable problems (or at least their solution has not yet been proven). I tend to agree here.
- But instead of fighting with such issues (as many other projects, including Ethereum, do), they decided to get back to Proof of Work (PoW), BUT IMPROVE IT.
- This improvement is a real ingenious invention (IMHO). They call it Proof of Memory (PoM). It still requires hardware (RAM, mostly) to increase the chances of mining, but it is much more efficient. It allows mining MANY blockchains (shards) in parallel. It is a real breakthrough because it significantly increases the throughput. While, at the same, it still keeps the cost of changing the past of the blockchain very high.
In addition, this blockchain allows:
- to call smart contracts and transfer funds for free (no fees)
- to host backend and frontend of dApps. That should increase trust in dApps.
- to interoperate between blockchains (shards)
I have some doubts here. The main one is that the Ethereum Foundation (current leader blockchain) has spent millions of dollars on research to design their PoS, model all possible economic cases, and prevent any risks. So I believe they thought about everything very carefully. How could this happen that few founders invented a better approach?? I am really surprised here. What do you think? Is it a real revolution? Or did I miss something?
I am sharing my summary mind map with all the details and links:
- Ethereum and Solidity - Lesson 04 - Building interactive Front-Ends
- Ethereum and Solidity - Lesson 06 - Ethereum Project Infrastructure
- Ethereum and Solidity - Lesson 05 - Real Projects with Ethereum
- Ethereum and Solidity - Lesson 03 - Advanced Smart Contracts
- Ethereum and Solidity - Lesson 02 - Smart Contracts with Solidity