Etherlite price prediction: Why you should keep an eye on this Ethereum hardfork – EtherLite uses a proof-of-stake (PoS) consensus model as it seeks to pick off where it’s much larger peer, Ethereum, leaves off. In fact, EtherLite is a hard fork of Ethereum, representing a major change in the code of the larger blockchain that took place in May.
EtherLite has been moving through its roadmap, which in addition to the hard fork has included an air drop and an initial exchange offering. Now it’s time for the token to hit exchanges. The EtherLite team says that ETL has been audited by “top core experts” and is poised to begin trading on exchanges in July. They are quite ambitious and are calling it the “year of EtherLite.”
IBCO – Initial Bonding Curve Offering
Platform Grant – Those Who Want Shift on EtherLiteNetwork
DAO – Governance (Vote) System to Run the EtherLite
G AS Rebate – Claim Ethereum Gas Fees in EtherLite Network
Initial Supply: 21,000,000,000
Etherlite token is currently trading at $0.037 with a fully diluted marketcap of $777,000,000 as at the time of writing this post.
EtherLite is a hard fork of Ethereum, which is the go-to blockchain for smart contracts, DeFi, non-fungible tokens (NFTs) and more. The up-and-coming chain is designed to address some of the shortcomings still plaguing the Ethereum network. While there is only one Ethereum, EtherLite has the advantage of hindsight. It boasts features such as:
Speed: The EtherLite network has block times of five seconds and more than 10,000 transactions per second.
Low fees: High fees have been a stumbling block on Ethereum, causing some creators and developers to move to other blockchains.
Staking: Users can stake their ETL on staking.etherlite.org to help maintain network security in exchange for rewards. Ethereum is transitioning from a proof-of-work (PoW) to a PoS consensus model.
One of EtherLite’s key features is that it is compatible with the Ethereum Virtual Machine (EVM), according to the project’s website. This means that developers can also use their decentralized apps (dApps) and smart contracts built on Ethereum on EtherLite. EtherLite makes it easy for devs to “port their existing Ethereum-based dApps in a matter of minutes,” according to the project’s website.
What is ETL?
Everything that happens on EtherLite is fueled by ETL. It is the EtherLite network’s native coin. It is used to sustain the network, and to pay the network fees. By holding ETL, participants are able to access EtherLite’s core functionalities:
Securing the network
EtherLite runs on a Proof-of-Stake mechanism which requires ETL to sustain the network. Validator nodes are required to stake a minimum of 100,000 ETL and in return, validators will receive rewards and fees for their service. If a validator does a malicious activity, then his staked ETL tokens are basically confiscated.
The ETL token is ideal for sending and receiving payments thanks to the EtherLite network’s high-throughput, fast finality, and low fees. On EtherLite, money transfers take place within seconds and it costs much less.
ETL is used to pay for general network fees, such as transaction fees to access and support network operations.
Along with network fees, rewards in the EtherLite ecosystem are distributed using ETLs.
Danish Chaudhry, CEO of Bitcoin.com Exchange, shared his views on EtherLite: “I believe the team behind EtherLite has built an outstanding blockchain platform built for efficiency, it provides a fast, secure and cheaper environment for building decentralized applications, which is very much needed right now in the market.”
Chaudhry continues on by saying; “We’re very excited to see how EtherLite, via their ETL token will continue to empower their vision of next-gen blockchain for the current DeFi landscape, and gain further outreach with our outstanding community at the exchange.”
The Etherlite Foundation stated that: “The journey of blockchain development has been exponential, all with the onset of powerful collaborations. EtherLite and Bitcoin.com Exchange are coming together to create even significant applications for blockchain. Bitcoin.com Exchange with their massive audience reach will make a great difference to our vision and put EtherLite on the map within the crypto community. We look forward to this continued partnership.”
More features of Etherlite Network
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.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.