NEC (New Era) :A Layer-2 on-chain aggregator based on the core concept of Ethereum expansion

The article mainly introduces the expansion and advantages of NEC to the current Ethereum, and focuses on the enhancement scene.

Comparison with Ethereum

There are three oblivious pain point on Ethereum:

1.Congestion

Explanation:Congestion in the trading process is the core pain point of Ethereum. when the data on the chain exceeds 15/sec TPS, there will be congestion.

2. Low experiences on large volume

Explanation:When the data volume of Ethereum exceeds 15/sec TPS (15 transactions per second), users’ trading experience will decline when using Ethereum. At this time, if the data of the exchange is submitted, users will have an obvious network stutter feeling.

3. High Gas fee

Explanation:This is one of the pain points of Ethereum. The miners sort the transaction fees in the trading pool and pack the transactions according to the level of the bid. As a result, when users trade, users do not pay higher Gas fee, and data packets can only be packaged by miners in the early hours of the morning when the trading volume is small.

Solutions from NEC

Aiming at the three pain points of Ethereum, NEC has made targeted improvements.

1.Pain point of Congestion

NEC uses super nodes to solve process congestion, because trusted super nodes are used for packaging, and with optimized parameters, the data packaging efficiency of super nodes is more than 10 times of Ethereum public chain.

2.Solution for low experiences on large volume

Thanks to the packaging efficiency of the super node 10 times the public chain, the speed experience of users on NEC will be 10 times of Ethereum.

3.Pain point of high Gas fee

With the technical improvement of NEC, the optimized algorithm will be used when NEC is packaged, and the user’s transaction data will be packaged first-come-first-served. Through the method of parallel timing, it can comprehensively reduce the Gas bidding when users encounter packaging in the public chain.

NEC’s innovation on Ethereum

After effectively solving the previous technical pain points of Ethereum, NEC has also carried out innovation and upgrading in the Ethereum, which mainly focuses on the following aspects.

1.Application ecology enhance

One of the main differences between NEC and Ethereum is that NEC supports the high-level application of DeFi. At present, Ethereum only supports single-chain mining, and NEC can realize multi-chain mining through chain bridge mechanism.

At the same time, NEC will also expand ECS hosting services like Alibaba Cloud and Tencent. By upgrading and expanding smart contracts, NEC will support similar data services in Alibaba Cloud and Tencent Cloud to enhance the application scope of the ecosystem.

2.Support storage ecology

Another difference between NEC and Ethereum is that it supports storage ecology. Users can use NEC’s intelligent storage contract to store the data they need to store,

and use blockchain technology to link with global storage suppliers to expand their local storage space.

NFT scenario enhance

Pain point of Ethereum NFT

The digital rights pioneered by NFT is a major milestone in blockchain application technology and led to a sky-high $69 million transaction, but NFT has also been plagued by these pain points since its launch. These are mainly concentrated in the following three aspects.

1. Serious problem of copyright thief

Explanation ： NFT has no obvious anti-piracy mechanism, many excellent data resources are used by piracy and users do not have clear available technical means to trace these pirates.

2. Unpaid usage

Explanation: piracy comes with non-paid use, and users on the NFT exchange can copy digital rights resources that are on the shelves without paying.

2.Unsupported shareholding trade

Explanation: as the NFT transaction in Ethereum does not support data partition transaction, for expensive works, users must pay full payment to purchase copyright, this threshold leads to many users who are interested in artworks, but unable to buy the full copyright and participate in the transaction of them.

NEC enhance for NFT scenario

Aiming at the pain points encountered in the trading of Ethereum NFT, NEC NFT has made targeted functional improvements.

1.Solution for copyright thief

Improvement of NEC NFT marketplace: copyright tracking, users can use copyright smart contracts for tracking, in the form of copyright smart contracts to reduce the proliferation of piracy.

2.Solution for unpaid content

Unpaid users can only have the previews with watermarks, which cannot be used in commercial environments. In this way, unpaid users can only see it after paying for it when they want to use the copyright resources on NEC NFT.

3.Solution for unsupported shareholding trade

When selling digital copyright resources, users can choose whether the seller can pay in full at one time or use the shareholding mode, and the user can buy one share of the copyright or multiple.

Advantages of chain bridge

Current pain point on Ethereum cross-chain

1.Unable for high-speed cross-chain

Explanation：At present, Ethereum uses cross-chain mechanism and there is a certain cross-chain delay which caused the problem that can not cross-chain quickly.

2.High fee with cross-chain

Explanation：the fee would be high during the cross-chain, which is 2–3 times the rate required by ordinary exchanges, and some public chains are dozens of times.

Compared with the cost of an ordinary TRC-20 transfer to 1USDT, the cross-chain fee issued by Conflux is 100 USDT.

Features of NEC chain bridge

Aiming at the pain point of Ethereum cross-chain, NEC made the following technical optimization.

1.Solution for Ethereum cross-chain bridge

The cross-chain of NEC is based on the application mode of API. You can call the corresponding import and export API to achieve fast cross-chain when you goes to cross-chain operations.

2.Solution for cross-chain high fee

NEC uses a unified exchange rate mechanism when cross-chain, and the NEC chain bridge uses NEC token as the settlement intermediate currency, which avoids to pay the high fees.

Contribute-mining

Explanation：

Compared with the pain points of mining in Ethereum, users can only use miner. The ecological contribute-mining algorithm used by NEC is compatible with public users and professional users at the same time. Users can do mining with the hard disk storage of the simplest family computer and get the token reward, but also be able to choose the professional miner. NEC Token algorithm will allocate NEC according to the user’s contribution. Users can use NEC to participate the transactions, smart contracts, DApp, chain bridges and other scenarios in the NEC ecosystem.

1.Scenario of contribute-mining

The following devices can participate in the NEC mining:

2.Super computer

Computers with more than 1 million configurations are called supercomputers, which are usually equipped with hundreds of CPU Core and much higher GPU computing power than family computers.

3.General miner

A computer configured in the range of 10, 000 to 100,000, using more than 8 core and professional graphics cards, which is called an ordinary miner.

4.Family computer

Computers equipped with less than 10,000 yuan are called ordinary home computers, which can also use hard disk space to participate in NEC mining activities.

5.Formula of contribute-mining The formula：U=A+M(G)

Where U is the speed of contribute-mining, A is the benchmark online algorithm for mining under contribution, and M (G) is the contribution of the user’s computer in the data association matrix.

Token mining algorithm

This chapter describes in detail the mining operations that can be carried out by different computers and the corresponding reward mechanisms for NEC Token.

1.Super computer reward

Explanation：Super computers have super CPU and GPU budget capabilities, and

can quickly perform chain operations of NEC. In addition to conventional mining operations, super computer mining can also perform NEC proprietary deep smart contracts, which include neural networks and machine learning for auto driving, computer trading simulation for economic market transaction data, and deep data mining calculations.

Reward for NEC Token with supercomputer:

Token reward = regular new block + NEC smart contract execution + community contribution points

2.General miner reward

Explanation：General miner mainly carry out mining on the NEC chain just like packages transactions and executes smart contracts on Ethereum.

The reward of NEC Token with general miner:

Token reward = regular new block+community contribution points

3.Family computer reward

Explanation：The innovation of NEC lies in the use of token allocation algorithm, which taking into account the mining of family computers can contribute their own

redundant hard disk mining through the algorithm. Users would be able to contribute to the community bandwidth and hard disk then obtain NEC according to the algorithm.

The reward of NEC Token with family computer:

Token reward =Contribution of bandwidth hard disk+community contribution points

Conclusion

Generally speaking, NEC uses super nodes to avoid the current congestion with poor user experience in high-frequency trading and high Gas fee on Ethereum. At the same time, it has its own innovation in community applications to enhance applications and efficiently complete transactions, which can better meet the needs of the information market for the expansion of blockchain ecological applications in the future.

In terms of application, NEC enhances the landing scenario of the existing NFT in Ethereum to enhance the practicability and asset liquidity value of NFT. NEC supports chain bridge in cross-chain applications, which can be easily interconnected with other blockchains with the lower fee.

NEC has also made innovations in mining. Based on the NEC Token algorithm, it intelligently matches the community contribution of users, and allocates NEC according to the contribution, so that both professional users and ordinary users can participate in the construction of NEC ecosystem.

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