EtherInc is a fork of the Ethereum blockchain platform. EtherInc (eInc, for short) has much the same aspirations as its more famous cousin, ultimately hoping to be a platform for decentralized applications and organizations. However, eInc differs from Ethereum in several important ways. The developers stress that eInc’s fork was necessary to speed up development schedules, provide security for small decentralized applications, and improve interoperability between decentralized applications.
“EtherInc does this by building what is essentially the ultimate abstract foundational layer: a blockchain with a built-in Turing-complete programming language, allowing anyone to write smart contracts and decentralized applications where they can create their own arbitrary rules for ownership, transaction formats, and state transition functions,”
the developers stated in their white paper.
What’s a Turing-Complete Programming Language?
A Turing machine is a theoretical machine that can read a length of tape and interpret symbols according to a set of rules, and a Turing-complete language is a language that can be executed on such a machine. That might seem rather abstract, but nearly all programming languages are Turing complete. The exceptions are few and far between and have extremely limited use cases. EtherInc proposes to encode a Turing-complete language directly within the EtherInc blockchain itself, without the need for an external program or language.
Like all facets of EtherInc, this is intended to pave the way for future development and use of the platform as a living, breathing tool for the next iteration of the internet.
How Does EtherInc Differ from Ethereum?
The nitty-gritty of EtherInc versus Ethereum comes down to logistics. EtherInc, which began life as a decentralized application within the Ethereum blockchain, claims that Ethereum suffers from low transaction speeds and high gas prices. This is a problem on the Ethereum blockchain itself, and so it’s potentially a problem for any decentralized application operating on the Ethereum blockchain.
EtherInc looked at the possibility of using existing forks and comparative projects, like Ethereum Classic and NEO, for its decentralized application before decided that the best solution was a completely new fork of Ethereum. This was partly due to the need for decentralization, which projects like NEO sacrifice in favor of a proof-of-stake consensus mechanism.
The actual EtherInc fork reduced Ethereum’s block time from 15 seconds to six seconds; increased the network speed, transaction speed, and miner rewards by 250 percent; removed the so-called uncle reward; and created a finite supply for mineable coins.
How Does It Work?
Being a fork of Ethereum, EtherInc has much the same general protocol. In fact, decentralized applications built on EtherInc are cross compatible with applications on Ethereum and vice versa. The heart of the system is the eInc dApp, which creates a smart contract for each new organization joining the blockchain. Workflows are organized in terms of proposal. Sending ETI, for instance, involves the creation of a proposal on the blockchain, which is then triggered to transfer the desired quantity of ETI. Then there is the concept of grades, which range from grade 1 to grade 10,000. Grade levels below 1,000 enjoy heightened proposal privileges, creating a hierarchy within the 17 different kinds of proposal possible in an EtherInc smart contract.
The proposals themselves can be divided into two broad categories – voting proposals and grade proposals. Voting proposals can be executed via voting on a proposal and achieving a simple majority of quorum. Grade proposals can only be passed by a proposal of a higher grade. This helps to differentiate the internal tasks available on the blockchain according to EtherInc’s governance protocol.
Who’s the Team Behind EtherInc?
EtherInc’s CEO is Tarun Malik. Malik is described as a “serial entrepreneur” on the EtherInc website. He’s previously served with PwC, Johnson & Johnson, SwissRe, and BioGen. The company’s chief technology officer is Suryansh Kansh, who founded Indian social media platform Piplity and later PipCity, India’s answer to Yelp.
ETI Token Sale
EtherInc is not currently listed on popular pricing platforms like CoinMarketCap. A token sale is planned for July 15, pegged to an Ethereum price of $700. There are 1 billion ETI coins in existence, and the token sale will aim to distribute 45.11 percent of them.
What’s Next on the Roadmap?
Following EtherInc’s coin sale in July, the company plans to begin approaching exchanges during the third quarter of 2018. Concurrently, wallet providers will be sought to provide storage for ETI and partners will be sought for the company’s fledgling blockchain. The EtherInc decentralized application marketplace will be launched by the end of the year. Early in 2019, ETI plans to begin its diplomacy phase, ensuring that ETI can operate in different countries around the globe. By mid-2019, EtherInc will begin its eIncNS Name Service and startup registration fund.
EtherInc is an attempt to smooth out some of the irregularities on the Ethereum blockchain, particularly when it comes to the development of new decentralized applications. This is a large and moving target, but it cuts to the heart of the Ethereum system. As a platform, Ethereum – and, by extension, EtherInc – hold a lot of promise for future growth. Much as it would have been impossible to predict Facebook and Twitter by the state of the internet in the early 1990s, it’s likewise impossible to predict what new and innovative decentralized applications will spring from Ethereum, EtherInc, and similar platforms. EtherInc hedges its bets, so to speak, by providing compatibility with Ethereum decentralized applications while providing a wholly separate development environment. Since there are already several Ethereum forks, it’s hard to say exactly where EtherInc will fit in the future hierarchy. Per usual for platform coins, the ultimate proof will be in the development pudding. As such, the project largely hinges on the vibrancy and size of its community.