Last updated: May 8th, 2022
Until now, centralization has been a prerequisite for all official structures. Political, educational and financial systems are, and have always been, crafted in a way that does not equally and ethically distribute power to those functioning within them. While the term DeFi literally includes the word decentralized, this is in reference to economic status as opposed to its internal hierarchy. This whitepaper will outline the fundamentals and utility of the ERON TOKEN and its added applications. Through this paper we will show the entire network that we will be building around ERON TOKEN and how it will become a transparent utility and charity community-centric token. We will also identify our future goals and apps that will interconnect in order to create the ERON ecosystem and blockchain.
The project has 2 main goals: 1. Creating a blockchain called ERON blockchain. 2. Using the ERON blockchain to make a difference in real life through charities and also help with the integration of cryptocurrencies into everyday life.
Terms and Organizational Components A clear definition for the terms used to describe various actors, and actions, inside the ERON network:
Users or Network Participants:
Any party, individual, entity, enterprise, blockchain or network that uses, develops, creates or interacts with any aspect of the ERON Network. Users are identified by a unique account address (derived from their master public-private key pair stored in a wallet).
Users that are holders of native ERON tokens, to be used on the ERON Network to submit signed transactions for value transfers, smart contract execution or to provide liquidity.
Users that develop smart contracts and/or applications that rely on smart contracts to provide services. Developers need an account to deploy smart contracts on the Network.
In order for a block to be proposed and committed, a specific number of nodes (numNodesConsensus) are randomly selected from all eligible nodes (eligibleNodesPerShard) assigned to a shard to form the consensus group during each round (blockTime). The consensus group has the responsibility of committing blocks in that shard, during each round. At the beginning of each round, a new consensus group is selected.
Devices (computers or servers) running the software (the ERON client) and relaying messages received from their peers. They can be either Validators (actively participating in securing the network) or Observers (passive members of the network that can act as a read & relay interface) and can be either Full (have the entire history of the blockchain) or Light nodes (only keep 2 epochs of blockchain history).
A node is on the eligible nodes list if several requirements are met:
- a rating above a specific threshold
- won a node slot in the selection auction (when auction will be enabled)
Validators are nodes — computers on the ERON network that process transactions and secure the network by participating in the consensus mechanism, while earning rewards from the protocol and transaction fees. In order to become part of the ERON network, a validator needs to commit a collateral in the form of ERON tokens, to align the incentives of the validators with the correct functioning of the network. In order for a node to be able to become a validator it needs to be on the list of eligible nodes.
The block proposer role is designated to the first selected (through an unbiasedly, random process) validator node in the consensus group. The block proposer is the validator who proposes the next block, which the rest of the consensus group must verify and approve.
Phase 1 consists of publishing ERON blockchain and populating it with contracts that will bring communities together to use crypto in their real life.
Phase 2 consists of using up to 50% of the company profits to create utlity networks in underdeveloped areas of the world and up to 25% of the company profits to capitalize the ERON value.
CREATING OUR ERON BLOCKCHAIN
Technology wise, the ERON PROJECT embodies the team’s wish to make digital assets a component of real life by having real use in disadvantaged areas and for people that cannot otherwise succeed in having the most basic living standards.
The ERON PROJECT runs on its own nodes developed using the GO implementation of Ethereum, the GETH platform. This relies on a boot node that allows the connection of other nodes within the blockchain.
In time, more virtual machines can be connected to the boot node in order to facilitate the validation mechanism for blockchain transactions, but also to offer API to verify transaction hashes, transfers, deployments of Smart Contracts, aso. For the moment there is a published boot node on a AWS server and 28 nodes that will be connected to the boot node.
All servers run Linux and are be protected by a datacentre firewall, as well as an operating system firewall.
Currently the network is private and, by the end of 2022, the virtual machine can be downloaded in order to start decentralising it. As more and more nodes join the network through our MINING application, we will develop our ERON blockchain.
The chosen consensus model involves multiple communication rounds; thus, the result is highly influenced by the network quality (speed, latency, availability).
The process of designing distributed architectures on blockchain faces several challenges, perhaps one of the most challenging being the struggle to maintain operability under contextual pressure conditions. The main components that determine the performance pressure are:
• complexity - the first element that limits the system performance, is the consensus protocol.
• system size - expanding the number of nodes in existing validated architectures forces a serious performance degradation and induces a higher computational price that must be paid.
• transaction volume
The design behind the ERON blockchain has the following principles:
1. Simplicity - the ERON protocol is as simple as possible, even at the cost of some data storage or time inefficiency.
2. Universality – a fundamental part of ERON’s design philosophy is that ERON will not have “features”.
3. Modularity – the parts of the ERON protocol should be design to be as modular and as separable as possible, while also being interconnectable.
4. Agility – the details of the ERON protocol will be created to be give the highest agility possible.
5. Non-discrimination and non-censorship – the ERON protocol will not attempt to actively restricts or prevent specific categories of usage.
The ERON network will have 2 types of accounts:
1. externally owned accounts, controlled by private keys
2. contract accounts, controlled by their contract code.
An externally owned account has no code, and one can send messages from an externally owned account by creating and signing a transaction; in a contract account, every time the contract account receives a message its code activates, allowing it to read and write to internal storage and send other messages or create contracts in turn.
There will be 3 types of applications on top of the ERON network in the beginning:
Semi financial application:
ERON MARKET – future marketplace www.eronmarket.eu
Full financial applications:
ERON PAY – future payment processor www.eronpay.com
ERON WALLET – future cryptocurrency wallet www.eronwallet.com
ERONbit - the exchange of the project and the blockchain www.eronbit.com
ERON MINER – the mining application miner.eroncoin.com
BLUE MONITOR – the utility monitoring app that helps the charity goal of the ERON PROJECT
"ERON" is a utility token and the native coin of ERON Blockchain. It is also used to pay transaction fees.
The launch of the ERON is on the following schedule:
PRIVATE SALE – 04.08.2021 – 04.09.2021
ETH PRE-SALE – 05.09.2021 - 20.09.2021
BNB PRE-SALE – 21.09.2021 - 16.10.2021 EXTENDED until 01.12.2021
AIRDROPS – 21.09.2021 – 25.10.2021
BITMART LISTING - 20.12.2021
XT.COM LISTING - 11.02.2022
Despite the fact that it is a utility token, it will also be the engine behind the charity component of this project. The ERON smart contract is a contract that has a pause function, but lacks blacklist or additional mint options. There is however a minimum and maximum limit for both buying / selling, that acts like a anti-whale mechanism.
The economic aspects being implemented must take into consideration that, regardless of the monetary value of a particular token, there are factors that influence the wellbeing of the system, namely:
● the inflation should be small enough to not "tax" the token holders, but large enough to cover their “hodling” costs in the initial stages of private sale and pre sale
● the monetary supply being held should be large enough so that there are enough distinct entities that collusion is unlikely, but small enough so that money velocity is not affected (MV=PQ)
Total supply: 1.000.000.000.000
Company wallet: 450.000.000.000
Charity Wallet: 250.000.000.000
Team wallet: 150.000.000.000 (locked until October 17th, 2022)
Marketing wallet: 150.000.000.000
Taxes / transaction (buy and/or sell):
1% liquidity (burn)
1% tax to charity
ERON FOR GAS FEES: The ERON will serve the dual purpose of providing a primary liquidity layer to allow for efficient exchange between various types of digital assets and, more importantly, of providing a mechanism for paying transaction fees.
For convenience and to avoid future argument, the denominations will be pre-labelled:
The issuance model will be as follows:
ERON has been released in a private sale at the price of 900.000 ERONs per 1BNB, a mechanism intended to fund the ERON organization and pay for development that has been used with success by other platforms.
Earlier buyers have benefited from larger discounts. The BNB received from the sale was used 100% for the development of the project.
Although ERONbit is a CEX at its core we have included in it a lot of features that not very likely seen in one platform.
ERONbit will include:
- a spot trading CEX module drawing liquidity from Binance and Huobi .
- a multi-chain DEX drawing liquidity from all major swaps such as PancakeSwap, 1Inch, etc. for coins that are on Ethereum, BSC, BTC, Solana, Avalanche, Polygon.
- a B2C and C2C marketplace that will also be launched as a native standalone app.
- a Launchpad for new projects that can organize ICOs, IEOs, presales etc.
-a staking, savings, vesting module.
- an NFT marketplace.
- a P2P module
ERONPAY is the upcoming payment processing application of the project that will make it easy to buy, sell and trade any cryptocurrency.
This app acts as a binder between ERON WALLET, ERONbit, ERON MARKET and ERON TOKEN.
Any person can download ERON WALLET, hit the buy button and use their credit/debit card to buy ERONs or other cryptocurrency and have it added to their wallet.
Any person can access ERON MARKET, hit the buy button and use their credit/debit card to buy an item.
ERONPAY will automatically convert any FIAT into ERONs and pay for the item in the shopping cart.
The taxes for any transaction are as follows:
$0-$50 - $1.75
$50-$100 – 1.1%
$100-$500 – 1%
$1000-$2000 – 0.8
$2000-$5000 – 0.7%
$5000-$10000 – 0.6%
Above $10000 – 0.5%
Tax: 5% on sale
Also, due to the efforts made in order to be able to insert crypto into the real life of our users, we will be issuing VISA and Mastercard cards to all users who request it.
ERONWALLET is the wallet that are creating in order to have an easier access and use to all the project’s applications.
ERONWALLET will have a very low gas fee that will be determined before its launch., It will accept any currency for transactions into ERONs and will also have a bridge in order to facilitate the exchange from different blockchains as BSC, ETH, AVAX, MATIC, SOL, TRON, aso.
In the ERON ecosystem, the state is made up of objects called "accounts", with each account having a 20-byte address and state transitions being direct transfers of value and information between accounts.
An ERON account contains four fields:
1. the nonce, a counter used to make sure each transaction can only be processed once
2. the account's current ERON balance
3. the account's contract code, if present
4. the account's storage (empty by default)
ERON MINER is the mining application for ERON TOKEN where all users can earn 1 ERON/hour and 20% of the current mining rate of every person invited into their direct downline.
As the mining process will create tokens, there will be a 50% cut of the mining rate at the following milestones:
75.000.000.000 – 50% cut from 1 ERON to 0.5 ERON
125.000.000.000 – 50% cut from 0.5 ERON to 0.25 ERON
150.000.000.000 – 50% cut from 0.25 ERON to 0.125 ERON
The total mining supply needed will be 175.000.000.000 ERONs.
Every 50% cut of the mining rate will also mean a 50% cut of the referral commission of 20%:
75.000.000.000 – 50% cut from 0.2 ERON / referral to 0.1 ERON / referral
125.000.000.000 – 50% cut from 0.1 ERON / referral to 0.05 ERON/ referral
150.000.000.000 – 50% cut from 0.05 ERON to 0.025 ERON / referral
Once the total needed supply will be complete the application will stop mining.
All users will be able to see the mining balance in their account on the application at any given moment.
The users will be able to transfer the mined ERONs out of ERON blockchain once the blockachain is 100% functional and operational.
At the end of the process, once they receive their tokens, they will have the option of putting all mined tokens into a staking pool, where they will receive an interest between 2% and 15%, depending on the staking period they choose.
The main goal of this mining application is to supply liquidity for the upcoming ERON MARKET and ERON PAY.
The users will be able to use their mined ERONs in the ERON MARKET in order to buy products.
The value of the mined ERON at any given moment will be the same as the value of the ERON TOKEN that will be listed on the exchange.
Technical overview of the mining process:
The current intent at ERON is to use a mining algorithm where miners are required to fetch random data from the state, compute some randomly selected transactions from the last N blocks in the blockchain, and return the hash of the result. This has two important benefits.
First, ERON contracts can include any kind of computation, so an ERON ASIC would essentially be an ASIC for general computation - ie. a better CPU.
Second, mining requires access to the entire blockchain, forcing miners to store the entire blockchain and at least be capable of verifying every transaction.
This removes the need for centralized mining pools; although mining pools can still serve the legitimate role of evening out the randomness of reward distribution, this function can be served equally well by peer-to-peer pools with no central control.
The charity component of our project is to identify disadvantaged areas that do not benefit from gas, electricity and water networks and to build those networks or extensions to the current networks.
The build will be done through companies that are authorized and licensed in these fields, in disadvantaged areas of Romania and abroad.
These new networks or extensions will be leased to local providers as per the legal framework of every country country. 50% of every lease will be reinvested into building future networks or extensions.
If the gas/electric/water provider will implement the digital asset ERON TOKEN, then the provider will receive back 50% of the lease fee in ERONs.
These ERONs can be used only as discounts for the future bills of the actual beneficiaries of the gas/electric/water networks.
As any project in the beginning, we are aware that we might not have all our info in this whitepaper and that there will be hard times and obstacles as well as successes. This is the reason why we will update our website and whitepaper weekly in order to show our progress and to make everyone understand what ERON is, where it is heading and how to use it.