You can see that ECOChain is a separate public chain, and 19 years after the main network has been online can be said to be very mature. Here also hope that ECOChain ecology can do more and more robust, DApp more and more.
So move on to the next question, what does ECOChain want to address?
Ok! ECOChain is a system consensus mechanism based on POS, which supports VM virtual machines internally and can only be contracted for deployment within ECOChain systems. So on the basis of these two points, first, POS benefits prove that there is no need to consume a lot of resources to do computing, POS reduces the cost of the validator while improving the operational efficiency of the system, making the ECOChain chain trading efficiency and transaction costs better than Ethereum (currently TPS at 560, short block creation only 32 seconds), under the smart contract holding ECOChain fully equipped to build a large number of DeFi protocol conditions.
On the other hand, many public chain systems, it is difficult to deploy DeFi because of the lack of asset richness, weak cross-chain technology, making the chain become a car-free “highway”. So the current deployment of DeFi still requires a linkage with systems such as Ethereum, and the insanity of the financial model has resulted in a short life cycle for some of the definitely products.
For ECOChain, it can be other chain assets in the form of atomic swap, “cross-chain” to their own systems to achieve system asset richness, cross-chain ECOC standard “packaging tokens” can be added to ECOChains official developers do not target technology applications as the primary behavior of Tokens move on to our next question. EcoChain Ecology is known to have three Tokens,all of which are on the MXC. Can you tell us about the relationship between ECOC, EFG, and GPT?
In this lending agreement, the user can mortgage ECOC tokens to the smart contract within the agreement, at which point EFG tokens are issued to the user on a 60% pledge rate as a lending asset, and the mortgaged asset can be other then ECOC, but will also support mainstream assets such as Ethereum, Bitcoin and other collateral in the future.
User will have to return EFG together with the interest. The interest rate is calculated at 0.03% per day, and the total interest charge depends on the time stamp of the block. When the user assets being misappropriated and unable to repay in time, so the EFG DeFi system set the contract extension function by paying the loan amount equivalent to 5% of GPT, it can be extended for 7 hours to prevent liquidation of asset, and also a reasonable period of time if your unable to repay, we will have 280 blocks of extended period to provide you with the contract extension margin payment, GPT Tokens are the main factor in the protection of investorss mining for GPT or borrowing for EFG, participants get something.
Of course, some community partners may ask why we are issuing GPT and not directly using EFG as a contract extension, so that a Token has two applications, would not it be more able to give him capital value, in fact, we thought about it at the earliest.
So we did a small number of GPT releases and they appeared in the form of mining to provide some benefits to more community partners. It also drives the reduced liquidity of EFG! Speaking of which, you can understand the financial model of ECOChain Ecology!
This multi-currency approach perfectly circulates three Tokens in ECOChain, increasing the prosperity and use of the ecology. This part is also the most important part of ECOChain ecology, if you have any questions can be asked in the following question session, our guests will answer.
As we continue to ask questions, the guests above introduce us to the relationship between ECOChain Eco-Token. Where EFG and GPT are the most recent online matcha, and perform well. What is the EFG and GPT circulation and how is it allocated?
The total amount of EFG is fixed at 1 million, 10% will be withheld by the us, 90% will be transferred and owned by the loan smart contract, i.e. 90% of the EFG will be generated by borrowing, and EFG will not be destroyed and will not be increased.
The total number of GPT is 10,000 and is used only to delay the liquidation of collateral. Similar to EFG tokens, 90% of GPT tokens are initially deposited into a loan smart card and 10% will be hold by us.
Currently, there are only about 100,000 EFGs in circulation, and there are over 80k EFG tokens mining GPT, which is increasing. If 1 million EFG mined at the same time, 9000 GPTs are expected to be fully mint in three months using the current systemre subtracting 600, leaving 400.
Based on the total amount of existing market cap accounts, GTPs continue to ask,how does the integration of behavioral finance theory, mentioned in theEFG white paper, promote the trading motivation of behavioural traders?
That’s a good question, our finance is divided into two sectors, the first sector is traditional finance, belongs to super-normative finance, such as banks, pawn banks and so on and they also exists a type of financial model in it, it is behavioral finance.
Bitcoin is the best example of behavioral finance. EFG and GTP as well, he has a small number and necessary basic elements, a small number of issues, must repay the characteristics, which promotes the trading behavior, and the lending part of the borrower has been 20 percent profitable, thus forming the borrower’s trading motivation, so the above theory is completed, of course, behavioral finance speculative theory part is also included in the EFG and GTP!
Can you introduce us to the ECOC ecological lending system? How should users participate?
EFG lending system we have integrated the double token volatility settlement method, the loan settlement is also based on the double token volatility price settlement, you can use ECOC to borrow EFG and we could also use EFG to stake mining for GPT, so as to form the ecosystem and miners ecological harmony resonance, while promoting ecological development and circulation.
In the process of borrowing , mortgage mining and bilateral fluctuations have become a good opportunity for community ecology to play! At the same time also fully provides fundamental data! Guaranteed operation this can be achieved through basic analysis, liquidity and market value results, thus achieving profitability!