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Emotiq ICO Review – #CryptoGoals of Becoming The Most Accessible and Friendliest Blockchain of Them All

It seems blockchain fatigue is starting to take over the crypto community, every week – OR seemingly almost everyday – a new blockchain project is revealed aiming to solve blockchains’ scalability problems.

Well, Emotiq is a blockchain seeking to solve this pressing issue, however, it’s not just the only problem they’re looking to solve…

Resting on the prophecy that most crypto blockchains will no longer have scalability issues in the near future, Emotiq has been built from the ground up to differentiate itself from other blockchains when this foretold time comes.

Joel Reymont, the CEO of Emotiq, believes the main differentiating factor between blockchains will boil down to the blockchain’s user friendliness and accessibility.

Emotiq will not only seek to tackle the blockchain scalability issue, on the contrary, it will also solve the need for private financial transactions, as well as incorporate a blockchain interface that is: “so friendly and natural, even kids can use it.”

Pulling together a slew of proven cryptographic algorithms, Emotiq seeks to address the primary issues stopping the widespread adoption of blockchain technology by using zero-knowledge proofs for transactional privacy, sharding for horizontal scaling, and having smaller blockchain sizes with the integration of MimbleWimble. Emotiq seeks to become the “Apple” of blockchains, do they have what it takes to accomplish this?


Problem

#1 Scalability

The blockchain has been around since 2009 with the creation of Bitcoin, a few years later Ethereum appeared on the scene, in 2015.  Since then, newer generation blockchains have been created, however several problems still persist, the first of which is scaling.

To date, the blockchain developers are striving towards a highly scalable solution but so far an upper limit exists in the transaction throughput of  what can be efficiently handled on-chain. Until this is solved allowing blockchains to perform at throughputs above 24,000 transactions per second (TPS) consistently, which is the same throughput of Visa, widespread adoption of blockchain technology will inevitably be delayed.

#2 Privacy

Privacy is also still a concern, there are various solutions that implement stronger privacy protocols on each transaction but it’s still possible for a determined individual to trace the transactions of anyone and find out the amounts that were used in their various transactions.

How Forbes Got Caught Buying Drugs on Silk Road Back in 2013

While it may be difficult to have totally anonymous transactions, at least, the amount available in a users wallet should be kept private.  This would be similar to the level of privacy available with credit cards (no one can know how much line of credit you have) and bank balances (no one knows your bank balance when you pay in cash for something).

These are reasonable expectations and need to be considered by those that are working on blockchain solutions.

#3 Usability and Accessibility

The last issue to cover is the usability of the blockchain.  Take a look at any project and you’ll see serious mathematical geniuses and experienced developers with years in designing, programming and operating large-scale systems.

For a blockchain solution to be well adopted it needs to be easily accessible and ready to be used by the general population, especially those who are not technically minded. An example of this are smart-contracts as smart contracts are programmed/designed to be read by computers and not humans.

To have something that a human can read, it needs to be in simple terms that can be interpreted and understood.

So how does Emotiq plan to address these issues? In the next section we cover Emotiq’s solutions in greater detail.


Solution

Emotiq will solve the the three primary problems:

  1. Scalability
  2. Privacy
  3. “Complexity” of smart contracts by utilizing an intelligent ground-up fundamental-based approach.
#1 Scalability

Solving the scalability problem alone will not miraculously produce wide-scale adoption. It takes more than one pillar to hold up a structure.

As we can see in the diagram, Emotiq are proposing some additional steps, they will be using a tested and proven technology known as.

Omniledger:

“the first highly scalable distributed ledger that can preserve long-term security under permissionless operation, ensuring correctness across large, scalable networks of nodes”

Through Omniledger, Emotiq will implement horizontal scaling through sharding. (We will dive into how sharding works under main features.)

Along with omniledger, the parallel processing of unspent transaction outputs (UTXO) will allow Emotiq to process thousands of transactions per second, with an ever-expanding network of nodes at very low cost.

Just like that, it will be able to scale to VISA-level throughput in an instance.

#2 Privacy

On the other hand, with regards to privacy issues, Emotiq’s approach has been inspired by existing blockchain projects, such as

Emotiq will integrate zero-knowledge proofs to cloak transaction amounts so they are not visible on the public blockchain ledger.

The past several months were filled with blockchain projects all trying to address scalability and privatize transactions on the blockchain, and it seems these projects have been all the hype in the crypto-space…

But as you may have noticed smartphone apps are constantly updated because they are in use and heavy usage has a way of exposing bugs/issues that need fixing, it is only when the systems are used do problems appear. Problems that may not have existed during testing or in tech papers and only when the system is real-world tested by end-users.

Therefore, having an easy, user-friendly platform is ideal. Greater than scalability or privacy, complex systems that are difficult to manage and hard to use hinder the global adoption of blockchain, which is a huge problem.

As a result, Emotiq developed Ring, its natural language for smart contracts. When compared to other programming languages the Ring natural language does seem more easily understood by humans.  Examples of the code can be seen at the Ring site.

It gives potential for non-programmers and programmers to unleash their full creativity to unlock the latent potential of blockchain technology. With the Ring language, developers and users alike will be able to experiment easily and quickly, and in the end, this could bring greater innovation through continuous improvements, iterations, and valuable feedback.

Ring compiles to a lower level Ring Virtual Machine (VM). The smart contracts written in Ethereum Solidity will also be able to run on it as they will be machine translated into Ring.

“Ring is inspired by Zork – a classic interactive fiction computer game – and we intend Ring to be just as fun, exploratory, and open-ended.” – Emotiq


Main Features

In the main feature we will take a look at the tech behind the Emotiq Project

Here are some of the key components within Emotiq, we will deep dive into each one of them below:

  1. Emotiq uses a Full Node system made up of Validators or Light Clients.
  2. Emotiq uses Gossip Protocol
  3. Emotiq uses Bias-resistant distributed randomness
  4. Emotiq consensus protocol is based on pBFT
  5. Emotiq uses UTXO, Proof Of Stake, MimbleWimble and Zero-Knowledge Proofs
A Story of Validators and Light Clients

Validators are those who choose to maintain a copy of the whole blockchain while Light Clients don’t store the full blockchain, as the word ‘light’ would imply, but they do however communicate with Validators.

Emotiq maintains it’s network by having a certain number of Full Nodes – Validators whose addresses are coded into each release of the blockchain because as validators, these nodes participate in the collective signing protocol (more on this below).

As the network grows Validators and Light Clients maintain a list of ‘peers’, addresses of nodes they know of, and as new nodes are added to the network, that newbie node will connect to the core nodes to fetch a list of the ‘peers’, existing nodes throughout the network and in close proximity to them.

To Protect against DDOS-ed transactions each validator node will rebroadcast a list of received transactions quickly to a set of ‘peers’. Bad actors or potential rouge nodes can be discouraged through peer throttling and by blocking them from processing further transactions.

What’s the latest gossip?

Gossip Protocol, even though not new, is a unique way of communicating between nodes, no one core node needs to know all the other nodes in the network nor do they need to be active and working in the network for communication to occur.

Neighbourcast and Traditional are the specific gossip protocols employed in the Emotiq ecosystem, which are similar but differ in that Traditional gossip protocol requires every node to listen for a message and pass it on to the 3rd or sometimes 4th node, whereas Neighbourcast requires each node to spread the message to all the nodes it knows.

Request or Reply

A message sent by a node can be categorized as a Request or Reply, replies are always sent as response to a request, whether directly to the node who sent the request or through the gossip network.

Within the network Light Clients who create transactions will use the Traditional gossip protocol, whereas, the Validators will self organize into groups and use traditional gossip to decipher which other node are close to them and in their neighbourhood and then switch to Neighbourcast once the group is formed.

Bias Resistant Distributed Randomness

Emotiq employs RandHerd: RandHerd arranges participants into verifiably unbiased random secret-sharing groups, which repeatedly produce random output at predefined intervals.

This is used to elect leaders during the block signing round and also to form shared groups. How is this randomness carried out? Through Cryptographic Sortition: the process of randomly selecting members based on their staking weight, the variable random function mechanism is used for the random sortition probing to ensure fairness in making selections.

Consensus

pBFT (Practical Byzantine fault tolerance) is the consensus mechanism adopted by Emotiq. Consistency between the validators is strengthened within this mechanism so that the core nodes don’t waste computational power resolving inconsistencies, once the transaction appears on the blockchain the transaction can be considered confirmed.

CoSi or Collective Signing and CoSi Multisignatures
  • CoSi – a scalable witness cosigning protocol ensuring that every authoritative statement is validated and publicly logged by a diverse group of witnesses before any client will accept it.
  • CoSi Multisignatures – They use CoSi trees to provide scalable, distributed multisignature generation. A CoSi tree is an n-way tree, where each node in the tree interior is a group leader.
  • Emotiq uses Proof Of Stake and is a public decentralized blockchain so anyone can join the network and become a validator but all validators need to post a fixed number of tokens to secure their position in the network.

Through a stake-weighted lottery process, which means: the larger the amount of tokens staked by a validator, the greater their chances of winning the lottery to be the leader for the next block of transactions, and thus collect transaction fees awarded for that block.

What does UTXO, MimbleWimble and Zero Knowledge Proofs have in common?

In the Emotiq transaction ecosystem UTXO (Unspent Transaction Outputs) – first introduced by Bitcoin – and Zero Knowledge Proofs mesh seamlessly together as UTXO allows spent and unspent coins in multiple wallets to be combined into a single balance with MimbleWimble and Zero Knowledge Proofs ensure that transaction amounts aren’t visible on the public ledger.

By having this protocol combination not only does this increase the scalability of Emotiq’s blockchain by creating smaller sized blocks so validator nodes do not require gigantic servers, through the use of MimbleWimble and Zero Knowledge Proofs.

It’s of the utmost importance that past transactions are pruned and that new nodes don’t need to download those old transactions in order to validate the blockchain and that’s where MimbleWimble comes into to play, allowing pruning to take place without compromising on the security of the blockchain.


Roadmap


Token Economics

Token Sale Details from the Telegram group / Further details to be provided by the team once the website and white paper has been updated:

Token Use Case
  • Emotiq (EMTQ) tokens are used to pay for any resources consumed on the platform
  • Child tokens (ERC-20 equivalent for Emotiq) can be freely exchanged for EMTQ tokens as this is enabled through Emotiq’s built-in decentralized exchange (DEX)
  • Cross-chain atomic swaps will allow for the exchange of EMTQ with BTC and ETH
  • Emotiq will have a deflationary schedule as token supply will slowly decrease over time with a fixed percentage of yearly fees being burnt.

Potential Considerations

List of potential issues that the token/protocol/project will face or has possibly overlooked.

  • Lisp as a programming language is highly niche and so there may be less developers available to work on the Emotiq project
  • Ring natural English smart contract language has not been tested and we are yet to see if this will be technically viable and also be widely adopted by people.

Team + Advisors

Joel Reymont – CEO

  • Joel is an veteran hacker and blockchain pioneer.
  • He has amassed over 25+ years of software engineering and leadership at 41 different companies. Notable stops at Thomson Reuters, EA sports, Mozilla Corporation, Merrill Lynch, and UBS. Worked on Wall Street.
  • Joel was previously CTO at æternity blockchain – a Top 100 cryptocurrency and blockchain company.
  • He also acted a Director of Prime Brokerage Technology at Deutsche Bank.

Vladimir Lebedev – VP of Engineering

  • Vladimir has 25+ years experienced at 14 different companies in leadership roles such as CEO/CTO/COO.
  • 6+ years at CPM ltd  as Managing Partner and President has been his longest tenture.
  • Notable stops at Orange Business services, Nokia, Moscow Currency Exchange.
  • Graduated with B.Sc., Mathematics, Applied Mathematics at Novosibirsk State University (NSU).

David McClain – Chief Rocket Scientist

  • David has over 50+ years experience as a Rocket Scientist.
  • Lisp expertise from past 30 years and comfortable any other language, FPL, C-derived, Assembly
  • Studied Computer science at University of Arizona, Physics at Rose-Hulman Institute of  Technology, Observational Infrared Astrophysics and Theoretical Astrophysics at City College of the City University of New York.

Shannon Spires – Agent Hacker

  • Shannon has accumulated 31+ year of work experience in Data and IT sector.
  • Recent notable roles include 25 years as Principal Member of Technical Staff  at Sandia National Laboratories – he was involved in developing software to conduct Life Cycle Analysis (LCA). It plots fossil electric sources data and maps them.
  • Expert in machine learning, AI, Common Lisp programming, functional Languages cybersecurity and data mining.
  • Shannon also has extensive experience in research backed by 6 years as a Software Researcher at Clozure Associates. Their goal is to change the computer security area of business to make it more reliable.
  • Graduated with a MS, Electrical & Computer Engineering at University of Texas.

Paul Tarvydas – Electronic and Microprocessor Guru

  • Paul has 30+ years experience Software development and Microservice style architect.
  • Recent notable roles –
    • VP, Consultant Technical Director, GM, Engineer, Analyst Designer at IBM Canada, Cognos, Mitch, DirectCash, Cedaram TaxProp, Eforex.
  • Technical Skills set –
    • AI, Banking POS, forex, 1:1 Marketing, Embedded, IOT, software optimization.
  • Graduated with BASc, Electrical at University of Toronto
  • Graduated with BSc, Arts & Science (Core Physics program) also at University of Toronto.

Mark David – Senior Software Architect

  • Mark has 35+ years as an Engineer/Software Architect.
  • Recent notable roles –
    • 4+ years as VP Engineering and Cofounder at Expressive Database LTD
    • 6+ years as Chief Architect, Core Technologies at Gensym Corporation.
  • Expert in Lisp, C Developer, Software development, design and documentation.
  • He Developed a natural language understanding system, including new database technology.
  • Graduated with BS, Linguistics at University of Chicago.

Mark Evenson – Senior Software Architect

  • Mark has 25+ years experience as a software developer.
  • Recent notable roles:
    • Head of Engineering, Principal, Co Founder. At Cloud Fleet, Minebox GmBH
  • Expert software developer focused on Common Lisp, Python Java and C.
  • Experience with successful architected large scale web publish/commerce systems, IP networking security, System administration and unix systems
  • Graduated with BA, Physics/Mathematics at Cornell University

Anna MovchaniukPublic Relations Maven

  • Anna has 2+ years experience in Public Relations/PA.
  • Recent positions at DVbank as a PA where she learnt the navigate the corporate environment. Where she developed her detailed oriented corporate communications skills.
  • Achieved Graduate Certificate, Corporate Communications and Public Relations at Seneca College of Applied Arts and Technology.
  • Graduated with a Masters of International Economics and Management, International Economics at Kyiv National Economics University.

Partners and Investors

None have been listed at the time of writing this review.

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