At the end of April Enecuum (Enecuum HK Limited Hong Kong) took First Place in the qualifying round of the prestigious BlockShow Meetups in Zurich, Switzerland, and was named the best crypto startup among all participants. The organizers carefully selected the best projects among those shown, which included such well-regarded entries as Alethena by Equility and SwissRealCoin.
44 experts in the blockchain industry from all over the world awarded the top honors upon the development team from Enecuum. This achievement opens the way for the company to enter the final round in one of the most significant contests in the blockchain industry in Europe: BlockShow Europe 2018, which features the opportunity to compete for a prize of 50,000 Euros.
Winners from eight cities will present their startups in the final round of the contest, which will be held on May 29, 2018, in Berlin.
Qualifying rounds were held during March and April in some of the largest European cities, such as Stockholm, Berlin, Amsterdam, Paris, Barcelona, Rome, Zurich, and London. Given the informal status of Zurich as a European blockchain capital, earning the context victory in this city is especially honorable.
It is worth noting that the previous winner of the competition reached a capitalization of US $30 million. It also is noteworthy that the total collection for all previous participants amounted to more than $500 million.
Enecuum is a varied decentralized environment that allows the integration of blockchain technologies into both business and government structures. The platform is suitable for solving various tasks in the field of finance, banking, document circulation, insurance, transportation of goods, educational platforms, decentralized applications and exchanges, and ICO.
Enecuum’s entry is actually a completely new type of blockchain, built from scratch.
The company’s developers solved the problem of scaling and developed a completely new method of recording transactions called HyperDAG, which represents a hybrid of classic blockchain technology and what is called a Directed Acyclic Graph, or DAG. This approach simultaneously guarantees both security and scalability.
Such a protocol concept allows the blockchain to utilize sharding, a type of database partitioning that allows easier handling of database elements, and to use a system of branches without overloading the network.
This is a mechanism that features highly flexible settings, and it opens up new possibilities for the use of blockchain technology for both government organizations and private businesses.
The key difference of Enecuum’s development from existing solutions is that a transaction entering the system can refer not only to one of the previous transactions in the blockchain, but also to the group included in the block. As a result, the bandwidth problem is solved, and the blockchain gains the ability to process tens and hundreds of thousands of transactions per second. At the same time, security is achieved through the step-by-step use of PoW- (when building blocks), PoA- (for transaction verification) and PoS- (when verifying the purse balances) of consensus algorithms.
The use of multilevel algorithms makes the confirmation of transactions within the network much safer than in conventional cases; it allows the solving of a number of key problems of each of the algorithms separately, such as:
– the concentration of computing capacities in one country,
– and the problem of “rich getting richer” that exists in basic variations of Proof of State (PoS)
– and to connect to the process of building blocks, confirming transactions and verifying almost any device, even smartphones.
Enecuum opened its own testnet and already now provides a network bandwidth of over 60,000 transactions per second (!), which completely covers the existing needs of business and traditional payment solutions. The company continues to work to increase capacity to cover the needs of the Industrial Internet of Things (IioT) infrastructure operators.
The Enecuum platform is so flexible that it can create virtually any solution for B2B and B2C segments, from payment services to secure corporate data exchange systems. Each side owner can be based on his own rules of mining, transaction verification; for everyone, there is an opportunity to create his own tokens, and also the ability to give to these tokens an arbitrary function based on any set of requirements.
Anyone can join an Enecuum testnet. A PoA emulation is already in operation, and soon the opportunity to work with the emulation’s output will be added.
Mikhail Sayfullin, CEO, and co-founder of Enecuum noted: “Recognition of our developments in Zurich is especially honorable. Switzerland is rightly considered one of the strongest Blockchain ecosystems in the world. I thank the other participants in this competition for their worthy competition. Already today, we have focused an increased interest on the part of various participants to our methodology. Enecuum is in active negotiations with leading business projects and governments in different parts of the globe about utilizing its platform to solve practical problems. Our team continues to develop the industry for the benefit of each user.”
Addy Crezee, CEO at BlockShow by Cointelegraph, stated: “Enecuum was selected by BlockShow community as a winner of our startup competition in Zurich and I’m glad to see promising projects joining the race. Good luck and hope Enecuum to take off and help businesses integrate the blockchain globally.”