EtherLite is a blockchain platform built for efficiency; it provides a fast, secure and cheaper environment for building decentralized applications. It is fully compatible with Ethereum's tooling and Web3 technology stack and it runs on a PoS consensus algorithm.
While Ethereum 2.0 (Serenity) will bring Proof of Stake Sybil control and many other innovations to the Ethereum ecosystem, the completion date is currently unknown. The Etherlite POS protocol provides an immediately available scalability solution for Ethereum 1.0, creating the opportunity for delegated staking, high transaction speeds, and low transaction costs. On a Etherlite enabled sidechain, candidates stake tokens (greater than a specified minimum candidate stake) to declare their intention to become validators on the network. Delegators can also stake tokens on these candidates, providing a “vote” for a particular candidate by contributing to their pool.
Etherlite is currently supported by OpenEthereum and POS Contracts. Etherlite runs on a fully compatible EVM-based chain, allowing for mainnet interoperability while providing greater efficiency, lower fees, configurability, and other benefits relative to current EVM consensus implementations.
Etherlite will connect with ethereum mainnet and also compatible with other EVM based blockchains. This will enable interoperatbility between all the EVM based blockchains. Etherlite is using POSDAO as consensus protocol.