Features
· Web3 compatibility –
EtherLite is fully compatible with Ethereum’s web3js interface API. It means that the website or service interacts with the Ethereum network. Web 2.0 relies on users to create the value which the owner or host can reap the benefits from. In most cases, users have little to no control over their data. Also, users never know if the content they enjoy will stick around. When content is no longer needed or threatens profits, the host of the website or service has the right to remove it from their platform leaving you high and dry. Not to mention, most service providers own user’s data under their terms of service. Like social media and OTT platforms are doing today. Web3 seeks to empower users and to recapture the value that they create. Web3 applications, sometimes referred to as DApps, are built on decentralized peer-to-peer networks like Ethereum and IPFS. Instead of being run by some company, these networks are built, operated, and maintained by their users. They’re self- organizing and lack a central point of failure.
Etherlite Provides fast block times ~3s, as it runs on POS. As explained earlier POW requires lots of resources and energy, Proof of authority is for private blockchains. Hence, EtherLite is using Proof Of Stake which is a highly scalable consensus algorithm
· Smart Contract and Tooling, Less costs –
Etherlite have Ability to use existing Ethereum smart contract and tooling. Developers can port their existing Ethereum-based dApps in a matter of minutes, substantially upgrading the performance and lowering the costs.
Compatible with existing tools like Clients, Metamask, Remix, and Truffle etc. which are used in Ethereum Blockchain.
EVM stands for Ethereum Virtual Machine. Virtual machines will essentially create a level of abstraction between the executing code and the executing machine. This layer will improve the portability of software, and will also ensure that applications are separated from each other, and separated from their host.
