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Introduction to the Industry
The blockchain and cryptocurrency industry has been fast-moving, with the development of decentralized technologies aiming at resulting in a transformed way of conducting digital transactions and data management.
NCOG Earth Chain, the world’s most eco-friendly blockchain, is such a blockchain designing innovative solutions to some of the core problems facing the existing blockchain systems in areas of scalability, security, and incentives for the users.
Learn more about NCOG Earth Chain and its innovative approach.
NCOG Earth Chain Overview
NCOG Earth Chain is designed to be the world’s fastest blockchain by Transactions-Per-Second.
Through the implementation of its DAG technology and BFT consensus mechanisms, it ensures instant transactions and close-to-zero gas fees and hence offers a unique user experience. Within the NCOG ecosystem, there is the NCOG Search Engine, NCOG Pay, and the $NCOG token.
All of these work together in order to reward users for every kind of online activity.
Mission and Vision
Mission Statement: NCOG is a global company oriented towards the monetisation of web services and consumer data.
NEC will expand further into the market and increase innovation in the online user experience by integrating blockchain, AI, and machine learning to hereby create good value for all stakeholders and contributing parties.
Vision Statement: While a leader in global web services, NEC has been a household name. This translates into pioneering societies transitioning from Web 2.0 into the decentralized Web 3.0 and standing shoulder-to-shoulder among giants such as Facebook, Microsoft, and Google.
Changing data incentivized into common use, leading into the “Internet of Tomorrow,” is what NEC seeks, while also being the world’s most eco friendly blockchain
The NCOG Ecosystem
NCOG Search Engine is a meta-search engine on the transformative path to a decentralized, distributed search engine. Blockchain, AI, ML, AR, and VR come together to help people create advanced activities online. Users are incentivized for their data—creating a new model for online interaction.
NCOG Pay and $NCOG Tokens: NCOG has developed its currency and monetary mechanism. Through various revenue-generating activities within the NCOG portal and its affiliates, users earn $NCOG tokens.
This system is instantaneously rewarding in that users get the payment for their activities immediately in the form of $NCOG. These tokens could be used to purchase goods or converted to other currencies via the NCOG exchange center.
Addressing the Problem Statement
There are several limitations in the current system that blockchain technology would be able to settle. The ability to be easily transferable, irreversible, without extra fees are what NCOG has defined to be the core characteristics of blockchain to be massively adopted.
However, existing blockchain systems have several constraints in terms of long confirmation time and high transaction costs.
Scalability Issues: Classical blockchain networks apply the scheme where every node on the network makes and hosts a copy of each block. Producing and verifying a block requires much more time for larger networks, thus slowing down the network. NCOG tries to solve issues like this by introducing parallel processing and new ways of operation.
Transaction Fees: If transaction fees become too high, then hardly any innovation will be possible. That said, NCOG is currently investigating many ways to reduce these costs so that the Blockchain remains time and financially attractive for all stakeholders.
History Data: Self-descriptively, blockchain-based technology is only able to store information in blocks internally.
NCOG aims to create a system through which accounting data is stored and retrieved continuously without referring or reverting to previous versions.
User Experience: The major concerns with the current search engines are violation of privacy of users and non-uniformity in search results. NCOG’s decentralized approach aims to bring openness in information and make it community-driven.
Technical and Functional Details
Consensus Algorithm: The NCOG Earth Chain has a brand new consensus algorithm with Directed Acyclic Graphs at the core. This consensus algorithm has improved security and increased transaction processing capability, possibly running up to 300,000 TPS.
Elliptic Curve Encryption ECC: NCOG uses elliptic curve encryption for the security of data while it is being transmitted or during signing. This, although it represents a degree of security comparable to RSA encryption, requires smaller key sizes and is hence more efficient.
Response to Attacks: The design allows for responses to potential attacks such as:
Sybil Attack: Since each node is allowed only one vote, this attack is effectively avoided.
Parasite Chain Attack: It is prevented by verification in DAGs for blocks of events.
Mem-pool Flooding: This will be prevented by setting up minimum transaction fees.
NCOG Virtual Machine
NCOG intends to reduce capacity while increasing processing speed and has introduced the TVM. It features a register-based virtual machine that will improve speed and power while reducing code size.
Finally, TVM is Turing complete and secure; it thus offers all the functionalities which may be required for the execution of smart contracts.
Register-Based Model: This model optimizes its performance by reducing the number of instructions and memory accesses compared to stack-based machines. This would ensure higher execution speed and smaller code size for the latter.
Conclusion
NCOG Earth Chain, the world’s most eco-friendly blockchain, is about to place a new leap forward in blockchain technology, targeting problems such as scalability, security, and incentives to its users.
Equipped with a wide array of brand new innovative protocols and algorithms, NCOG strives to provide a strong and efficient blockchain ecosystem that answers the stringent requirements of today’s digital transactions and data management.
Stay tuned for the Big Launch on July 29th 2024. For more information on NCOG Earth Chain and its innovative approach, visit NCOG Earth Chain.
Michael is a cryptocurrency blogger who writes about the latest developments in blockchain technology. He has been blogging for over 4 years and his posts have been read by people from all around the world. His blog covers a wide range of topics, such as trading advice, new ICOs to invest in, and how blockchains can be used outside of cryptocurrencies. Michael also enjoys writing about more technical aspects of cryptocurrencies and blockchain technology.
