ECOChain is a really fast and economically friendly decentralized public chain using Ethereum smart contracts executed in a virtual machine (VM). Initiated by a well-known international blockchain team, it uses blockchain technology as a basis to explore the global economic market and blockchain world, and build a global decentralized distributed ecosystem.

Mission of ECOChain In the development of the future economic market system, the Economic Cooperation Organization shoulders the mission of fully exploiting the advantages of the blockchain, using the traditional economic market system, reshaping the new economic ecosystem, and achieving a sound, credible, Fast, finance-friendly, economy-friendly decentralized ecosystem. At the same time, it enables more people to have a safe and high-quality distributed security network, so that the healthy and trustworthy development and incentives of the market can be realized through the economic cooperation chain. This is also the mission of the OECD Chain Group.

The unique features of ECOChain

At the technical level, ECOChain is built using blockchain technology (communication protocols, encryption, etc.) to ensure that there are no obstacles in the connection between users. It has the following unique advantages:

1. High performance
(1) Users can experience high transaction speed The economic chain utilizes long-known communication protocols to maximize its benefits. Various model analysis and stress testing shoes, it can support up to 560 transactions per second.
(2) An effective adaptive consensus algorithm is a blockchain protocol provided by ECOSOC. This adaptive algorithm ensures efficient concurrent processing of the public chain, and accurately solves node errors and network connection problems.
(3) Fast transaction confirmation. ECOC uses an efficient and adaptive consensus algorithm to ensure the completion of transactions, that is, transaction confirmation, and optimizes other attributes in the transaction confirmation process, such as cryptographic security signature algorithms and ledger storage methods.
(4) For storage, ECOC supports local database storage, file system storage and cloud storage. Local storage realizes hot and cold separation, database storage uses database and table models, and cloud storage supports expansion according to cloud cluster rules.

2. High-speed access to ECOC is based on the principle of minimizing the business application development circle, satisfying the existing development knowledge of programmers, and promoting its deployment and maintenance with high security. Therefore, it achieves a lot of compatibility in terms of user business development, deployment, and security. The ecosystem provides many clients (different wallet types) and tools (SDK) for users and developers, they can choose how to connect to the blockchain with good UI experience, high security, lower cost and fast speed . SPV (Simple Verification Payments) clients are also available, making many operations possible without running a full node, but also without using 3rd party services (trust less operations).

3. High security
(1) Reliable and consistent storage ECOC guarantees that service requests will not be tampered with during transmission through asymmetric encryption and digital signatures (public encryption), and stores each node's data. For stored data records, in-node self-checks and near-real-time multi-node data validation are used to ensure that stored data records cannot be modified.
(2) User privacy and transaction confidentiality The user's real identity and blockchain public address in ECOC are isolated. The public address is a pseudonym. Unable to get associated user information from each node's record store. User information storage has multiple layers of protection, such as permission control, access authentication, and encrypted storage. Users with higher transaction confidentiality can also choose a transaction-independent mechanism. Every transaction of the same user is mapped to a different address on the blockchain, ensuring that multiple records of a user cannot be obtained on the ledger (untraceable).
(3) Security key management system In the ECOC key management solution, key security and user account delegation functions are provided to ensure key security. Key Security encrypts the private key with user information. Key security cannot be accessed under normal business processes. CLI and GUI tools exist to save keys offline (cold storage). In addition, internal consensus algorithm, bettors can use different accounts of the same wallet to co-sign when forming blocks (Coinbase transactions). This enhances the security of the bettors.
(4) Operation Efficiency ECOChain builds GUI and CLI tools for data indicators (analysis). Smart contract storage and blockchain data can be tested, inspected, filtered or customized to generate any type of report depending on the needs of the application and business Dapp. Additionally, there exists a boost compiler for code compilation. Other tools exist for security analysis, cost and performance of smart contracts. All of these belong to the Ecosystem of the Economic Cooperation Organization (ECOC). ECOChain provides general and efficient information collection components, which are deployed in the business layer, consensus node layer and ledger storage layer. The information collection component collects the system information of the machine (such as CPU, memory, hard disk and network status), node usage status (such as node access, time spent, node health, etc.) and business usage (business access, success rate, time-consuming Distribution, etc.) are displayed on the monitoring interface in real time to facilitate the management of the entire system.

ECOChain Ecosystem Expansion

With the continuous improvement, expansion and development of the ECO chain ecosystem, more and more use cases can be solved, and the usability of the ECO chain will be enhanced, resulting in higher circulation and inevitable higher value.

Use Case 1: Trading Market Mall Economy
Trading market shopping malls not only bring convenience to people, but also bring huge traffic flow. The ECOC chain will establish a decentralized online economic market trading platform on which various items will be displayed. The buyer and the seller agree on a smart contract on the ECOChain platform. The buyer places a certain amount of tokens on the blockchain. Once the seller confirms that the item was received correctly, the token on the blockchain is automatically sent to the seller's account. Otherwise, if the buyer has not received the item or has not confirmed it, according to the agreement of the smart contract, the token on the blockchain will be returned to the buyer's account. For some large transactions, multiple safeguards are required. Artificial intelligence technology can be used to protect the property rights of items recorded on the chain to avoid breach of contract by both parties. A certain amount of deposit (guarantee) is required. This type of buying and selling process is not only safe, but also protects the rights of buyers and sellers.

Use Case 2: Cross-Chain Transactions and Interoperability
Blockchains today have many different architectures, properties and goals. Some will survive, others will not. But is it possible to connect them in a decentralized manner? Decentralized chain (cross-chain) connectivity adds value to connected chains and the blockchain industry. Applications can be used universally; network effects increase their usability and preserve decentralization (trust less property). The OECD is already working on this. The atomic swap code is being implemented as open source, with the repository published on GitHub (GitHub source code). The first target is Ethereum, because it is a large platform with a rich ecosystem. Other platforms will follow. Atomic swaps are the exchange of assets in a fully decentralized manner, meaning coins or tokens are exchanged between different chains without the need for third parties or custodians. In the future, interoperability between the OECD chain and other chains running virtual machines will be achieved. A yellow paper on cross-chains is also in progress.

Use case 3: Oracle's separate protocol (consensus)
The virtual machine is a deterministic state machine. It is cut off from the outside world. This means it cannot access any data from the outside. The only way to get data is to enter it from someone who has access to the smart contract (via contract functions). Entities that have access to these functions can make VM code useful. A common example is exchange rate data. This is how the term "oracle" was born. The entity that has special access to the smart contract and regularly feeds it with real data is the oracle. The term probably stems from the fact that this entity (usually the server) is highly trusted by application users. This way, decentralized applications can function for real use cases.

Use Case 4: Application of Proof of Location (PoL)
Proof of Location is a problem in which an entity has to prove its true (physical) location to others. A GPS system provides information to someone to automatically calculate their location, with minor errors. The problem is, this GPS information cannot be used to convince others. So the whole question is, how can someone prove that, at a given time, he is not falsifying its location. The most common case of PoL is applied to the logistics chain. With regard to key products, such as food and pharmaceuticals, the issue is even more pressing. There are other use cases. PoL has no conventional solutions. Fortunately, use cases are specific and location bound. In these places, special hardware can be used from different entities. The oracle system we call use case 3 can provide PoL in full trust here. A mesh network of hardware, oracle consensus, and points of stake can provide a viable solution.