A high throughput (1mn TPS) HyperDAG secured via a hybrid consensus mechanism (PoWork + PoActivity + PoStake), with smart contracts based on the Haskell programming language, providing decentralized computing and storage.
Enecuum aims to be a complete blockchain project, that provides a high throughput network, an ICO platform, distributed computing and storage, with three different consensus mechanisms mixed into a hybrid one. It will not be a blockchain per se, but rather a mix of DAG (directed acyclic graph, like IOTA uses) and blockchain.
The hybrid consensus mechanism is made up of:
- Proof of Work will be a variation of Cryptonight, modified to be ASIC resistant
- Proof of Activity – 64 participants team up to validate microblocks fast, they are then later included in the PoW macroblocks
- Proof of Stake – back-checks for correctness of microblocks + macroblocks and the resulting impact on balances
Enecuum has been developed in Haskell, a relatively unknown language that is easy to code in, but is computed slower, as tradeoff. Smart contracts will be called SHARNELL – Shared Noncommutative Exponential Linear Logic – and will be written in java. They define them better than Ethereum Smart Contracts “because math” – rough quote.
The Proof of Activity part of the consensus can be done on mobile phone, by an app that takes up slightly more resources than a messaging app, as per their description. This can unlock the processing power of mobile devices to be used for distributed computations, as the beasts in our pocket are rarely used 100%, unless we play some demanding new games.
Enecuum wants to directly compete with distributed computing projects as well, serving up miners’ available compute for paying customers, all done via the ENQ token, which is used to pay in the ecosystem and is rewarded for mining. As it’s a high throughput blockchain capable of smart contracts, it goes into direct competition with Ankr and Perlin. The Enecuum network can also be used for distributed storage, so watch out SIA, Storj et all!
What I like:
- A well put together bouquet of technologies, which makes for a complex product
- Theoretically better smart contracts, can be written in Java (easy adoption)
- Mobile mining can bring a lot of people involved in the network, although PoW is still doing the heavy lifting
What I dislike:
- While the team is very large and has relevant experience, nobody stands out with some impressive background
- They do list some partnerships, but they are rather underwhelming
- Very low hype, even if the project has been known for a while now
- Testnet live but without any results posted, unclear roadmap (when go-live?)
I very much like what Enecuum is trying to achieve: a high throughput blockchain that executes smart contracts written in the accessible Java language, which engages and rewards mobile users, does distributed computing and storage. I however feel that the amount of complicated new technologies thrown into a big mashup will prove too much of a challenge for a team that does not stand out via notable achievements. The advisors complementing them are more senior, but not too big door openers, business-wise. They sell 46% of the tokens for $24mn, which is not too bad, but they have not managed to raise too much attention or notable partners. Last year I would have invested without hesitation. But the ICO winter, market conditions and insane competition in the fast throughput blockchains area signals me to be cautious about the very courageous claims made by a so and so team. I will avoid the Enecuum ICO.