Echo is a protocol that allows developers to build interactive, cross-chain decentralized applications. Its purpose is not to replace existing cryptocurrencies like Bitcoin or smart contract platforms like Ethereum, but to augment the capabilities of such systems. Much like today’s Layer 2 projects such as the Lightning Network and Plasma that increase the speed and scalability of transactions on a particular blockchain, Echo enables blockchain interoperability and augments platforms with new functionality.
x64 Virtual Machine & EVM
Echo has a dual virtual machine that integrates both the Ethereum Virtual Machine and a traditional x64 virtual machine. This enables the Echo blockchain to run decentralized applications or smart contracts written in many traditional programming languages, in addition to smart contracts-oriented Solidity.
Now, developers can leverage the decades of open-source development invested into compilers, linkers, IDEs and debugging tools that they are already familiar with. Compatible languages include Ada, C, C++, D, Eiffel, Go, Haskell, Pascal, Python, Rust and Solidity.
PoWR Consensus
Echo uses a new Algorand-style Proof of Weighted Randomness (PoWR) consensus mechanism. Echo leverages verifiable random functions (VRFs) to select block producers and block validators, enabling consensus to be achieved quickly without a requirement for every node to independently execute all computation, lowering the resources required for each validating node.
This algorithm enables Echo to validate transactions at a much higher rate than traditional proof-of-work (PoW) based blockchains while remaining fully decentralized and censorship-resistant.
Sidechains
The Echo protocol includes native sidechains to enable interoperability with other blockchain networks such as Bitcoin and Ethereum. This means that other blockchain assets can be represented on Echo blockchain through a bi-directional peg, allowing Echo apps (e.g., a decentralized exchange) to natively support these assets.
The ECHO Token
Echo has a core asset, the ECHO token. Сombined with PoWR consensus, it is used for securing blocks on the network. ECHO tokens are also used as a type of “gas” fee currency to protect the network against spam or DDoS attacks. The ECHO token is inflationary and is used to reward full nodes for participating in EchoRand consensus.
Ongoing Development
The project is under ongoing development, and we are currently working on adding BTC-backed stablecoin, Lending, Derivatives, and Native DEX.