Set up a convenient environment consisting of customary tools and web3 support that will allow developers to build next-generation dApps
Establish a high level of decentralization while maintaining blazing fast transaction processing speed
Introduce a fully-fledged and open-source ecosystem of services for the FinTech industry
Empower users to freely and securely carry out transactions and become members of a global community
Ensure top interoperability among different chains and allow for the smooth exchange of assets and data
Tackle Ethereum’s scalability issues with the help of ZK rollup and interchain connection
Provide Bitcoin with more DeFi flexibility options
Guarantee greater data safety via the decentralized identity (DID) mechanism
Providing data about current state and transaction history via graphs, charts, and tables
Special service offering public API for Echo data
Echo Committee Dashboard
Displaying relevant and updated statistics
iOS and Android multi-currency wallet which provide support for multisignature, BTC and ETH networks and sidechains, ERC20, BLE payments, and TOR connection with network nodes
Echo wallet for PC, Mac, and Linux allowing users to create, manage, and import an Echo account, effectively work with contract, and support a full node to make staking effortles
Metamask-like browser extension for Echo empowering users to easily access and manage their Echo account data within the web-browser
Multi-currency desktop wallet with multiple account management and local key storage
Remix-based IDE for Echo smart contracts
Echo Mobile Frameworks
Allowing mobile platforms to swimmingly interact with the Echo blockchain
State-of-the-art blockchain framework
Echo’s core asset
A special library enabling the implementation of Shamir's Secret Sharing scheme
Sophisticated decentralized identity (DID) mechanism
1000+Transactions per second
3+Years in development
11Successfully deployed products
40Full-time developers involved
Decentralized finance has spread its influence on several blockchain networks, including Ethereum, Polkadot, Binance, and many others. Yet, Bitcoin has found it difficult to make headway with DeFi because of its inability to provide the required level of interoperability.
Ethereum experiences some troubles too. Despite being the mainstay of decentralized liquidity and DeFi, it poses issues such as throughput jams and high gas costs.
All these problems stem from the fact that the majority of existing operability projects focus on generalized interoperability. Thereby, it’s next to impossible to establish their totally smooth functioning within the DeFi ecosystem.
The majority of existing operability projects focus on generalized interoperability
Echo is an advanced Layer 2 network that easily integrates with existing blockchains to provide interoperability and advanced scripting features for crypto assets. It offers a new level of peer communication, enables high-speed asset transfers, and empowers developers to orchestrate high-performing and user-friendly dApps with the ZK rollup bridge connecting to the leading protocols.
Echo welcomes honest partnerships in the blockchain industry and aims to complement parent chains. It is compatible with multiple programming languages, including Solidity, C/C++, Go, Haskell, Python, and Rust.
Echo makes use of the Ethereum Virtual Machine (EVM) and supports Solidity-powered smart contracts. This contributes to Bitcoin’s and other asset migrators’ compatibility with the majority of utilities developed on Ethereum. The EVM has been successfully integrated into the Echo ecosystem, which in the long run allowed for complete Web3 support, meaning that smart contracts don’t have to be modified when transferred from the Ethereum network.
Meanwhile, the zero-knowledge rollup (or ZK-rollup) functionality facilitates the scaling of Ethereum-powered apps while recording the history of all actions on the Echo chain and submitting validity proof to the main chain.
Echo provides network sidechains and token migrators with higher throughput and reduced transaction fees, thereby fostering a better environment for product feasibility. Notably, executing transactions via the Echo sidechain is considerably cheaper than in other protocols, such as renBTC and wBTC.
Echo enables Bitcoin, Ethereum, and ERC-20 tokens to securely integrate into the network and leverage prebuilt apps, decentralized exchanges, and other innovative solutions.
Echo’s flexible smart contract permission model makes it possible for developers to smoothly deploy custom frameworks within the ecosystem.
Echo sustains decentralization via an efficient mechanism that tracks participation rates and dynamically adjusts block creation rewards to incentivize node diversity.
The network consensus takes just three seconds to perform an operation. The mechanism uses an Algorand-inspired verifiable random function (VRF) to randomly select a pool of block producers and verifiers, prioritizing the highest stakers.
Echo’s mission is to contribute to the integrity of the DeFi ecosystem, provide smooth interoperability between apps launched on different blockchains, such as Ethereum, Polkadot, or Binance, and serve as an advanced instrumental layer between the most significant bridges and Bitcoin.
Thanks to the seamless integration of the EVM with the Echo protocol, the transfer of existing Ethereum-based dApps occurs with minimal code changes, which is impossible in other protocols of a similar type.
The Ethereum Virtual Machine also facilitates the development of smart contracts in Solidity, providing a unified environment and tools to easily migrate apps to Echo.
The X64 Virtual Machine supports smart contracts built with major programming languages, frameworks, libraries, compilers, IDEs, and a variety of other tools.
It can also be represented as a layer that can conduct data analysis at a low level, connect trading bots, and even serve as a foundation for building those bots. In addition, this logic can be used for creating new interfaces that would correspond to the requirements of an exchange.
The user sends a request to receive a deposit address, indicating the sum they’d like to use to top up the balance (e.g. 1 BTC)
The committee locks up the corresponding amount of BTC in ECHO tokens and issues eBTC to the contract address
The user gets the deposit address and makes sure that their locked assets are safe and sound
The user transfers BTC to the received address
The user sends the transaction confirmation to the Echo network
Once the transaction has been confirmed, the user gets the previously locked-up 1eBTC
The user initiates the withdrawal of their funds and locks up the desired sum in the contract
The committee of validators sends the transaction to Bitcoin
The committee directs the transaction confirmation to the Echo network and gets back its locked-up ECHO tokens
If the committee fails to withdraw the funds at a particular time, the user has the ability to unblock the ECHO themselves
Echo supports a wide range of assets and tokens, including native assets, sidechain assets, and contract-controlled tokens.
As well as this, Echo possesses its own core asset — the ECHO token — which grants its holders the right to take part in the protocol governance and is used as a type of gas fee currency.
Echo is poised to accelerate the decentralized economy by making digitized commercial services and blockchain web payments more efficient. In addition to providing advanced Bitcoin smart contract functionalities and better Ethereum scalability, the primary applications of the protocol include:
Stablecoins collateralized by Bitcoin
Derivatives with native BTC support
High liquidity with BTC-collateralized loans
Exchange solutions for peer-to-peer trading of BTC and other assets
Secure transactions with ECHO, ETH and BTC powered by smart contracts
Tokenization platforms for issuing and exchanging digital securities
Insurance apps covering events such as hacks and transaction issues
Sovereign identity protocols compliant with KYC, AML, and other regulations
Layer 2 is used to describe projects and protocols that are created on the basis of existing blockchains. Their primary goal is to provide novel and advanced functionalities and transaction logic mechanisms that will guarantee enhanced efficiency. Examples of Layer 2 solutions include the Lightning Network for Bitcoin and Plasma for Ethereum.
While many popular Layer 2 solutions focus mainly on off-chain transactions or transfers using a singular asset, Echo links multiple parentchains and enables all functions to interoperate harmoniously on one execution layer. It effortlessly integrates with existing blockchains and provides top scripting features for crypto assets.
The stablecoin will be pegged to Bitcoin
The collateral obligation resource is provided by eBTC which is a representation of the BTC stablecoin in the Echo network.
In the Ethereum network, for example, the collateral obligation resource is provided only by its native token ETH.
Absence of intermediate tokens
When launching a stablecoin on the Echo network, you’ll be exempted from any token conversions, since Echo empowers users to smoothly conduct operations with the existing assets.
The contract system of the stablecoin will be governed by a set of trusted accounts
The role of an oracle in the Echo network is performed by a special committee which is a set of trusted accounts selected by ECHO holders. These accounts will be responsible for informing the contract system of the current market rate of different coins, such as MKR, DAI, or BTC.
One of the major benefits of Echo is that it provides for the development of novel and avant-garde decentralized exchanges. Having elaborate sidechains at its core, Echo possesses an infrastructure where all interactions between users and exchanges are totally decentralized and uncompromisingly secure.
In addition to this, Echo makes use of the decentralized identity functionality which supplies both traders and exchanges with due safety assurances, reduces data vulnerability, and generates unprecedented levels of trust among participants.
Echo takes advantage of Compound which is one of the largest protocols for loanable funds (PLFs) in terms of locked funds.
Echo Compound facilitates the creation of liquidation mechanisms via decentralized exchanges and uses the most favorable exchange rates at the time instead of relying on preset ones. Notably, the liquidation calculation mechanism can be smoothly executed on the exchange itself without involving other participants.