The purpose of this paper is to explain the design and technical implementation of the Echoin ecosystem. It is our goal to utilize blockchain technology to establish a new, decentralized energy trading market that will address current issues in the energy market. The current energy supply chain is long and complex, with egregious transaction costs. The efficiency of energy production and transportation is low, costs of energy payments and settlements are high, and energy transaction data is not fully utilized. The goals of the Echoin public chain are to reduce energy transaction costs, improve energy supply and demand structures, and improve energy data utilization. In order to achieve these goals, Echoin public chain has proposed a series of blockchain-based solutions aimed at creating an industrial chain optimized for the energy industry.
These technical solutions include:1) Using a DPoS consensus governance mechanism;2) Using trusted oracles to aggregate energy data, including energy IoT data;3) Using Plasma sidechain technology to support high frequency trading in the microgrid market andensure the privacy;4) Optimizing the virtual machine to encrypt and decrypt identities and private data on the blockchainat low costs;5) Issuing a stable currency for the settlement of the energy industry chain via trusted oracle machinesand decentralized exchange technologies;6) Developing efficient algorithms for virtual machines to support energy data analysis and dataexchange within the energy market;7) Developing cross-chain technologies to support automated trading between Echoin assets and otherpublic-chain assets, thereby improving Echoin’s integration with the peripheral energy industry.
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