What is Emercoin?
Emercoin is a cryptocurrency and a decentralized blockchain platform that offers its users with an opportunity to code programs and create app suites in a streamlined manner.
It employs a hybrid model of PoW (proof of work) and PoS (proof of stake) that helps to make the platform more secure and reliable. Its unique design has resulted in fast adoption by the community and even top companies such as Amazon.
It was established in 2013 by Eugene Shumilov who also serves as the CEO of the development team. Eugene was helped by Olay Khovayko who serves as the company cryptographic master. Since its debut, Emercoin has stood out from its peers for making it easier to use native data organization for value-based assets without requiring a lot of space or complex coding.
The entire Emercoin system is based on the Emercoin blockchain that operates as a trust store of hash sums for the client SSL certificates.
Users are allowed to generate these certificates locally without going through a centralized authority. This has made Emercoin a reliable leader in secure and distributed blockchain based services around the globe.
The native token on the Emercoin network is emercoin (abbrev EMC). The coin is the primary payment currency on the platform. Since its inception, EMC has been doing rather well in the market. Between launch and mid-2018, the price of EMC grew with more than 49,000%.
What is the problem that Emercoin Solves?
If you take a closer look at the internet today, the primary method for authenticating clients in a server is a password. The principle behind this is that the user sets a secret password the first moment he visits a site and provides it to authenticate access in subsequent visits. It looks pretty straightforward. However, this model comes with numerous shortcomings.
- Weak password: When you create a password, it is expected that you will create a strong password that cannot be easily cracked. However, most of the people end up crafting passwords that are weak and too easy to break.
- Complex passwords: In order to stay away from weak passwords, most sites recommend that users select complex passwords. However, even the definition of a complex is still contested. For example, a password such as <MhfgRWRTFD65NJ57X67> will be referred to as weak because it does not include characters such as @_$^*~ and others.
- The complexity of managing passwords: Because there is no method for standard passwords, creating a universal password generator for all sites is difficult. This has resulted in the emergence of many password keeper tools that have protected databases. In addition, a lot of websites require users to change their passwords. This raises numerous risk of forgetting the new passwords. Indeed, even writing them down also raises the additional risk of getting stolen by third-parties.
- The need to use a unique password for every website: Every time you want to login into an online service, your password will be required. However, it is possible for the password to get intercepted in transit or even getting stolen through a hack. When such a password is used for multiple logins and even criminal activities, you will be required to remember where you logged into the system and at what time. This is a herculean task and many people rarely manage to remember.
- Recovering passwords after a loss: Many are the people who have tried effortlessly to recover their passwords with no success. If the respective service had important information, it could have serious implications.
How does Emercoin solve the problem?
Though there are several methods of addressing the problem such as the RSA token and SSL-Certificate for browsers, it is the Emercoin model that has become the most effective. It is an emerging leader in secure, distributed blockchain enterprises.
The Emercoin technology employs a decentralized model which implies that it does not have group servers, OpenID, and TeddyID among others. This implies that your EMCSSL cannot suffer from problems such as system-wide service disruption caused by a malicious attack or technical failure.
What exactly is EMCSSL? EMCSSL is a form of access authentication based on both SSL-certificate and user authentication. It further provides the user with the secure encrypted channel of communicating with the respective server.
The client SSL-certificate can be reused in EMCSSL for authentication in many servers without compromising personal security. This implies you only need one certificate.
By combining the use of EMCSSL with blockchain technology, Emercoin has come up with some of the most innovative real-world solutions. The following are the main methods used by Emercoin to address the above issues.
1. EmerDNS
If you are afraid that your site could get suspended, EmerDNS is a reliable option that guarantees you total freedom from censorship. Unlike the standard servers, only the record creator is allowed to modify the records. Because it is completely decentralized, EmerDNS sites easily resolve any issue with the assistance of browser extensions utilizing OpenNIC or proxies.
EmerDNS is a decentralized domain system that supports a full range of DNS records. If you want to retrieve the DNS records, it is easy and straightforward from an Emercoin wallet using an API such as JSON-RPC.
2. The EmerSSH
Do you utilize a server-based PKI (Public Key Infrastructure)? It is not uncommon to get the admin playing dirty. However, EmerSSH is completely safe. It allows users to acquire root certificate keys and decrypting the data they want to transmit. Note that EmerSSH can further be bridged with OpenSSH to provide users with additional flexibility to security.
EmerSSH is used for managing PKI as well as Facl (Access Control Lists) within the Emercoin blockchain. Like the EmerDNS, EmerSSH can also be bridged with OpenSSH for enhanced security and flexibility when you want to log to multiple servers.
With EmerSSH, users are allowed to manage their public keys through record modification in the Emercoin blockchain. Besides, admins can also set the system to manage user groups if the services have references so that they can create recursive authentication trees.
3. EmerSSL
For people who are used to log in without passwords, they can be very expensive. This can get even worse if the certification authority gets compromised. Now, EmerSSL is a totally decentralized system that uses SSL certificates that clear the man in the middle and related attacks completely.
Consider it like a system of passwords authentication system that employs the Emercoin blockchain as a trusted store of all the SSL certificates. This implies that you can generate the certificates anytime without requiring a centralized authority.
4. EmerDPO
EmerDPO is used in maintaining the digital proof of ownership in the Emercoin blockchain. This means that you can use it to authenticate both physical goods and digital services. After writing a new program, you can use EmerDPO to protect theft or counterfeiting. With EmerDPO, no one will ever worry whether the item they are getting is genuine or not.
5. ENUMER
This is a unique method of providing free VoIP services on the Emercoin network. The ENUMER to URI mapping helps to convert a phone number into an IP address so that VoIP and SIP Proxies gateways can use it directly.
What makes Emercoin better than it’s competitors?
Emercoin has won the hearts of the community and developers because of its unique design and current progress. Indeed, even large companies such as Microsoft have already found the huge potential in the Emercoin and forged partnerships. Here are the main things that make Emercoin better than its peers.
- Emercoin employs a hybrid consensus model that combines Proof of Stake and Proof of Work algorithms. This implies that users are assured of getting the best of both sites. It also means that users are assured of lower power requirements and better system protection.
- The Emercoin platform provides users with more functions compared to Bitcoin and other platforms that only allow sending and holding of native coins. However, Emercoin helps users to manage authentications, host websites, send value and even run ads among other functions.
- The value of the ermercoin has been growing steadily. This is an indication that it could easily surpass even the large cryptocurrencies in the market. For example, between inception and mid-2018, the native coin’s price had grown by more than 49,000%.
- Emercoin has demonstrated high stability since inception. Unlike other cryptocurrency networks that have stagnated for some time or fallen off the way, Emercoin development team has been very active in adding new products. This is why the network has been attracting all types of users.
How can Emercoin be categorized?
Emercoin is a truly decentralized and open-source platform designed to advance the blockchain technology by helping users take full control of their authentications.
By crafting a robust system for helping every person to easily secure passwords, manage authentications, and stay away from attacks, Emercoin has demonstrated that blockchain is the new technology that has a solution to all things affecting the community.
From advertising to protecting passwords, the blockchain has a better, reliable, and highly profitable option.
What’s Emercoin’s vision on Security?
Emercoin was created with a major goal of helping users authenticate their operations in online servers in a secure way. With the standard methods of using passwords in various services proving to be highly unreliable, the Emercoin has demonstrated its commitment to not only help users operate safely, but also give users absolute care over their authentication. Here are some of the methods used to enhance this security.
- The EmerSSL system of decentralized authentication helps to clear the threat of man in the middle attacks.
- Though Emercoin supports the use of Proof of Work (PoW) consensus algorithm, the main algorithm used to drive the platform is Proof of Stake. The two methods have helped to enhance even distribution of EMC tokens to reduce the danger of 51% attack.
- Like other cryptocurrencies, Emercoin encrypts all data getting into its system. This implies that all the information about users, their passwords, certificates, and funds is encrypted to avoid intrusion and attack from third parties. Indeed, even the miners who help to confirm transactions on the network can only follow back to check the public address’s balance as opposed to details of the user.
- The Emercoin’s system uses NVS logic that is not Turing-complete. This has made it more secure compared to smart contracts that are increasingly becoming the target of fraudsters.
Examples of Emercoin’s use cases / applications
The architecture of Emercoin was carefully thought about to provide multiple applications. They are mainly built on the system platform or its native tokens.
- Protecting products and services from counterfeiting. Using EmerDPO, people can demonstrate that their services or products are genuine. This helps to clear the doubt of whether your products in the market are counterfeit or not.
- Emercoin has been demonstrated to be the most effective method of managing online authentication. This means that you no longer have to worry that the password will be stolen or hacked. With the service such as EmerSSL, there is no need to worry about forgetting passwords.
- The Emercoin native coin can be used for sending value. Like other cryptocurrencies, EMC is a fully decentralized coin and users can send value on a peer2peer basis. The only thing that the sender and recipient need is being on the Emercoin network.
- Emercoin also offers EmerLNX, a peer2peer text-based ad system that operates on the per-click payment model. The system allows buyers to place their adverts and paying when visitors are referred to their website. Hosts can also display their services and pay based on the clients who click their services.
- You can use EMC to make direct payments in stores for services and products. The development team has been fighting for space with other giants such as Bitcoin and Ripple to get accepted as a method of direct payment. Note that you only need to see the sign that a store accepts payment in EMC. However, you can also convert the coins and make payments even in stores that accept other cryptocurrencies.