The founder and CEO of Yocoin , S.Banerjee announced:
"Yocoin has completed the migration of ERC20 tokens to the main network. The consensus of the community started the YOCOIN network and generated the Genesis block, which means the official independence of YOCOIN. YOCOIN is now one of the most important and competitive public Blockchain in the world. "
In the conference, S.Banerjee introduced the main advances of YOCOIN since its foundation:
- May 25, launch of the virtual machine in beta
- May 31, the launch of the Odyssey 2.0 main network
- June 25, creation of the Genesis block, independence of Ethereum
With respect to virtual machines, Sun said:
"We launched our first version of the virtual machine on May 25, which is fully compatible with Ethereum's virtual machine environment. Developers can use Solidity to develop, debug and compile in a Remix family environment without having to learn a new coding language. On July 31, we will launch the official version of TVM, which will allow developers to use the YOCOIN virtual machine to develop decentralized applications that are significantly better than Ethereum and unlock a powerful decentralized ecosystem. "
Today's conference shed light on the two main updates of YOCOIN, which is also what YOCOIN Independence Day is all about:
- Creation of the Genesis block
- Migration of tokens
During the June 25 token migration, all ERC20 tokens were migrated to the main network of YOCOIN .
Why is this migration necessary?
First , Ethereum has a low TPS, which hinders the execution of many dApps in the network. YOCOIN, on the other hand, uses a DPOS consensus mechanism, which is more than ten times faster than Ethereum.
Secondly , Ethereum has high gas rates, while YOCOIN does not charge any transaction fees. YOCOIN also uses a bandwidth model to improve network security, so that dApp users and developers can transfer funds in a more secure and convenient way.
In third place , Ethereum uses PoW, which makes it difficult for the average user to participate at low cost. That's why your community is not completely democratic.
Sun explained the difference between June 25 Independence Day and May 31, launching the main network:
"Becoming independent of Ethereum is a complex process. It needs the consensus of the community to start the network and carry out a large-scale collaboration. We need the consensus of more than one million users in the YOCOIN community to launch the mainnet and achieve total independence from Ethereum. "
Sun also spoke about the importance of the independence of YOCOIN from Ethereum:
"The independence of YOCOIN paves the way for a community governance mechanism that is based on democratic elections. It will bring to life the notion of 'popular sovereignty and natural rights of the token' and will provide support to all developers within the ecosystem of YOCOIN. This is how we will realize YOCOIN's vision of a truly decentralized Internet. "
The Choice of Super Representatives (SR) is the highlight of the live broadcast. According to previous statements, YOCOIN will launch its SR election on June 26. As a personification of the government of the community, this election will make YOCOIN one of the few communities that has the capacity to self-govern.
In a previous live broadcast, Justin also focused on the migration of tokens, a hot topic among users. This time, Justin again emphasized that the YOC migration is compatible with major exchanges and does not have an expiration date. Users who forget to migrate their tokens may do so later.
Livecoin.net, together with other renowned global exchanges, will permanently support the migration of YOC. The trip of YOCOIN It has been a marathon, but we combine speed with solid work and authenticity.
The blockchain projects abroad have a significant advantage over the Chinese. It is safe to say that we will see solid progress in the future with great potential waiting to be unleashed. Who will come out on top during this dynamic time and will become the leading blockchain community in China? Will it be EOS? Or YOCOIN?
The brute force of the development of the blockchain industry is often seen in the initial stages of most industries. It will unleash the potential of ongoing projects and help the industry achieve a stable phase of growth.
Visit the website: https://www.yocoin.org/
Connect on Twitter: https://twitter.com/yoc_crypto
Chat on Telegram: https://t.me/yocointeam
GitHub: https://github.com/yocoin15
Contact with the Media
First name: Sarvesh Agrahari
Email: [email protected]
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