Crypto currencies are one of the newest forms of wealth that can be used to purchase goods and services digitally and in some places physically. The popularity of crypto currencies reached its highest level yet in the year 2017 and as of early 2018 its popularity has been gradually reducing. Since the invention of cryptocurrencies, they have been used for several purposes like an internet operated currency. As a result of the success of popular crypto currencies like Bitcoin and Ethereum, several new crypto currencies have been developed to get similar result to that of Bitcoin and Ethereum. Recent studies by experts have shown that this new generation of crypto currencies will seize to exist while only few exceptional crypto currencies will remain in existence. One of these few exceptional crypto currencies that are expected to remain in existence while others have seize to exist is the newly developed EAGLE X. EagleX is a method of payment that makes use of blockchain technology which supports the use flat money tokens (smart contract digital assets). The fact that Eagle X has many applications gives it more chance of staying in existence while others have seized to exist.
Although the use of crypto currencies as a means of payment have been positively received in some places, it has not been acknowledged as a universal medium of payment. One of the main reasons why crypto currencies have not been accepted as a universal medium of payment is that crypto currency companies have been having issues with obeying the regulations and rules set for all universal currencies. However, Eagle X has been developed to overcome the challenges faced by crypto currency companies by being a payment system that use blockchain technology and support flat money tokens, that is, smart contract digital assets that obeys the standard monetary regulations of most places. The primary objective of the Eagle project is to develop the next generation medium of payment and make is acceptable in all jurisdictions and for any type of transactions.
The development of Eagle coin was the first step in the Famous Eagle project which is previously an ERC20 Ethereum token which is often used as a digital asset. In order for the Eagle project to achieve its primary objective of being the next generation medium of payment, Eagle coin will change from being an ERC20 token to being the new Eagle having its own blockchain with amazing features. The Eagle project’s independent blockchain is known as IronGeekChain.
IRONGEEKCHAIN
The Eagle project recently announced that they will be migrate from the ERC20 token to its own independent blockchain, which is called IRONGEEKCHAIN. This blockchain is secured by representative nodes which are the representation of all Eagle holders.
IronGeekChain will make use of a consensus system which is known as the dBFT (delegated Byzantine Fault Tolerant) to legalize all transactions on the platform. On this platform, a transaction will only be valid if it has been reviewed by two third (2/3) of the representative nodes. The consensus mechanism should take up to 15-25 seconds to generate a block. IronGeekChain has a lot of amazing characteristics and features as compared to the other popular blockchains.
The blockchain has been said to have the features such as; Quantum resistant, Cold staking, Mobile, desktop and web wallet, Smart contract which supports decentralized uses, Consensus mechanism and it supports different types of digital assets. EagleX also represents the administrative power of the Iron Geek Chain.
CONSENSUS MECHANISM
IronGeekChain makes use of a special consensus mechanism which is generally known as dBFT (delegated Byzantine Fault Tolerant). All transactions are to be reviewed by two third (2/3) of all the representative nodes in order for it to be validated. In a situation whereby some of the representative nodes are sending cheat or false transactions, the transaction will not be validated if the false ones are less than 2/3 of the representative nodes. The platform is said to require 15 to 25 seconds to generate a block which it will use to record all valid transactions made on the platform. It is said to have the ability to validate about one thousand transactions in one second.
QUANTUM RESISTANCE
It was announced that IronGeekChain will be using a lattice based cryptographic mechanism to protect and secure the Eagle system from massive attacks by quantum computers.
COLD STAKING
Cold staking is the method of staking used by the IronGeekChain and it enables users to claim staking rewards without turning on their network. The Eagle holders are allowed to claim their staking reward by simply holding their EAGLE. The staking reward is said to be given in BENZ, a native digital asset in IronGeekChain. The users are also allowed to claim their staking reward freely with no cost of transaction.
EAGLE ECOSYSTEM
The Eagle ecosystem has mainly two native digital assets which include;
➢ EAGLE
➢ BENZ
Other parties are allowed to create smart contracts or digital assets in Eagle ecosystem.
EAGLE
The EAGLE is said to represent the administrative power of the blockchain. The total quantity of EAGLE is said to be about seventy two (72) million with two decimals. In view of the fact that the Eagle project focuses mainly on payment system and common flat moneys make use of cent terminology, the EAGLE uses two decimals after the comma symbol to make it more convenient both the users of the platform and the Eagle holders. The total amount of Eagle is exactly of the same amount with the highest total supply of the old Eagle Coin, which is twelve(12) million plus sixty(60) million of the previous Eagle Pay token planned (this is written in the previously released Eagle Coin White paper). All EAGLE are said to be pre-mined and the Eagle Coin (old Eagle) holders will receive new supply of EAGLE in 1:6 swap, which means one old Eagle Coin will exchanged for 6 new EAGLE. The advantages of the new EAGLE for the holders include;
➢ EAGLE holders are allowed to do cold staking and receive BENZ as reward.
➢ It will enable EAGLE holders to receive airdrop when a token is issued in the Eagle ecosystem.
➢ EAGLE will become one of the main currencies to be coupled with other coins when the decentralized exchange is created in the Eagle ecosystem.
➢ EAGLE is also expected to become the main currency that will be used to purchase tokens when an ICO is conducted in the Eagle ecosystem.
BENZ
The BENZ is developed for powering the IronGeekChain. BENZ can be acquired by cold staking, that is, staking EAGLE. All the EAGLE holder has to do is just hold their EAGLE in their wallet and they will be rewarded with BENZ without even turning on their network, which is why it is often referred to as cold staking. The highest total supply of BENZ is one hundred and forty four (144) million with two decimals which it is expected to achieve in ten years. The total number of BENZ generated for the first year is about sixty four(64) million BENZ ,then thirty two (32) million ,sixteen (16) million, eight (8) million and then four (4) million each year until it reaches its highest total supply which has been said to be one hundred and forty four (144) million. The BENZ is not pre-mined at the start. Another uses of BENZ is that it can be used for smart contract deployment and token transactions, which will make BENZ price very sustainable.
SMART CONTRACT
IronGeekChain is expected to have an Eagle Smart Contract System, which will be able to support multiple programming languages. The smart contract developers make use of their suitable programming languages such as C#, Python and the well known Java. In order to set up a smart contract the developers may be required to pay some amount of BENZ. The amount of BENZ to be used for payment varies according to the level of complexity of their smart contract. This method is also used to raise the demand of BENZ and make BENZ more useful. It will also make BENZ more expensive. The benefits of using Eagle smart contract include;
➢ The smart contract developers does not necessarily have to learn a new programming language because IronGeekChain will enable them to use any kind of the well known programming language that they have already mastered like Java, C# and Python.
➢ Also smart contract developers are allowed to develop airdrop programs for EAGLE holders automatically, which makes it a simple, efficient and inexpensive marketing system.
➢ It is also advantageous to EAGLE holders in the sense that they can acquire the newly released tokens for absolutely nothing, that is, it is free and does not require EAGLE holders to pay any fee.
DIGITAL ASSETS
Digital assets are anything that exists in a digital form and and has right to be used by anyone for different purposes. And like all other blockchain, digital assets are a kind of smart contract that allows the holders to have controllable, safe and well-protected assets in a digital format. Good examples of digital assets are flat money tokens that are often issued by several organizations. The holders of the digital assets are allowed to change their assets into a specific amount of money. There are many advantages of using the Eagle system, some of the advantages it has for payment companies and flat token issuers include;
➢ It does not require the flat token issuers to create and manage their system of payment. The Eagle system is said to be safe and well-protected.
➢ It provides users with quicker transaction, even with other issuers.
➢ It is safe and well-protected for online transactions. It also does not require users to give merchants their personal data.
➢ It also require users to pay little transaction fees for transactions with different issuers as well as the same issuers.
➢ Independent clearing process.
➢ It also provides users with the opportunity of becoming one of the representative nodes on the IronGeekChain platform and collects a portion of the transaction fee.
As it has been said earlier in this article, the main aim of the Eagle system is to make EAGLEX the next generation of payment medium that can easily be accessed by a wide range of users, has low transaction fee, is simple to use and obeys the laws and regulation of standard monetary currency of all jurisdictions. EAGLEX is able to obey with the monetary regulations of all jurisdictions because it uses flat money tokens to purchase all goods and services in the Eagle system. That is, anybody wants to purchase anything with crypto currency they should convert the money to flat money token that is issued by a reliable organization.
DECENTRALIZED APPLICATION (DApp)
IronGeekChain also uses Decentralized Applications (DApp) which are applications that are capable of running without the presence of a middleman or a trusted third party to supervise and handle user information and transactions. These applications are said to be developed by other parties that can separated or related to Eagle system developers. Some of the planned Decentralized Applications (DApp) that are built in the Eagle system include;
➢ Decentralized ticketing and payment.
➢ Decentralized artificial intelligence market.
➢ Decentralized marketplace.
➢ Fiat money token issuing.
➢ Decentralized foreign money exchange.
➢ Decentralized crypto currency market exchange.
In order to encourage the creation of Decentralized Applications (DApp) in the Eagle system, a competition has been planned and the winner is expected to receive free BENZ for smart contract deployment and an amount of EAGLE as reward.
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