Interview With Milya Musina, Marketing Director At Enecuum
What product are you developing?
We're creating our own blockchain protocol, HyperDAG. We came up with this idea back in 2015, but the final version was developed in 2018. We solve the main problems of the existing blockchain systems: scalability, speed and security. Our protocol combines blocks from the regular blockchain, DAG and hypergraphs, which allow us to use sharding. We've managed to increase the speed. We strive to offer contracts based on business-oriented linear logic, which eliminates errors. At the same time, a high network capacity can guarantee free transactions for most of its participants.
You mentioned the high speed. How many transactions per second do you mean?
We have a working testnet that makes 60,000 transactions per second, and it depends on the network participants only. Once we have at least 60,000 users, the speed rate will get to two million transactions per second. Now we have a limit of four million transactions per second.
But they say the more users, the slower the network works. How did you manage to achieve such results?
Our system is decentralized. The main feature is the distribution of the system. We have a lot of parallel branches that help make the system less overburdened, thus a large number of users does not slow the processes down. On the contrary, by increasing the number of participants in the network, we increase the speed. We use a hybrid consensus algorithm based on proof-of-work, proof-of-stake, proof-of-activity. 70% of the network is a proof-of-activity. The idea was originally created by Charlie Lee, and there were even attempts to implement it in several projects. We improved it by using mobile mining.
What is the purpose of mobile mining?
Our mobile mining system is suitable for countries with underdeveloped economies, since it allows building of financial instruments without using much capacity. All you need is to have access to the Internet. All mobile phones are connected to one network, they act as nodes there and create a common supercomputer. In most blockchains built on PoW mining, you need to buy expensive equipment, pay for electricity, care about cooling systems and so on. Our solution is to combine millions of mobile devices into the single network. People do not use all the power of their mobile devices, but soon it will be possible to use them to solve complex problems, store data and so on.
What other advantages does your technology offer?
Our system is very flexible, it can be customized − for example, a user can specify the size and properties of the block. In fact, anyone will be able to modify the platform to personal needs. We have flexible blocks that integrate into macroblocks, depending on what a user wants. This is practically a unique technology. A similar solution was previously presented by a Chinese company. But there were no other advantages. We solved the problem with scaling, which has been in the spotlight among members of the crypto community for a long time. Some projects create a fast system that does not scale well and does not have sufficient security. Others, on the contrary, solve the problems of scalability and security, but the network is extremely slow. We have combined various solutions. Not only do we use our system in Bitcoin and Ethereum blockchains, but also in the IOTA blockchain. The size of our blocks is dynamic, and they can contain a different number of cross-referenced microblocks.
Is there a way to put your technology into practice?
First of all, our protocol can be used as an ICO platform that would allow you run your own product, issue a token, etc. Our goal is to create a tool for business and government projects that will be able to take advantage of all blockchain features. Nowadays, everyone is focused on how to make blockchain a part of our daily life. However, very few projects can provide technical opportunities for this.
You said you used proof-of-stake. However, some experts say this technology is rather controversial. What do you think about it?
Yes, PoS is somewhat rare. We use it for rechecking transactions only.
At what stage is your project?
We have opened private sales. We've got MVP, main protocols and main working node. Besides, we’re launching mainnet in August.
Tell us about your team. Where are you located?
We have a fairly large team of developers, and their office is in St. Petersburg. The headquarter is located in Hong Kong. Successful collaboration with Korean specialists allowed us to open an office in Seoul. CBDO is in Dusseldorf.
What market sector do you target?
We are mainly aimed at the Asian market. Most of our specialists work with clients from there. We've managed to establish partnerships with teams from Vietnam, India, Korea, China, and Dubai.
What companies do you cooperate with?
There is a big number of companies that have decided to use our platform. Among them are PlasmaBank, a cryptocurrency bank, and an enterprise engaged in the education sphere. In general, we have around 7,000 projects. Our main task is to build a strong ecosystem. We are interested in the development of public systems, we cooperate with universities and try to improve education in the field of blockchain. At the moment, we are negotiating with Frankfurt and Novosibirsk universities.
Have you ever thought that there are too many blockchain-based projects in the market?
Indeed, there are a lot of them. But the market is growing very quickly. As early as last year, you could quickly create a product and raise money. But everything changed this year. A large number of scam firms appeared, and investors started being more serious when choosing a product to invest into.