The Energy Web Chain
The Energy Web Blockchain
The blockchain performs three key functions in EW-DOS:
- 2.Facilitates on-chain verification and transactions between parties
- 3.Executes smart contracts that are used by EW-DOS's decentralized applications, SDKs and utility packages.
The blockchain provides trust in several ways that allow for a decentralized system that is self-executing and without central authority or oversight of on-chain transactions:
- 1.The data in each block is immutable and unchangeable. Each block in a blockchain is linked to the previous block by a cryptographically created hash. If one block is tampered with, the hash of every subsequent block in the chain would be need to be updated. Because Validators' consensus is required to create new blocks, a block with an alternative transaction history would be rejected by Validators.
- 2.Smart contracts provide automated logic for on-chain actions. Transactions on the chain are governed by code called smart contracts that contain explicit logic and requirements for actions to occur. When specific conditions are met, the code will self-execute. Once a smart contract is deployed on the blockchain, it cannot be changed or reversed, removing the risk that anyone can update the logic of the contract for personal gain.
- 3.Cryptographic verification is required for on-chain transactions. In order for an individual to verify any on-chain transaction, they must sign the transaction using their private key. This makes it impossible to perform a transaction unless you have the private key.
The Energy Web Chain stores the following information: