Codebase: Erlang Genesis block: Mar-02-2018 11:01:29 +UTC Consensus Mechanism: Proof of Work Algorithm: SHA256 Maximum Supply: Unknown Current Supply: 53,134.776750 Explorer: veoscan.io
Amoveo is a low fee and scalable blockchain, desiged for enforcement of investment, financial derivatives, prediction markets and insurance contracts. The Amoveo blockchain is governed by "futarchy" where blokchain decisions are made through governance oracles on the Amoveo blockchain. Futarchy means using prediction markets to find out information that is used to make decisions for groups of people.
Amoveo aims to deliver everyone financial tools such as derivatives and insurance which restiricted to the elite.
Amoveo's use cases include but are not limited to:
Fund-raising for creation of public goods (Amoveo already uses this in its own blockchain) Prediction markets Insurance Gambling Stablecoins (synthetic assets) Options
Amoveo uses Nakomoto consensus like Bitcoin where the longest chain is the valid chain because PoW says it came from the largest pool of computational power.
Oracles: Oracles are designed to reveal true facts about the world to the blockchain. Amoveo has designed its oracle's to be cost-effective by using a market mechanism where the oracle gives accurate information about the outside world, even when the amount of money being gambled on the oracle's result is much bigger than the amount of money in the oracle mechanism.
Channels: Amoveo has channels where two party relationships are recorded on the blockchain. Once two people have a channel together, they can instantly move money inside the channel back and forth as opposed to publishing a transaction and waiting for confirmations.
Smart Contracts: Amoveo has smart contracts that run on the Chalang VM. Smart contracts can be run in channels. Amoveo has a novel technology called "progammmable state channels". Programmable state channels allow the blockchain to enforce a smart contract without storing any of the code that makes up the smart contract. By putting smart contracts into channels give Amoveo many advantages:
- Speed: instant executions without waiting on-chain confirmation and without miner fee
- Privacy: off-chain states can stay secret. As long as neither participant dissapears or tries to cheat, the contract never has to be published on-chain.
- Scalability: Parallel off-chain and on-chain computation
The majority of the Amoveo smart contracts will exist off-chain inside of state channels in the lightning network.
Ligtning Network:
Markets: Amoveo has affordable and trust-free markets built-in. Anyone is able to create and host a market with at a reasonably cheap price.
Sharding: Sharding is meant to make blockchains more scalable. In Amoveo, each node is able to decide what state it wants to keep track of and is not restricted to tracking any particular subset. Amoveo is able to operate without requiring to have any full nodes. As opposed to the high cost of having trust-free access to the blockchain in Bitcoin, in Amoveo the computational requirement for trust-free access to the blockchain is 10,000 times faster. Amoveo uses parallel block computation for scalability. (This is pretty great tech)
Amoveo allows the usage of derivatives instead of subcurrencies. Since Amoveo has no on-chain state it's impossible to have subcurrencies on Amoveo therefore not possible to do ICO's. Instead of this Amoveo has derivatives as means to raise funds. With derivatives it's possible to build assets that stay the same value as USD. Amoveo argues that having derivatives is much better than having subcurrencies.
There have been numerous critical vulnerabilities in Amoveo which were responsibly disclosed by the researchers and were rewarded by Amoveo.
Currently the majority of the hashrate is divided between two pools: Amoveo Pool: 51.6% VEO Pool: 46.0%
Amoveo had no premine or ICO. There is an ongoing 20% dev reward from each mined block. This reward variable is subject to change however the futarchy market decides.
Amoveo has a devoted community behind it who help and participate in Amoveo's governance. The community also helps building tools for Amoveo. The community regularly engages in discourse on how to improve Amoveo further.