Why did Etho Protocol (ETHO) volume surge 3000% today?

June 07, 2022 12:46 AM AEST | By Versha Jain
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  • The Etho Protocol (ETHO) blockchain runs on a proof-of-work consensus mechanism providing IPFS storage via master nodes. 
  • It is forked from Ethereum and has the same properties as Ethereum, such as block time, mining algorithm, and EVM. 
  • ETHO’s current circulating supply is 5.76 million, and the total supply is 83.59 million.

The Etho Protocol (ETHO) has been catching investors’ interest recently. On Monday, its trading volume saw an extraordinary leap of 3182.00% to US$9.2 million.

Likewise, the ETHO token price increased by 317.90% to US$0.07845 at 4:57 am ET.

The Etho blockchain runs on a proof-of-work consensus mechanism that provides IPFS (Inter Planetary File System) storage via its master nodes. The IPFS is a protocol and peer-to-peer network for sharing and storing data in a distributed file system.    

What is Etho Protocol?

The Etho Protocol integrates IPFS in its master nodes and contracts stored on the blockchain. The master nodes are the basic structure of Etho Protocol and could be deployed by anyone. According to its official blog, these nodes are like mini data centers deployed by people worldwide to provide decentralized and immutable storage solutions.

The Protocol was developed to implement a decentralized storage hosting platform using a fork on Ethereum. It has the same properties as Ethereum, such as block time, mining algorithm, and EVM. 

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One can create tokens and NFTs and deploy DApps and other DeFi projects on Etho at a lower cost than ETH, just like on Ethereum. However, the difference between the two is the use of IPFS as Etho Protocol runs its own IPFS storage network. 

Etho has three nodes: Masternodes, Service Nodes and Gateway Nodes. These nodes are rewarded for staking ETHO and for their network contributions.

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It is a 100% community-based volunteer project that aims to disrupt how information is shared and controlled on the internet. It wants to decentralize it completely by involving a node-based governance system, a PoW blockchain layer with smart contracts and providing other utility services. It allows censorship-resistant website hosting through its node network and bandwidth.

The blockchain can store limited data, but one must offload the data into a central grid to store more data. For this purpose, the Protocol uses master nodes, or storage nodes, synchronized with the blockchain. The data remains secure if one of the nodes goes down since the process is replicated and the data is stored on several nodes.

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Etho ProtocolData Source: coinmarketcap.com

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The Protocol targets wider IPFS Network Integration during Phase 4 development (from 2021-to 2022). It will allow broader access to the Protocol by NFT marketplaces and help onboard other Etho Protocol services. Under Phase 5 (2022-25), it plans to be the premier network for decentralized storage, NFT, and DeFi Application deployment 

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ETHO token: 

The ETHO token is the native coin of the Etho blockchain and is traded on several crypto exchanges such as Kucoin, Probit Global, Mercatox, and STEX. Its current market capitalization is US$452000, the circulating supply is 5.76 million, and the total supply is 83.59 million.

Also Read: What is Reserve Rights (RSR) crypto? Know price & performance

Bottom line:

The Etho Protocol wants to offer a fully decentralized storage solution. It has a software development kit (SDK) that allows developers to create storage contracts on Etho Protocol.

However, regardless of the benefits crypto projects offer, one must exercise caution before investing in the market, given the unregulated nature of the market and the risks of scams.

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