The OWCT Blockchain

Network Overview and Key Metrics

OWCT is the decentralized EVM-compatible public blockchain that powers the OWCT platform and ecosystem. It is fully compatible with Ethereum meaning that any smart contract that can be deployed on the latter can also run on top of OWCT.

The OWCT blockchain uses a variant of delegated Proof of Stake (dPoS) for achieving consensus. The consensus is secured by a significant number of independent validators, only one of which is run by the OWCT core team.

Validators are also responsible for the most important type of governance on OWCT, namely, adopting the network protocol changes.

The native token of the network is called OWCT. New OWCT tokens are issued with every added block and are also use to pay for gas, just like ETH on Ethereum.

The OWCT blockchain is designed to ensure fast block confirmation times and a low cost of transactions. The average block interval on OWCT is around 3 seconds, and it currently costs much less than $0.01 to get a transaction confirmed.

In its present capacity, the OWCT blockchain is capable of processing around 5K transactions per second (TPS). The faster processing of native token transfers is due to the fact that they do not involve computations run on the network's virtual machine.