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Etherlite (ETL) is a blockchain platform that was created to offer more scalable and efficient solutions to Ethereum 1.0 users. The platform is a fork of Ethereum and aims to provide a faster, more secure, and cheaper environment for users to build their decentralized applications (Dapps).

One of the main benefits of Etherlite is its ability to offer better scalability facilities using the existing Ethereum configuration. The platform is fast and can confirm transactions instantly, as it runs on a proof of stake (PoS) mechanism, which offers a speed of ten thousand transactions per second. Moreover, Etherlite is fully compatible with EVM, making it possible for developers to use any existing Ethereum smart contract in the Etherlite ecosystem. This feature allows developers running their Dapps on Ethereum to port them on Etherlite to upgrade their performance.

Etherlite's internal architecture is customizable, making the platform user-friendly and less error-prone. The platform offers high security and interoperability as it functions on the PoS mechanism, where validators become stakers as well. Also, users can trade assets on multiple chains using Etherlite, and the platform acts as a bridge to initiate trustless cross-chain communications.

The native and governance token available on the Etherlite network is ETL, which is used to fuel the network, ensure governance, and pay network fees. To attain staking rewards in the ETL tokens, validators and users are required to stake a minimum of one hundred thousand ETL and one thousand ETL, respectively. According to the whitepaper, the platform uses a 70/30 proportion to distribute rewards to the participants, with delegators receiving 70 percent of the validator's pool rewards and validators allowed 30 percent or more rewards from the pool for successfully validating the blocks.

To prevent malicious activities in rewarding users on the platform, Etherlite designed POSDAO, an efficient public chain that offers structured rewards to validators or delegators.

Etherlite was created in January 2021 by a team consisting of Prince Albert Von Anhalt, Alex Lam, Sharjeel, Sanda Lonela, and Cebeu Ion Marius. The roadmap indicates the launch of a private sale ICO (Initial Coin Offering) in April 2021, with a total supply of ETL set at 21,000,000,000.

Overall, Etherlite's focus on scalability, speed, compatibility, and security makes it an attractive option for Ethereum 1.0 users looking to build their decentralized applications. With its customizable architecture, trustless cross-chain communication, and efficient rewards system, Etherlite is well-positioned to compete in the rapidly growing blockchain ecosystem. As the platform continues to develop and expand its capabilities, it will be interesting to see how it can further differentiate itself from other blockchain solutions and contribute to the broader adoption of decentralized technologies.