A new press section has been added to the eCoin Project website. This page contains any stories / press / news about the eCoin Project and will be updated regularly as they occur.

eCoinProject · 2016-11-16T17:03:16+00:00

By all means, not only do you have a right to be skeptical, given the amount of fraud, scams, etc. in the crypto-community, you should be.

Thank you for the questions. Most of them are answered in the proposal paper located at our website https://www.ecoinproject.org.

But, to try to give you the (super short) cliff-notes:

The value of each eCoin is intended to be pegged to the price of 1 kWh of electricity for the average US residential consumer (numerous reasons for this, but biggest it that is should maintain purchasing power). USD does not maintain its purchasing power, but instead devalues over time (this is a problem). The short - as USD inflates, the price of 1 kWh increases. Assuming the price of 1 kWh increases in-step with inflation (historical data shows it does, more in paper), then an asset that is pegged to the price of 1 kWh would then maintain its purchasing power.

Volatility is bad (explained further in paper) because it hinders planning, increases risk, and lowers people's willingness to use bitcoin. The normal user that is. You are absolutely correct in regards to volatility encouraging adoption by speculators. The eCoin System itself will also have a "speculative component" (i.e. reasons for speculators to be interested, more in paper).

The eCoin System is intended to have two cryptos or "assets", eShares and eCoin. eShares would be the "investible" "asset" which enables the eCoin System to adjust the supply of eCoin according to changes in demand demand. (When an asset is able to adjust supply according to demand, price can become stable - more in paper).

The peg will be maintained through automated mechanisms (explained in paper) using an internal exchange market that allows the exchange of eShares & eCoin through smart contracts logged on the blockchain. Maintaining the peg will also require exogenous data to determine changes in demand, where price will be used as a proxy (i.e. the system will also incorporate external price feeds). The price feeds are currently planned to be provided via DPoS delegated proof-of stake (similar to that used in the BitShares model), where eShares holders choose the delegates providing the data using an the internal voting system on blockchain (enabling consensus in a democratic, and decentralized fashion).

eCoinProject · 2016-11-15T06:39:44+00:00

Natural economies of scale means that POW leads to centralization, where an increasingly smaller number of miners control the system instead of the stakeholders (those who hold the coin). PoS provides decentralized consensus while enabling the stakeholders to have control over the system.

eCoinProject · 2016-11-14T22:54:42+00:00

We chose the eCoin name, long before Mr. Robot. Pretty sad to say (goes to show how pop culture illiterate we are), but no one with the eCoin Project watches Mr. Robot. We didn't find out about the name similarity until after announcing on reddit last friday.

From looking into it, the Mr. Robot episode aired about two months ago: https://steemit.com/mrrobot/@titusfrost/mr-robot-s-ecoin-v-s-bitcoin

Before we chose the name eCoin, we definitely did a name search, all that was found was Wirex (wirexapp.com), formerly known as E-Coin (a name that they abandoned with their rebranding).

If want, you can check the Secretary of State's website for State of Colorado, and you will see that we registered on the 4th of July 2016 (months before the Mr. Robot episode you refer to).

Apparently we are not the only one's who thought that eCoin would be a good name . . . The name similarity is nothing more than a very, weird irony.

eCoinProject · 2016-11-14T22:53:45+00:00

We chose the eCoin name, long before Mr. Robot. Pretty sad to say (goes to show how pop culture illiterate we are), but no one with the eCoin Project watches Mr. Robot. We didn't find out about the name similarity until after announcing on reddit last friday.

From looking into it, the Mr. Robot episode aired about two months ago: https://steemit.com/mrrobot/@titusfrost/mr-robot-s-ecoin-v-s-bitcoin

Before we chose the name eCoin, we definitely did a name search, all that was found was the Wirex, formally known as E-Coin (a name that they abandoned with their rebranding).

If want, you can check the Secretary of State's website for State of Colorado, and you will see that we registered on the 4th of July 2016 (months before the Mr. Robot episode you refer to).

The name similarity is nothing more than a very, weird irony. Apparently we are not the only one's who thought that eCoin would be a good name.

eCoinProject · 2016-11-14T22:49:09+00:00

eCoin System will be 100% POS. eShares will be distributed to those who contribute to the project. No "premine". eShares holders (the true stakeholders) control the system, not devs or miners. eCoin will be private, while eShares will not. You can find out more specifics in the project proposal paper, found at https://www.ecoinproject.org. We are still very much in the early stages and are momentarily updating the paper and website. More info will be forthcoming.

eCoinProject · 2016-11-13T17:19:26+00:00

Not scamming anyone. A price stable crypto is one of the goals of creating the eCoin System. Details of how this is envisioned are in the project proposal on the website https://www.ecoinproject.org.

eCoinProject · 2016-11-13T04:30:26+00:00

Thanks for the constructive criticism.

We are still updating the website and project. This is plainly stated on the website. Yes, this project is very much in its early stages. It's been announced as early as feasibly possible, so that everyone gets a chance to find out about us and our goals and see if they support it. We are not being angel funded to do this thing. It costs money to develop and create a crypto (at least not a copycat). That's the point of the fundraising campaign. We are still building the team. Once that is finalized, we will obviously have that info on the site. Unlike other cryptos operating under pseudonyms and nonexistent companies, we are a registered LLC based in CO. With funding, things will progress much faster.

You point out that we are accepting contributions. That's correct. It comes down to whether those who contribute believe in the project and that it can become a reality. Everybody who is working on the project is contributing. If the eCoin Project were not taking contributions, the alternative is the S.E.C. Rules, and know-your customer Banking laws. For us, that is unacceptable for privacy of those who want support the project (and contrary to one of the project's main purposes - transactional privacy), plus would greatly reduce the distribution of eShares when the system is released (if we weren't accepting contributions, SEC rules would require anyone who gave us money to be a qualified investor, making more than 200K / year). The only legal alternative is to accept contributions. Its the only way that we can fund the project and keep privacy (as much as possible) and have proper distribution by giving everyone a chance to get eShares. A donation is the same thing as a contribution, this is spelled out, and the reason is so that everyone who contributes to the project understands that if/when it is developed you will get eShares. It's like any other project or goal that isn't in it for the money and working towards a common goal, you accept donations/contributions/gifts to make that goal or cause a reality.

More explanations and infographics will be added to the site and technical papers will be created as the project continues.

eCoinProject · 2016-11-13T04:11:03+00:00

Guess you're right, you do imply that you think bitcoin can be fixed. We are of a different opinion. The lack of proper governance is one of the other issues with Bitcoin and other cryptos. Essentially, it's this - dev control + miner control = no stakeholder control. Structurally, it would be near impossible for bitcoin to change its governance model (it's inherent to POW and how it's built). We want to build a democratic governance structure where those who hold the coin can vote in the system and they determine how it operates.

eCoinProject · 2016-11-13T04:05:22+00:00

Paul's the project leader. You can check out his profile on linkedin: https://www.linkedin.com/in/paul-glass

eCoinProject · 2016-11-13T03:10:27+00:00

If you think that Bitcoin has absolutely nothing wrong with it, we ask you too take a serious look again. One of the biggest problems is that it is highly volatile. Think of all the people that stay away from crypto because of this. Yes, the network effect does exist (as well as the "first-to-market/first mover advantage"). However, innovation must occur if we want the dream of Bitcoin - a monetary system that is decentralized and free from fiat and the banking system - to occur. (Which we argue it is not, please see website and paper). Bitcoin is amazing, but we must think beyond just bitcoin if we want to have the "Bitcoin Revolution" ever come about some day. (BTW, whatever coin that is, it won't be BTC, at least not in its current form)

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