ICO data from icodrops.com
Start date
08 Nov 2019
End date
07 Dec 2019

Ercoin is a cryptocurrency with fair distribution via Initial Burn Offering, delegated proof of locked stake used as a consensus algorithm and Tendermint used as a consensus engine.

The initial distribution will be performed in a way that aims to be both fair (no entity privileged) and green (negligible CO₂ emission). Coins will be assigned proportionally to the amount of blackcoins destroyed (“burnt”) in a specific manner from the beginning of 8th of November 2019 (UTC) until the end of 7th of December 2019 (UTC). People outside the BlackCoin community will be able to participate in the Initial Burn Offering by spending bitcoins to purchase blackcoins that are already burnt, on the decentralized exchange Bisq.

Initial Burn Offering is similar in spirit to the way in which first cryptocurrencies were distributed (Bitcoin in particular), but more accessible (hardware purchases are typically not needed) and not as much wasteful. Therefore Ercoin community hopes to attract both people that are tired of ICO projects and people that are discouraged by wastefulness and environmental impact of cryptocurrencies that use proof of work as a method of distribution. CO₂ emission savings during the IBO can be estimated using an IBO visualization tool.

Besides distribution, Ercoin aims to distringuish itself by a unique set of technical and economical features. Delegated proof of locked stake is used as a consensus algorithm. This is a variant of proof stake in which voting power is proportional not only to the amount of coins owned, but also to the time for which the funds are locked (with a time cap applied). The purpose of this solution is to emphasize the role of long-term investors in decision making. Investors don’t need to perform validation themselves, but can instead delegate this duty to professional validator service providers.

There will be no inflation in Ercoin and therefore no arbitrary inflation tax. Costs of maintaining the network will be covered from fees. Fee amounts will be decided by the consensus of validators.

In place of smart contracts, Ercoin proposes transaction messages and accounts managed by multiple keys in arbitrary combinations. It is believed that these two features will cover many real-life applications like facilitation of automated services and private arbitration (via deposits managed by 2-of-3 signatures).

Besides Ercoin-specific features, there is a number of advantages coming from the usage of Tendermint, like fast confirmations and partially standarized API. Overall, Ercoin aims to be a cryptocurrency which is fairly distributed, efficient, easy to use, easy to integrate, useful in common business cases and also provides a sound economic model, contributing to the long term cryptocurrency value.

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    StatusEnded
    WhitepaperWhitepaper thumbnail

    Project details

    Started 08 November 2019
    about 1 month ago
    Development statusBeta version
    Org. StructureDecentralized
    Active fromNovember 2019
    Role of tokenPayment
    Hardware walletNo

    Twitter

    by @ErcoinTech 0 followers

    The browser wallet is now available in Russian. / Бpayзepный кoшeлeк дocтyпeн нa pyccкoм языкe.

    Over one million blackcoins were burnt during the first week of the IBO.

    If you encounter a problem with BlackCoin More not broadcasting burn transactions, then it can be bypassed by setting -datacarriersize to a higher value (150 should be sufficient). A new version of More which changes the default value is expected to be released on Monday.

    IBO has started! Ready for burning?

    In the day of #ClimateStrike we want to remind that cryptocurrency distribution by Initial Burn Offering is “green” in the sense that it involves destroying virtual resources, not real-world electricity. Estimate CO₂ savings at https://t.co/oL8IC77xw7 #naturenow #ClimateChange

    Don’t want to deal with the technical process of burning @BlackcoinOrg ? In the newest version of @bisq_network it is possible to buy BLKs that are already burnt. Note that IBO has not been announced yet and that you will still need to generate and include a genesis transaction.

    Should empty blocks be created when there are no pending transactions? Our answer is: no. The recent change of time measurement method from block height to timestamp prepares #Ercoin for that. https://t.co/JaplCOvDcd #cryptocurrency

    The browser wallet now supports eight currency units, based on decimal prefixes. The smallest possible unit is currently nanoercoin (nERN). An #Ercoin node operates only on nanoercoins and treats it as a basic unit.

    The browser wallet now supports changing format of binary serialization (affecting addresses, private keys and transactions) on the fly, offering four options: • Base58; • Base64; • Hex; • Raw bytes. Check it out on https://t.co/UVUjNCaIGJ .

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