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Here is everything you need to know about Einsteinium cryptocurrency


Launched in 2014, Einsteinium is a crypto coin that is designed to fund scientific, technological and philanthropic projects. Its currency is abbreviated as EMC2 and as of the time of writing sits at number 226 on the coinmarketcap.com. The platform is similar to Bitcoin in that it uses the proof of work algorithm. So, putting it simply, Einsteinium functions like Bitcoin combined with a charitable fund.

Nothing much was done on the project up until the spring of 2017. The Einsteinium Foundation was launched in March of 2014.  By April of the same year, it was registered as a non-profit organization (NPO) in Montreal Canada making it the first project of its kind in the cryptosphere.

The Einsteinium Foundation is tasked with raising research and charitable funds for the project. These funds are secured by taking a 2.5 percent reward for every block that is mined. That reward is further divided into two parts, 2 percent goes towards funding scientific research while the other 0.5 percent goes towards funding marketing, faucets,and donations.

To understand how the foundation chooses what projects to fund and what amounts each should receive you have to understand the role ofepochs within the EMC2 proof of work consensus.

What is an Epoch?

In Einsteinium, an epoch is a time that it takes miners to build 36,000 blocks onto the platform’s public ledger. It usually takes approximately 25 days. Whenever an epoch is completed, the proceeds from the foundation’s block rewards from that epoch are released to fund research or other projects in science, technology and within the blockchain industry.

Also, members within the Einsteinium community are asked to vote on projects with the most potential and which are worth funding.

 Einsteinium
Block rewards

Only 730 epochs will ever exist. Under the platform’s model, the yield scales downwards as the network graduates with each new epoch. In the long run, the number of coins rewarded will continue to decrease until the final block reward offers a single token. For example, for the first two blocks, the rewards were 1,024 EMC2.

So if you are wondering how miners can be motivated to mine when there are fewer rewards, the platform has a smart solution.

Wormhole Events

The wormhole event is the platform’s original contribution to the proof of work model. It’s designed to occur randomly within each epoch and usually lasts for 180 blocks. During the period a block rewardof 2,973 EMC2 tokens replaces the epoch’s standard reward.

It’s a lottery system that is supposed to keep mining attractive to the platform’s mining community. Its also meant to compensate for the decreasing number of tokens rewarded after every successive epoch. According to the team behind Einsteinium, they believe this will make mining more profitable in the future as the value of the EMC2 token rises. Subsequently, Wormhole events will become more lucrative.

Since block rewards for these events are constant, theEinsteinium team believes miners will be motivated to mine for Wormhole Events alone.

Where to buy Einsteinium

If you are interested in purchasing some EMC2 tokens, you are better off getting hold of some Bitcoins first. Then you can head toPoloniex, Bittrex or Cryptopia. Also, on Cryptopia you will be able to tradeLitecoin for the token.

Storing EMC2

On the Einsteinium website, you will find the newly released wallet that also accommodates its fork. The token also has a core wallet for Mac and Windows and even a mobile wallet that is available throughCoinomi for Android devices.

Einsteinium Roadmap

 Einsteinium

Other than raising funds for charity and scientific research, the project’s roadmap reveals more exciting features as it grows. These include many projects that are tied to the EMC2 coin including an online market place and a social media app.

Other notable projects include:

EMC2Me

Designed as a funding platform for scientific research and other cutting-edge IT and cryptocurrency projects. It gives community members an opportunity to vote on the projects that should receive funding.

API

A platform for developers to build great cryptocurrency apps. The platform makes it easy for any developer regardless of their experience level to work on any project as long as they use the API to connect to the network.

Super Wallet

This wallet is in development and will make it possible to purchase EMC2 tokens directly using all the major Credit Cards. It will even be possible to schedule future purchases and also repeat buys.

Weeee…     

Dubbed ‘coin wallet powered by love,’ this is a new fun social media platform. It uses a messaging app that can easily send gifts such as drinks, kisses, love, flowers … to friends with coins attached to it. Its main goal is to allow users to share their feelings with the world. Also, toallow friends to tip each other with Einsteinium tokens or physical gifts.

coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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