About the Earthcoin (EAC)
This information is taken from the original Earthcoin website and reflects the PR-strategy of the Earthcoin founders. They are basically correct, for more details read the technical section.
People, Freedom and Foresight.
Our goal isn’t to compete, as much as compliment, create balance, and not divert into launching a coin because we can. Instead, we’d like to see what kind of actual substance and value we can create with a coin that represents us all. No matter what race, age, ethnicity, we’re all a part of this beautiful planet, and who knows this little idea might be enough to unite some/many of us!
Birth date: 20 December 2013
Besides its very fast transaction speed, Earthcoin is unique in the way it is mimcs the seasonal cycles of Earth. The mining rewards system of Earthcoin follows the same type of 365 day cycle as we do in our daily life similar to the earth moving around the sun. And like the equator is moving, so is the amount of coins being released to the miners. For example: in the 1st year of its release, the coins released to the miners were 10,000 per day starting to work to a positive deviation of 2,000 extra coins after 3 months, then falling back to its original 10,000 coins after 6 months to end up with a -2,000 deviation after 9 months. At the end of the year the amount would then return to 10,000. In addition to following the equator, Earthcoin also introduced the full moon cycle. This cycle is translated to a double release of coins to all the miners mining for Earthcoins. This is also know as a X2 payout. Earthcoin also incorporated the other well known moon cycle called month. But in this scenario, the amount of released coins is a five fold of normal. This is also known as a X5 payout.
Maximum amount of Earthcoins
The mechanism of Earthcoins allows only a certain amount of coins to be released. The above mentioned cycles will last for a year and are then halved. This will eventually result in a total maximum of 13.5 billion coins which equals the date of the universe in years. So miners will not be able to find anymore coins than this maximum but will be allowed to find “replacement coins”. These “replacement coins” can be regarded as the amount of coins lost while transferring coins between different addresses. To avoid a decrease of the amount of existing coins, a small amount of coins will still be minable.
A cryptocurrency is a digital medium of exchange. The first cryptocurrency to begin trading was Bitcoin in 2009. Since then, numerous cryptocurrencies, such as Earthcoin, have become available. Fundamentally, cryptocurrencies are specifications regarding the use of currency which seek to incorporate principles of cryptography to implement a distributed, decentralized and secure information economy. When comparing cryptocurrencies to fiat money, the most notable difference is in how no group or individual may accelerate, stunt or in any other way significantly abuse the production of money. Instead, only a certain amount of cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is bounded by a value both prior defined and publicly known. Dozens of cryptocurrency specifications have been defined, and most are similar to and derived from the first fully implemented cryptocurrency protocol, Bitcoin. Within cryptocurrency systems, the safety, integrity, and balance of all ledgers is ensured by “miners”, who are for the most part, general members of the public, actively maintaining and protecting the cryptocurrency network for a chance to receiving a randomly distributed small fee.