- What is ECC?
- What is the ECC Multichain?
- Who is behind ECC?
- Where is ECC Now?
- Noteworthy Information
- How to Buy ECC
- Final Thoughts
- Questions and Concerns
1. What is ECC?
Previously known as E-Currency Coin, is a socially integrated multi-chain project seeking to decentralize, and revolutionize the way we use web services such as file storage, email, and instant messaging, by bringing these services to the blockchain.
The original project was resurrected only recently by, now lead developer, Greg Griffith. The original coin was all but dead around July of 2014 when a few hard forks broke the wallet and its creator abandoned the platform and presumably sold off all of his pre-mined coins. The project has since returned and is currently in full force led by Griffith and a team of 9 others. The current development team is unpaid, the project had no ICO, and is currently battling its way to become a strong contender in the blockchain-as-a-service sector for web services. With a top-notch community behind their coin, ECC is a very transparent, self-governing, idea seeking, and a forward thinking project with the tech to back it up.
One of the key benefits to ECC is that they are implementing a wallet naming service. This means you can more easily identify, send money to, or search for people by name rather than a string of numbers and letters. Think of it kind of like PayPal, you send money to an email address, not a bank account number. It also serves the purpose of making it much easier for first time crypto users to get acclimated to the system.
The original coins were mined via proof of work until the max supply of 25 billion was reached and has since operated as a proof of stake currency. When a block occurs, all the transaction fee’s within that block are ‘removed’ from the circulating supply. When the following block gets staked, the stakeholders receive those fees as compensation. Effectively, each current block’s transaction fees pay for the next block’s staking fee.
2. What is the ECC Multi-chain and how does it work?
The Multi-chain works by having multiple blockchains work simultaneously and in parallel to the main payment chain. In effect what this does is it allows each individual service such as email, instant messaging, and file storage, to operate on its own blockchain and not bog down the singular main chain. Users of the system can choose to be part of specific services or not, thus reducing network strain and storage requirements. For instance, you could register with only the messaging service and email, so you won’t need to download any information pertaining to the file storage chain.
Another great feature of this design is that multiple entities can actually run their own network services. Hypothetically speaking, two file hosting companies can each run their own competing file storage blockchains, both connected to the ECC main chain. All monetary exchanges are transacted on the main chain only, and once completed send confirmation to the service chains. If, for instance, you wanted to pay to have a file hosted, your payment of ECC gets routed through both the service chain and the main chain, after the transaction clears, a notification it is sent to the service chain marking to let it know the transaction occurred. The result is that both blockchains reference each other and confirm the transaction occurred. This is shown in the image below.
The beauty of this design is the expandability, which ultimately opens up the ECC main chain to a whole assortment of possibilities and services. For the stakeholders, this translates to more profits. As more transactions are processed through the system, stakeholders will end up receiving larger and larger payouts from the transaction fees.
3. Who is Behind ECC?
The team consists of ten members led by lead developers Greg Griffith and Bruno Alano.
Greg Griffith – Greg got into cryptocurrencies sometime in 2013. He was inspired to get involved when he witnessed someone running a mining rig at his local LAN center. Greg has been working as a software engineer for the past few years before he decided to dedicate his time to ECC.
Bruno Alano – “I started developing when I was 8 years old, and when I was 10 yrs old I started working with a friend on a big project called brAthena (we had a lot of names in that time), purely with C++. We had coded for about 2 years, and wrote about 100k CLOC. With that, I was recognized by the biggest national television company in Brazil (Globo), and when I was 15 years old I was invited by the Finland Government to do some workshops there. There I met some guys, and started my career in Deep Learning research, working with amazing guys from different parts of the world (from self-driving cars with some guys in CommaAI, to other institutes like OpenAI from Elon Musk). After that, I started cooperating with some researchers in Google Research, where at the same time I ran a startup in Brazil (being CTO) called Neurologic, where I worked on applying Deep Learning into Behavior Psychology, and we received investment from some venture capitalists.” (Slightly edited for grammar)
4. When Did ECC Begin? Where is it Now? Where is it Headed?
ECC has had somewhat of a rocky beginning. The coin was created in March of 2014 by a person named “hostmaster”. The original coin appeared to serve many of the same functions as the current ECC does; creating a social network of users, making it easy for first time crypto users, and inexpensive transaction costs. The coin touted itself as being the “Energy Conservation Coin” or “Environmental Conscious Coin”, among other names, including “E-Commerce Coin”, according to hostmaster. The coin was also intended to increase public awareness of ecological concerns, and was only mine-able in pools as an attempt to conserve energy. Additionally, using proof-of-work to create the initial coins then switching to proof-of-stake was intended to mitigate any ongoing mining costs associated with traditional blockchain technology, specifically high energy usage. They even planted trees!
First crypto planted trees, for real, not next year but now. ECC planted 35 Tillia Tree for a green future 🙂 pic.twitter.com/8aqZ9vUEh0
— ECCoin ECC (@eccoin) May 9, 2014
It wasn’t until August of 2014 that ECC was turned over to now lead developer, Greg Griffith. As he explains it, the original ECC went through several forks and eventually broke. The prior project developers likely lost interest/couldn’t fix it and abandoned the project. Griffith saw an opportunity to take a stab at it and within a few months had the wallet functioning again. As luck would have it, the exchange ECC was on closed, and the project went quiet for another few years. During this time, Griffith was busy gaining knowledge on cryptography, development, and blockchains, all while working on ECC as a passion project. It wasn’t until September of 2017 that Griffith began working full time on ECC.
Right now ECC has a market cap of $64,741,750, with a circulating and final supply of 25,000,000,000 coins, and a per coin price of $0.002590. They have a well designed and functional wallet for Windows and Linux (see website), with a Mac wallet coming soon, and their website is currently being revamped, pending release the end of January 2018. You can visit their Telegram and Slack (enter your email), as well as their active Github, and relatively new subreddit here.
ECC is preparing to launch their ANS or Address-Name Service, a feature that will assign usernames to wallet addresses, estimated within the next 1-2 months. This feature will certainly put ECC far ahead in the social sphere relative to other cryptocurrencies (see final thoughts section for more on this). On top of the ANS, the team is working on test launching its multi-chain system, testing the ability to send messages across the chains, testing the chains storage scaling and capabilities, setting up Electrum servers to work with mobile devices, and integrating merchant services.
5. Noteworthy Information
ECC has been completely mined, no new coins will be created, thus there is 0% inflation.
Staking rewards are paid for by transactions fees.
ECC is a very community driven coin. Many users have pitched in to help take the coin to the next level such as designing their new website, building the OSX wallet, and graphic design.
The coin has a large and very active Slack community.
The developers are not actively funded at this time.
There was no ICO.
There are no smart contracts.
ECC is a “hype-less” coin. You will seldom ever find the team patting themselves on the back for their work. They appear to believe in getting the product out and letting it speak for itself.
6. How to Buy ECC — Where to Store ECC
To store ECC, download the latest wallet from their website ECC.Network.
7. Final Thoughts
One of the largest drawbacks of crypto to the beginner user is it’s all numbers. You don’t send money to “Chris”, you send it to 0x9a5BE4b9403f473Fdd560B4D6df80211b7C5d07E, and that can be very off-putting for anyone unfamiliar with how wallets work. Crypto is a very unpersonalized system at the moment, in many cases on purpose, but ECC is attempting to make it more use friendly. I believe that their naming service, while not the only coin with such a feature, definitely sets them apart from the majority of cryptocurrencies out there, especially ones that are designed for peer-to-peer transactions. Creating ease of use and aiding in adoption for normal users is any cryptocurrencies key to success.
While ECC may not be the first coin seeking to redesign web services (See NXT and Ardor), it is certainly one of the most focused, community driven, and hard-working coins I have reviewed. During my review I was able to contact several community members and developers all itching to answer my questions about the technology behind ECC. (Special thanks to @yoseff, @JoeMelon, @csmartins, @altj, and of course @griffith on Slack)
Keeping in mind that the ECC main chain is designed to support a large amount of side chains, I believe that they will experience a growth spurt as more and more developers begin to utilize it. Features and functionality will continually be added resulting in new ideas and new side chains being created by developers. Some might say that ECC is the “WordPress of cryptocurrencies.” It offers basic functionality and allows you to build on that.
Overall, I think based on its incredibly community driven support, development transparency, large market space, and achievable goals, I believe ECC will be a strong contender to NXT/Ardor by late 2018, early 2019.
(Please be aware that the Final Thoughts section does contain some of my personal opinions taking into account all the facts presented before, see Disclaimer)
8. Questions and Concerns
ECC has some tough competition. NXT and Ardor are very far ahead market cap wise, with Ardor already in the billion club. This can go either way, though. There is either a ton of potential for ECC to invade this space, or NXT/Ardor may stifle ECC’s growth. There is likely room for all three to exist, web services is a huge market space.
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