ECC Coin – an open source cryptocurrency
The ECC Coin is a decentralized cryptocurrency. In developing it, the founders wanted to create a digital currency that is easy to use. In addition, payment transactions are carried out without intermediate steps, making them incredibly prompt. There is no need for prior approval, made possible by scraping off additional blocks.
ECC Coin was first released in 2014. It was clear from the first days of this cryptocurrency that it was one with very high ambitions.
The technical structure of ECC Coin
This cryptocurrency is based on the Scrypt algorithm and the PoS schema. There are no further technical specifications that new community members need to bother themselves with. The reason for this is that all coins are already in circulation.
As a result, only those coins that are put into circulation during transactions contribute to annual profit distribution. However, this does not apply to those coins that have been bought or exchanged via CoinExchange. Staking is still a possible option.
There is a total of 25 trillion coins, of which the average cost stands at 0.0020 US dollars. They were all introduced at the same time to the market as part of an ICO. A portion of this amount is retained by the developers to finance various bonuses and profit distributions.
By the middle of 2017, the share price had already risen considerably. Since then, the coin has continued to attract attention.
High profit opportunities and price observations
One YouTube user makes it clear how lucrative this currency can be. Within six days, he managed to make a staggering 96,000 US dollars through relatively small investments. In his video, he explains exactly how he did this. Basically, it all boils down to keeping an eye on the change of course until sales appear particularly attractive.
Transactions with high fees are given preferential treatment
All transfers relating to ECC Coin will be processed within a short amount of time. Transaction fees are always calculated on the basis of the data set size.
The higher these fees, the larger the file size. At the same time, extensive data sets are given preference. This relates to the large number of hashes, rather than the higher fee level itself.
High security standards
The ECC Coin wallet is only protected with a simple password. At first, it may seem that the developers have abandoned high standards of security. However, all data records are covered by the blockchain. This ensures a high level of anonymity.
Since it is a peer-to-peer network that is not subject to central management, external manipulation is completely impossible. All data is split into different hashes. If a hacking attack were to theoretically succeed, the data records could not be accessed in full. Meanwhile, the blockchain would have been reshaped to kick out the intruder.
Apart from these security measures, there is a level of anonymity ensured between users. Transactions remain cloaked, making it impossible to trace them. The same applies to the message function within the network.
Long-term goals and international activity
In the long term, it is planned to combine ECC Coin with various e-commerce platforms. It is unclear whether ECC Coin will also be represented offline. The developers have not yet revealed plans in this respect. Neither the roadmap nor the white paper provide any further information.
Founder Greg Griffith has built up a very solid team over the years. Since the founding of the company, the development team behind ECC Coin have worked extensively. In addition to the development of ECC Coin itself, they’ve made strides to eliminate any security deficiencies.
In order to communicate to the wider market the appeal of ECC, listing for exchange only appears on CoinExchange. In this way, the currency retains a certain level of exclusivity that should appeal.
In addition, all information about this currency is always very transparent. At a time when there are so many cryptocurrencies on the market, this is a very important quality. Thanks to this, it’s easier to make a decision about investing in it.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.