What is an Einsteinium Coin?
Einsteinium Coin is the Xryptocurrency of the Einsteinium Foundation, which is a non-profit organisation whose primary goal is to raise funds for research projects to advance scientific progress.
They have developed their own cryptocurrency, the Einsteinium Coin. According to the company’s own definition, it is a Bitcoin-like currency with a philanthropic mission.
Who is behind the project and what is their motivation?
The Einsteinium Coin Project was developed by the Einsteinium Foundation. The Einsteinium Foundation was officially registered as a non-profit organisation in Montreal on April 7th, 2017.
It is the first non-profit organisation dedicated to funding scientific research on a cryptocurrency basis. The foundation hopes to receive grants and build relationships with other NPOs worldwide to support breakthroughs in scientific projects.
The team is an international one and works across the world, from North America to South Asia.
The Einsteinium Coin in Numbers – Status as of 16.12.2017
The market capital is USD 423,770,891 with a daily trading volume of US$ 50,762,200. Of the total of 299,792,458 Einsteinium coins, about 216,146,779 are currently in circulation.
Einsteinium Coin is ranked 40th in coinmarketcap.com’s Mineable Coin Ranking.
How to obtain Einsteinium Coins
Einsteinium can be purchased by interested parties via Bittrex, Poloniex and Cryptopia. Approximately 85% are traded via Bittrex in exchange for Bitcoin. Cryptopia offers the possibility to buy Einsteinium in exchange for Litecoin.
Buying Einsteinium is a way to preserve this cryptocurrency. The Einsteinium Coin Mining is an alternative. There is a number of special features to consider.
Einsteinium has divided mining into so-called epochs. Each era consists of 36,000 blocks, which according to company estimates, are ideally processed within 25 days.
A total of 730 epochs of proof-of-product mining are planned. The block rewards in the first two epochs are 1024 Einsteinium Coins.
The Reward Reduction methods follow the block halving principle. For example, if 1024 coins were paid for blocks 1 to 72,000, there were still 512 coins for blocks 72,001 to 144,000. The block reward will be halved until there is only one coin per block.
To ensure that Einsteinium Mining will remain lucrative and that miners won’t lose interest, the company has come up with an innovative idea. From the second epoch onward, there will be so-called wormhole events. These appear only once per epoch.
A wormhole event is 180 blocks in length and offers a block reward of 2973 Einsteinium coins. This is a fixed value reward and independent of the current award. Now imagine that mining is at era 65 or higher.
Theoretically, there would only be 1 or 2 coins per generated block. With the wormhole event, miners could earn more than 1000 times more per block. Since the wormhole event always occurs by chance in an epoch and can never be predicted, it will maintain the interest of miners.
The idea is that miners do not miss the short time frame of such an event. Einsteinium’s website currency lists four active mining pools that are open to any interested party.
These include Supernova, Hash-2-Coins, Hash-Wiz, along with Inetrader P2Pool. Another option is ChainWorks Industries, but this is currently under maintenance.
How does the Einsteinium Coin platform work?
Einsteinium is primarily a foundation-based open-source platform. The Einsteinium Foundation retains 2.5% of the Block Rewards earned from mining.
Most of the money is considered donations and is given to various research teams and their projects. One-fifth is used to finance and maintain the platform.
Researchers can apply and present their work on the Einsteinium Foundation’s crowdfunding platform. The community then has the opportunity to vote on which project they would like to be financed.
Another important concern of the Einsteinium Foundation is education. The company is developing a scientific blog to educate people about innovations in science. This includes not only disseminating knowledge but also training new talents in blockchain technology.
The Einsteinium Foundation believes that the Einsteinium Coin can only reach a wider audience than miners if the coin is used elsewhere. Therefore, they argue that the cryptocurrency must be actively traded on stock exchanges and be used to buy goods and services
. According to the foundation, Einsteinium should be easily accessible to many people and create awareness and promote opportunities.
What does Einsteinium Coin company have planned for the future?
The company’s roadmap is very clear and gives a lot of information about the development. However, no deadlines and milestones are currently in place.
The company is currently working on the completion of various wallets. In addition to the Web Wallet, these include the EMC2 Mobile, a lighter version of the wallet for mobile phones.
Nevertheless, the EMC2 Mobile Wallet should be able to offer all core functions. Another project is the Super Wallet, although work has not commenced yet. Once completed, however, it will allow users to buy coins with an Einsteinium Coins credit card.
Finally, the company plans to introduce its own debit card. It is charged with its own cryptocurrency and can be used as a legitimate means of payments.
This debit card can be used to make payments across all areas. In this way, the company could build a bridge between the digital world and the real world. Ultimately, Einsteinium will have a much wider reach than currently.
Conclusion on the Einsteinium Coin
The Einsteinium Foundation has launched an important project with great potential in many areas. The wormhole events make it a lucrative long-term mining project.
At the same time, the introduction of the marketplace and the idea of debit cards is a further sign of innovation. Here, the cryptocurrency is made fully viable and suitable for everyday use and application, not just a prospect for miners.
Furthermore, the non-profit aspect should not be ignored. According to its own data, the Einsteinium Foundation has already provided 16 million coins for scientific projects.
For many projects, there is a real prospect of dramatically improving the lives of millions, yet there is no commercial value in these results. However, such donations are essential in ensuring success and that these developments are made.