Blockchain technology has gotten to the level in which the whole world cannot do without it. We have discovered that this technology is making the news headline everyday which symbolizes global and rapid adoption of this technology. But despite the greatness and potential of this technology, there are still some things that needed to be improved upon its use. We have several and different blockchain network such as bitcoin blockchain, ethereum blockchain, eos blockchain, tron blockchain and some other more. The level of difficulties associated with each of this blockchain network varies based on the type of blockchain.
We have some blockchain that are more cumbersome and difficult to use than some others, we also have some that easy to use but they are lacking some other qualities. Let’s take for example the speed of transaction which is solely dependent on the nature of blockchain transaction. Some transactions do take several hours before it could be confirmed on the blockchain network, some blockchain also charges high transaction and mining fees. This is the reason why a new team has gathered around to rectify this problem by launching a new blockchain project known as
Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The currency aims to become the world’s most effective anonymous form of digital money. In order to fulfill that goal, it fulfills the three principal functions of money.
Most cryptocurrencies, like Bitcoin, are stored in wallets whose addresses refer to public keys derived from a wallet’s private key. These addresses can be thought of as locators of one’s private vault in the digital world. Epic Cash eliminates addresses entirely and instead applies one grand multi signature from which all public and private keys are generated on a single-use basis.
The wallet addresses are a vault’s locator in the digital world, that wallet can be traced to an owner’s Internet Protocol (IP) address, which anchors the owner to a computer at a unique location at a given point in time. Simply explained: when a Bitcoin transaction takes place the transaction is broadcast from a communication hub called a ‘node’ and then propagated to other nodes called ‘peers’. That information then quickly spreads to each of those nodes’ peers consecutively across the entire network. This process is aptly named the “Gossip Protocol”. Quite simply, each Bitcoin has a visible online position and a physical location where it, or rather the Bitcoin owner, can be found. As journalist Grace Caffyn noted, Bitcoin is “no more secret than a Google search from a home internet connection.
In addition to eliminating wallet addresses, Epic Cash secures privacy of identity by ensuring IP addresses can’t be traced. It does this through the integration of the Dandelion++ Protocol. Improving upon its predecessor, the original Dandelion Protocol, the Dandelion Protocol is a result of 7 researchers’ continued work to combat deanonymization attacks on the blockchain. Through Dandelion++, transactions are passed over random intertwined paths, or ‘cables’, and then suddenly diffused to a large network of nodes, like the pods of a Dandelion flower when blown from their stem.
Epic Cash assures transaction privacy by obscuring amounts and the sender-receiver relationship of a transaction. This is achieved through the application of ideas Familiar from Confidential Transactions (CT) and CoinJoin, methods in large part developed.
Epic Cash is a implementation that yields advances in scalability as a result of efficient space design that sheds redundant transaction data. The Cut-Through functionality responsible for this assures that the blockchain grows more space efficient over time versus many cryptocurrencies, including Bitcoin, and that new nodes can be created with minimal investments in memory and computing power. By remaining space efficient, it capacitates a widely dispersed network and fosters decentralization.
The monetary policy of Epic Cash and Bitcoin are very similar. Epic Cash circulating supply first expands rapidly and then synchronizes with the circulating supply of Bitcoin in 2028. It increases thereafter at a declining rate until reaching a maximum supply of 21 million Epic by 2140. Epic Cash is a safe store of long-term value because the circulating supply is known at any point along its emission lifecycle and culminates in a fixed maximum supply.
Epic Cash has a total of 33 mining eras, each defined by decreases in block rewards, relative to their preceding era. The Epic Genesis, the date on which Epic Cash block #1 is mined, takes place on July 4, 2019. Blocks are mined at one per minute. The first five eras will produce nearly 97% of the Epic Cash maximum supply, matching 20 years of Bitcoin emissions in approximately nine years.
Epic Cash pursues decentralization by welcoming a wide variety of computation hardware. Epic mining is initially available to CPUs, GPUs, FPGAs, and ASICs, using four respective hashing algorithms: RandomX, ProgPow, SHA Kecca. Additional algorithms can be trivially hot-swapped without compromising the integrity of the chain.
Epic enables private internet commerce as one of the most private cryptocurrencies in existence. All Epic transactions are completely blind, except to the two parties involved, and constructed directly wallet to wallet on a P2P basis. With Epic there are no wallet addresses and transaction amounts are opaque. Existing chain analysis techniques like those integral to Bitcoin are effective at piercing user privacy. Instead, with Epic, users decide what to show to whom with “view keys,” while Dandelion++ transaction propagation deters deanonymization between wallet and node. In fact, no transaction data appears in the Epic blockchain at all; only “kernels” verifying the integrity of the chain are left as evidence of past transactions. Property rights in Epic are absolute, as the currency is by design unconfiscatable and uncensorable.
Epic enables participation in computation with existing commodity hardware able to mine on CPU and GPU. At launch, 90% of block rewards are delivered exclusively to CPU miners who perform proof of work on RandomX using an easy GUI Miner. In subsequent eras, GPUs predominate, with ProgPoW offering AMD and Nvidia owners the majority of mining rewards. Over the long term, Cuckoo 31, 32, 33 and beyond deliver memory-bound graph-theoretical performance. ASICs steadily assume a greater share of network security duties, responding to market incentives created by an increasing share of block rewards delivered to ASICs over time. A gentle path to 90% ASIC, 9% GPU, 1% CPU over ten years lowers uncertainty for investment decisions and strengthens incentives for capital deployment.
Epic allows everyone to participate in coding because it is written in Rust, which is an easy to learn modern language that offers people of all skill sets the opportunity to contribute to the code base. The lightweight and fast core Mimblewimble Epic Cash blockchain supports scriptless scripts, atomic swaps, Schnorr signatures, and other cutting edge features. Nodes do not require full sync and blocks are small and fast at 1MB / minute. On-chain scalability of at least 3x BTC (20 tx/s) is immediately available. As a UTXO-model blockchain, a Lightning-style Layer 2 can be constructed to deliver a path to Visa-scale transaction capacity of 30–50k tx/s within a few years should it be needed.
Project Name: Epic Cash
Currency Name: Epic
Block Time: 60 Seconds
Block Size: 1MB
Starting Supply: 0
Final Supply: 21,000,000
Genesis Block: August 1, 2019
Consensus: RandomX (CPUs), ProgPow (GPUs) and CuckAToo31+ (ASICs)
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
Technical Whitepaper: https://docs.wixstatic.com/ugd/e1dfc6_9ed62a5660d1427aa6f1518c97fc3837.pdf
Business Whitepaper: https://docs.wixstatic.com/ugd/e1dfc6_6ae30e920bf54da48e0e14fb4d76566f.pdf
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=5112108.0
Author : Maniecool
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