While the world is clearly divided in its opinions regarding cryptocurrencies, the crypto market has witnessed a tremendous surge in digital currencies. This year and in the preceding year, cryptocurrencies exhibited their financial prowess. This rather vast blockchain based ecosystem is loaded with digital currencies that are more usable than ever.
However, with the charts and the market analysis of this digital phenomenon, the creativity embedded in the coins is more often than not sidelined. Einsteinium is amongst those coins that need to be recognized for the ambitious coin that it is.
Launched a couple of years ago in 2014, Einsteinium is a unique cryptocurrency that strives on the standard peer-to-peer aspirations but with a philanthropic twist, which strives to fund scientific research through its platform.
Like Bitcoin, apart from the popularity difference, the proof of work algorithm for both the cryptocurrencies is similar. Einsteinium is an ambitious marriage between the Bitcoin’s technological capabilities with the ethos of charity.
An innovative fundraising model
Einsteinium brings to the table a simple yet convincing methodology. Their coin, EMC2, which is a tradable digital currency, was initially a functionally worthless currency as it was traded at a fraction of a cent through its first two years. However the crypto boom of 2017 came as a saving face for quite a few cryptocurrencies incluing EMC2.
Soon after climbing up its value in the market, Einsteinium launched the Einsteinium Foundation in March. Which is a hub for the project’s charitable and research funds. The foundation is an officially registered non-profit in Canada, and is dubbed as the first ever non-profit organization in the crypto world.
How the funding mechanism for this Non-Profit Organization (NPO) works is, that it’s built into the crypto mining process. And 0.5% of the fees generated by the mining of EMC2 goes to the organizations fundraising costs. Moreover, another 2% is directly contributed to the funding for scientific research.
Einsteinium provides its mining community with the opportunity to vote for the projects that they deem worthy to fund. The funding is accumulated in Epoch cycles.
What is an Epoch?
An epoch is the time it takes miners to build 36,000 blocks onto Einsteinium’s public ledger, or approximately 25 days.
After an epoch is completed, the proceeds from the Einsteinium Foundation’s block rewards from that epoch goes on to fund research or projects in scientific, technological, or blockchain industries. Members of the Einsteinium community are asked to vote on which project they believe has the most potential and is most worthy of funding.
There will be a total of 730 epochs within which miners can receive block rewards. Under Einsteinium’s model, the yield of block rewards scales downward as the network graduates to each new epoch, so as time goes on, the number of coins that each reward offer will decrease.
A different approach towards crypto mining
Unlike most of the cryptocurrencies, Einsteinium maintains an inversely proportional relation between mining and the rewards. Einsteinium uses a reductive approach towards mining rewards. Meaning, as more blocks are mined, the rewards decreases gradually.
Prior to the 2017 software protocol change, Eisnteinium had a unique approach that they called the ‘wormhole event’. In which randomly, within each Epoch, they rewarded with a significantly higher than usual reward.
Einsteinium created this event to counter the casualties of their reductive mining approach. Therefore, with the possibility and the incentive of a wormhole reward looming over the participant’s heads, they continue to contribute their computing power in order to maintain the Einsteinium blockchain.
Perks offered by Einsteinium
- As a transparent blockchain project, Einsteinium enables users to track their transaction details. With the growing demands of anonymous financial assets, this feature can be a turn-off for many. But then, the risks of funds being misused can be reduced to a great extent.
- As evident from the trends, the tight security and advanced privacy features are the need of the hour. But a little transparency can go a long way in building a better user-engagement and going by the philanthropic inclinations, such a transparent blockchain solution encourages people to improve their involvement in the network.
- Talking in terms of politics, many political organizations are unfair and fund their choices for public office. Deploying an open-source and transparent platform can democratize the process, assuring citizens that the leaders have been fairly selected.
- Apart from incentivizing philanthropic and political associations, it facilitates smooth adoption for conservative operations since the blockchain has the ability to work in compliance with the universal laws.
Malden Trifunovic is the Chairman of Einstenium foundation, and also one of the board members. Malden is a regular crypto investor and a serial entrepreneur. Jonathan Lauziere is the treasurer and also a board member.
Ben Kurland is the Chief Strategist and a Board Member. He is a blockchain enthusiast and actor who most notably appeared in the 5 time Academy Award winning film, The Artist. Prior to joining the Foundation.
Vladan Bozilovic is a board member and an IT Lead. He is a software developer with extensive experience and management skills.
In the crazy, money-frenzied world Einsteinium’s philanthropy is a much-needed breath of fresh air. It serves as a proof that the blockchain technology and cryptocurrencies can be used for so much more than generating profits.